Core Business Performance - In the first half of 2025, the company achieved operating revenue of 25.37 billion yuan, a year-on-year decrease of 34.69%, and a net profit attributable to shareholders of 222 million yuan, down 43.98% [1] - The revenue decline was primarily due to the company's proactive optimization of its business structure, adjusting brand partnerships, and reducing low-margin businesses [1] - Despite the revenue shrinkage, the company's overall gross margin improved from 3.75% in the same period last year to 4.94%, indicating enhanced operational quality [1] Distribution and Retail Business - The distribution segment generated revenue of 16.21 billion yuan in the first half of 2025, a year-on-year decrease of 35.08%, with a stable gross margin of 3.71% [2] - The retail segment reported revenue of 9.02 billion yuan, down 34.26%, but gross margin significantly increased by 2.97 percentage points to 6.14%, reflecting successful quality improvements [2] - The company's self-operated APR stores for Apple saw a notable performance, with 36 new stores added, totaling 236, and overall sales growth exceeding 80% [2] Overseas Sales and Services - The overseas business generated revenue of 1.20 billion yuan in the first half of 2025, a year-on-year increase of 29.96%, becoming a significant growth driver for the company [3] - The company successfully helped Honor secure a top-three market share in Hong Kong, reaching 20.2% in June, and second place in Macau with 32.4% in April [3] Communication and Value-Added Services - The subsidiary Youyou Internet focuses on IoT solutions, with rapid expansion in international IoT card and communication module shipments [4] Brand Operations - The company continues to expand its product offerings with new brands such as "Tea Xiaokai" and "UOIN," contributing to incremental gross profit [5] Apple Core Channel Advantage - The company is the largest service provider for Apple in domestic channels, with over 2,700 authorized stores and a strong presence in the upcoming product launch cycle [6] - The company is well-positioned to benefit from the seasonal demand increase and new product cycles due to its extensive channel network and terminal coverage [6] Honor IPO Progress - The company has a deep partnership with Honor, having invested 660 million yuan during Honor's independence in 2020, which may lead to significant investment returns as Honor initiates its IPO process [7] - Revenue forecasts for 2025-2027 are projected at 67.04 billion, 69.22 billion, and 72.23 billion yuan, with net profits of 611 million, 667 million, and 716 million yuan respectively [7]