Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Insights - The company reported a significant increase in revenue and profit for Q2 2025, with revenue and profit growing by 18.4% and 40.8% year-on-year, respectively. The growth was driven by strong performance in cream and sauce products, as well as new product launches in the frozen baking segment [1][5]. - The company is expected to continue its multi-channel and multi-category development strategy, with stable raw material prices and improved cost management leading to further enhancements in net profit margins [1][5]. - The forecast for net profit for 2025-2027 has been adjusted to 370 million, 440 million, and 520 million yuan, respectively, with corresponding EPS estimates of 2.18, 2.57, and 3.05 yuan [1][5]. Financial Performance Summary - For H1 2025, the company achieved a total revenue of 2.07 billion yuan, representing a year-on-year increase of 16.2%. The net profit attributable to the parent company was 170 million yuan, up 26.2% year-on-year [5][6]. - In Q2 2025, the company’s revenue was 1.02 billion yuan, with net profit reaching 82 million yuan, both showing strong year-on-year growth [5][6]. - The gross margin for Q2 2025 was reported at 30.7%, with a slight decrease of 1.9 percentage points year-on-year, primarily due to rising prices of certain raw materials [5][6]. Product and Channel Performance - The cream and sauce product lines saw robust growth, with cream products increasing by approximately 30% year-on-year. The frozen baking segment also contributed positively, with new product launches enhancing sales through membership and restaurant channels [1][5]. - The distribution channels showed varied performance, with traditional channels remaining stable while new channels experienced significant growth, particularly in supermarkets and innovative retail formats [5][6]. Future Outlook - The launch of a new cream product is anticipated to further enhance market share in the cream segment in H2 2025. Continuous innovation in product offerings is expected to drive sales growth [1][5]. - The company’s commitment to cost control and efficiency improvements is projected to sustain profitability and enhance net profit margins moving forward [1][5].