Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue declining slightly while net profit increased, driven by high-margin product segments and improved operational efficiency [1][2]. Financial Performance - Revenue for H1 2025 was 1.247 billion yuan, a year-on-year decrease of 3.64% - Net profit attributable to shareholders was 445 million yuan, an increase of 10.01% - Operating cash flow showed a positive trend with a net cash flow of 288 million yuan, up 36.50% year-on-year [1]. Profitability - The company achieved a gross margin of 51.26% and a net margin of 35.97%, reflecting increases of 3.78 percentage points and 4.32 percentage points year-on-year, respectively - The improvement in profitability was attributed to a higher proportion of high-margin businesses in life sciences, metal resources, and ultra-pure water [1][2]. Business Segments - The company’s revenue from adsorption materials reached 1.007 billion yuan, a year-on-year growth of 3.40% - Key segments such as water treatment and ultra-pure water, life sciences, and metal resources reported revenues of 359 million yuan, 320 million yuan, and 149 million yuan, with year-on-year growth rates of 11.25%, 12.43%, and 22.84%, respectively [2]. Lithium Resource Development - The company has made significant progress in lithium extraction projects, with 12 projects completed or in execution, totaling nearly 100,000 tons of lithium carbonate/hydroxide capacity - The company is leading in lithium extraction technology and has established a benchmark project for "green zero-carbon direct lithium extraction" in Tibet [3]. Investment in Life Sciences - The company plans to invest 1.15 billion yuan in a high-end materials industrial park for life sciences in Pucheng, enhancing its capabilities in chromatography media and polymer chromatography fillers - The park will support the growth of various clinical-stage projects and has already seen positive feedback from international pharmaceutical companies [4]. Ultra-Pure Water Business - The company has increased its market penetration in the high-end drinking water sector and achieved significant breakthroughs in the ultra-pure water business - The ultra-pure water segment has secured substantial orders from leading semiconductor companies, indicating a strong market position [5]. Future Outlook - The company expects net profits attributable to shareholders to reach 1.014 billion yuan, 1.209 billion yuan, and 1.527 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 26.98X, 22.63X, and 17.92X [5].