Core Viewpoint - Company focuses on a three-in-one development engine of "supermarket + asset leasing + management output" centered around physical stores, covering regions such as Hainan, Guangdong, Shaanxi, Hunan, Jiangsu, and Jilin [1] Group 1: Business Operations - The company continues to optimize its business model in response to new consumption trends, with the supermarket chain segment centered on Shun Kelong, leveraging the Guangdong-Hong Kong-Macao Greater Bay Area policies [1] - Aiming to build an ecosystem of "fresh direct procurement + instant retail + community services" through "regional deep cultivation + scenario innovation" to create an omnichannel network [1] - The company utilizes digital and AI technologies to enhance the "online ordering + community self-pickup" model, deepening cooperation with Meituan and JD Daojia for improved short-distance delivery efficiency [1] Group 2: Real Estate Projects - The commercial real estate projects focus on the trend of consumption upgrades, with innovations in business formats to stimulate revenue, such as the Changchun project which creates a "night economy complex" led by entertainment, supplemented by e-commerce and specialty dining [1] - The company emphasizes the operation of industrial properties in major national and regional center cities, focusing on "commercial operation + urban integration" to create a smart, high-value-added industrial ecosystem [1] Group 3: Brand Development - The company operates the Xingyue MALL, a dual-use underground commercial space that integrates shopping and leisure with national defense emergency functions, participating in urban safety system construction [1] - During the reporting period, the total foot traffic in the operated Xingyue MALL districts increased by 11% year-on-year, with key stores in Zunyi, Guiyang, Panzhihua, and Yining successfully established [1] - In brand output, the company signs light-asset projects using the "TOD + dual-use" standardized model to expand the "Xingyue MALL" brand, generating revenue from commercial operations [1]

Group 1: Business Performance Overview - In the first half of 2025, the company achieved operating revenue of ¥782,503,879.30 and a net profit attributable to shareholders of ¥5,325,109.51, indicating a turnaround in profitability and a stable business outlook [1] - The three main business sectors of the company are developing synergistically, contributing to the overall positive performance [1] Group 2: Commercial Operations - The commercial operations focus on a "supermarket + asset leasing + management output" model, covering regions such as Hainan, Guangdong, and others [1] - The company is enhancing its business model by integrating fresh food procurement, instant retail, and community services, leveraging the Greater Bay Area policies [1] - The "Xingyue Mall" has undergone brand upgrades and operational improvements, with a 11% year-on-year increase in total foot traffic [1] Group 3: Trade Logistics - The trade logistics business is driven by a dual focus on "logistics + commerce," creating a comprehensive logistics park that integrates agricultural product collection, warehousing, and cold chain services [2] - The company operates over 700,000 square meters across five collection and distribution centers, enhancing the rural revitalization and consumption upgrade strategies [2] Group 4: Commodity Trade - The commodity trade business leverages the company's supply chain to connect with producers, agents, and e-commerce platforms, focusing on fresh produce, beverages, and daily necessities [2] Group 5: Asset Upgrades in Xi'an - The company initiated a 34,000 square meter renovation of the Minsheng Department Store, aiming to create an interactive consumer space [2] - The "Xingyue Mall" (formerly Minsheng Luomashi Shopping Center) completed a 16,000 square meter space renovation, introducing over 40 unique brands and creating a diverse consumption ecosystem [2]