Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company reported a revenue of 256.7 million yuan and a net profit of 13.3 million yuan for the first half of 2025, showing a year-on-year increase of 7.98% and 86.27% respectively [4] - The gross margin for the first half of 2025 was 30.81%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 5.18%, up by 2.18 percentage points [4] - The company is expected to achieve revenue growth of 15.61%, 16.11%, and 19.99% for the years 2025, 2026, and 2027 respectively, with net profit growth of 105.95%, 44.69%, and 42.17% during the same period [7] Company Overview - The latest closing price of the company's stock is 27.91 yuan, with a total market capitalization of 14.3 billion yuan [3] - The company has a total share capital of 512 million shares, with a price-to-earnings ratio of 123.50 [3] - The largest shareholder is Inner Mongolia Mengniu Dairy (Group) [3] Financial Performance - In the second quarter of 2025, the company achieved a revenue of 133.4 million yuan, a year-on-year increase of 9.62% [5] - The revenue from the cheese segment for the first half of 2025 was 213.6 million yuan, reflecting a year-on-year growth of 14.85% [6] - The company has a total of 6,551 distributors, a decrease of 1,246 from the previous year, with a sales network covering approximately 800,000 retail terminals [6] Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.6 billion yuan, 6.5 billion yuan, and 7.8 billion yuan for the years 2025, 2026, and 2027 respectively [10] - The expected earnings per share (EPS) for the same years are 0.46 yuan, 0.66 yuan, and 0.94 yuan, with corresponding price-to-earnings ratios of 61, 42, and 30 [10]