其中，Q2 归母净利润约2.35 亿元，同比+55%，环比+111%,此外，公司Q2约计提约3800 万资产减值损 失，业绩超预期。 事件：公司发布2025 年半年报，实现归母净利润3.46 亿元，同比+26%。 投资建议：考虑公司在建项目有望在年内逐渐释放产能，以及公司切入PEEK 材料和"具身智能"等高质 量发展赛道。我们适当调高公司未来三年盈利预期。预计公司2025-2027 年归母净利润分别为8.49、 9.85 和11.75亿元；对应PE 分别约15X、13X 和11X。维持"推荐"评级。 风险提示：项目投产不及预期，安环生产风险，下游行业发展不及预期，原料价格大幅波动风险等。 点评：报告期内公司在计提减值情况下业绩仍保持高增，凸显了"单体-合成树脂-有机高分子改性/复合 材料-制品"的纵向一体化产业链发展的优势。据公告，公司三大板块有机高分子改性材料、有机高分子 复合材料以及绿色石化材料及新材料毛利率同比分别提升2.63、2.19 和0.79pct；其中重要原料苯乙烯二 季度价差修复助力石化板块毛利提升，改性及复合材料或得益于原料价格下行，带来成本优化。 内生外延深化发展，切入"具身智能"等高质量 ...

Group 1 - Company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to advance its global strategy and enhance its international capital operation platform [1] - The company aims to consider the interests of existing shareholders and the conditions of domestic and international capital markets when determining the timing and window for the issuance [1] - As of now, the company has developed a vertically integrated industrial cluster in new chemical materials, including green petrochemicals and biodegradable materials [1] Group 2 - In the large chemical industry, the company focuses on creating three main business engines: green petrochemical materials, organic polymer modified materials, and organic polymer composite materials [2] - The subsidiary, Dongbao Biological, specializes in the research, production, and sales of gelatin and collagen products, providing comprehensive solutions for downstream users [2] - The company operates both B2B and B2C business models, with B2B products including gelatin and collagen used in various sectors such as healthcare and beauty [2] Group 3 - In 2024, the company will focus on its main business, leveraging its vertical integration in the large chemical and health industries to drive growth [3] - The company expects to achieve a revenue of 19.22 billion yuan, a year-on-year increase of 10.21%, and a net profit of 676 million yuan, a year-on-year increase of 45.18% [3]