Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.769 billion yuan for H1 2025, representing a year-on-year increase of 30.83%, while the net profit attributable to the parent company was 186 million yuan, up 5.21% year-on-year [1] - The company is expected to enhance efficiency in the second half of the year following a phase of adjustment in Q2 2025 [1] - The company maintains a strong focus on brand building and innovation, with significant growth in its eye care product line and online sales channels [4] Financial Performance Summary - For H1 2025, the gross margin was 74.60%, a slight decrease of 0.07 percentage points year-on-year, while the net profit margin was 10.50%, down 2.56 percentage points year-on-year [2] - In Q2 2025, the gross margin decreased to 73.28%, down 1.47 percentage points year-on-year, and the net profit margin fell to 5.50%, down 4.04 percentage points year-on-year [2] - The company’s revenue from eye care products reached 420 million yuan in H1 2025, a remarkable increase of 76.18% year-on-year, contributing to 23.75% of total revenue [3] Product and Market Strategy Summary - The company has implemented a big product strategy, successfully launching new products such as the upgraded dual collagen cleansing milk and the super mask, maintaining its position as the leading domestic brand in eye care [4] - The online sales channel accounted for 88.87% of total revenue, with a year-on-year growth of 37.85%, while offline sales decreased by 7.07% [3] - The company’s overall R&D investment for H1 2025 was 40.7 million yuan, with five self-developed core raw materials successfully commercialized [4] Future Outlook - The company expects revenue for 2025-2027 to be 3.856 billion, 4.800 billion, and 5.915 billion yuan respectively, with net profits projected at 430 million, 540 million, and 670 million yuan [4] - The company is positioned to continue its growth trajectory with a focus on both "lifestyle beauty" and "medical beauty" sectors [4]