Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][27] Core Views - The company is a leading domestic enterprise in surface active agents and oil chemical products, with stable progress in OEM/ODM projects. The annual production capacity for surface active agents has exceeded 1.2 million tons, and for oil chemical products, it has surpassed 1 million tons. The OEM/ODM processing service capacity for personal care products has reached 1.1 million tons [1][9] - The company's revenue for the first half of 2025 reached 6.553 billion yuan, a year-on-year increase of 41.71%. The net profit attributable to shareholders was 97 million yuan, up 6.35% year-on-year, while the net profit after deducting non-recurring gains and losses was 83 million yuan, an increase of 25.79% year-on-year. The rapid revenue growth was primarily driven by increased sales volume and higher prices due to rising raw material costs [2][10] - The company's core profitability is driven by its Indonesian subsidiary, Dukuda, which benefits from Indonesia's palm oil export tax policy, providing significant cost advantages. In the first half of 2025, Dukuda achieved a net profit of 102 million yuan, a year-on-year increase of 48%. The expansion project is progressing smoothly and is expected to enhance the company's profitability and scale starting in the second half of 2025 [3][19] - The company has initiated a share repurchase plan, reflecting management's confidence in the company's long-term development. The total amount for the repurchase is between 100 million and 200 million yuan, with 3.5825 million shares repurchased as of August 31, 2025, accounting for 0.76% of the total shares [4][24] Summary by Sections Company Overview - The company is a leading player in the domestic oil chemical and surface active agent sectors, with significant production capacities in both areas. The establishment of large-scale comprehensive daily chemical parks in various locations supports its OEM/ODM business [1][9] Financial Performance - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by higher sales volumes and prices. The performance of different business segments shows a strong growth trajectory, particularly in daily chemical products [2][10] Profitability Drivers - The profitability of the company is significantly influenced by its Indonesian subsidiary, which is expected to contribute positively to the overall financial performance as new capacities come online [3][19] Shareholder Engagement - The ongoing share repurchase plan is a strategic move to enhance shareholder value and reflects the management's confidence in the company's future prospects [4][24]