We raise TP by 24% to HK$57.75 mainly to reflect a 1-year forward earnings (4-month FY25E + 8-month 15% increase in target P/E given 1) largely eased pressure on core biz, 2) solidified leadership in tea segment; 3) more visibility on barriers to widen the gap vs peers; 4) diversified strategy execution significantly ahead of competitors. Maintain BUY. Tea biz: solid growth with leading position strengthened. Segment revenue increased 20% 1H25, moderating from 59%/32% in 1H24/FY24 as scale expansion entered a more stable growth phase. OP margin expanded 4.3ppts YoY to 48.4%, benefiting from the company's cost control in raw material procurement, product mix optimization, and scale efficiencies. Amid intensified competition in 1H25, the performance further solidified its leadership position in the tea beverage field.