Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company has shown robust revenue growth with a year-on-year increase of 19.58% in revenue and 16.70% in net profit attributable to shareholders for the first half of 2025 [1]. - The company is expected to continue its high growth trajectory, driven by its dual growth model of "products + channels" and a long-term strategy focused on "multi-brand, multi-category, all-channel, full industry chain, and future globalization" [3]. - Adjustments have been made to profit forecasts due to ongoing adjustments in direct sales and e-commerce channels, with expected revenues of 63 billion, 75 billion, and 89 billion yuan for 2025-2027, reflecting a growth rate of 19% for each year [3]. Revenue and Profit Performance - For the first half of 2025, the company reported revenues of 29.41 billion yuan and a net profit of 3.73 billion yuan, with significant contributions from products like konjac and eggs, which saw revenue increases of approximately 155% and 43% respectively [1][2]. - The company’s gross margin has faced some pressure, with a slight year-on-year decrease of 1.98% to 30.97% in Q2 2025, while the net profit margin improved by 0.79 percentage points to 13.79% [2]. Channel Performance - The company has experienced high growth in various regions, particularly in East China and overseas markets, with revenue increases exceeding 60% year-on-year in these areas [2]. - The number of distributors has increased by 533 to a total of 3,713, with average revenue per distributor rising by 11% to 620,000 yuan [2]. Financial Projections - The company is projected to achieve revenues of 63 billion, 75 billion, and 89 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.1 billion, 9.9 billion, and 11.9 billion yuan [3]. - The expected earnings per share (EPS) for 2025 is 2.96 yuan, with a price-to-earnings (P/E) ratio of 23.75 [5].