Group 1 - The core index of the CSI 500 Consumer Discretionary Index is reported at 3880.00 points, with a recent increase of 2.84% over the past month and a slight decrease of 0.47% year-to-date [1][2] - The CSI 500 Consumer Discretionary Index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Consumer Discretionary Index include Sichuan Changhong (6.97%), Ninebot (6.54%), Chuanfeng Power (4.85%), and others, indicating a diverse representation of companies [2] Group 2 - The market share of the CSI 500 Consumer Discretionary Index is primarily from the Shanghai Stock Exchange at 62.05%, while the Shenzhen Stock Exchange accounts for 37.95% [2] - The index's holdings are significantly concentrated in the passenger vehicles and parts sector (35.37%) and durable consumer goods (34.76%), highlighting the focus on these industries [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of market conditions [3]

Core Viewpoint - Yonghui Supermarket is still experiencing significant losses after a year of transformation under the "Fat Reform" initiative, with projected losses of approximately 240 million yuan for the first half of 2025, marking a deep transitional period for the company [1][4]. Financial Performance - Yonghui Supermarket has reported continuous losses for four consecutive years from 2021 to 2024, accumulating losses of about 9.5 billion yuan, while the net profit from 2016 to 2020 was only 7.897 billion yuan [4]. - The company's revenue has declined from 91.06 billion yuan in 2021 to 67.57 billion yuan in 2024, indicating a significant downturn in financial performance [4]. Store Adjustments - In the first half of 2025, Yonghui Supermarket adjusted and opened 93 stores, bringing the total number of adjusted stores to 124 [1]. - The company closed 227 long-term loss-making stores during the same period, incurring costs related to lease compensation, personnel compensation, and asset write-offs [2][14]. Strategic Partnerships - Yonghui Supermarket sought assistance from the retail giant "Fat Donglai" to reform its operations, with the first store transformation completed in June 2024, resulting in a significant increase in sales [5][13]. - In September 2024, Miniso acquired a 29.4% stake in Yonghui Supermarket for 6.27 billion yuan, becoming the largest indirect shareholder, indicating confidence in the company's transformation efforts [6]. Management Changes - The company appointed former Alibaba executive She Xianping as Vice President and Chief Product Officer to enhance operational efficiency and supply chain management [7][9]. - The restructuring of procurement centers into five regional hubs aims to improve supplier management and product quality [9]. Future Plans - Yonghui Supermarket aims to complete the transformation of 300 stores by the Lunar New Year in 2026, with plans to increase the number of adjusted stores to over 40% of its total by September 2025 [13][15]. - The company has seen promising results from the initial store adjustments, with some locations achieving sales up to 13.9 times their previous averages [13].

Core Insights - The retail industry is experiencing challenges as companies like Zhongbai Group and Yonghui Supermarket report significant losses despite attempts to learn from the successful model of Pang Donglai [1][2][4] - Pang Donglai has shown strong sales performance, achieving 11.707 billion yuan in sales in the first half of the year, which is nearly 70% of its total sales for the previous year [3] - The transformation efforts of traditional supermarkets are ongoing, but the results vary significantly among companies, with some seeing growth while others continue to struggle [2][4] Company Performance - Zhongbai Group expects a loss of 213 million to 290 million yuan in the first half of the year, worsening from a loss of 142 million yuan in the same period last year [1][2] - Yonghui Supermarket anticipates a net profit loss of 240 million yuan for the first half of 2025, marking a shift from profit to loss [1][2] - In contrast, Bubu Gao expects a significant profit increase of over 300% due to recognizing substantial restructuring gains [2] Transformation Efforts - Both Zhongbai Group and Yonghui Supermarket acknowledge that their store transformations have led to sales growth, but they still face financial losses [2][4] - Yonghui Supermarket has undergone a transformation phase, adjusting 93 stores in the first half of 2025, with a total of 124 stores modified by June 30, 2025 [4] - The transformation process involves significant challenges, including store closures, renovations, and supply chain upgrades, which require time to yield results [4] Market Dynamics - The retail sector is undergoing a period of adjustment, with experts noting that learning from Pang Donglai is not a panacea for all traditional supermarket issues [2][4] - The industry is facing intense competition, leading to the closure of many underperforming stores, with Yonghui Supermarket closing 227 loss-making locations in the first half of the year [4] - The retail market in China is large and diverse, suggesting that innovation and various successful business models will continue to emerge [4]

