Core Insights - The company reported a revenue of 15.2 billion yuan for the first half of 2025, representing a year-over-year increase of 38.75% [1] - The net profit attributable to shareholders was 460 million yuan, with a year-over-year growth of 14.75% [1] - In Q2 alone, the company achieved a revenue of 7 billion yuan, marking a year-over-year increase of 50.34% [1] - The net profit for Q2 was 140 million yuan, reflecting a year-over-year growth of 9.2% [1] Revenue Breakdown - In Q2, the gold and jewelry retail segment generated revenue of 6.99 billion yuan, with a year-over-year increase of 50.7% [1] - The commission income from joint ventures was 26 million yuan, showing a year-over-year decline of 9.6% [1] - Other business revenues amounted to 7 million yuan, with a year-over-year increase of 56.7% [1] - The revenue growth is attributed to the company's focus on core business development and consolidation of operational advantages [1] Channel Development - The company primarily operates through a direct sales model, covering all administrative districts in Beijing and extending to 103 chain stores in Tianjin, Hebei, Baotou, Xi'an, Suzhou, and Wuhan [1] - In the first half of the year, the company opened 9 new offline stores, including the flagship store in Xiangyun Town, which is the largest chain store and represents a significant milestone in channel development [1] - The company is also piloting self-service vending machines in key areas to further expand market coverage [1] Investment Outlook - The company is positioned as a leading gold and jewelry brand in the North China region, demonstrating steady growth [1] - Projected revenues for 2025-2027 are estimated at 27.2 billion, 31.3 billion, and 34.2 billion yuan, respectively, with net profits of 860 million, 910 million, and 1.01 billion yuan [1] - Corresponding price-to-earnings ratios are expected to be 13.7, 12.9, and 11.7 times, maintaining a "buy" rating [1]