Group 1: Company Structure and Governance - The company currently has a stable shareholding structure with no actual controller, which does not adversely affect its management and main business stability [2] - The company has established a sound internal control system for expense management and compliance review to avoid regulatory risks during mergers and acquisitions [5] Group 2: Inventory and Financial Performance - As of mid-2025, the company's inventory has decreased to 1.266 billion CNY, down 30.38% from the end of 2024 and 15.09% from the end of Q1 2025, indicating improved inventory management [3] - In the first half of 2025, the company's revenue increased by 28.97%, but net profit attributable to shareholders dropped by 72.69%, with accounts receivable rising by 35.01% [6] Group 3: Mergers and Acquisitions - The integration of Tongtuo Technology post-acquisition is progressing as planned, with initial synergy effects beginning to show [3] - Tongtuo Technology achieved approximately 864 million CNY in revenue and a net profit of 2.822 million CNY in the first half of 2025, marking a turnaround to profitability [3] Group 4: Sales Channels and Market Strategy - Sales revenue from the Amazon channel exceeded 60% in the first half of 2025, with 52.70% from Yibai Network and 8.94% from Tongtuo Technology [6] - The company has made significant progress in emerging platforms like TikTok and Temu, generating over 352 million CNY and 188 million CNY in revenue, respectively, in 2024 [6]