罗莱生活（002293）：大力推进零售革新

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][5]. Core Views - The company achieved a revenue of 2.2 billion yuan in H1 2025, representing a 4% year-on-year growth, and a net profit attributable to shareholders of 185 million yuan, up 17% year-on-year [1]. - The domestic home textile business generated 1.8 billion yuan in revenue, growing by 6% year-on-year, while the U.S. furniture business saw a decline in revenue to 400 million yuan, down 8% year-on-year, primarily due to high loan rates and reduced demand [1]. - The company plans to distribute a mid-term dividend of 2 yuan per 10 shares (tax included) [1]. Summary by Sections Retail Innovation - The company is optimizing its store structure by increasing direct store openings, closing underperforming franchise stores, and upgrading inefficient stores. It is also expanding into shopping centers and outlets, creating model stores to gain management experience [2]. Product Innovation and Service Leadership - The company focuses on user-centered design, launching popular products like the zero-pressure deep sleep pillow and the seamless sleep mattress cover. It has partnered with a Japanese company to enhance service standards across all store scenarios [3]. Smart Industrial Park and Supply Chain Upgrade - The company is investing in the "Rola Smart Industrial Park," which is set to complete its first phase by the end of 2024. This includes the introduction of advanced automated equipment, significantly improving production capacity and efficiency [4]. Financial Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 490 million, 550 million, and 610 million yuan respectively. The price-to-earnings ratios are projected to be 14x, 13x, and 12x [5].