Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [5][7]. Core Insights - The company reported significant revenue growth of 20.64% year-over-year, reaching 20.799 billion yuan, and a net profit increase of 101.92%, amounting to 8.561 billion yuan in the first half of 2025 [2][3]. - The strong performance is attributed to the focus on the CRDMO business model, improved production efficiency, and a substantial increase in orders, which reached 56.69 billion yuan, up 37.2% year-over-year [3][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 11.14 billion yuan, a year-over-year increase of 20.37%, and a net profit of 4.89 billion yuan, reflecting a 112.78% increase [2]. - The non-IFRS gross margin improved to 44.5%, an increase of 4.7 percentage points year-over-year [3]. Business Segments - The chemical business generated revenue of 16.3 billion yuan in the first half of 2025, a significant growth of 33.5% [4]. - The TIDES business showed exceptional performance, with revenue reaching 5.03 billion yuan, a year-over-year increase of 141.6% [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised upwards to 15.14 billion yuan, 15.54 billion yuan, and 18.02 billion yuan, representing increases of 37.9%, 24.1%, and 27.3% respectively [5]. - The corresponding P/E ratios for A-shares are projected to be 19, 18, and 16 for the years 2025, 2026, and 2027 [5].