Core Viewpoint - Yonghui Supermarket is facing significant losses in the first half of 2025, with a projected net profit attributable to shareholders of -240 million yuan, compared to a profit of 280 million yuan in the same period of 2024 [1] Group 1: Store Renovation and Performance - As of mid-July 2025, Yonghui Supermarket has completed renovations on 132 stores, accounting for approximately 25% of its total stores, with plans to exceed 178 renovated stores by the end of August 2025 [4] - The company has closed 227 underperforming stores in the first half of 2025, leading to costs associated with lease compensation, personnel compensation, and asset write-offs [2][4] - The renovation of stores based on the "Pang Donglai model" has shown positive short-term effects, with significant increases in customer traffic and sales in newly renovated stores [5][7] Group 2: Financial Performance and Losses - In the second half of 2024, the company reported a loss of approximately 1.74 billion yuan, continuing into the first half of 2025 [5] - The company is undergoing a major transformation, with a goal to complete renovations on over half of its stores by the Lunar New Year in 2026 [4][5] Group 3: Management Changes - In March 2025, a new board of directors was formed, with significant representation from Miniso, which became the largest shareholder by acquiring 29.4% of Yonghui Supermarket [7][8] - The CEO position remains vacant following the resignation of Li Songfeng in March 2025, with the reform leadership group currently acting in this capacity [8]

Monetary Policy and Economic Indicators - The People's Bank of China will conduct a buyout reverse repurchase operation of 1.4 trillion yuan on July 15, 2025 [1] - As of the end of June, M2 (broad money) increased by 8.3% year-on-year, reaching 330.29 trillion yuan, while M1 (narrow money) grew by 4.6% to 113.95 trillion yuan [2] - The cash in circulation (M0) reached 13.18 trillion yuan, with a year-on-year growth of 12% [2] Green Finance Initiatives - The People's Bank of China, along with financial regulatory authorities, issued the "Green Finance Support Project Directory (2025 Edition)" to enhance liquidity in the green finance market and improve asset management efficiency [2] Corporate Earnings Forecasts - Vanke A expects a net loss of 10 billion to 12 billion yuan for the first half of 2025, with a basic loss per share of 0.8433 to 1.01 yuan [4] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, impacted by the closure of 227 underperforming stores [5] - Longi Green Energy forecasts a net loss of 2.4 billion to 2.8 billion yuan, although it expects to reduce losses compared to the previous year [6] - Hengsheng Electronics projects a net profit of approximately 251 million yuan, a 741% increase year-on-year [7] - Wintime Technology expects a net profit of 390 million to 585 million yuan, representing a growth of 178% to 317% [8] - ST Huatuo anticipates a net profit of 2.4 billion to 3 billion yuan, a year-on-year increase of 107.2% to 159% [9] - Tianqi Lithium expects a net profit of 0 to 1.55 billion yuan, recovering from a loss of 5.206 billion yuan in the previous year [10] - Ganfeng Lithium forecasts a net loss of 300 million to 550 million yuan, compared to a loss of 760 million yuan in the same period last year [11] - Liyi Intelligent Manufacturing expects a net profit of 900 million to 1.14 billion yuan, a growth of 31.57% to 66.66% [12] - CICC anticipates a net profit of 3.453 billion to 3.966 billion yuan, a year-on-year increase of 55% to 78% [13] - Shenwan Hongyuan projects a net profit of 4.1 billion to 4.5 billion yuan, a growth of 92.66% to 111.46% [14] - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan, an increase of 84.3% to 120.5% year-on-year [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan, a significant increase from 2.224 million yuan in the previous year [16] Corporate Actions and Legal Matters - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading on July 15, 2025 [17] - BOE Technology Group plans to appeal the preliminary ruling from the US International Trade Commission regarding trade secrets and has initiated a patent lawsuit against Samsung Display [18]

