Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has reported significant growth in net profit, exceeding expectations, with a projected net profit for the first half of 2025 ranging from 120 million to 160 million yuan, representing a year-on-year increase of 50% to 100% [6] - The company is implementing a "three expansions" strategy focusing on repurchase, franchising, and digitalization to enhance store upgrades and supply chain optimization [6] - The acquisition of a leading hair care company strengthens the company's position in the local lifestyle sector, while collaborations in AI products are expected to create new growth momentum [6] - The company anticipates a robust growth trajectory with projected net profits of 400 million, 600 million, and 796 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 121.8%, 49.8%, and 32.1% [6] Financial Data and Earnings Forecast - Total revenue is expected to reach 11,608 million yuan in 2025, with a year-on-year growth rate of 24.3% [5] - The gross profit margin is projected to improve from 29.7% in 2024 to 32.8% by 2027 [5] - The return on equity (ROE) is forecasted to increase from 4.6% in 2024 to 14.4% in 2027 [5]