Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 44.09% in the first half of 2025, reaching 220 million yuan. Revenue for the same period was 487 million yuan, reflecting a year-on-year increase of 21.67% [3][4] - The company continues to enhance cost efficiency and improve performance, leading to an upward revision of profit forecasts for 2025-2027. Expected net profits for these years are 479 million yuan, 586 million yuan, and 706 million yuan, respectively [3][5] - The company is focused on innovation, with a strong emphasis on research and development, resulting in the registration of new veterinary drugs and vaccines [5] Financial Performance - In H1 2025, the company's direct sales revenue was 346 million yuan, up 32.74% year-on-year, accounting for 71.06% of total revenue. Distribution revenue was 137 million yuan, a 12.68% increase year-on-year, making up 28.04% of total revenue [4] - R&D expenses in H1 2025 were 45 million yuan, representing 9.34% of revenue, with four new veterinary drug registrations achieved [5] - The company's financial metrics show a projected revenue growth of 22% in 2025, with a gross margin of 68% and a net margin of 41.7% [7][8]