Core Insights - Douyin E-commerce has officially released the "2025 H1 Douyin E-commerce Service Provider Tier List," with Worth Buying Technology's full-link service platform Xinglu once again recognized as a "Diamond Service Provider" [1][3] Group 1: Service Provider Evaluation - The evaluation of service providers by Douyin E-commerce in H1 2025 considers performance, capability certification, compliance, and exclusive defense reviews for Diamond and Gold service providers to identify high-quality service providers [3] - This evaluation aims to help merchants understand Douyin E-commerce service providers and promote the orderly development of the ecosystem by identifying service provider capabilities through a professional rating system [3] Group 2: Xinglu's Services and Achievements - Xinglu, representing Worth Buying Technology's intelligent marketing sector, provides comprehensive marketing services, including AI-driven product information distribution and full-link management for brands on content platforms [3][4] - Since entering Douyin E-commerce in 2019, Xinglu has rapidly grown into a top-tier service provider, significantly enhancing marketing results and efficiency for numerous brands [4] - In H1 2025, Xinglu's Douyin DP business has seen rapid growth, focusing on high-value sectors such as beauty, luxury goods, and home technology, serving renowned international brands like Estée Lauder, LVMH, Procter & Gamble, Amorepacific, and Dyson [4] Group 3: Marketing Methodologies and Future Plans - Xinglu emphasizes the importance of summarizing and validating marketing and operational methodologies, leading to the development of the "Xinglu Full-Domain Management Methodology" [5] - The company has previously released various insights and methodologies, including the "Douyin E-commerce Membership Operation Methodology" and the "2024 Douyin Beauty Industry Benefits White Paper" [5] - Moving forward, Xinglu aims to continue deepening its marketing services, providing one-stop solutions for brand clients, and promoting diverse and prosperous platform ecosystems through practical experience and strategic output [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's revenue met expectations while profits exceeded expectations, with H1 2025 revenue reaching 889 million yuan, a year-on-year increase of 7%, and net profit attributable to the parent company at 70 million yuan, up 23% year-on-year [6] - The North American market remains a key growth area, driven by high penetration rates of water purification products and strong consumer demand [6] - The company has implemented a new marketing service model in China, focusing on providing comprehensive health water solutions, which has led to significant market share in Shanghai [6] - The gross profit margin improved to 41.12%, reflecting cost dilution from increased production and enhanced operational efficiency through digital management [6] - Profit forecasts for 2025 to 2027 indicate significant growth, with net profits expected to reach 140 million yuan, 170 million yuan, and 183 million yuan respectively, corresponding to P/E ratios of 30, 25, and 23 [6] Financial Data and Earnings Forecast - Total revenue projections for 2025 are 1,796 million yuan, with a year-on-year growth rate of 6.4% [5] - The company anticipates a gross profit margin of 39% for the coming years, with a return on equity (ROE) projected at 10.4% for 2025 [5] - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling approximately 47.56 million yuan [6]