Group 1 - The core viewpoint of the report is that Huayi Securities has given a "buy" rating to Baoxiniang (002154.SZ) based on several strategic factors [2] - Strategic expenditures have had a certain impact on the company's profit margins [2] - The domestic market remains the core market for the company, with good growth rates in categories such as jackets and shoes [2] - In terms of distribution channels, the number of franchise stores increased by 8 in the first half of 2025 [2]