Group 1 - The Central Committee of the Communist Party of China has issued opinions to strengthen financial trial work, emphasizing the need to punish financial crimes such as market manipulation and insider trading, and to improve rules for handling disputes in emerging financial fields like digital currency and internet finance [1] - The People's Bank of China reported that the cumulative increase in social financing scale reached 22.83 trillion yuan in the first half of 2025, with a year-on-year increase of 4.74 trillion yuan [4] - The General Administration of Customs announced that China's goods trade import and export totaled 21.79 trillion yuan in the first half of the year, a year-on-year increase of 2.9% [4] Group 2 - The National Medical Insurance Administration stated that by the end of 2024, approximately 1.327 billion people will be covered by basic medical insurance, maintaining a coverage rate of over 95% [4] - The China Coal Transportation and Marketing Association emphasized the need to maintain safety and stability in the coal industry while improving supply quality and addressing competition issues [4] - The report from Goldman Sachs indicated that central banks and institutions globally purchased an average of 77 tons of gold per month from January to May, predicting that gold prices could reach $3,700 per ounce by the end of 2025 [4] Group 3 - The electric vehicle ownership in China reached 36.89 million by the end of June, accounting for 10.27% of the total number of vehicles, with a significant increase in new registrations [4] - The expected net profit for Yonghui Supermarket in the first half of 2025 is a loss of 240 million yuan, compared to a profit of 280 million yuan in the same period last year, due to store closures [6] - China Rare Earth's expected net profit for the first half of 2025 is between 136 million and 176 million yuan, indicating a turnaround from losses, driven by improved market conditions [7]

Group 1 - The market is experiencing index differentiation due to sector rotation, with ongoing upward momentum in the market [1][13] - The U.S. stock market closed higher, with the Dow Jones up 0.20%, Nasdaq up 0.27%, and S&P 500 up 0.14% [4] - The communication sector led gains, while the energy sector saw the largest decline [4] Group 2 - Autodesk shares rose by 5.1% after reports that the company will no longer seek to acquire PTC, which saw its stock drop by 1.8% [4] - Bitcoin surpassed $120,000 for the first time, boosting the cryptocurrency sector, with Coinbase up 1.8% and MicroStrategy up 3.8% [4] - The Nasdaq Golden Dragon China Index increased by 0.7%, with Bilibili up 4.2% and Alibaba and NetEase rising over 1% [4] Group 3 - China’s central bank announced a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system [5] - The People's Bank of China is focusing on structural monetary policy tools to support technology innovation and consumption [5] - The Green Finance Support Project Directory (2025 version) was issued to enhance liquidity in the green finance market [6] Group 4 - China Salt Chemical reported a 26.51% decrease in total operating revenue for the first half of 2025, with a net profit of 441 million yuan, down 42.24% year-on-year [8] - CICC expects a net profit increase of 55% to 78% for the first half of 2025, projecting a profit of 34.53 billion to 39.66 billion yuan [9] - Sanyuan Group anticipates a significant net profit increase of 810.41% to 1265.61% for the first half of 2025 [10] Group 5 - Vanke A expects a net loss of 10 billion to 12 billion yuan for the first half of 2025, primarily due to declining project settlement scale and low gross margins [11] - Yonghui Supermarket forecasts a net loss of 240 million yuan for the first half of 2025, impacted by store closures and supply chain reforms [12] - Jinpu Titanium Industry plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., with stock resuming trading after a suspension [13]

