Group 1: Financial Performance Overview - In the first half of 2025, the company achieved a revenue of 1.091 billion yuan, a year-on-year decrease of 16.56% [3] - The net profit attributable to shareholders was 106 million yuan, down 51.31% year-on-year [3] - The net profit after deducting non-recurring items was 93 million yuan, a decline of 51.95% compared to the previous year [3] Group 2: Reasons for Revenue and Profit Decline - The decline in revenue and profit was primarily due to reduced sales from both direct and franchise stores, as well as extended inventory turnover periods for franchisees [4] - Increased sales expenses compared to the previous year also contributed to the profit decline [4] - The company plans to adjust marketing strategies and inventory structures to improve performance in the second half of the year [4] Group 3: Changes in Expenses and Accounts Receivable - Platform expenses increased due to changes in e-commerce channel policies and promotional activities [5] - Accounts receivable rose by 27 million yuan, mainly from the Sam's Club channel, following a renewed partnership [6] Group 4: Gross Margin Insights - The gross margin for the e-commerce channel was 49.41%, an increase of 2.89% year-on-year, attributed to a shift towards higher-priced, high-margin products [7] - The overall gross margin was 53.61%, down 1.41% year-on-year, due to increased inventory proportions and enhanced support for franchisees [8] Group 5: Dividend Policy - The company intends to maintain a stable and continuous dividend policy, barring significant market changes or unforeseen circumstances [8]