Group 1: Financial Performance and Strategy - The company's supply chain business gross margin increased in the first half of 2025 due to the continuous promotion of the "trade, industry, and technology integration" model, optimizing supply chain processes and enhancing cost control [2][3] - The company has maintained a stable dividend policy since its listing in December 2006, with cumulative cash dividends amounting to approximately CNY 4.811 billion, and plans to distribute cash dividends of no less than 40% of the distributable profits in the next three years [4] Group 2: Risk Management and Operational Strategy - The company primarily settles import and export trade in USD, and has implemented forward foreign exchange settlements to manage risks associated with exchange rate fluctuations [3] - The company is expanding its overseas production bases, focusing on key regions along the "Belt and Road" initiative, with a sufficient order backlog in its overseas factories [3][4] Group 3: Talent and Human Resources - The company faces a talent gap, particularly in international operations, and has initiated the "Golden Seed" talent program to recruit over 1,000 positions annually, focusing on international and high-potential talents [4] - The company has established the Guotai Innovation Design Center in Shanghai to attract high-end talent and support core business functions such as design research and product display [5] Group 4: Future Outlook and Investments - Future capital expenditures for the supply chain business will focus on expanding and constructing overseas production bases to support global supply chain integration [4] - The company will continue to concentrate on its core supply chain services, aiming to enhance operational capabilities and sustainable development [5]