【环球时报记者 杨沙沙 陈庆瑞 环球时报特约记者 甄翔】"中国将坚定不移扩大高水平对外开放，积极对接国际高标准经贸规则，加快在自由贸易 试验区、国家服务贸易创新发展示范区等平台先行先试，有序推进服务市场开放，推动服务贸易高质量发展。中国愿同各方一道，携手推进全球 服务贸易开放创新合作，建设开放型世界经济，为构建人类命运共同体不断注入新动力。"9月10日，习近平主席向2025年中国国际服务贸易交易 会致贺信时强调。当天，2025年中国国际服务贸易交易会（以下简称服贸会）在北京开幕，吸引了全球85个国家和国际组织设展办会，主宾国澳 大利亚近60家企业机构深度参与，组建参展以来最大规模的展团。澳大利亚总理阿尔巴尼斯10日在开幕式上发表视频致辞表示："很高兴澳大利亚 能作为主宾国参加服贸会，这是澳大利亚首次在中国的国家级贸易展会上获此殊荣。"《环球时报》记者在服贸会现场采访多位外方人士，他们均 表示重视中国的开放承诺，看好中国服务贸易市场未来发展。 85 个国家和国际组织设展办会 新加坡《联合早报》称，资料显示，服务贸易包括知识产权许可、法律和咨询服务、金融服务，以及旅游娱乐等领域。中国官员坦言，中国的服 务贸易长期 ...

Core Insights - Acacia Research reported a significant 98% year-over-year increase in GAAP revenue, reaching $51.2 million, primarily driven by the acquisition of Deflecto in its manufacturing segment [1][5][10] - Despite strong revenue growth, the company missed analyst expectations for revenue and reported a non-GAAP EPS of $(0.06), worse than the anticipated $(0.05) [1][2][5] Financial Performance - GAAP revenue for Q2 2025 was $51.2 million, compared to $25.8 million in Q2 2024, reflecting a 98.4% increase [2][5] - Non-GAAP EPS was $(0.06), a decline of 500% from $(0.01) in Q2 2024 [2][5] - Total company adjusted EBITDA was $1.9 million, down from $4.1 million in the prior-year period, indicating a 53.7% decrease [2][7] - Free cash flow was reported at $47.9 million, bolstered by earlier IP settlement receipts [2][8] Business Overview and Strategy - Acacia Research focuses on acquiring and managing undervalued businesses across various sectors, including manufacturing, industrial, energy, and intellectual property [3][4] - The company aims to unlock value through operational improvements and emphasizes free cash flow potential [3][4] Segment Performance - The manufacturing segment, bolstered by Deflecto, generated $29.0 million in revenue, making it the largest segment by revenue [5][10] - Energy Operations reported $15.3 million in GAAP revenue, showing modest growth from $14.2 million in Q2 2024 [5][10] - The IP segment experienced a significant decline in revenue, falling to $0.3 million from $5.3 million in Q2 2024 due to a lack of new settlements [5][6] Operational Highlights - The manufacturing unit is in the integration phase, focusing on cost controls and optimizing product offerings [11] - Sales and marketing expenses for industrial and manufacturing operations increased to $3.4 million [7] Cash Position and Debt - Cash, cash equivalents, and equity securities totaled $338.2 million at the end of the period, up from $297.0 million at the end of 2024 [8] - Total consolidated debt was $104.4 million, with no borrowings at the parent company level [8] Future Outlook - Management reaffirmed its acquisition-driven growth strategy but did not provide explicit financial guidance for the remainder of fiscal 2025 [14] - Key areas to watch include revenue sustainability, integration of acquired businesses, margin recovery, and cash flow generation beyond infrequent IP settlements [15]