Core Viewpoint - Benda Pharmaceutical's net profit for H1 2025 is projected to be 140 million yuan, a year-on-year decrease of 37.53%, primarily due to increased depreciation and amortization expenses impacting current profits [1] Financial Performance - The company's EBITDA stands at 498 million yuan, reflecting a year-on-year growth of 13.10%, indicating stable growth in core business operations [1] - The decline in net profit is attributed to rising costs, while the core business remains robust [1] Product Development and Market Position - Benda Pharmaceutical's drug sales are steadily increasing, reinforcing its competitive advantage in the lung cancer treatment market [1] - The first-line treatment of the third-generation EGFRTKI, Beifu Tini, is set to benefit from its inclusion in the medical insurance catalog, marking a significant milestone [1] - The company has received approval for postoperative adjuvant therapy indications, further expanding its treatment offerings [1] Future Prospects - Two KRAS-targeted drugs were showcased at the 2025 AACR, indicating promising future developments in the pipeline [1] - The company is actively enhancing its innovative product portfolio in the lung cancer sector and pursuing external collaborations, including the approval of plant-derived albumin for market entry [1] - The investment rating remains "Buy," reflecting confidence in the company's growth trajectory [1]