Revenue and Profit - The total operating revenue for the company in the first half of 2025 was 3.532 billion yuan, a year-on-year decrease of 23.43% [2] - The net profit attributable to shareholders was 737 million yuan, down 17.34% year-on-year, while the net profit excluding non-recurring items was 693 million yuan, a decrease of 16.59% [2] - In Q2, the operating revenue was 1.741 billion yuan, a decline of 11.51% year-on-year, but the net profit attributable to shareholders increased to 282 million yuan, up 71.44% year-on-year, and the net profit excluding non-recurring items was 285 million yuan, an increase of 133.45% [2] Key Financial Indicators - Accounts receivable stood at 504 million yuan, representing 77.24% of the latest annual net profit, with a year-on-year increase of 9.51% [4] - Interest-bearing liabilities surged to 843 million yuan, reflecting a year-on-year increase of 6320.54% [4] - Gross margin was 68.55%, a slight decrease of 0.01% year-on-year, while net margin increased by 13.29% to 21.61% [9] Cash Flow - The net cash flow from operating activities was 0.38 yuan per share, an increase of 118.12% year-on-year, primarily due to reduced procurement and period expense payments [6] - The net cash flow from investing activities saw a change of 84.68%, mainly due to decreased expenditures on large time deposits and financial products [7] Business Composition - The revenue breakdown by product includes: Other products at 1.343 billion yuan (38.02% of total revenue, gross margin 61.24%), Capsules at 983 million yuan (27.84%, gross margin 68.33%), Tablets at 720 million yuan (20.38%, gross margin 78.23%), and Powders at 486 million yuan (13.76%, gross margin 74.84%) [10] - Revenue from domestic sales was 2.843 billion yuan, accounting for 80.50% of total revenue, with a gross margin of 69.46%, while overseas sales were 689 million yuan, making up 19.50% of total revenue, with a gross margin of 64.80% [10] Industry Outlook - The dietary supplement industry in China presents significant growth potential, and the company is enhancing its technological competitiveness through a "scientific nutrition" strategy while developing an omnichannel sales system [8] - Despite the decline in revenue and profit in the first half of 2025, the company has made positive progress in technological innovation, brand building, and omnichannel business development [8]