Ge Long Hui A P P·2025-08-29 05:31Core Viewpoint - Dongwu Securities report indicates that Chengde Lolo's net profit attributable to shareholders for the first half of the year was 258 million yuan, a year-on-year decline of 11.97% [1] - The company is optimistic about developing its water series as a second growth curve, with initial contributions observed in Q2 [1] Financial Performance - For Q2 2025, the net profit attributable to shareholders was 43 million yuan, down 9.00% year-on-year [1] - The overall revenue continued to be under pressure due to the "small year" effect and weak consumer sentiment [1] Product Development - The plant-based milk series experienced a decline, attributed to the company's increased market focus on the water series in Q2 [1] - The company plans to launch new products in 2025, with significant investment in expenses, partially offsetting the benefits from cost reductions [1] Market Outlook - The company is optimistic about returning to a "big year" in 2026, benefiting from the full impact of the Spring Festival [1] - Initial contributions from new products are just beginning, and the market's perception of the company's mid-term growth may change if distribution and sales perform better than expected [1] Investment Rating - Based on strong buyback support and the transition to a big year at the end of the year, the company maintains a "buy" rating [1]