Core Viewpoint - The company has maintained strong performance for four consecutive quarters and expects high growth to continue in 2025, leading to an upward revision of profit forecasts and a maintained "buy" rating [1]. Financial Performance - The company has revised its EPS forecasts for 2025-2027 to 1.17, 1.47, and 1.79 CNY per share, up from previous estimates of 0.79, 0.80, and 0.83 CNY per share. The BPS forecasts have also been increased to 8.90, 10.37, and 12.16 CNY per share from 8.54, 9.34, and 10.17 CNY per share [2]. - For the first half of 2025, the company expects a net profit attributable to shareholders of 187-214 million CNY and a net profit excluding non-recurring items of 184-211 million CNY [2]. Growth Drivers - The company has experienced significant growth in sales volume of concentrated juice due to increased customer orders, with a projected net profit for Q2 2025 of 101-127 million CNY, representing a year-over-year increase of 25.41%-58.34% [3]. - The company has shown accelerated performance since Q3 2024, with revenue growth rates of 129.7%, 89.5%, and 59.0% for Q3 2024 to Q1 2025, and net profit growth rates of 26.2%, 52.5%, and 61.3% for the same periods [3]. Market Outlook - The company anticipates continued high demand in 2025, supported by a 39.18% year-over-year increase in apple juice production in 2024 and a 28.6% increase in inventory at the end of 2024 [3]. - The company has expanded its production capacity and market presence, having signed a strategic cooperation framework agreement for capacity investment in Shaanxi province and successfully acquired assets in the fruit juice sector [4]. Capacity Expansion - The company has expanded its industrial layout to seven provinces and ten factories, indicating a strategy to increase market share through continuous capacity expansion [4].