Investment Rating - The report maintains an "Outperform" investment rating for the company [1][6]. Core Insights - The company reported a 2025H1 revenue of 1.686 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 0.69 billion yuan, up 1% year-on-year [3][6]. - The company achieved a revenue of 9.08 billion yuan in Q2 2025, reflecting a 0.3% year-on-year increase, with a net profit of 0.45 billion yuan, also up 1% year-on-year [6]. - The company focuses on its core brands, "德尔玛" and "飞利浦," with the water health segment showing a double-digit growth, achieving a revenue of 6.57 billion yuan in 2025H1, a 14% increase year-on-year [6]. - The domestic market benefited from a trade-in policy, resulting in a revenue of 14.03 billion yuan in 2025H1, a 6% increase year-on-year, while the overseas market saw a revenue of 2.82 billion yuan, down 6% [6]. - The report indicates a slight downward adjustment in profit forecasts for 2025-2027, with expected net profits of 1.56 billion, 1.80 billion, and 2.02 billion yuan respectively, corresponding to year-on-year growth rates of 9.8%, 15.2%, and 11.9% [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.776 billion yuan, with a year-on-year growth rate of 6.9% [5]. - The projected net profit for 2025 is 156 million yuan, reflecting a year-on-year increase of 9.8% [5]. - The earnings per share for 2025 is estimated at 0.34 yuan, with a gross margin of 31.0% [5]. - The return on equity (ROE) for 2025 is projected at 5.3% [5].