Macro News - The Central Committee of the Communist Party of China emphasizes strict punishment for financial crimes such as market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering to promote healthy financial market development [1][5] - The People's Bank of China (PBOC) will conduct a 14 trillion yuan reverse repurchase operation on July 15, 2025, to maintain ample liquidity in the banking system, with 8 trillion yuan for 3-month operations and 6 trillion yuan for 6-month operations [3][6] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, with new loans amounting to 12.92 trillion yuan, and M2 growth of 8.3% year-on-year [4][6] Company News - China Eastern Airlines expects a net loss of 12 billion to 16 billion yuan for the first half of 2025 [12] - Greenland Holdings anticipates a net loss of 30 billion to 35 billion yuan for the first half of 2025 [13] - Longi Green Energy expects a net loss of 24 billion to 28 billion yuan for the first half of 2025, although it represents a reduction in losses compared to the previous year [13] - Perfect World anticipates a net profit of 4.8 billion to 5.2 billion yuan for the first half of 2025, marking a turnaround from losses [17] - Wen Tai Technology expects a net profit increase of 178% to 317% year-on-year for the first half of 2025 [18] - China Rare Earth anticipates a net profit of 136 million to 176 million yuan for the first half of 2025, indicating a return to profitability [21] Investment Opportunities - The Robotaxi industry is expected to experience rapid growth due to technological advancements and supportive policies, with 2025 projected as a year of mass production [29] - The solid-state battery market is anticipated to see significant growth, with expectations for small-scale production by 2027 and larger-scale shipments by 2030, driven by increasing demand for high-performance batteries [30] - The humanoid robot market is projected to grow significantly, with a record order of 124 million yuan for humanoid robot manufacturing services, indicating strong market potential [31] - The successful production of the first barrel of uranium from China's largest natural uranium production project is expected to enhance the country's energy resource security and influence in uranium resource development [32]

