Core Viewpoint - Rapoo Technology (SZ002577) reported a decline in both revenue and profit for the first half of 2025, indicating challenges in the market and increased costs [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 was 208.34 million yuan, a decrease of 5.13% compared to the same period last year [2]. - The net profit attributable to shareholders was 15.30 million yuan, down 28.56% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 5.97 million yuan, reflecting a significant decline of 58.92% [2]. - Basic earnings per share were 0.0543 yuan, a decrease of 28.27% from the previous year [2]. - The company's gross margin was 28.29%, down 3.10 percentage points year-on-year, while the net profit margin was 7.34%, a decline of 2.41 percentage points [3]. Expense Analysis - Total operating expenses for the period were 44.09 million yuan, an increase of 7.12 million yuan compared to the previous year, with an expense ratio of 21.16%, up 4.33 percentage points [3]. - Sales expenses increased by 9.53%, while management expenses rose by 2.25%. Research and development expenses decreased by 4.84%, and financial expenses surged by 65.24% [3]. Market Challenges - The decline in performance was attributed to several factors, including a decrease in sales revenue in the European market, foreign exchange losses due to currency fluctuations, and increased marketing investments to expand online channels [3].