Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company's performance in the first half of 2025 showed a revenue of 3.416 billion yuan, a year-on-year decline of 6.89%, primarily due to intense competition in the consumer market and the impact of store restructuring [6]. - The company is focusing on long-term growth through store renovations and brand optimization strategies, which are expected to enhance sales and customer experience [6]. - The company has signed strategic partnerships with over 20 leading brands to accelerate store expansion, with plans to open 143 new stores in the second half of the year, projected to generate over 1 billion yuan in revenue [6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 7.216 billion yuan, with a year-on-year growth rate of 3.8% [5]. - The net profit attributable to the parent company is projected to be 618 million yuan for 2025, reflecting a growth rate of 5.4% [5]. - The company’s gross margin is expected to be 39.8% in 2025, with a return on equity (ROE) of 6.8% [5]. - The company’s net profit margin for the first half of 2025 was 11.23%, down 0.87% year-on-year [6].