Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve a revenue of RMB 40.9 billion to RMB 41.1 billion in the first half of 2025, representing a year-on-year growth of 16.8% to 17.3%. The net profit is projected to be between RMB 5.4 billion and RMB 5.6 billion, showing a significant increase of 30.9% to 35.8% year-on-year. Key growth drivers include the multi-category layout of the Han Shu brand and significant revenue growth from the new baby skincare brand Newpage [8] - The company plans to build a matrix of six major segments over the next decade, including mass skincare, personal care, maternal and infant products, medical aesthetics, color cosmetics, and high-end skincare. The main brand Han Shu has shown strong momentum, particularly on Douyin, and other brands are expected to replicate this success, contributing to performance growth [8] - The company is projected to achieve net profits of RMB 10.2 billion, RMB 12.8 billion, and RMB 15.5 billion from 2025 to 2027, with year-on-year growth rates of 31.1%, 25.2%, and 20.9% respectively. The strong brand momentum of Han Shu and the successful establishment of a self-broadcasting system are expected to drive steady growth [8] Financial Summary - The company's revenue is forecasted to grow from RMB 6.79 billion in 2024 to RMB 11.70 billion in 2027, with growth rates of 62.1%, 27.8%, 16.8%, and 15.5% respectively [9] - The net profit attributable to the parent company is expected to increase from RMB 781 million in 2024 to RMB 1.55 billion in 2027, with growth rates of 69.4%, 31.1%, 25.2%, and 20.9% respectively [9] - The company's return on equity (ROE) is projected to be 23.0%, 35.7%, 31.9%, 28.5%, and 25.7% from 2023 to 2027 [6][9]