Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is advancing its H-share issuance and listing, which is expected to accelerate its globalization process [5][8] - The company has opened stores in key business districts in Malaysia, Thailand, and Cambodia, enhancing its overseas retail network [8] - The brand is continuously solidifying its product lines and has attracted over 20 million members, with a significant portion of its consumer base being younger generations [8] Financial Performance and Forecast - The company’s projected revenue for 2025 is 7,727 million RMB, with a year-on-year growth rate of 18.55% [7] - The projected net profit attributable to the parent company for 2025 is 472 million RMB, reflecting a year-on-year growth of 143.89% [7] - The earnings per share (EPS) for 2025 is estimated at 0.53 RMB, with a price-to-earnings (P/E) ratio of 28.60 [7][10] - The return on equity (ROE) is expected to reach 12.70% in 2025 [7] Market Position and Strategy - The company is positioning itself as a fashionable jewelry brand targeting younger consumers, focusing on "intangible cultural heritage," "beading," and "trending" categories [8] - The ongoing international expansion and brand development are expected to enhance the company's market penetration and influence in overseas markets [8]