Core Insights - The company demonstrated resilience in its financial performance amidst a challenging consumer environment, with a revenue of 1.436 billion yuan and a net profit of 57.8 million yuan in the first half of the year [1] - The e-commerce channel emerged as a significant growth driver, achieving a GMV of over 1.6 billion yuan, representing a year-on-year increase of 243% [2][3] - The company is focusing on a "joint e-commerce" model to enhance profitability and reduce channel costs, while also optimizing its supply chain for better market responsiveness [4] Financial Performance - The main business of intimate apparel generated revenue of 1.289 billion yuan, showing a quarter-on-quarter growth of 2.3% compared to the second half of 2024, with a gross margin increase of 0.5% to 49.6% [1] - The cotton product revenue saw a year-on-year growth of approximately 46%, indicating a stable core business foundation [1] E-commerce Growth - The e-commerce channel is projected to reach a GMV of 3.4 billion yuan in 2025, with a long-term goal of 5 billion yuan by 2026 [3] - The company ranked in the top ten for its flagship store during the Tmall 618 event and secured the fourth position in the underwear category on JD platform [3] Brand Strategy - The company has signed national-level athletes as brand ambassadors to enhance brand recognition and has engaged in high-frequency advertising in key consumer locations [6][7] - The marketing strategy includes leveraging cultural events to strengthen the brand's national identity [6] Product Development - The company upgraded its product development system to align closely with market demands, enhancing collaboration with core suppliers [8] - New product innovations include the "Goddess Cup" and other specialized products that cater to diverse consumer needs, contributing to a robust product matrix [9] Market Position - The company is experiencing a positive market sentiment, with a nearly 40% increase in stock price year-to-date, while still being undervalued with a price-to-book ratio of 0.35 compared to the industry average of 3.93 [10][12]