Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q2 2025, the company achieved operating revenue of 1.414 billion yuan, representing a year-on-year growth of 12.16%, and a net profit attributable to shareholders of 81 million yuan, with a year-on-year increase of 24% [2][6]. - The company's high-end strategy continues to advance, with double-digit growth in revenue and improved brand structure contributing to enhanced profitability. The self-owned brands achieved 1.04 billion yuan in H1 2025, with a gross margin of 77%, up by 5.7 percentage points year-on-year [12]. - The company is focused on building a "global emerging luxury beauty group" label, benefiting from business structure optimization and brand investment, leading to double-digit revenue growth and gradual profit margin recovery [12]. Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 1.414 billion yuan, a 12.16% increase year-on-year, and a net profit of 81 million yuan, up 24% year-on-year [2][6]. - The gross margin improved by 3.7 percentage points year-on-year, attributed to the continuous optimization of brand structure and an increase in the proportion of high-end products [12]. Brand Development - The company has successfully launched new products and improved its product lineup, with significant growth in popular items such as the upgraded super mask and essence sunscreen [12]. - The company has opened eight new direct-operated stores in key cities, enhancing its offline high-end channel presence [12]. Future Outlook - The company expects net profits attributable to shareholders to reach 260 million yuan, 360 million yuan, and 430 million yuan for the years 2025, 2026, and 2027, respectively [12].