Core Viewpoint - The company reported strong H1 performance with revenue of 9.39 billion yuan, a 21% increase, and adjusted net profit of 1.279 billion yuan, up 3% year-on-year, exceeding market expectations [1] Group 1: Domestic Performance - In Q2, same-store sales showed a low single-digit positive growth, indicating a turning point, with store openings recovering and self-owned IP development showing initial success [2] - As of Q2, the number of domestic stores reached 4,305, an increase of 190 year-on-year, with notable growth in first, second, and third-tier cities [2] - The company signed multiple artists during the reporting period, successfully incubating self-owned IPs such as "Youyou Sauce" and "Glutinous Rice," and will continue a dual strategy of IP collaborations and self-owned IP [2] Group 2: International Performance - In H1, overseas GMV reached 7.33 billion yuan, a 14.5% year-on-year increase, with a total of 3,307 overseas stores as of 2025, reflecting a significant increase [2] - The number of stores in Asia (excluding China), North America, Latin America, and Europe increased year-on-year, with Europe showing particularly strong performance [2] Group 3: TOP TOY Performance - TOP TOY accelerated store openings and expanded its self-owned IP matrix, achieving Q2 revenue of 402 million yuan, a remarkable 87.1% increase [3] - As of Q2, the number of TOP TOY stores reached 293, with a year-on-year increase of 35 stores, while online GMV saw a slight decline [3] - The company’s Q2 gross margin was 44.3%, up 0.4 percentage points year-on-year, influenced by the higher margin from overseas markets and the increased share of TOP TOY [3] Group 4: Financial Projections - The company forecasts adjusted net profits of 2.95 billion yuan, 3.4 billion yuan, and 4.19 billion yuan for 2025, 2026, and 2027 respectively, with current stock prices corresponding to P/E ratios of 15, 13, and 11 times [3]

Core Viewpoint - The article discusses the value-added tax (VAT) treatment related to the purchase of agricultural products, clarifying the categories of agricultural products and the applicable VAT deductions based on different purchasing scenarios [1]. Group 1: Purchase from General Taxpayers - When a company purchases agricultural products from a general taxpayer and obtains a VAT special invoice, it can directly deduct the VAT amount indicated on the invoice as input tax [3]. - For example, if a food processing factory purchases wheat for producing flour (applicable tax rate 9%), with an invoice amount of 100,000 yuan and VAT of 9,000 yuan, the deductible input tax is 9,000 yuan [3][4]. - If the purchased agricultural product is used for producing or processing goods subject to a 13% tax rate, an additional 1% can be deducted, calculated at a 10% deduction rate [3][4]. Group 2: Purchase from Small-scale Taxpayers - When purchasing agricultural products from small-scale taxpayers, if a VAT special invoice is issued at a 3% tax rate, the input tax can be calculated based on the invoice amount and a 9% deduction rate; for goods with a 13% tax rate, a 10% deduction rate applies [6]. - For instance, if a beverage factory buys fruits from a small-scale taxpayer for producing fruit cans (applicable tax rate 13%), with an invoice amount of 50,000 yuan and a tax amount of 1,500 yuan, the deductible input tax in the purchase month is 4,500 yuan, with an additional 500 yuan deductible in the production month [6]. - If a VAT special invoice is issued at a 1% tax rate, only a 1% deduction is allowed [6]. Group 3: Import of Agricultural Products - Companies importing agricultural products can deduct the VAT based on the tax amount indicated on the customs import VAT special payment receipt [7]. - If the imported agricultural products are used for producing or processing goods subject to a 13% tax rate, an additional 1% can be deducted during the production and usage phase [8]. Group 4: Purchase from Agricultural Producers - When purchasing agricultural products directly from producers, the input tax can be calculated based on the purchase price indicated on the agricultural product purchase invoice and a 9% deduction rate; for goods processed at a 13% tax rate, a 10% deduction rate applies [9]. - For example, if a pastry factory purchases glutinous rice from farmers with a purchase invoice amount of 80,000 yuan, the deductible input tax in the purchase month is 7,200 yuan, with an additional 800 yuan deductible in the production month [10]. - Purchases from wholesale or retail sectors with ordinary VAT invoices cannot be used as input tax deduction vouchers [11].