Core Viewpoint - Despite facing a decline in profitability, the company continues to expand its shipping capacity through a planned capital increase to fund the purchase of dry bulk vessels [1][8]. Financial Performance - In the first half of 2025, the company reported revenue of 1.8 billion yuan, a year-on-year increase of 6.74%, while net profit fell to 86.87 million yuan, a decline of 64.14% [1][3]. - The company's net profit margin has significantly decreased, with a non-recurring net profit of 85.83 million yuan, down 58.31% year-on-year [3][5]. - The gross profit margin further declined to 10.59% in the first half of 2025, continuing a downward trend from previous years [5][4]. Operational Strategy - The company plans to raise up to 210 million yuan through a private placement to purchase three dry bulk vessels, aiming to enhance its fleet structure and global route layout [1][8]. - As of June 2025, the company had added 12 vessels through new purchases and chartering, with a total controlled capacity of 4.84 million deadweight tons, ranking among the top in the domestic dry bulk transportation sector [6][7]. Shareholder Involvement - The controlling shareholder, the family of Zeng Erbin, intends to fully subscribe to the capital increase, indicating confidence in the company's future prospects [2][9]. - The subscription will be funded entirely by the family's own and self-raised funds, reflecting a strong commitment to the company's strategic direction [9][8].