Xin Lang Cai Jing·2025-10-13 12:26Core Insights - The company is currently in the early stages of developing materials for embodied intelligence, engaging in preliminary discussions with industry partners but has not yet secured substantial business orders [1] - The company has experienced profit fluctuations due to multiple non-sustainable factors, including raw material and energy price volatility, but has shown improvement in customer and product transformation efforts, achieving a gross margin of 26.22% in the first half of 2025 [1] - Revenue decline in the first half of 2025 is attributed to the uneven recovery of the real estate sector, tariff policy adjustments, and domestic consumption market disparities, although the company continues to optimize its business layout and product structure [1] Business Segments - In the functional footwear materials segment, the company has established strategic partnerships with major sports brands, including Nike, and is expanding its client base with new certifications, such as New Balance, expected to convert into orders next year [2] - The automotive interior segment, although entered later, has shown competitive advantages with products being applied in various mainstream automotive brands, particularly in the new energy vehicle sector, indicating significant future growth potential [2] - The electronics segment has a broad coverage of well-known consumer electronics brands, with deepening collaborations with Apple and growth with Samsung and Beats, while also actively pursuing new brand partnerships [2] Operational Strategies - The company employs refined supply chain management to create dynamic procurement plans and implements a "quality and price comparison + competitive selection" procurement mechanism [3] - Emphasis on digital transformation is evident, with investments in automation, information technology, and smart factory construction aimed at enhancing operational efficiency [3]