Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance shows significant improvement, with a quarter-on-quarter revenue increase of 14.12% and a net profit increase of 25.40% [4] - The company is expected to continue achieving its stock incentive goals, driven by new product launches and accelerated overseas revenue growth [4] - The projected net profits for 2025-2027 are 271 million, 319 million, and 379 million yuan respectively, with corresponding EPS of 1.53, 1.80, and 2.15 yuan [4] Financial Summary - For H1 2025, the company reported revenue of 654 million yuan (down 2.25% year-on-year) and a net profit of 137 million yuan (down 6.77% year-on-year) [4] - Q2 2025 revenue was 349 million yuan (down 1.61% year-on-year, up 14.12% quarter-on-quarter) and net profit was 76 million yuan (up 6.29% year-on-year, up 25.40% quarter-on-quarter) [4] - The company’s revenue is projected to grow from 1,532 million yuan in 2025 to 2,109 million yuan in 2027, with a year-on-year growth rate of 13.5% and 18.5% respectively [8] Business Development - The company has recently received approvals for new products, including sodium nalbuphine injection and butorphanol tartrate injection, contributing to revenue growth [5] - The company is actively expanding its international market presence, with regular shipments of nicardipine hydrochloride injection and plans for a naloxone nasal spray submission in September 2024 [5] - The company has increased its stake in Chao Yang to 30.68%, enhancing its innovation platform value [6]