Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 8.558 billion yuan for the first half of 2025, representing a year-on-year increase of 6.37%. The net profit attributable to the parent company was 1.103 billion yuan, up 45.45% year-on-year, while the net profit excluding non-recurring items was 1.036 billion yuan, an increase of 39.91% year-on-year [2][6]. - In the second quarter of 2025, the company achieved a total revenue of 4.731 billion yuan, reflecting a year-on-year growth of 6.11%. The net profit attributable to the parent company was 938 million yuan, up 43% year-on-year, and the net profit excluding non-recurring items was 883 million yuan, an increase of 38.43% year-on-year [2][6]. - The company has successfully upgraded its structure, with a reverse increase in unit price. In the first half of 2025, the company's sales volume was 2.352 million kiloliters, a year-on-year increase of 2%, with the second quarter showing a sales volume of 1.36 million kiloliters, up 1.5% year-on-year. The overall unit price increased by 4.3% year-on-year [12]. - The company has improved its expense ratio significantly, achieving a record high net profit margin. In the second quarter of 2025, the cost per ton increased by 5.9% year-on-year, while the gross profit margin decreased by 0.63 percentage points to 47.7%. The net profit margin attributable to the parent company increased by 5.1 percentage points to 19.8% [12]. - The company is focusing on consumer-oriented strategies through product innovation and marketing upgrades, with the U8 product line continuing to grow against the trend. Additionally, the company is implementing a "beer + beverage" combination strategy, leading to a more diversified product matrix [12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.55 yuan, 0.61 yuan, and 0.68 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22X, 20X, and 18X [12].