Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 411 million in Q2 2025, representing a year-on-year increase of 20.11%, and a net profit attributable to the parent company of 42 million, up 19.66% year-on-year [1] - The company is focusing on brand development, channel expansion, technological innovation, supply chain optimization, and digital transformation to enhance operational quality and efficiency, resulting in strong revenue and profit growth [1] - The adult toothpaste segment achieved revenue of 677 million in H1 2025, a 23% increase year-on-year, with a gross margin of 53.59%, reflecting a 5.45 percentage point increase [2] - The e-commerce channel generated 300 million in revenue in H1 2025, a significant increase of 87% year-on-year, while the distribution channel saw a slight decline of 0.5% to 510 million [4] Financial Performance Summary - For H1 2025, the company reported total revenue of 842 million, a 19.72% increase year-on-year, and a net profit of 85 million, up 17.59% year-on-year [1] - The gross profit margin for H1 2025 was 49.57%, an increase of 4.2 percentage points year-on-year, while the net profit margin remained stable at 10.2% [1] - The company has adjusted its profit forecast, expecting net profits of 200 million, 250 million, and 320 million for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36X, 29X, and 23X [5]
登康口腔（001328）：线下禀赋加强逻辑兑现