Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.26 billion yuan for H1 2025, a year-on-year decline of 19.6%, with a net profit attributable to shareholders of 220 million yuan, down 35.4% year-on-year. In Q2 2025, revenue was 1.18 billion yuan, a decrease of 18.4% year-on-year, while net profit attributable to shareholders was 120 million yuan, showing a year-on-year increase of 20.9% [2][4]. Summary by Sections Financial Performance - For H1 2025, the revenue breakdown by business segments shows raw materials at 630 million yuan (down 0.6%), medical terminals at 670 million yuan (down 9.4%), skin science at 910 million yuan (down 34.0%), and nutrition science at 40 million yuan (up 32.4%). The overseas growth in raw materials was nearly 10% in Europe, Southeast Asia, and South Korea, with Japan exceeding 20% [9]. - The net profit margin for H1 2025 was 9.8%, a decline of 2.4 percentage points year-on-year, primarily due to a 3.5 percentage point drop in gross margin to 71%. The second quarter showed improvement with net profit margins of 9.5% in Q1 and 10.1% in Q2, indicating a recovery trend [9]. Investment Recommendations - The report suggests that the company is currently in a business adjustment phase, with Q2 profit margins showing initial positive results. The expectation is for the benefits of focusing on brand effectiveness to gradually manifest across various business segments. EPS forecasts for 2025-2027 are 0.99, 1.36, and 1.60 yuan per share, respectively [9].