Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth outlook. Core Views - The company has demonstrated robust revenue growth, with a 19.7% year-over-year increase in revenue for the first half of 2025, reaching 842 million yuan, and a net profit increase of 17.6% to 85 million yuan [1][2]. - E-commerce channels have shown significant growth, with revenue from this segment increasing by 81.1% year-over-year, contributing to 38.6% of total revenue [2]. - The company is focusing on product structure optimization and technological innovation, leading to a notable increase in the proportion of high-end products [3]. Revenue and Profitability - In the first half of 2025, the company achieved a gross margin of 52.6%, an increase of 5.7 percentage points year-over-year, driven by a higher proportion of high-margin products and improved production efficiency [4]. - The company’s operating cash flow for the first half of 2025 was 66 million yuan, reflecting a 22.9% year-over-year increase, indicating stable operational quality [4]. Financial Forecast - The company is projected to achieve net profits of 210 million yuan, 250 million yuan, and 320 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 37.3X, 30.2X, and 24.3X [4][5].