Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company is actively expanding its offline channels and continuously innovating its product offerings, with a focus on consumer needs [12][13]. - Revenue projections for 2025-2027 are estimated at 1.617 billion, 1.964 billion, and 2.313 billion yuan, with corresponding growth rates of 22.7%, 21.5%, and 17.8% [14]. - The net profit attributable to the parent company is expected to be 339 million, 400 million, and 481 million yuan for the same period, with growth rates of 13.1%, 17.9%, and 20.3% [14]. Summary by Sections Company Overview - The company, Runben Co., Ltd. (603193), operates in the personal care and beauty industry, focusing on innovative products and expanding market reach [6]. Financial Performance - In the first half of 2025, the company reported revenue of 895 million yuan, a year-on-year increase of 20.3%, and a net profit of 188 million yuan, up 4.2% year-on-year [12]. - The company has launched over 40 new or upgraded products in the first half of 2025, targeting various consumer segments from infants to teenagers [12]. Market Strategy - The company is enhancing its online sales while actively developing quality offline channels, achieving synergy across all sales channels [13]. - Collaborations with major retail chains such as Sam's Club, Walmart, and others have been established to increase offline market penetration [13]. Future Outlook - The company anticipates continued growth in revenue and profit, driven by product innovation and market expansion strategies [14]. - Earnings per share (EPS) are projected to be 0.84, 0.99, and 1.19 yuan for 2025-2027 [14].