Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Views - The company reported a revenue of 895 million yuan for the first half of 2025, representing a year-on-year growth of 20.31%, while the net profit attributable to shareholders was 188 million yuan, up 4.16% year-on-year [1]. - The company's gross margin for the first half of 2025 was 58.01%, a decrease of 0.63 percentage points year-on-year, and the net profit margin was 20.95%, down 3.25 percentage points year-on-year [1]. - The company has launched over 40 new or upgraded products, including children's sunscreen and mosquito repellent products, indicating a continuous effort to expand its product categories [2]. - Online sales channels generated 643 million yuan in revenue, a year-on-year increase of 19.97%, while offline channels achieved 251 million yuan, growing 21.18% year-on-year [3]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 655 million yuan, a year-on-year increase of 13.46%, but the net profit attributable to shareholders decreased by 0.85% to 143 million yuan [1]. - The company’s sales expense ratio increased to 30.25%, up 1.52 percentage points year-on-year, while the management expense ratio decreased slightly to 1.81% [1]. Product Categories - The baby care segment generated 405 million yuan in revenue, up 38.73% year-on-year, while the mosquito repellent segment brought in 375 million yuan, a growth of 13.43% year-on-year [2]. - The essential oil segment saw a decline in revenue, dropping 14.6% year-on-year to 92.08 million yuan [2]. Channel Performance - The company is actively expanding its offline channels, with significant growth in regions such as Southwest, Central China, Northeast, and Northwest, where revenue growth exceeded 100% [3]. - The company has established partnerships with various offline retailers, including Sam's Club, Walmart, and others, contributing to a substantial increase in accounts receivable, which grew by 477.87% year-on-year [3]. Profitability Forecast - The company is expected to achieve net profits of 332 million yuan, 423 million yuan, and 524 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.82, 1.05, and 1.30 yuan per share [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company achieved a revenue of 895 million yuan in H1 2025, representing a year-on-year growth of 20.31%. The net profit attributable to shareholders was 188 million yuan, up 4.16% year-on-year [1]. - The baby and child care segment continues to show strong growth, with revenue reaching 405 million yuan, a year-on-year increase of 38.73%. The product matrix has been enhanced with over 40 new or upgraded products launched in H1 2025 [2]. - The company is expanding its target audience from infants to teenagers, introducing products such as acne treatment and skincare for adolescents, which reflects its strategy to meet unmet consumer needs [2]. Financial Performance - The gross profit margin for H1 2025 was 58.01%, a slight decrease of 0.63 percentage points year-on-year. The net profit margin for the same period was 20.95%, down 3.25 percentage points year-on-year [3]. - The company’s sales, management, and R&D expense ratios for H1 2025 were 30.25%, 1.81%, and 1.83%, respectively, indicating a slight increase in sales expenses compared to the previous year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 335 million, 434 million, and 552 million yuan, with respective year-on-year growth rates of 11.6%, 29.7%, and 27.0% [4][5]. Market Position and Strategy - The company is solidifying its online market position while actively expanding its offline channels, with significant contributions from new partnerships, such as with Sam's Club [4]. - The report highlights the company's leadership in the baby mosquito repellent market and its proactive approach in the baby care sector, which is expected to unlock further growth potential [4].

Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company is actively expanding its offline channels and continuously innovating its product offerings, with a focus on consumer needs [12][13]. - Revenue projections for 2025-2027 are estimated at 1.617 billion, 1.964 billion, and 2.313 billion yuan, with corresponding growth rates of 22.7%, 21.5%, and 17.8% [14]. - The net profit attributable to the parent company is expected to be 339 million, 400 million, and 481 million yuan for the same period, with growth rates of 13.1%, 17.9%, and 20.3% [14]. Summary by Sections Company Overview - The company, Runben Co., Ltd. (603193), operates in the personal care and beauty industry, focusing on innovative products and expanding market reach [6]. Financial Performance - In the first half of 2025, the company reported revenue of 895 million yuan, a year-on-year increase of 20.3%, and a net profit of 188 million yuan, up 4.2% year-on-year [12]. - The company has launched over 40 new or upgraded products in the first half of 2025, targeting various consumer segments from infants to teenagers [12]. Market Strategy - The company is enhancing its online sales while actively developing quality offline channels, achieving synergy across all sales channels [13]. - Collaborations with major retail chains such as Sam's Club, Walmart, and others have been established to increase offline market penetration [13]. Future Outlook - The company anticipates continued growth in revenue and profit, driven by product innovation and market expansion strategies [14]. - Earnings per share (EPS) are projected to be 0.84, 0.99, and 1.19 yuan for 2025-2027 [14].