Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company achieved a revenue of 12.35 billion RMB in H1 2025, representing a year-on-year increase of 251.0%, and a net profit of 2.27 billion RMB, up 285.8% year-on-year [7]. - The company plans to distribute an interim dividend of 9.59 RMB per share and aims to maintain a high dividend payout ratio of 50% of the accumulated undistributed profits each year [7]. - The company is experiencing significant growth across all channels, with offline store revenue increasing by 243.2% year-on-year and online platform revenue rising by 313.3% [7]. - The company has rapidly expanded its membership base, reaching 480,000 loyal members, which enhances its high-end brand positioning [7]. - The company is expected to achieve net profits of 4.545 billion, 6.348 billion, and 8.422 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 209%, 40%, and 33% respectively [7]. Financial Data and Valuation - The total revenue for the company is projected to reach 25.214 billion RMB in 2025, with a gross profit margin of 40.5% [10][11]. - The company’s return on equity (ROE) is forecasted to be 78.6% in 2025, indicating strong profitability [11]. - The company’s price-to-earnings (PE) ratio is expected to be 26.5 in 2025, suggesting a favorable valuation compared to its growth prospects [11].