Group 1 - The core viewpoint of the article is that Minsheng Securities has given a "recommended" rating to Runben Co., Ltd. (603193.SH) based on its strong performance and growth potential [2] - Runben Co., Ltd. released its semi-annual report for 2025, indicating a solid financial performance [2] - The baby and child care product series continues to experience high growth, with an increasingly comprehensive product matrix [2] - The gross profit margin remains stable, with a net profit margin attributable to the parent company of 20.95% for the first half of 2025 [2] - The company is continuously consolidating its online competitive advantage while actively expanding offline channels, with Sam's Club contributing incremental growth [2]