Economic Performance Overview - Beijing's economy showed positive trends in industrial production, fixed asset investment, and consumer spending from January to November, with industrial added value increasing by 6.6% year-on-year [1] - The sales output of large-scale industries reached 24,819.3 billion yuan, growing by 6.7%, with domestic sales accounting for 22,893.1 billion yuan, also up by 6.7% [1] Industrial Growth - Key industries such as computer, communication, and other electronic equipment manufacturing grew by 22.3%, while automotive manufacturing increased by 17.1% [1] - Strategic emerging industries and high-tech manufacturing added value rose by 16.5% and 8.4% respectively, with significant production increases in new energy vehicles (150%), lithium-ion batteries (110%), wind power generators (37%), and service robots (21.7%) [1] Fixed Asset Investment - Fixed asset investment (excluding rural households) increased by 5.8%, with equipment purchase investment for expanding production capacity surging by 67.6%, representing 30.9% of total fixed asset investment [1] - Investment in high-tech industries grew by 43.2%, driven primarily by information transmission, software, and IT services, as well as scientific research and technical services [1] Consumer Market Improvement - The total consumption market in Beijing improved, with a year-on-year growth of 1.4%, reflecting a slight increase from the previous month [2] - The average growth of retail sales of consumer goods in October and November was 5.3%, marking the highest level of growth for the year [2]

Group 1: Financial Performance - The decrease in other business income in the 2025 semi-annual report is primarily due to the expiration of the licensing agreement for Hush Puppies adult footwear, leading to a corresponding reduction in licensing fees [2][3] - The revenue proportion for Hush Puppies men's and women's clothing increased from 10.06% at the end of 2024 to 22.87% in the first half of 2025, indicating strong growth in this category [2][3] Group 2: Future Plans and Market Outlook - The company plans to self-manage the Hush Puppies adult footwear category following the expiration of the licensing agreement, with ongoing changes in online and offline sales channels [3] - The adult footwear will maintain an American casual style, focusing on comfort while incorporating consumer preferences and seasonal trends [3] - Recent feedback indicates an improvement in consumer sentiment, with sales growth observed in August due to new autumn products and seasonal changes [3] Group 3: Dividend and Government Support - The company aims to maintain a relatively stable dividend payout ratio, with potential increases as profitability improves and without significant capital expenditures [3] - The reduction in government subsidies in the first half of the year is attributed to decreased support funds in the subsidiary's location [3]