Core Insights - The company reported a revenue of 670 million yuan for the first half of 2025, representing a year-on-year increase of 22.8%, while the net profit attributable to shareholders was 52 million yuan, a decrease of 23.0% year-on-year [1] Revenue Breakdown - In the first half of 2025, the revenue from e-commerce operations, brand incubation and management, and distribution agency was 300 million, 230 million, and 90 million yuan respectively, with year-on-year growth rates of 7.2%, 86.5%, and 11.9% [2] - The gross profit margins for these segments were 47.0%, 79.6%, and 37.4% respectively, with changes in gross margin of -1.2 percentage points, +0.6 percentage points, and +12.5 percentage points year-on-year [2] Channel Performance - Revenue from Tmall and Douyin in the first half of 2025 was 190 million and 95 million yuan respectively, with year-on-year growth of 8.3% and 144.6% [3] - During the 618 shopping festival in 2025, the company's subsidiary "Wangtu Bai" achieved a total GMV growth of 80% year-on-year, with Douyin mall GMV doubling year-on-year [3] Profitability Metrics - The gross profit margin for the first half of 2025 was 57.0%, an increase of 5.4 percentage points year-on-year, while the net profit margin was 7.7%, a decrease of 4.6 percentage points year-on-year [4] - The operating expense ratio for the first half of 2025 was 47.7%, up 7.4 percentage points year-on-year, primarily due to increased sales expenses [4] Profit Forecast and Investment Rating - The company is diversifying its e-commerce services and enhancing collaborations with quality brands, with a projected net profit of 110 million yuan for 2025, down from a previous estimate of 120 million yuan [5] - The net profit for 2025-2027 is expected to grow by 16%, 43%, and 47% respectively, with corresponding PE ratios of 60, 42, and 28 times [5]