Core Insights - The company achieved revenue of 183 million in the first half of 2025, representing a year-on-year growth of 19.8%, with a net profit attributable to the parent company of 54 million, up 40.9% year-on-year. The gross margin was 70.6%, a decrease of 3.8 percentage points [1] - Domestic market revenue reached 149 million, showing a year-on-year increase of 30.8%, while overseas market revenue was 33 million, down 12.8% year-on-year [1] - The industrial purification business experienced rapid growth, with products related to GLP-1 class drugs increasing by 177.5%. Sales revenue from industrial purification products was 120 million, up 28.6% year-on-year [1] Revenue Breakdown - Sales revenue from chromatography column products was 61 million, reflecting a year-on-year growth of 7.6%. The glycosylated hemoglobin testing products business grew significantly, with related chromatography columns and analytical-grade fillers generating 12 million, up 55.2% year-on-year [2] - The company gained widespread trust from customers, with its products being applied in multiple benchmark domestic replacement projects. In the first half of 2025, 119 new pharmaceutical projects adopted the company's industrial purification products, including 96 in the R&D stage and 4 in the commercial production stage [2] Profit Forecast - The company is expected to achieve operating revenues of 384.2 million, 464.7 million, and 558.3 million from 2025 to 2027, with year-on-year growth rates of 21.8%, 21.0%, and 20.1% respectively. The net profit attributable to the parent company is projected to be 101.7 million, 125.6 million, and 147.7 million, with growth rates of 19.4%, 23.5%, and 17.6% respectively [2] - The domestic chromatography filler market shows a clear trend towards domestic substitution, while the company is expanding its overseas chromatography filler business [2]