Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a revenue of 2.4 billion yuan for the first half of 2025, representing a year-on-year growth of 33%. However, the net profit attributable to the parent company decreased by 25% to 187 million yuan, while the net profit after deducting non-recurring items increased by 14% to 181 million yuan [1]. - The company's OEM manufacturing business generated 2.1 billion yuan in revenue, up 37% year-on-year, with the bag manufacturing segment achieving 1.4 billion yuan (13% growth) and the apparel manufacturing segment reaching 700 million yuan (148% growth) [1]. - The brand operation business recorded a revenue of 300 million yuan, reflecting a 9% increase [1]. - The gross margin for the OEM manufacturing business increased by 1 percentage point due to improved product structure and production efficiency, while the brand operation business saw a decrease in gross margin by 1 percentage point [1]. - The company plans to distribute a mid-term dividend of 1.57 yuan per 10 shares (tax included) [1]. Business Model and Global Layout - The company has established a global production base in regions such as Indonesia, China, and India, which have advantages in labor costs and tariff policies, while also catering to high potential consumer demand [2]. - The capacity layout considers market conditions, trade policies, and customer needs, enhancing the company's ability to respond quickly and effectively reduce overseas trade risks and logistics costs [2]. Management and Innovation - The company is focused on management innovation and improving efficiency through digital lean production management and the Amiba organizational model [3]. - Emphasis is placed on R&D innovation, attracting talented personnel, and enhancing collaboration with raw material suppliers to improve product technology value [3]. - The company has established stable partnerships with renowned suppliers, forming a competitive advantage through deep product supply chains and cross-industry operations [3]. Financial Forecasts - The profit forecast has been adjusted, with expected net profits attributable to the parent company for 2025, 2026, and 2027 projected at 405.74 million yuan, 488.02 million yuan, and 580.89 million yuan respectively [4]. - The price-to-earnings ratio (P/E) is expected to be 15, 13, and 11 times for the respective years [4].