Core Insights - Jiangsu Kangliyuan Sports Technology Co., Ltd. reported a revenue of 252 million yuan and a net profit of 29.28 million yuan for the first half of 2025, with a significant increase in net cash flow from operating activities by 86.31% to 48.52 million yuan [1][2]. Financial Performance - The company achieved a revenue of 228 million yuan from indoor fitness equipment with a gross margin of 34.94% and 21.32 million yuan from outdoor fitness equipment with a gross margin of 26.66% [1]. - Domestic revenue amounted to 67.56 million yuan with a gross margin of 32.58%, while overseas revenue reached 185 million yuan with a gross margin of 35.02% [1]. Business Strategy - The company is transitioning from traditional equipment to smart equipment, integrating features such as body composition monitoring and exercise feedback, creating a cycle of "measure-evaluate-guide-train" [2]. - Kangliyuan is also shifting towards a service-oriented manufacturing model, leveraging "Internet + fitness equipment + services" to expand into smart gyms and health integration projects [2]. Production and Market Expansion - A new factory in Malaysia is set to commence production, enhancing the company's production layout to better address international trade uncertainties and expand into markets in Southeast Asia, the Middle East, Australia, and New Zealand [2]. Dividend Announcement - The company announced a cash dividend of 1.80 yuan per 10 shares, totaling 12 million yuan, which represents 40.98% of the net profit attributable to shareholders for the first half of 2025 [2].

Group 1 - The company reported a revenue of 252 million yuan and a net profit attributable to shareholders of 29.28 million yuan for the first half of 2025, with a net cash flow from operating activities of 48.52 million yuan, representing a year-on-year increase of 86.31% [1] - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares (tax included) and has a total cash dividend amount of 12 million yuan for the first half of 2025, accounting for 40.98% of the net profit attributable to shareholders [1] - The company specializes in the research, manufacturing, and sales of fitness equipment, with a diverse product range exceeding a thousand types, combining aerobic and anaerobic training equipment for both home and commercial use [1] Group 2 - The domestic policies are continuously supporting the high-quality development of the sports industry, providing favorable development opportunities for the company [2] - The company is actively transitioning from traditional equipment to smart equipment, creating a series of intelligent products that integrate various functions such as fitness monitoring and exercise feedback [2] - The company is also accelerating its transformation from a manufacturing enterprise to a service-oriented model, leveraging "Internet + fitness equipment + services" to expand into smart gyms and other integrated projects [2] - With the upcoming production launch of the Malaysian factory, the company is establishing a dual production layout that can better respond to international trade uncertainties and expand into markets in Southeast Asia, the Middle East, Australia, and New Zealand [2]