Investment Rating - The investment rating for the company is upgraded to "Outperform" due to increased competition impacting sales, with a focus on long-term growth potential [6]. Core Insights - The company's revenue for H1 2025 was 1.12 billion, a decrease of 0.5% year-on-year, while net profit dropped by 21.86% to 112 million [6]. - The company is focusing on new product launches and channel expansion to improve performance in the second half of the year [6]. - The financial forecast has been adjusted, predicting net profits of 247 million, 301 million, and 348 million for 2025, 2026, and 2027 respectively, reflecting a year-on-year decline of 15.3% for 2025 [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 2.457 billion, with a growth rate of 1.9% [5]. - The gross profit margin is expected to be 29.1% in 2025, down from 30.5% in 2024 [5]. - The company’s return on equity (ROE) is forecasted to be 15.3% in 2025, recovering to 17.5% by 2027 [5]. Product Performance - Revenue from fish products in H1 2025 was 757 million, showing a year-on-year increase of 7.61%, while poultry products saw a significant decline of 24% to 196 million [6]. - The company is introducing innovative products, such as antibiotic-free quail eggs, to enhance market competitiveness [6]. - The second quarter of 2025 saw a net profit margin of 8.41%, a decrease of 3.42 percentage points year-on-year [6].