Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 1.77 billion yuan for the first half of 2025, representing a year-on-year growth of 30.8%, while the net profit attributable to shareholders was 190 million yuan, up 5.2% year-on-year. In the second quarter alone, revenue reached 920 million yuan, with a year-on-year increase of 33.5%, but net profit fell by 23.1% year-on-year to 50 million yuan [2][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.77 billion yuan, a 30.8% increase year-on-year, and a net profit of 190 million yuan, which is a 5.2% increase year-on-year. For the second quarter, revenue was 920 million yuan, reflecting a 33.5% year-on-year growth, while net profit decreased by 23.1% year-on-year to 50 million yuan [2][4][10] Brand and Product Strategy - The company continues to implement a big product strategy, with its main brands, Marubi and Lianhuo, achieving revenues of 1.25 billion yuan and 520 million yuan respectively in the first half of 2025, representing year-on-year growth of 34.4% and 23.9%. New products such as the small gold needle cream and small gold needle mask have been launched, contributing to the brand's ongoing expansion [10] Sales and Profitability - The company's net profit margin decreased by 2.6 percentage points to 10.5% in the first half of 2025, primarily due to a 3.4 percentage point increase in sales expenses. Although management and R&D expenses were optimized, the overall expense ratio still increased [10] Future Outlook - The company is expected to maintain its growth trajectory with projected earnings per share (EPS) of 1.06 yuan, 1.43 yuan, and 1.78 yuan for 2025, 2026, and 2027 respectively. The ongoing brand momentum and effective cost management are anticipated to support future profitability improvements [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a revenue of 1.769 billion yuan for H1 2025, representing a year-on-year growth of 30.83%. The net profit attributable to the parent company was 186 million yuan, up 5.21% year-on-year, while the net profit excluding non-recurring items was 177 million yuan, reflecting a 6.64% increase [1]. - The gross margin for H1 2025 was 74.6%, remaining stable year-on-year, while the net margin decreased by 2.58 percentage points to 10.52% due to increased sales expenses [1]. - The company is focusing on a big product strategy, enhancing penetration through key products and new launches, which has contributed to revenue growth [2]. Revenue and Profitability - The company's online channel revenue reached 1.571 billion yuan in H1 2025, accounting for 88.87% of total revenue, with a year-on-year growth of 37.85%. The offline channel revenue was 197 million yuan, down 7.07% [3]. - The report forecasts EPS for 2025, 2026, and 2027 to be 1.14 yuan, 1.45 yuan, and 1.77 yuan respectively, with corresponding P/E ratios of 37, 29, and 24 [4]. Brand and Market Strategy - The main brand, Marubi, is focusing on four key products and three major sets to enhance market penetration, while the PL brand, Lianhuo, is leveraging limited edition products to strengthen user engagement and expand its market [2]. - The company is actively enhancing its online presence through multi-channel operations and has seen significant growth in member transactions and live-stream sales [3].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.769 billion yuan for H1 2025, representing a year-on-year increase of 30.83%, while the net profit attributable to the parent company was 186 million yuan, up 5.21% year-on-year [1] - The company is expected to enhance efficiency in the second half of the year following a phase of adjustment in Q2 2025 [1] - The company maintains a strong focus on brand building and innovation, with significant growth in its eye care product line and online sales channels [4] Financial Performance Summary - For H1 2025, the gross margin was 74.60%, a slight decrease of 0.07 percentage points year-on-year, while the net profit margin was 10.50%, down 2.56 percentage points year-on-year [2] - In Q2 2025, the gross margin decreased to 73.28%, down 1.47 percentage points year-on-year, and the net profit margin fell to 5.50%, down 4.04 percentage points year-on-year [2] - The company’s revenue from eye care products reached 420 million yuan in H1 2025, a remarkable increase of 76.18% year-on-year, contributing to 23.75% of total revenue [3] Product and Market Strategy Summary - The company has implemented a big product strategy, successfully launching new products such as the upgraded dual collagen cleansing milk and the super mask, maintaining its position as the leading domestic brand in eye care [4] - The online sales channel accounted for 88.87% of total revenue, with a year-on-year growth of 37.85%, while offline sales decreased by 7.07% [3] - The company’s overall R&D investment for H1 2025 was 40.7 million yuan, with five self-developed core raw materials successfully commercialized [4] Future Outlook - The company expects revenue for 2025-2027 to be 3.856 billion, 4.800 billion, and 5.915 billion yuan respectively, with net profits projected at 430 million, 540 million, and 670 million yuan [4] - The company is positioned to continue its growth trajectory with a focus on both "lifestyle beauty" and "medical beauty" sectors [4]