Core Insights - The company achieved a revenue of 3.221 billion yuan in H1 2025, representing a year-on-year increase of 32.72%, and a net profit attributable to shareholders of 378 million yuan, up 22.55% year-on-year [1] - In Q2 2025, the company reported a revenue of 1.741 billion yuan, a year-on-year growth of 30.99%, and a net profit of 174 million yuan, increasing by 8.54% year-on-year [1] - The company's proprietary brands and online channels continue to show strong growth, with staple food and snacks achieving revenues of 1.88 billion yuan and 1.29 billion yuan respectively in H1 2025, reflecting increases of 57% and 8% year-on-year [1] Revenue and Profitability - The company's e-commerce direct sales revenue reached 1.21 billion yuan in H1 2025, a year-on-year increase of 39.72%, accounting for 37.7% of total revenue; direct sales from Alibaba and Douyin platforms amounted to 880 million yuan, up 45.9% year-on-year [1] - The gross margin improved in Q2 2025, reaching 43.8%, an increase of 1.0 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to the rising proportion of proprietary brands, especially mid-to-high-end brands [1] Cost Structure and Strategic Initiatives - In Q2 2025, the sales, management, and financial expense ratios increased by 3.5, -0.4, and +0.5 percentage points year-on-year respectively, with sales expenses mainly related to brand promotion [2] - The company continues to innovate and lead the industry, with the launch of new high-end products and the completion of the 2.0 upgrade for the Freycat brand [2] - The company has implemented a second phase of its equity incentive plan, which is expected to enhance team motivation and support long-term growth [2] Profit Forecast - The profit forecast has been slightly adjusted due to the impact of incentive expenses, with expected net profits attributable to shareholders for 2025-2027 projected at 750 million, 980 million, and 1.23 billion yuan respectively, corresponding to PE ratios of 54, 41, and 33 times [2]