Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance with a significant increase in revenue and net profit for the first half of 2025, achieving a revenue of 1.319 billion yuan, up 67.55% year-on-year, and a net profit of 72 million yuan, up 85.60% year-on-year [1] - The self-owned brand revenue has surged, accounting for 46% of total revenue, with a remarkable growth rate of 242.42% year-on-year [2] - The overall profitability has improved, with a gross margin of 56.92%, an increase of 11.39 percentage points year-on-year, primarily driven by the higher contribution from the self-owned brand business [3] Business Segments Summary - **Brand Management**: Revenue reached 335 million yuan, up 52.53% year-on-year, contributing 25% to total revenue. Notable performance includes a 165% increase in GMV for Bayer's products during the 618 shopping festival [2] - **Agency Operations**: Revenue was 380 million yuan, down 2.79% year-on-year, accounting for 29% of total revenue [2] - **Self-Owned Brands**: Revenue was 603 million yuan, up 242.42% year-on-year, with the brand "Zhanjia" generating 444 million yuan, a 157.11% increase year-on-year [2] Financial Projections - The company is projected to achieve revenues of 2.789 billion yuan, 3.825 billion yuan, and 4.798 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 57.9%, 37.2%, and 25.4% [3][5] - Net profit is expected to reach 180 million yuan, 249 million yuan, and 337 million yuan for the same years, with growth rates of 70.4%, 38.5%, and 35.0% respectively [3][5]