Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company's main business in cheese shows steady growth, with a 14.85% year-on-year increase in revenue for the cheese segment in H1 2025 [2] - The overall revenue for H1 2025 reached 2.567 billion yuan, representing a 7.98% increase, while the net profit attributable to the parent company surged by 86.27% to 133 million yuan [1][2] - The company is expected to achieve net profits of 214 million yuan, 328 million yuan, and 434 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 88.33%, 53.17%, and 32.43% [4] Revenue and Profitability - In H1 2025, the company's revenue from cheese, trade, and liquid milk was 2.136 billion yuan, 230 million yuan, and 187 million yuan, respectively [2] - The gross profit margin for the company was 30.81%, with a slight decrease of 0.32 percentage points year-on-year [3] - The net profit margin increased by 2.18 percentage points year-on-year to 5.18% in H1 2025, primarily due to a reduction in sales expenses [3] Product Performance - The three major cheese product lines continued to show positive growth, with the restaurant industrial series leading with a 36.26% increase in revenue [2] - The company's cheese business revenue accounted for 83.67% of its main business revenue, up from 82.02% in the same period last year [2] Financial Forecast - The report projects the company's revenue for 2025 to be approximately 5.446 billion yuan, with a year-on-year growth of 12.41% [6] - The expected earnings per share (EPS) for 2025 is 0.42 yuan, with a projected price-to-earnings (P/E) ratio of 64.82 [6][4]

Company Performance - In the first half of 2025, the company achieved operating revenue of 2.567 billion yuan, a year-on-year increase of 7.98% [1] - The net profit attributable to shareholders reached 133 million yuan, a significant increase of 86.27% compared to the same period last year [1] - The cheese business generated revenue of 2.136 billion yuan, growing by 14.85% year-on-year, and accounted for 83.67% of the main business revenue [1][2] Product Segmentation - The company’s cheese product lines, including ready-to-eat nutrition series, family table series, and catering industrial series, all showed positive growth [2] - The catering industrial series saw a revenue increase of 36.26%, while the family table series grew by 28.44% due to enhanced channel cooperation [2] - The ready-to-eat cheese segment has developed a product matrix covering various forms for children, while new products for adults have also been introduced [2] Industry Outlook - The cheese industry in China is expected to grow rapidly due to consumer demand for health management and nutritional supplements [3] - The high growth potential of the cheese market is attracting numerous enterprises, leading to increased competition in product innovation and channel expansion [3] - Companies are encouraged to localize their products based on international market experiences and Chinese consumer preferences to enhance market penetration [3]