Group 1 - The core viewpoint of the article highlights the recent performance and strategic developments of Haoyang Co., Ltd. (300833), as well as the insights from the research conducted by Dongfang Fund [1] - In the first half of 2025, Haoyang Co., Ltd. achieved revenue of approximately 522 million, representing a year-on-year decline of 21.99% [1] - The net profit for the same period was 78 million, showing a significant year-on-year decrease of 61.69% [1] Group 2 - Following the acquisition of Danish SGM company's assets, Haoyang has established subsidiaries in Denmark and the United States, with positive market feedback on new product sales [1] - European demand remains strong, while Asian performing arts activities are steadily growing, and the Middle East is showing signs of recovery [1] - The company anticipates a gradual recovery in the U.S. market, which will enhance its research and development capabilities to improve competitiveness [1] Group 3 - Dongfang Fund, established in 2004, currently manages a total asset scale of 123.405 billion, ranking 54th out of 210 in the public fund sector [1] - The fund's non-monetary public fund asset scale is 110.696 billion, ranking 45th out of 210 [1] - The best-performing public fund product in the past year is Dongfang Huixin Flexible Allocation Mixed A, with a latest unit net value of 1.34 and a growth of 117.11% over the past year [1]