Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady profit growth, with multi-channel operations empowering long-term development [1] - The company's revenue for H1 2025 was 11.722 billion yuan, a slight decrease of 0.34% year-on-year, while net profit attributable to shareholders was 880 million yuan, an increase of 10.32% [7] - The company is focusing on optimizing its store network, with a total of 14,701 stores as of H1 2025, including 4,020 franchise stores [7] - The online and offline collaboration has been enhanced, with internet sales reaching 1.355 billion yuan in H1 2025, contributing significantly to overall revenue [7] - The profit forecast for 2025-2027 has been slightly adjusted, with net profit attributable to shareholders expected to be 1.768 billion yuan in 2025, 1.982 billion yuan in 2026, and 2.228 billion yuan in 2027 [7] Financial Summary - Total revenue is projected to grow from 24.062 billion yuan in 2024 to 30.881 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.69% [1][8] - The net profit attributable to shareholders is expected to increase from 1.529 billion yuan in 2024 to 2.228 billion yuan in 2027, reflecting a CAGR of approximately 12.37% [1][8] - The earnings per share (EPS) is forecasted to rise from 1.26 yuan in 2024 to 1.84 yuan in 2027 [1][8] - The company's price-to-earnings (P/E) ratio is projected to decrease from 19.37 in 2024 to 13.29 in 2027, indicating potential valuation improvement [1][8]