Financial Performance - In the first half of 2025, the company achieved revenue of approximately RMB 522 million, a year-on-year decrease of about 21.99% [2] - The net profit attributable to the parent company was approximately RMB 78 million, a year-on-year decline of about 61.69% [2] Business Development - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting equipment, architectural lighting equipment, and truss equipment [2] - The integration of Danish SGM company has been completed, enhancing development momentum and optimizing production capacity [2] Market Outlook - Demand in Europe remains positive, while Asia's performing arts activities continue to grow steadily, driving demand for performance equipment [4] - The Middle East is showing signs of recovery, and overall demand, except for the U.S. affected by tariffs, is on an upward trend [4] Product Innovation - The penetration rate of new products continues to rise, with sales revenue of new products increasing year-on-year despite the overall revenue decline [5] - The company plans to maintain a strategy of enhancing R&D capabilities and launching competitive products to increase market share [6] Future Strategy - Despite challenges from international trade friction and the integration phase of the Danish subsidiary, the company's competitive position remains intact [8] - The company aims to adjust product structure, optimize the proportion of products in niche markets, and enhance service quality to meet future market challenges and opportunities [8]