Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Insights - The company reported a significant revenue growth of 31.8% year-on-year for H1 2025, with a net profit increase of 63.3% [3]. - The revenue for H1 2025 reached 3.234 billion yuan, while the net profit attributable to the parent company was 118 million yuan. In Q2 2025 alone, revenue grew by 55.5% to 1.756 billion yuan, and net profit surged by 99.6% [3]. - The company is leveraging AI technology and global expansion to drive growth in its cross-border e-commerce business, leading to an upward revision of profit forecasts for 2025-2027 [3]. Financial Performance Summary - For H1 2025, the cross-border social e-commerce segment generated revenue of 2.116 billion yuan, up 52.9%, with a gross margin of 61.4% [4]. - The packaging segment achieved revenue of 1.115 billion yuan, a 10.0% increase, with a gross margin of 19.6% [4]. - The overall gross margin for the company improved to 47.0%, up 6.3 percentage points, and the net profit margin increased to 4.2%, up 1.5 percentage points [4]. - The company’s operating expenses as a percentage of revenue were 36.2% for sales, 3.6% for management, and 2.1% for R&D [4]. Growth Drivers - The company is focusing on intelligent advantages, developing proprietary brands, and expanding globally to drive high-quality growth in its dual main businesses [5]. - The "Giikin" platform is continuously updated to enhance its capabilities, creating a "data flywheel" effect that strengthens its competitive edge [5]. - The company is actively incubating proprietary brands, including electric bicycles and pet products, to explore new profit growth points [5]. Financial Projections - The projected net profit for 2025-2027 is 286 million, 360 million, and 442 million yuan, respectively, with corresponding EPS of 0.74, 0.94, and 1.15 yuan [3][7]. - The current price-to-earnings (P/E) ratios are projected to be 25.3, 20.1, and 16.4 for 2025, 2026, and 2027, respectively [3][7].