Core Insights - The company reported significant growth in its H1 2025 financial results, with a revenue of 338 million and a net profit of 89 million, reflecting year-on-year increases of 69.69% and 308.29% respectively [1] - The growth in revenue and profit is primarily driven by the high demand in the peptide industry, particularly in the raw material and CDMO (Contract Development and Manufacturing Organization) sectors [2][3] Financial Performance - H1 2025 revenue reached 338 million, a 69.69% increase year-on-year - Net profit attributable to shareholders was 89 million, up 308.29% year-on-year - Operating cash flow net amount was 82 million, reflecting a 213.22% increase year-on-year - Q2 2025 revenue was 153 million, a 61.50% increase year-on-year, with net profit of 42 million, up 687.09% year-on-year [1] Business Segments - **Raw Material Business**: - Revenue for H1 2025 was 189 million, a 232.38% increase year-on-year, driven by increased exports of Semaglutide and Tirzepatide - The company has developed 21 self-researched peptide raw materials and has obtained production approvals for 14 varieties in the domestic market and 11 DMF registrations in the U.S. [2] - **CDMO Business**: - H1 2025 revenue was 42 million, a 72.93% increase year-on-year, supported by the clinical advancement of the RAY12225 injection project - The company has provided CDMO services for over 40 peptide innovation drug projects, with several drugs entering commercialization and clinical trial phases [3] Capacity Expansion - The company has successfully launched a new production line for peptide raw materials and has made progress on several other projects, enhancing its production capabilities - The company is positioned to benefit from the high demand in the peptide industry due to its comprehensive R&D pipeline and full-chain production services [4] Profit Forecast - Projected revenues for 2025-2027 are 751 million, 990 million, and 1.21 billion respectively, with net profits of 191 million, 273 million, and 349 million - The expected diluted EPS for the same period is 1.21, 1.73, and 2.22, with corresponding PE ratios of 33.21, 23.25, and 18.17 [5]