Core Viewpoint - Tianfeng Securities' report indicates that Jiama Clothing's net profit attributable to shareholders in the first half of the year was 60 million, a decrease of 31% year-on-year, with Q2 net profit down 50% to 20 million [1] Group 1: Financial Performance - Jiama Clothing's net profit for the first half of the year was 60 million, reflecting a year-on-year decline of 31% [1] - In Q2, the net profit attributable to shareholders was 20 million, representing a significant decrease of 50% compared to the same period last year [1] Group 2: Business Strategy and Outlook - The company began self-operating the Hush Puppies men's and women's clothing line from mid-last year, with the revenue contribution from this segment expected to reach 10.06% by the end of 2024 [1] - In the first half of this year, the revenue contribution from the men's and women's clothing segment increased to 22.87% [1] - The company is optimistic about the future market potential of the Hush Puppies brand, supported by product upgrades, channel image renewal, and structural adjustments [1] Group 3: Investment Rating - Following the acquisition of Hush Puppies, the company has intensified store upgrades and marketing efforts, leading to an adjustment in profit forecasts while maintaining a "Buy" rating [1]