Core Viewpoint - The company experienced stable revenue in the first half of 2025, but short-term profits were under pressure due to increased R&D costs and competition in the animal health industry [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 620 million yuan, a year-on-year increase of 1.28%, indicating relative stability in revenue [1]. - The net profit attributable to shareholders was 60.424 million yuan, a year-on-year decrease of 50.84%, reflecting short-term profit pressure [1]. - The gross profit margin for H1 2025 was 52.24%, down 5.68 percentage points compared to the previous year [1]. Group 2: R&D and Innovation - The company invested 84 million yuan in R&D in H1 2025, accounting for 13.51% of operating revenue, focusing on addressing pain points for farming customers [2]. - In July 2025, the company received clinical trial approval for an mRNA vaccine for feline infectious peritonitis, filling a technological gap in the domestic market [2]. - The company collaborated with research institutions to develop a trivalent inactivated vaccine for bovine foot-and-mouth disease, receiving clinical trial approval in April 2025 [2]. - The company obtained approval for four new veterinary drug certificates, including a novel live vaccine for bovine mycoplasma, which addresses respiratory disease prevention in cattle [2]. Group 3: Market Position and Future Outlook - The company is positioned as a leading animal health enterprise driven by R&D innovation, with a strong pipeline for the African swine fever vaccine expected to significantly support future performance [2]. - Projected net profits for 2025-2027 are estimated at 161 million yuan, 281 million yuan, and 406 million yuan, with corresponding EPS of 0.15 yuan, 0.25 yuan, and 0.37 yuan, indicating growth potential [2].