Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q2 2025, the company achieved operating revenue of 1.414 billion yuan, representing a year-on-year growth of 12.16%, and a net profit attributable to shareholders of 81 million yuan, with a year-on-year increase of 24% [2][6]. - The company's high-end strategy continues to advance, with double-digit growth in revenue and improved brand structure contributing to enhanced profitability. The self-owned brands achieved 1.04 billion yuan in H1 2025, with a gross margin of 77%, up by 5.7 percentage points year-on-year [12]. - The company is focused on building a "global emerging luxury beauty group" label, benefiting from business structure optimization and brand investment, leading to double-digit revenue growth and gradual profit margin recovery [12]. Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 1.414 billion yuan, a 12.16% increase year-on-year, and a net profit of 81 million yuan, up 24% year-on-year [2][6]. - The gross margin improved by 3.7 percentage points year-on-year, attributed to the continuous optimization of brand structure and an increase in the proportion of high-end products [12]. Brand Development - The company has successfully launched new products and improved its product lineup, with significant growth in popular items such as the upgraded super mask and essence sunscreen [12]. - The company has opened eight new direct-operated stores in key cities, enhancing its offline high-end channel presence [12]. Future Outlook - The company expects net profits attributable to shareholders to reach 260 million yuan, 360 million yuan, and 430 million yuan for the years 2025, 2026, and 2027, respectively [12].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Insights - The company reported a revenue of 2.5 billion yuan for H1 2025, representing a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year [1]. - The gross margin improved significantly to 64.61% in H1 2025, an increase of 3.13 percentage points year-on-year, driven by an increase in the proportion of proprietary brands [2]. - The company is focusing on a dual business strategy of proprietary brands and CP brand operations, with proprietary brand revenue reaching 1.039 billion yuan in H1 2025, accounting for 41.55% of total revenue [3]. - The company is building a global high-end beauty group, enhancing its brand matrix and achieving significant sales growth through various marketing strategies [4]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 2.5 billion yuan and a net profit of 123 million yuan, with a gross margin of 64.61% [1][2]. - The company expects revenues of 4.655 billion yuan, 4.968 billion yuan, and 5.290 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 250 million yuan, 320 million yuan, and 400 million yuan for the same years [4][11]. - The company’s financial ratios indicate a projected PE of 33x for 2025, decreasing to 21x by 2027 [4][11].