Financial Performance - In the first half of 2025, the company's operating revenue increased by 20.96% to CNY 503 million, while the net profit attributable to shareholders decreased by 19.97% to CNY 31.18 million [2][3] - The decline in net profit is attributed to high operating and market development costs of the subsidiary, Nait America, which accounted for 66.57% of the revenue growth [2][4] - The company's sales net profit margin fell significantly by 57.39% to 3.18% [2][3] Investment and R&D - The company reported a research and development investment of CNY 14.23 million in the first half of 2025, focusing on core technologies and industry trends [6][9] - The progress of the fundraising project "Annual Production of 600,000 Square Meters of New Stone-Wood Plastic Composite Material Digital Printing Production Line" is at 52% completion and is currently in trial production [4] Market Strategy and Expenses - The total period expenses reached CNY 122 million, with a period expense ratio of 24.14%, an increase of 4.40 percentage points year-on-year [8] - Sales expenses increased by 44.58%, management expenses by 45.91%, and financial expenses by 127.68%, primarily due to the formal operation of the overseas subsidiary, Nait America [8][10] - The company plans to continue deepening its presence in the European market while actively exploring North America, the Middle East, and other emerging markets [7][10] Currency and Trade Impact - The company's sales are primarily in foreign markets, with USD being the main currency, making it susceptible to exchange rate fluctuations [7][8] - The international trade environment, particularly increased tariffs in the U.S., has a certain impact on the company's market expansion [10] Shareholder and Market Response - The company maintains that changes in institutional holdings and stock price fluctuations are market behaviors, emphasizing a focus on core business and enhancing profitability [9][10] - The company has not seen an increase in shares held by major shareholders according to the 2025 semi-annual report [10]