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

Group 1 - New Yi Sheng expects a net profit increase of 327.68%-385.47% for the first half of 2025, reaching between 37 billion to 42 billion yuan, driven by growth in AI-related computing power demand and product structure optimization [2][4] - Xinghui Entertainment plans to sell 99.66% of its stake in the Spanish club Espanyol for 1.3 billion euros, with half of the payment in cash and the other half in shares [3] - *ST Yushun intends to acquire 100% of three companies for a total of 33.5 billion yuan, aiming to diversify its business into data center infrastructure services and related products [4] Group 2 - Salted Fish plans to reduce its shareholding by up to 2.04%, with a major shareholder intending to sell 5,455,572 shares [5] - Lian Microelectronics expects a net loss of approximately 1.21 billion yuan for the first half of 2025 [6] - Meinian Health anticipates a net loss of 1.92 billion to 2.36 billion yuan for the first half of 2025, with revenue expected to decline by 0.12%-5.83% [7] Group 3 - Chengdi Xiangjiang forecasts a net profit of 28 million to 42 million yuan for the first half of 2025, marking a turnaround from a loss of 69.29 million yuan in the previous year [8] - Jinpu Titanium plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd., with stock resuming trading after the announcement [9] - Bohai Leasing expects a net loss of 1.8 billion to 2.4 billion yuan for the first half of 2025 due to goodwill impairment from a subsidiary's asset sale [10] Group 4 - Foton Motor anticipates a net profit increase of approximately 87.5% for the first half of 2025, reaching about 777 million yuan [11] - Shenwan Hongyuan expects a net profit growth of 92.66%-111.46% for the first half of 2025, estimating profits between 4.1 billion to 4.5 billion yuan [12] - Ganfeng Lithium predicts a net loss of 5.5 billion to 3 billion yuan for the first half of 2025, an improvement from a loss of 7.6 billion yuan in the previous year [13] Group 5 - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading after the announcement [14] - Xiangyang Bearing expects a net loss of approximately 13 million yuan for the first half of 2025, slightly worse than the previous year's loss [15] - Tianqi Lithium forecasts a net profit of 0 to 1.55 billion yuan for the first half of 2025, a significant improvement from a loss of 5.2 billion yuan in the previous year [16] Group 6 - Shandong Gold anticipates a net profit increase of 84.3%-120.5% for the first half of 2025, estimating profits between 2.55 billion to 3.05 billion yuan [17] - Yunnan Geology expects a net profit of 16 million to 23 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [18] - Four-dimensional Map expects a net loss of 319 million to 268 million yuan for the first half of 2025, with revenue growth of 3.07%-14.30% [19] Group 7 - Tangrenshen anticipates a net loss of 54 million to 69 million yuan for the first half of 2025, a significant decline from the previous year's profit [20] - Changbai Mountain expects a net loss of 2.58 million to 1.58 million yuan for the first half of 2025, with revenue decreasing by approximately 7.48% [21] - Jiu Gui Jiu predicts a net profit of 8 million to 12 million yuan for the first half of 2025, a decline of 90.08%-93.39% compared to the previous year [22] Group 8 - Hengsheng Electronics expects a net profit increase of 740.95% for the first half of 2025, estimating profits around 251 million yuan [23] - Qixia Construction anticipates a net profit of 5.5 million to 8 million yuan for the first half of 2025, driven by increased project completions [24] - Poly Development expects a net profit decrease of 63.15% for the first half of 2025, estimating profits around 27.35 billion yuan [25] Group 9 - Anyuan Coal anticipates a net loss of 259 million to 310 million yuan for the first half of 2025, worsening from the previous year's loss [26] - Zhonghua Equipment plans to acquire 100% of Yiyang Rubber Machine and Beihua Machine, with stock suspension expected for no more than 10 trading days [27] - Bayi Steel expects a net loss of 650 million to 700 million yuan for the first half of 2025, primarily due to weak market conditions [28] Group 10 - Yuegui Co. anticipates a net profit increase of 58.67%-77.12% for the first half of 2025, estimating profits between 215 million to 240 million yuan [29] - Dalian Friendship expects a net loss of 38 million to 30 million yuan for the first half of 2025, with revenue impacted by tax-related issues [30] - Hangfa Power expects a net profit decrease of 84.53%-86.55% for the first half of 2025, estimating profits around 80 million to 92 million yuan [31] Group 11 - Dongfang Zirconium anticipates a net profit increase of 141.77%-156.80% for the first half of 2025, estimating profits between 25 million to 34 million yuan [32] - Hangzhou Steel expects a net profit decrease of 2% from a major shareholder's planned reduction [33] - Jingao Technology predicts a net loss of 2.5 billion to 3 billion yuan for the first half of 2025, worsening from the previous year's loss [34] Group 12 - Shanshan Co. expects a net profit increase of 810.41%-1265.61% for the first half of 2025, estimating profits between 160 million to 240 million yuan [35] - Guocheng Mining anticipates a net profit increase of 1046.75%-1174.69% for the first half of 2025, estimating profits between 493 million to 548 million yuan [36] - Jindi Group expects a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with significant declines in revenue [37] Group 13 - Founder Securities anticipates a net profit increase of 70%-80% for the first half of 2025, estimating profits between 22.96 billion to 24.32 billion yuan [38] - Hasi Lian expects a net loss of 98 million to 80 million yuan for the first half of 2025, a significant decline from the previous year [39] - Lanhua Ketech expects a net profit decrease of 89.12%-92.75% for the first half of 2025, estimating profits between 40 million to 60 million yuan [40] Group 14 - Shanxi Securities anticipates a net profit increase of 58.17%-70.72% for the first half of 2025, estimating profits between 5.04 billion to 5.44 billion yuan [41] - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan for the first half of 2025, with significant declines in revenue [42] - Xiangcai Co. anticipates a net profit increase of 63.64%-118.19% for the first half of 2025, estimating profits between 12 million to 16 million yuan [43] Group 15 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, despite an increase in sales volume [44] - Wentai Technology anticipates a net profit increase of 178%-317% for the first half of 2025, estimating profits between 390 million to 585 million yuan [45] - Ruida Futures expects a net profit increase of 50.56%-83.15% for the first half of 2025, estimating profits between 206 million to 251 million yuan [46] Group 16 - Debang Co. anticipates a net profit decrease of 84.26%-87.86% for the first half of 2025, estimating profits between 40 million to 52 million yuan [47] - Jin Yi Culture expects a net loss of 20 million to 32 million yuan for the first half of 2025, a significant decline from the previous year [48] - Hongdian Film expects a net profit increase of 103.55%-160.09% for the first half of 2025, estimating profits between 180 million to 230 million yuan [49] Group 17 - Qiaqia Food anticipates a net profit decrease of 71.05%-76.25% for the first half of 2025, estimating profits between 80 million to 97.5 million yuan [50] - Guotai Haitong expects a net profit increase of 205%-218% for the first half of 2025, estimating profits between 15.283 billion to 15.957 billion yuan [51] - Xining Special Steel expects a net loss of approximately 234 million yuan for the first half of 2025, with revenue impacted by low steel prices [52]