Core Viewpoint - The company's profit performance in the first half of 2025 exceeded market expectations, driven by effective cost control and efficiency improvements [1]. Financial Performance - In 1H25, the company reported revenue of 3.48 billion yuan, a year-on-year increase of 18.5%, and a net profit attributable to shareholders of 733 million yuan, also up 18.0% year-on-year [1]. - The gross profit margins for vegetable products, seasoning noodle products, and other products were approximately 46.6%, 48.4%, and 42.4%, respectively, with vegetable product margins under pressure due to rising konjac raw material costs [2]. - The sales expense ratio and management expense ratio decreased by 1.0 and 2.5 percentage points year-on-year, indicating significant cost control [2]. Development Trends - Vegetable products continued to show rapid growth, with revenue of 2.11 billion yuan in 1H25, a year-on-year increase of 44%, while seasoning noodle product revenue was 1.31 billion yuan, down 3.2% [1]. - Offline channel revenue grew by 21.5% year-on-year to approximately 3.15 billion yuan, while online channel revenue decreased by 3.8% to 336 million yuan [1]. - Domestic and overseas revenues were 3.43 billion yuan and 53 million yuan, respectively, reflecting year-on-year growth of 18% and 54% [1]. Outlook - The company expects to maintain a rapid revenue growth rate in the second half of 2025, supported by a rich product pipeline and enhanced promotional efforts [2]. - New product offerings include various konjac and seaweed products, as well as spicy snacks [2]. - The company is expanding its distribution channels, including overseas markets and emerging retail formats [2]. Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 4.7% and 5.5% to 7.44 billion yuan and 8.49 billion yuan, respectively, while net profit forecasts remain unchanged [2]. - The current stock price corresponds to P/E ratios of 21.0 and 17.1 for 2025 and 2026, with a target price of 17.5 HKD, indicating a potential upside of approximately 31.6% from the current price [2].