Ge Long Hui A P P·2025-09-15 07:29Core Viewpoint - Tianfeng Securities report indicates that Yanjinpuzi's revenue and net profit attributable to shareholders for H1 2025 are projected to be 2.941 billion and 373 million yuan, respectively, representing year-on-year growth of 19.58% and 16.70% [1] Group 1: Financial Performance - For Q2 2025, the revenue and net profit attributable to shareholders are expected to be 1.403 billion and 195 million yuan, with year-on-year increases of 13.54% and 21.75% respectively, and a 32% increase in non-recurring net profit [1] - The company is adjusting its earnings forecast due to ongoing adjustments in direct sales and e-commerce channels [1] Group 2: Strategic Outlook - The company is expected to continue its high growth in performance, driven by its dual-driven growth model of "products + channels" and its long-term strategy of "multi-brand, multi-category, all-channel, full industry chain, and future globalization" [1] - The revenue projections for 2025 to 2027 are estimated at 6.3 billion, 7.5 billion, and 8.9 billion yuan respectively, maintaining a "buy" rating [1]