Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 13.031 billion yuan for the first half of 2025, representing a year-on-year growth of 23.04%. The net profit attributable to shareholders reached 1.213 billion yuan, an increase of 27.56% year-on-year [2][4] - The company plans to distribute a mid-term dividend of 546 million yuan, which accounts for 45.01% of the adjusted net profit attributable to shareholders [2][4] - The implementation of the new national standard in 2024 is expected to optimize the industry structure, benefiting leading companies. The continuation of the "old-for-new" policy in 2025 is anticipated to boost domestic demand [10] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.798 billion yuan, a year-on-year increase of 20.59%. The net profit attributable to shareholders was 608 million yuan, up 30.08% year-on-year [2][4] - The gross margin for the first half of 2025 was 19.25%, an increase of 1.42 percentage points, primarily due to a higher proportion of high-value-added products and a more stable competitive landscape [10] - Operating cash flow reached 2.586 billion yuan, a significant increase of 123.03% year-on-year, driven by expanded business scale and increased cash receipts from sales [10] Product and Market Strategy - The company is optimizing its product structure by focusing on a multi-tiered product mix that includes "core best-selling products, high-frequency scenario products, and regional specialty products" to meet diverse consumer needs [10] - The company is expanding its production capacity both domestically and internationally, with new production bases under construction in various provinces and operational factories in Indonesia and Vietnam [10] Future Outlook - The company is expected to see continued growth in net profit, with projections of 2.625 billion yuan, 3.115 billion yuan, and 3.517 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 12.56, 10.58, and 9.37 [10]