Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to continue strong growth driven by its proprietary brands and the launch of new brands [7] - The company reported a net profit of 63 million to 78 million yuan for the first half of 2025, representing a year-on-year increase of 61.81% to 100.33% [7] - The self-owned brand strategy has proven to be a significant growth engine, with notable performance from the "Zhanjia" product line and the introduction of new health products [7] - The company has optimized internal management, leading to improved efficiency and reduced costs [7] - The company has launched a new health product brand, "VitaOcean," which is expected to open new growth opportunities [7] Financial Data and Profit Forecast - Total revenue is projected to reach 3,014 million yuan in 2025, with a year-on-year growth rate of 70.7% [6] - The net profit attributable to the parent company is expected to be 180 million yuan in 2025, reflecting a year-on-year growth of 70.6% [6] - Earnings per share are forecasted to be 0.82 yuan in 2025, up from 0.65 yuan in 2024 [6] - The gross profit margin is expected to be 49.4% in 2025 [6] - The return on equity (ROE) is projected to be 14.3% in 2025 [6]