Group 1: Economic Environment and Company Performance - The global economic growth has slowed down, with various factors such as tariff impacts, trade friction, and geopolitical conflicts contributing to increased uncertainty [2][3] - In the first half of 2025, the company achieved a revenue of CNY 2.078 billion, a decrease of 11.33% year-on-year; net profit attributable to shareholders was CNY 271 million, down 20.25% [3] - Despite the decline in key operational indicators, the company's profitability, cash flow, asset quality, and operational efficiency remain strong [3] Group 2: Strategic Focus and Operational Initiatives - The company emphasizes "sustainable development" and "high-quality growth" as core principles, focusing on core business and innovative models [2][3] - Key operational focuses include enhancing retail fundamentals, promoting high-quality development in engineering, optimizing international strategy, and strengthening manufacturing capabilities [3] Group 3: Market Performance and Future Outlook - The waterproof business showed slight revenue growth despite weak market demand, with improvements in customer numbers and matching rates [4] - The sales decline of PVC products was limited, with a gross margin increase of 2.55 percentage points, reflecting the company's efforts in product innovation and brand recognition [4] - The company maintains a cautious outlook for the second half of the year, anticipating continued market challenges and intense competition [4] Group 4: Investor Relations and Communication - The company is committed to avoiding ineffective price competition and focuses on quality, value, and service [5][6] - The pricing of various products has seen a year-on-year decline due to intensified market competition and shrinking demand, but there is a gradual recovery compared to the previous half [6] - The company plans to maintain its annual targets despite external challenges, aiming to motivate employees to strive for success [6]