Investment Rating - The report maintains an "Accumulate" rating for the company [4][6] Core Views - The company reported a revenue of RMB 1.331 billion for H1 2025, representing a year-on-year growth of 4.67%, while the net profit attributable to shareholders decreased by 11.06% to RMB 72 million [4][9] - Despite profit pressure due to new store expansions and external factors like the alcohol ban, revenue growth is expected to continue as external conditions improve and new stores mature [4][6] - The company is focusing on synergistic development across its three main business segments: catering, hotel, and food [9] Revenue and Profit Forecast - The company is projected to achieve revenues of RMB 2.969 billion, RMB 3.472 billion, and RMB 3.977 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 17.6%, 16.9%, and 14.5% [8] - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are RMB 0.71, RMB 1.12, and RMB 1.58 respectively, with corresponding price-to-earnings (P/E) ratios of 29.9, 18.8, and 13.4 [6][8] Business Development - As of H1 2025, the company operates 133 direct-operated stores, including 58 for the "Tongqinglou" brand and 11 for the "Fumao" hotel brand, with ongoing expansion in the food business [9] - The catering segment leverages the brand's heritage and aims to establish a standardized chain system, while the hotel segment continues to expand nationally [9]