Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][10] Core Views - The company achieved a significant historical high in Q2 2025 with a profit increase of 138.82% year-on-year, maintaining a "Buy" rating [4] - The company has established a comprehensive layout for fluorinated liquid products, with a strong upward trend in refrigerant prices continuing [4] - The company's revenue for H1 2025 reached 133.31 billion yuan, a year-on-year increase of 10.36%, with a net profit attributable to shareholders of 20.51 billion yuan, up 146.97% year-on-year [4] - The operating cash flow increased by 340.52% year-on-year, indicating strong operational efficiency [4] Financial Summary - For H1 2025, the company reported revenue of 133.31 billion yuan and a net profit of 20.51 billion yuan, with Q2 revenue at 75.31 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter [4][5] - The company expects EPS for 2025-2027 to be 1.90, 2.70, and 3.16 yuan respectively, with corresponding P/E ratios of 18.9, 13.3, and 11.3 [4][5] - The gross profit margin is projected to increase from 13.2% in 2023 to 35.2% in 2027, reflecting improved profitability [5][7] Product and Market Insights - The company has a broad layout in fluorinated liquid products, with significant growth in the refrigerant market driven by rising prices [4] - The average price of refrigerants increased significantly, with a year-on-year growth of 65.31% in Q2 2025 [4] - The company’s products are positioned as essential consumer goods, with a focus on strategic emerging industries such as semiconductors and new energy vehicles [4]