Global New Material International Holdings Limited (6616.HK) delivered a robust QQ2 2025 performance, highlighted by a substantial year-over-year revenue expansion and strong gross and operating margins, underpinned by its pearlescent pigment product line (Chesir Pearl). Revenue reached 912.0 million CNY in QQ2 2025, up 108.7% from 437.1 million CNY in QQ2 2024, with gross profit of 479.8 million CNY and a gross margin of 52.6%. EBITDA stood at 340.6 million CNY, yielding an EBITDA margin of 37.3%, while operating income was 292.5 million CNY (operating margin 32.1%). Net income was 62.2 million CNY, a YoY decline of 7.9% despite the revenue surge, translating to a net margin of 6.8% and basic EPS of 0.0502 CNY. These results reflect solid profitability on gross and operating lines but are tempered by higher taxes and some other expenses that affected net income and by ongoing working capital needs. On the balance sheet, liquidity remains strong with current ratio at 3.81 and cash ratio at 2.89, while leverage remains elevated (debt ratio 0.364; debt/equity 0.870). Cash per share stood at 2.91 CNY, with a price-to-book of 1.57 and a price-to-sales of 5.94, suggesting a premium against book value but within the typical range for specialty chemical players. The company shows notable growth potential from its pigment product portfolio and geographic reach, yet faces near-term risks from working capital intensity and potential raw material cost fluctuations. Management commentary from the earnings call is not provided in the data set; as such, the narrative focuses on the disclosed financials and market context to inform investment considerations.