Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 7.04% to 8.97% from 2025 to 2027, and corresponding EPS growth of 9.25% to 10.28% during the same period [8][10]. Core Insights - The company is shifting its strategic focus from "channel-driven" to "new product-driven," emphasizing C-end product innovation as the core of growth. This includes optimizing incentive mechanisms and establishing a differentiated assessment system [5]. - The company is enhancing its B-end customized offerings by deepening collaborations with major clients like Sam's Club and Yum China, which will help expand its customer base [6]. - The digital upgrade of the distribution system is being implemented, supporting existing distributors to extend into new retail and e-commerce channels [6]. - The company plans to launch several new high-end products targeting both B-end and C-end markets, with a focus on quality and price differentiation [7]. Financial Projections - The projected revenue for 2025, 2026, and 2027 is 161.92 billion, 175.60 billion, and 191.35 billion yuan respectively, with year-on-year growth rates of 7.04%, 8.45%, and 8.97% [10][11]. - The forecasted net profit attributable to the parent company for the same years is 16.22 billion, 17.69 billion, and 19.51 billion yuan, reflecting growth rates of 9.25%, 9.05%, and 10.28% [8][10]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 15, 14, and 13 respectively, indicating a favorable valuation trend [8][10].