Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported its H1 2025 results, which met market expectations, with revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, and a net profit attributable to shareholders of 274 million yuan, an increase of 64.1% year-on-year [7] - The company's medical beauty segment is expected to drive growth, with a focus on integrating external medical beauty institutions and a new light medical beauty model [7] - The fashion women's clothing brand is undergoing a comprehensive upgrade, with rapid development in e-commerce channels, contributing to maintaining a leading position in the apparel industry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.963 billion yuan, with a year-on-year growth rate of 4.8% [6] - The net profit attributable to shareholders for 2025 is projected to be 369 million yuan, reflecting a year-on-year increase of 43.4% [6] - The company maintains a gross margin of approximately 59% and a return on equity (ROE) of 12.4% for 2025 [6] Business Segments - The medical beauty segment generated revenue of 1.333 billion yuan in H1 2025, accounting for 47.8% of total revenue, with a gross margin of 54.54% [7] - The fashion women's clothing business reported revenue of 988 million yuan in H1 2025, with a gross margin of 65.15%, and online sales accounted for 46.3% of total revenue [7] - The green baby and child business generated revenue of 435 million yuan, with a gross margin of 62.4% [7]