Group 1 - The company expects to achieve a net profit of 180-210 million yuan in the first half of 2025, representing a year-on-year increase of 111%-146% [1] - Core operating profit is also projected to be 180-210 million yuan, with a year-on-year growth of 44%-68% [1] - Revenue is anticipated to grow in double digits during the off-peak season, driven by improved single-store operations and new product launches [1] Group 2 - The management's practical approach is evident in the company's long-term strategy, which includes expanding store numbers and optimizing net profit margins [2] - The company plans to open more stores in the second half of the year, particularly in rural areas, leveraging supply chain advantages [2] - Profit forecasts have been revised upward, with expected revenues of 7.29 billion, 8.38 billion, and 9.54 billion yuan for 2025-2027, reflecting year-on-year growth of 13%, 15%, and 14% respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a net profit of 1.8 to 2.1 billion yuan in the first half of 2025, representing a year-on-year increase of 111% to 146% [8] - Revenue is projected to grow by double digits in the first half of 2025, driven by effective single-store operations and new product launches [8] - The management's practical approach and long-term strategy of expanding store numbers and optimizing net profit margins are being validated by the company's performance [8] Financial Forecasts - Total revenue is forecasted to be 6,100 million yuan in 2023, increasing to 9,543 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 13.83% [1] - The net profit attributable to the parent company is expected to rise from 239.64 million yuan in 2023 to 557.15 million yuan in 2027, reflecting a significant growth rate of 18.21% in the final year [1] - The earnings per share (EPS) is projected to increase from 0.09 yuan in 2023 to 0.20 yuan in 2027, indicating a positive trend in profitability [1] Market Data - The closing price of the stock is 3.29 HKD, with a market capitalization of approximately 8,236.17 million HKD [6] - The price-to-earnings (P/E) ratio is currently at 34.54, expected to decrease to 14.86 by 2027, suggesting improving valuation metrics [1] Operational Highlights - The company is focusing on enhancing single-store revenue through new product offerings and marketing strategies, which have shown positive results even during the off-peak season [8] - The management's commitment to expanding the store network, particularly in rural areas, is expected to leverage supply chain advantages and drive growth [8]