Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's performance remains under pressure, awaiting signs of a bottoming out [6] - The company reported a revenue of 2.078 billion yuan for the first half of 2025, a year-on-year decline of 11.33%, with a net profit attributable to shareholders of 271 million yuan, down 20.25% year-on-year [8] - The PVC segment showed a counter-trend increase in gross margin, attributed to government policies boosting market demand for pipeline construction [8] - The company is expected to benefit from a recovery in profitability as price wars in the plastic pipeline industry ease, supported by a high dividend payout ratio [8] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 6.378 billion yuan in 2023, 6.267 billion yuan in 2024, 6.612 billion yuan in 2025, 7.253 billion yuan in 2026, and 7.996 billion yuan in 2027, with corresponding growth rates of -8.27%, -1.75%, 5.51%, 9.70%, and 10.24% [7] - Net profit attributable to shareholders is projected to be 1.432 billion yuan in 2023, 953 million yuan in 2024, 996 million yuan in 2025, 1.092 billion yuan in 2026, and 1.201 billion yuan in 2027, with growth rates of 10.40%, -33.49%, 4.59%, 9.63%, and 9.97% respectively [7] - The company's earnings per share (EPS) is expected to be 0.90 yuan in 2023, 0.60 yuan in 2024, 0.63 yuan in 2025, 0.69 yuan in 2026, and 0.75 yuan in 2027 [7] - The return on equity (ROE) is projected to be 25.61% in 2023, 18.71% in 2024, 19.07% in 2025, 20.35% in 2026, and 21.74% in 2027 [7]