公司高毛利业务占比提升，叠加原材料价格回落，推动公司毛利率增长 2025H1，公司吸附材料销售3.34 万吨，同比+8.35%；综合毛利率51.26%，同比+3.8pcts；其中吸附材料 毛利率为54.27%，同比+3.2 pcts。2025H1，公司生命科学板块营收同比+12.43%，其中多肽固相合成载 体业务延续良好增长态势；金属资源板块营收同比+22.84%，其中提镍、提稼、提铀等产品销售持续增 长；水处理板块营收同比+11.25%，其中高端饮用水与头部客户形成长单合同、超纯水在半导体、面板 等领域持续突破。据百川盈孚数据，2025 年H1 苯乙烯均价8,074元/吨，同比-13.06%。高毛利业务增 长、原材料价格回落，公司毛利率增长。 高毛利业务推动业绩增长，规划新产能有望助力成长，维持"买入"评级 据公司公告，2025 年H1 公司实现营收12.47 亿元，同比-3.64%；归母净利润4.45亿元，同比+10%；Q2 实现营收6.71 亿元，同比+1%，环比+16%；归母净利润2.51 亿元，同比+7%，环比+30%。公司盐湖提 锂大项目无收入确认拖累营收增长，但生命科学等高毛利业务占比提升、原材 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's high-margin business is driving performance growth, and the planned new capacity is expected to support future growth [5] - In H1 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to the parent company was 445 million yuan, an increase of 10% year-on-year [5] - The company is expected to benefit from the production of its high-end materials industrial park in the life sciences sector, which is projected to enhance growth [7] Financial Performance Summary - In H1 2025, the company sold 33,400 tons of adsorption materials, a year-on-year increase of 8.35%, with a comprehensive gross margin of 51.26%, up 3.8 percentage points year-on-year [6] - The life sciences segment saw a revenue increase of 12.43% year-on-year, while the metal resources segment grew by 22.84% [6] - The company expects net profits for 2025-2027 to be 952 million yuan, 1.195 billion yuan, and 1.534 billion yuan respectively, with corresponding EPS of 1.88, 2.35, and 3.02 yuan [5][8] Future Growth Potential - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park for life sciences, which is expected to drive future growth [7] - The company is expanding its global marketing and technical service network to support the development of its life sciences segment [7]