Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a total revenue of 3.331 billion in H1 2025, a year-on-year decrease of 13.77%, while the net profit attributable to the parent company was 183 million, showing a year-on-year increase of 43.33%. In Q2 2025, the revenue was 1.684 billion, down 7.38% year-on-year, but the net profit increased by 73.05% year-on-year [4][6] - The company is transitioning from a revenue-oriented strategy to a profit-oriented one, implementing various internal reforms to enhance efficiency and profitability [6] - The company has a solid brand recognition in the Beijing region and is focusing on optimizing its sales system and resource allocation [6] Financial Data and Profit Forecast - The company is projected to achieve net profits of 89 million, 129 million, and 156 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.1%, 44.3%, and 20.9% [5][6] - The revenue for 2025 is estimated at 7.127 billion, with a slight recovery expected in subsequent years [5] - The gross profit margin for H1 2025 was 24.55%, with a net profit margin of 5.49% [6] Revenue Breakdown - In H1 2025, the company's revenue from liquid milk, solid milk, and ice cream was 1.99 billion, 450 million, and 890 million respectively, with year-on-year declines of 13.3%, 1.52%, and 19.04% [6] - The revenue from the Beijing region and other markets was 1.49 billion and 1.84 billion respectively, with declines of 23.8% and 3.03% year-on-year [6]