Financial Performance - For the first half of 2025, the company's operating revenue was approximately 124.87 million, a decrease from 138.38 million in the same period last year, representing a decline of about 9.1% [1] - The total profit for the period was approximately 6.97 million, a significant improvement from a loss of approximately 54.63 million in the previous year [1] - The net profit attributable to shareholders was approximately 1.32 million, recovering from a loss of approximately 59.87 million in the same period last year [1] - The net profit after deducting non-recurring gains and losses was approximately -1.79 million, compared to -60.13 million in the previous year [1] - The net cash flow from operating activities was -6.07 million, a decrease from 17.33 million in the same period last year [1] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 1.03 billion, slightly up from 1.03 billion at the end of the previous year [1] - The company's cash and cash equivalents decreased by 31.85% compared to the end of the previous year, while prepayments increased by 11.44% [31] - The company's contract liabilities decreased by 70.24%, and tax payables decreased by 84.82% compared to the end of the previous year [35] Shareholder Structure - As of the end of the first half of 2025, new shareholders included Liang Zhuanxia and UBS AG, replacing previous shareholders Wang Jun and Li Yongqian [46] - The largest shareholder, Tibet Rong'en Technology Co., Ltd., held approximately 32.13% of the total shares, with a significant portion of shares pledged [46] Valuation Metrics - As of August 27, 2025, the company's price-to-earnings ratio (TTM) was approximately -19.8, the price-to-book ratio (LF) was approximately 2.63, and the price-to-sales ratio (TTM) was approximately 10.61 [1]