Core Viewpoint - The report from Tianfeng Securities indicates that despite uncertainties in the global economy, the insulated cup market continues to show strong resilience and growth potential due to its daily consumption attributes and expanding application scenarios [1] Company Performance - In the first half of 2025, the company's net profit attributable to shareholders was 300 million, a decrease of 4% year-on-year [1] - In the second quarter of 2025, the net profit attributable to shareholders was 150 million, reflecting a year-on-year decline of 27% [1] Industry Insights - The insulated cup market is primarily driven by demand in developed countries and regions such as Europe, North America, Japan, and South Korea [1] - North America, as a major market for insulated cups, has seen a shift in consumer behavior post-2020, with outdoor activities replacing previous gathering activities, leading to increased demand for stainless steel insulated containers [1] - The stainless steel insulated container industry is poised for a new round of development opportunities due to the rising participation in outdoor leisure activities [1] Strategic Adaptation - The company is actively learning from international market trends, advanced design concepts, and brand operation strategies through collaboration with overseas clients, which enhances its product innovation and marketing experience [1] - Based on the performance in the first half of 2025 and considering the impact of tariff policy changes, the profit forecast has been adjusted while maintaining a "buy" rating [1]