Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company is expected to achieve a revenue of RMB 25.7 billion to RMB 26.0 billion in the first half of 2025, representing a year-on-year growth of 30.4% to 31.9%. The net profit is projected to be between RMB 6.65 billion and RMB 6.75 billion, indicating a year-on-year increase of 35.0% to 37.0% [2] - The company's strong performance is driven by its high-end brand strategy, which has led to increased consumer recognition and value creation through high-quality products and services [3] - The launch of the "Wen Dao Dong Fang" perfume series is expected to create new growth points, targeting the light luxury market with a price range of RMB 500 to 800, differentiating itself from both international brands and lower-priced domestic products [4][5] - The company is positioned as a rare high-end domestic beauty brand with strong pricing power, supported by a robust brand moat and ongoing expansion into high-end retail channels [5][6] Financial Summary - The company forecasts revenues of RMB 50.54 billion, RMB 65.03 billion, and RMB 82.58 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 11.85 billion, RMB 15.06 billion, and RMB 19.18 billion for the same years [6][9] - The compound annual growth rate (CAGR) for net profit from 2024 to 2027 is projected at 29.6%, with earnings per share expected to be RMB 2.42, RMB 3.07, and RMB 3.91 for 2025, 2026, and 2027 respectively [6][9] - The company maintains a gross margin of approximately 84% across the forecast period, indicating strong profitability [9][11]