老百姓上半年净利3.98亿元，同比下降20.86%

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of the year, attributing the decrease to changes in business operations and increased costs [1] Financial Performance - The company achieved operating revenue of 10.774 billion yuan, a year-on-year decrease of 1.51% [1] - The net profit attributable to shareholders was 398 million yuan, reflecting a year-on-year decline of 20.86% [1] Business Operations - The decline in net profit is primarily due to an increase in the sales proportion of new retail business, which led to a decrease in gross margin compared to the previous year [1] - There was also an increase in research and development expenses compared to the same period last year, contributing to the overall decline in profitability [1]