Investment Rating - The report upgrades the investment rating to "Buy" for the company [5] Core Views - The company is transitioning towards a multi-brand beauty group, with a focus on operational efficiency and data-driven strategies to enhance growth certainty [14][15] - The main brand, Han Shu, has shown significant revenue growth through effective channel strategies, particularly on Douyin, and is expected to continue this trend [5][15] - The company has successfully launched new brands and product lines, contributing to its revenue and market presence [5][14] Summary by Sections 1. Transition to a Multi-Brand Beauty Group - The company is evolving into a multi-brand beauty group, with Han Shu as its main brand, achieving revenue of 41.1 billion RMB in 25H1, a year-on-year increase of 17.3% [14] - The net profit for the same period was 5.6 billion RMB, reflecting a year-on-year growth of 34.7% [14] 2. Channel Strategy - The company has leveraged its historical experience to capitalize on sales and marketing opportunities, particularly through Douyin, which has become a key growth driver [24][31] - The transition from B2B to B2C has led to a significant increase in online self-operated channels, with Douyin's contribution to revenue rising sharply [19][22] 3. Product Development - The company has focused on developing high-quality products with competitive pricing, exemplified by the success of the "Red Waist" series, which has become a best-seller [52][54] - The introduction of the "X Peptide" series has also shown promising sales, with total sales exceeding 200 million RMB [61] 4. Operational Efficiency - The company's operational strategies have shifted towards a platform model, emphasizing top-tier resources and talent to enhance brand development [5][14] - The focus on data-driven decision-making has improved the company's ability to respond to market trends and consumer preferences [31][32]