Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's main business is steadily recovering, and there is optimism regarding the long-term growth potential of DEL and AI platforms [3] - The company reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance [5] - The new drug rights transfer business is expected to gradually contribute to revenue growth as the pipeline matures [6] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 227 million yuan, a year-on-year increase of 16.58%, and a net profit of 50.04 million yuan, a year-on-year increase of 390.72% [5] - The company’s gross margin for the first half of 2025 was 53.81%, an increase of 7.18 percentage points, and the net profit margin was 21.82%, an increase of 17.05 percentage points [6] - Revenue projections for 2025-2027 are 519 million, 637 million, and 787 million yuan, with year-on-year growth rates of 21.63%, 22.63%, and 23.63% respectively [6] Business Segment Performance - The DEL core business generated revenue of 102 million yuan in the first half of 2025, a year-on-year increase of 40.45% [6] - The ChemSer service segment saw a revenue increase of 94.17% in the first half of 2025, primarily due to the efficient operation of the automated high-throughput chemical synthesis platform [6] - The FBDD/SBDD segment reported revenue of approximately 65.24 million yuan, benefiting from milestone income recognition from the UK subsidiary Vernalis [6] Profitability and Valuation Metrics - The company’s projected earnings per share (EPS) for 2025-2027 are 0.19, 0.25, and 0.32 yuan, with corresponding net profit estimates of 77.61 million, 98.89 million, and 128.15 million yuan [4][6] - The price-to-earnings (P/E) ratio is projected to decrease from 224.69 in 2024 to 90.05 in 2027, indicating improving valuation as earnings grow [4][6]