Core Viewpoint - The report from Wanlian Securities indicates that Lihigh Food's net profit attributable to shareholders for the first half of 2025 reached 171 million yuan, reflecting a year-on-year increase of 26.24% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses were 82 million yuan and 80 million yuan, respectively, showing year-on-year growth of 40.84% and 40.36% [1] - The company's performance is improving, with major products maintaining high growth rates [1] Revenue Growth - In the first half of 2025, the revenue from cream products grew by over 28%, demonstrating the effectiveness of the company's high-end strategy [1] - Innovative channels such as catering, tea drinks, and new retail continue to experience rapid growth [1] Cost and Efficiency - In the first half of 2025, the cost and expense input-output ratio improved, with some period expense ratios declining year-on-year, further releasing profit space through scale effects [1] Industry Outlook - The company is expected to maintain growth as the baking industry in China continues to expand, and the domestic substitution of frozen baking raw materials opens up market space for domestic brands [1] - The company is projected to recover positive growth in 2024 and maintain a favorable trend in the first half of 2025 [1]