Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 3.634 billion in the first half of 2025, a decrease of 7.01% year-on-year, while the net profit attributable to shareholders was 268 million, an increase of 9.71% year-on-year [2][4]. - The company continues to maintain high dividends, with a proposed dividend of 0.28 yuan per share for the mid-2025 period, corresponding to a total cash amount of approximately 232 million, resulting in a dividend payout ratio of 86.74% [9]. - The company is expanding its small B channel, having established business cooperation with over 20,000 custom furniture enterprises, with the proportion of furniture factories increasing to around 50% [9]. Financial Performance - In Q2 2025, the company reported a revenue of 2.363 billion, a decrease of 2.55% year-on-year, and a net profit of 167 million, an increase of 7.15% year-on-year [2][4]. - The gross profit margin for the first half of 2025 was 18.3%, an increase of 0.8 percentage points year-on-year, despite a gross profit of 660 million, which was a decrease of 3% year-on-year [9]. - The company expects net profits of 750 million and 910 million for 2025 and 2026, respectively, corresponding to price-earnings ratios of 11.5 and 9.5 times [9].