Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has launched a restricted stock incentive plan to enhance its long-term development confidence and align the interests of shareholders, the company, and management [1] - The company's performance has been strong, with a 31.3% year-on-year increase in revenue to 2.59 billion yuan and a 36.1% increase in net profit to 670 million yuan in the first half of 2025 [2] - The company is focusing on high-end beauty positioning, expanding its product range into fragrances, and has seen significant growth in both online and offline channels [3] Summary by Sections Company Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a 31.3% increase year-on-year, and a net profit of 670 million yuan, up 36.1% [2] - Sales on major platforms during the "Double Eleven" shopping festival showed strong growth, with year-on-year increases of 60.5% on Taobao, 39.8% on Douyin, and 22.3% on JD [2] Product and Market Strategy - The company is enhancing its high-end beauty positioning and has expanded its product categories to include fragrances, with successful product launches in various high-end department stores [3] - The product matrix has been enriched with new series such as Guo Yun Ning Xiang and Wen Dao Dong Fang [3] Financial Forecast - The company forecasts net profits of 1.21 billion yuan, 1.58 billion yuan, and 2.04 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.46 yuan, 3.22 yuan, and 4.16 yuan [3][10] - The current stock price corresponds to a PE ratio of 34, 26, and 20 for the years 2025, 2026, and 2027 respectively [3][10]
毛戈平（01318）：限制性股票激励计划点评：发布限制性股票激励计划，长期发展信心充足