Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 519 million in H1 2025, representing a year-on-year increase of 17.12%, and a net profit attributable to the parent company of 139 million, up 18.01% year-on-year [1][3]. - The company is focusing on functional advanced powder materials, benefiting from the growth in downstream demand, particularly in high-performance electronic circuit substrates and thermal materials [2][3]. - The company is expanding its high-end production capacity, with plans to increase production of ultra-pure spherical silica and high thermal conductivity spherical alumina materials [2]. Financial Summary - For 2025-2027, the projected net profits attributable to the parent company are 337 million, 413 million, and 492 million respectively, with corresponding PE ratios of 42.81, 34.97, and 29.33 [3][4]. - The company’s revenue is expected to grow from 712 million in 2023 to 1.657 billion in 2027, with growth rates of 7.5%, 34.9%, 26.4%, 17.7%, and 15.9% for the respective years [4][11]. - The gross margin for H1 2025 was 40.84%, with a net margin of 26.70% [1][2].