Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue and net profit showing year-on-year growth of 16.37% and 6.65% respectively [7] - The core category of vitamins and mineral supplements demonstrated stable growth, contributing 92.15% of total revenue in the first half of 2025, with a year-on-year increase of 9.84% [7] - The company is expanding its product matrix in the vitamin and mineral category to adapt to different market demands, which is expected to support long-term growth [7] - New products are set to launch in Q3 2025, which are anticipated to significantly boost revenue in the second half of the year [7] - The company has adjusted its net profit forecasts for 2025-2027 to 1.07 billion, 1.29 billion, and 1.49 billion respectively, reflecting a year-on-year growth of 16.25%, 20.62%, and 15.96% [7] Financial Summary - Total revenue is projected to grow from 641.25 million in 2024 to 797.38 million in 2025, representing a year-on-year increase of 24.35% [1] - The net profit attributable to the parent company is expected to rise from 91.83 million in 2024 to 106.76 million in 2025, with a growth rate of 16.25% [1] - The earnings per share (EPS) is forecasted to increase from 0.26 yuan in 2024 to 0.30 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 59.52 in 2024 to 51.20 in 2025 [1]
民生健康（301507）：业绩符合预期，关注新品上市