Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown an accelerating revenue trend, with domestic operations contributing to performance elasticity. In Q2 2025, the company achieved revenue of 201 million yuan, a year-on-year increase of 30.95%, indicating a positive outlook due to improved domestic and international economic conditions [2] - The company is a global leader in providing recombinant proteins to industrial clients and is expected to benefit from ongoing expansion in domestic and international markets, leading to sustained upward growth in performance [3] Financial Performance Summary - For the first half of 2025, the company reported operating revenue of 387 million yuan, a year-on-year increase of 29.38%, and a net profit attributable to shareholders of 84 million yuan, up 47.81% year-on-year [1] - The company’s R&D expenses for the first half of 2025 were 90 million yuan, a year-on-year increase of 15.19%, reflecting a commitment to high-intensity R&D investment [7] - The revenue from the recombinant protein business in the first half of 2025 was 319 million yuan, a year-on-year increase of 26%, while the antibody and reagent business generated 50 million yuan, up 48% year-on-year [7] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 841 million yuan, 1.055 billion yuan, and 1.307 billion yuan respectively, and adjusted EPS for the same period to 1.09 yuan, 1.41 yuan, and 1.78 yuan [3] - The company’s net profit margin is projected to improve, with net profit growth rates of 47.1%, 29.7%, and 26.3% for 2025, 2026, and 2027 respectively [9]