Core Viewpoint - Shanghai Sanmao (600689.SH) is adapting its business strategies in response to market conditions, focusing on optimizing its trade structure and enhancing its textile business through international certifications and risk management practices [1] Group 1: Trade Business Performance - In the first half of 2025, the import and export trade segment has adjusted its market strategies and supply chain layout, resulting in stable overall operations [1] - Revenue from the U.S. market accounted for approximately 17% of total trade revenue, a decrease of about 7.5 percentage points compared to the same period last year [1] Group 2: Textile Business Transformation - The company has obtained multiple international certifications, including GRS, OCS, RWS, and GOTS, to support the green supply chain upgrade of its textile products [1] - The focus on these certifications is part of the ongoing transformation towards high-end textile business [1] Group 3: Currency Risk Management - The company is actively engaging in forward contract hedging to mitigate currency fluctuation risks, enhancing its risk awareness and utilizing appropriate financial tools [1] - The aim is to keep currency risks within manageable limits [1]