Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's revenue from protein muscle gain business increased by 29% year-on-year, but high raw material prices have temporarily pressured profits [6] - In H1 2025, the company achieved revenue of 560 million yuan (up 10.9% year-on-year) and a net profit attributable to shareholders of 15.19 million yuan (down 67.9% year-on-year) with a gross margin of 32.2% (down 9.3 percentage points) [7] - The company plans to optimize its product sales structure and enhance the sales scale of high-margin products while maintaining its market share in the protein muscle gain sector [7] Financial Summary - The company’s total market capitalization is approximately 2,686.71 million yuan, with a circulating market capitalization of 2,444.77 million yuan [4] - The company’s total share capital is 124.50 million shares, with a debt-to-asset ratio of 31.02% and a net asset value per share of 6.73 yuan [4] - Revenue projections for 2025-2027 are 1,303 million yuan, 1,643 million yuan, and 2,060 million yuan respectively, with corresponding net profits of 810 million yuan, 1,050 million yuan, and 1,350 million yuan [8][9]