Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by the successful launch of new products and the expansion of emerging sales channels [1][2]. Group 1: Financial Performance - For the first half of 2025, the company anticipates revenue between 746-798 million yuan, representing a year-on-year increase of 40.9%-50.8% [1] - The expected net profit attributable to shareholders is projected to be between 105-112 million yuan, reflecting a year-on-year growth of 37.9%-47.6% [1] - In Q2 2025, the company forecasts revenue of 363-415 million yuan, with a year-on-year growth of 42.7%-63.3% [1] Group 2: Growth Drivers - The company has seen rapid growth in revenue due to the successful launch of its core product, deboned duck feet, in Q3 2024, which has become a key revenue driver [1] - The membership-based supermarket channel has emerged as a significant contributor to revenue growth, with additional product launches expected to further enhance performance [1][2] - The company is also benefiting from strong performance in snack chains and e-commerce channels, contributing to overall revenue increases [1] Group 3: Profitability and Cost Management - The significant increase in profitability in Q2 2025 is attributed to a temporary adjustment in expense allocation, with a reduction in sales expenses expected [2] - Compared to Q1 2025, the profit growth in Q2 is also influenced by a decrease in the impact of financial income on profits [2] - The company is positioned to benefit from the expanding snack food industry, particularly in the spicy snack segment, which is favored by younger consumers [2] Group 4: Future Outlook - The company is expected to maintain a high level of revenue elasticity in 2025, driven by its proactive approach to embracing online and new retail channels [2] - The earnings per share (EPS) forecasts for 2025-2027 are projected at 0.47 yuan, 0.61 yuan, and 0.74 yuan, respectively, with corresponding dynamic price-to-earnings ratios of 26x, 20x, and 17x [3]