Group 1 - The company reported a robust revenue growth of 17.29% year-on-year, achieving an operating income of 4.108 billion yuan in H1 2025 [1] - The net profit attributable to the parent company reached 524 million yuan, reflecting a significant increase of 30.65% year-on-year [1] - The gross margin for H1 2025 was 75.52%, a slight decrease of 0.99 percentage points, while the net profit margin improved by 1.74 percentage points to 13.52% [1] Group 2 - The main brand, Han Shu, generated revenue of 3.344 billion yuan in H1 2025, marking a 14.3% increase, with significant sales from the Hong Man Yao and X Peptide series [2] - The second brand, Newpage, saw a remarkable revenue growth of 146.5% year-on-year, reaching 397 million yuan, achieving its annual sales target for 2024 [2] - The company is actively enhancing its online sales strategy, with self-operated online channels generating 3.421 billion yuan in revenue, a 24.6% increase, and accounting for 83.3% of total revenue [2] Group 3 - The company is expected to achieve net profits of 1.025 billion yuan, 1.286 billion yuan, and 1.566 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 32, 26, and 21 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a robust revenue growth of 17.29% year-on-year, achieving a total revenue of 4.108 billion yuan in H1 2025. The net profit attributable to the parent company reached 524 million yuan, reflecting a significant increase of 30.65% [1]. - The gross margin for H1 2025 was 75.52%, a slight decrease of 0.99 percentage points year-on-year, while the net profit margin improved by 1.74 percentage points to 13.52% [1]. - The company effectively managed its expenses, with a sales expense ratio of 56.88%, down by 0.69 percentage points, and a management expense ratio of 3.72%, up by 0.47 percentage points [1]. Revenue Breakdown - The main brand, Han Shu, generated revenue of 3.344 billion yuan in H1 2025, marking a year-on-year growth of 14.3%. The secondary brand, Newpage, saw a remarkable revenue increase of 146.5% to 397 million yuan [2]. - The company launched several new products across various categories, including a high-end anti-aging skincare brand, and is preparing to introduce a well-known IP licensed baby brand [2]. Online Sales Strategy - The company has strengthened its online sales strategy, particularly on the Douyin platform, where the Han Shu brand consistently ranks first in GMV. Online self-operated channels generated 3.421 billion yuan in revenue, a 24.6% increase year-on-year, accounting for 83.3% of total revenue [3]. Profit Forecast - The company is projected to achieve net profits of 1.025 billion yuan, 1.286 billion yuan, and 1.566 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 32, 26, and 21 [4].