Investment Rating - The investment rating for the company is "Buy" (maintained) [1][18]. Core Views - The company's performance in Q2 2025 showed stabilization year-on-year, with a gradual recovery in pesticide demand [3][7]. - The company achieved a revenue of 1.89 billion yuan in H1 2025, a year-on-year decrease of 17.4%, and a net profit attributable to shareholders of 350 million yuan, down 15.0% year-on-year [7]. - In Q2 2025, the company reported a revenue of 910 million yuan, a year-on-year decline of 15.3%, but a net profit of 190 million yuan, which is an increase of 1.4% year-on-year [7]. - The company has effectively utilized its resources to achieve cost reduction and efficiency improvement, contributing to the stabilization of its performance despite a decline in pesticide raw material sales [7]. Financial Performance - The company's gross profit margin in H1 2025 was 30.7%, a decrease of 0.5 percentage points year-on-year, while the net profit margin increased by 0.7 percentage points to 18.6% [7]. - In Q2 2025, the gross profit margin was 30.9%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 20.9%, up 3.4 percentage points year-on-year [7]. - The main pesticide raw materials generated a revenue of 420 million yuan in Q2 2025, down 18% year-on-year, with a sales volume of 14,000 tons, down 22% year-on-year [7]. Market Outlook - The company is expected to achieve revenues of 4.8 billion yuan, 5.8 billion yuan, and 6.9 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 826 million yuan, 1.017 billion yuan, and 1.186 billion yuan [7][10]. - The company maintains a strong cash position and has significant expansion capabilities in the future, supported by its integrated industry chain advantages [7].