Core Viewpoint - The company expects revenue in the first half of 2025 to reach between 4.09 billion and 4.11 billion RMB, representing a year-on-year growth of 16.8% to 17.3%, and net profit is projected to be between 540 million and 560 million RMB, showing a significant year-on-year increase of 30.9% to 35.8% [1] Group 1 - Growth drivers include the continuous contribution of the Han Shu brand's multi-category layout across all channels and a significant year-on-year increase in revenue from the infant skincare brand Newpage [1] - The main brand's promotional self-broadcasting performance is impressive, and the ongoing expansion of product categories is expected to support high growth [1] - According to Qingyan data, Han Shu ranked first in the Douyin beauty and skincare category in June and has maintained this position for eight consecutive months, with self-operated sales contributing 60.4% of its revenue in June [1] Group 2 - The company plans to build a six-part matrix in the long term, including mass skincare, personal care, maternal and infant products, skin medical beauty, makeup, high-end skincare, and instruments over the next decade [1] - The main brand Han Shu has strong momentum and has successfully established a strong brand presence on the Douyin channel, with other brands likely to replicate this successful model, further contributing to performance growth [1][2] - Based on the company's strong online sales performance, net profit forecasts for 2025-2027 are 1.02 billion, 1.28 billion, and 1.55 billion RMB, with year-on-year growth rates of 31.1%, 25.2%, and 20.9% respectively [2]
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