Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance met expectations, with stable growth in the anti-aging business and significant expansion in the lubricating oil additives segment [1][6] - The anti-aging agent business continues to expand, with a focus on increasing the proportion of high-end products and global market development [6] - The second phase of the Kangtai project is gradually releasing capacity, showing a clear trend of increasing volume and profit [6] - The life sciences business is moving towards market introduction, and the electronic-grade PI business is accelerating domestic and international integration [6] - The company has adjusted its profit forecasts for 2025-2027 due to competitive pressures, with expected net profits of 5.05 billion, 6.1 billion, and 7.15 billion respectively [6] Financial Data and Profit Forecast - Total revenue is projected to reach 6,095 million in 2025, with a year-on-year growth rate of 7.2% [2] - The net profit attributable to the parent company is expected to be 505 million in 2025, reflecting an 18.5% year-on-year growth [2] - Earnings per share are forecasted to be 2.20 yuan in 2025, with a gross margin of 21.9% [2] - The return on equity (ROE) is projected to be 10.4% in 2025 [2] Market Data - As of September 12, 2025, the closing price is 35.24 yuan, with a market capitalization of 7,860 million [3] - The price-to-book (PB) ratio is 1.8, indicating a relatively high safety margin compared to the historical average [3][6]

Core Viewpoint - The company has achieved revenue and profit growth in the first half of 2025, demonstrating resilience against changes in the international business environment and maintaining a strategic focus [1] Financial Performance - In the first half of 2025, the company reported a revenue of 2.995 billion yuan and a net profit attributable to shareholders of 241 million yuan [1] - The net profit after deducting non-recurring gains and losses was 236 million yuan [1] Business Strategy - The company has maintained a compound annual growth rate (CAGR) of 24.59% in revenue over the past fourteen years [1] - The company employs a multi-business collaboration strategy involving "anti-aging agents + lubricant additives + life sciences" to enhance its risk resistance [1] - The company is actively planning a dual-track development model focusing on both product and capacity expansion overseas, promoting new products, new fields, and new production locations [1] Operational Focus - The company is accelerating its development in automation, information technology, and intelligence while ensuring the safety and health of its employees [1] - The company aims to achieve its annual "Big 3+1" goal through the collective efforts of all employees [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Views - The company's performance met expectations, with a focus on the anti-aging agent industry reaching a bottom and the upcoming increase in lubricant additive volume [1][2]. - The company is expanding its overseas market presence, with high-end products accounting for a growing share of sales, leading to an increase in revenue and profit margins [7]. - The second phase of the Kangtai project is gradually releasing capacity, contributing to performance growth, while the lubricant additive business is expected to benefit from global supply chain restructuring [7]. - The life sciences business is being pushed to market, with electronic-grade PI business accelerating integration domestically and internationally, opening new growth avenues [7]. - The profit forecast has been adjusted downwards for 2025-2026 due to trade disruptions and weak terminal demand, with new profit estimates for 2027 introduced [7]. Financial Data and Profit Forecast - Total revenue is projected to reach 6,559 million in 2025, with a year-on-year growth rate of 15.3% [3]. - Net profit attributable to the parent company is expected to be 585 million in 2025, reflecting a year-on-year growth of 37.2% [3]. - Earnings per share are forecasted to be 2.55 yuan in 2025, with a gross margin of 22.4% [3]. - The return on equity (ROE) is projected to be 11.8% in 2025, with a price-to-earnings (PE) ratio of 12 [3]. Market Data - As of May 20, 2025, the closing price of the stock is 29.92 yuan, with a market capitalization of 6,723 million [4]. - The stock has a price-to-book (PB) ratio of 1.5, indicating a relatively high safety margin compared to its historical average [4][7].