Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of no less than RMB 70 million in the first half of 2025, which is more than three times the RMB 21.8 million net profit from the same period last year [1] - The high growth in performance is attributed to "scale effects + high gross margin business + digital empowerment" [4] - The company's self-owned brand products continue to see strong downstream demand, contributing to the growth of high-margin business and improving overall gross margin [4] - The strategic flagship product, Huoxiang Zhengqi Oral Liquid, has shown strong sales performance, with a peak daily sales exceeding RMB 5 million [4] - The company is expected to maintain high growth in the second half of 2025, driven by self-owned brands, AI, robotics, and stock buybacks [4][5] Financial Summary - The company’s total revenue is projected to be approximately RMB 20.83 billion, RMB 23.51 billion, and RMB 26.70 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 13%, and 14% [6][7] - The net profit attributable to shareholders is expected to be RMB 1.49 billion, RMB 3.20 billion, and RMB 5.50 billion for the same years, with year-on-year growth rates of 395%, 116%, and 71% [6][7] - The gross margin is projected to improve from 10.89% in 2025 to 11.82% in 2027 [6] - The return on equity (ROE) is expected to increase from 6.14% in 2025 to 16.68% in 2027 [6] - The earnings per share (EPS) is projected to rise from RMB 0.22 in 2025 to RMB 0.81 in 2027 [6]

Core Viewpoint - The article emphasizes the importance of health maintenance and disease prevention during the "Lixia" solar term, which marks the beginning of summer, highlighting the need to adapt to rising temperatures and increased humidity through traditional Chinese medicine practices [1][4]. Group 1: Health Recommendations - As temperatures rise and humidity increases, traditional Chinese medicine suggests focusing on "nurturing yang" during spring and summer, particularly by caring for the heart and spleen, clearing heat, and dispelling dampness [1][4]. - Dietary recommendations include consuming sour foods like ume and hawthorn to help with sweating and thirst, and bitter foods like bitter melon and lotus seeds to clear heart fire. Fresh vegetables should be prioritized while oily and spicy foods should be minimized to reduce the burden on the spleen and stomach [4]. - It is advised to avoid excessive consumption of cold drinks and ice products to prevent damage to spleen yang, which could lead to diarrhea [4]. Group 2: Lifestyle Adjustments - The article suggests maintaining a balanced lifestyle by going to bed early and rising early, taking short naps during the day to nurture heart energy, and ensuring good indoor ventilation [4]. - Mental well-being is also emphasized, with recommendations to practice calming activities such as sitting quietly, listening to soothing music, and engaging in gentle exercises like Tai Chi, Ba Duan Jin, walking, or jogging to avoid excessive sweating that could deplete body fluids [4][5]. Group 3: Preventive Health Practices - The concept of "preventing disease before it occurs" is highlighted, with suggestions for home-based traditional Chinese medicine practices. For instance, lightly tapping the "Dantian" area for five minutes each morning can help alleviate internal heat and insomnia [5]. - A specific abdominal massage technique is recommended to help eliminate dampness and improve digestive health, which involves circular motions on the abdomen for a total of 49 repetitions daily [5].