Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved a revenue of 2.83 billion yuan, a slight decrease of 0.1% year-on-year, while the net profit attributable to shareholders reached 360 million yuan, reflecting a significant increase of 112.4% year-on-year. The non-recurring net profit was 230 million yuan, down 14.5% year-on-year. In Q2, the revenue was 1.37 billion yuan, down 5.1% year-on-year, with a net profit of 210 million yuan, up 109.1% year-on-year, and a non-recurring net profit of 140 million yuan, down 3.0% year-on-year. The company plans to distribute cash dividends of 80 million yuan, with a payout ratio of 23% [2][5]. Summary by Sections Financial Performance - The company reported a revenue of 2.83 billion yuan in H1 2025, with a net profit of 360 million yuan, marking a year-on-year increase of 112.4%. The non-recurring net profit was 230 million yuan, down 14.5% year-on-year. In Q2, revenue was 1.37 billion yuan, a decrease of 5.1% year-on-year, while net profit was 210 million yuan, an increase of 109.1% year-on-year [2][5]. Business Segments - The fabric and clothing business saw revenues of 1.85 billion yuan and 770 million yuan respectively, with the fabric business declining by 7.8% and the clothing business increasing by 24.8%. The fabric business faced revenue pressure due to tariff impacts, while the clothing business benefited from increased market expansion and order growth [10]. Cost Management and Profitability - Effective cost control measures led to a decrease in research and financial expense ratios in Q2 2025, contributing to a non-recurring net profit margin increase of 0.2 percentage points to 10.0%. The fair value change income increased by 130 million yuan, significantly boosting net profit [10]. Future Outlook - The company is expected to return to stable growth as uncertainties related to tariffs diminish. The leadership position in the industry and ongoing capacity expansion in Vietnam are anticipated to drive future growth. The projected net profits for 2025-2027 are 620 million yuan, 690 million yuan, and 740 million yuan respectively, with a corresponding PE ratio of 9, 8, and 8 times [10].