Investment Rating - The report assigns an "Accumulate" investment rating to the company, indicating an expectation that the stock will outperform the market index by 5%-15% over the next six months [2][9]. Core Insights - The company is experiencing significant growth driven by its self-owned brand "Zhenjia," which has seen strong sales momentum, and the health brand "Feicui," which has gained substantial platform exposure in its first six months [2][7]. - The projected earnings per share for 2025 and 2026 are estimated at 0.79 and 1.07 yuan respectively, with corresponding price-to-earnings ratios of 66.38 and 48.51 times [2][8]. Financial Performance - For the first half of 2025, the company anticipates a net profit of approximately 63 million to 78 million yuan, representing a year-on-year growth of 61.81%-100.33%. The net profit after excluding non-recurring gains is expected to be between 60 million and 75 million yuan, reflecting a growth of 57.85%-97.23% [1][2]. - The company's revenue forecast for 2025 is projected at 2,415 million yuan, with a net profit of 172 million yuan, and an estimated earnings per share of 0.79 yuan [8]. Brand Development - The self-owned home cleaning brand "Zhenjia" has shown strong sales growth, particularly in its flagship product, the scented laundry detergent, which has deepened brand recognition in the market [7]. - The health brand "Feicui" has effectively targeted high-end female consumers, achieving significant visibility across multiple online sales platforms, ranking second in the Tmall oral beauty nutrition category and maintaining a strong presence in the overseas health product market [7].