Core Viewpoint - The report highlights a significant decline in the company's performance during the first half of 2025, with a notable drop in revenue and net profit, primarily due to challenges in the cross-border e-commerce sector and ongoing financial pressures [2][5][14]. Company Overview and Financial Indicators - Company Name: Youkeshu Technology Co., Ltd. - Stock Code: 300209 - Stock Exchange: Shenzhen Stock Exchange - Major Business: Cross-border e-commerce export, primarily through B2C model [2][5]. Financial Performance - Revenue for the first half of 2025 was approximately 42.57 million yuan, a decrease of 81.33% compared to 228.08 million yuan in the same period of 2024 [2][6]. - Net profit attributable to shareholders was -8.99 million yuan, an improvement of 81.09% from -47.59 million yuan year-on-year [2][6]. - Operating cash flow was -8.33 million yuan, showing an 80.67% improvement from -43.11 million yuan in the previous year [2][6]. - Total assets decreased by 10.94% to approximately 1.15 billion yuan from 1.29 billion yuan at the end of the previous year [2][6]. Business Analysis - The cross-border e-commerce sector remains the core business, with operations mainly through subsidiaries in Shenzhen and Changsha [5][14]. - The company relies on overseas third-party e-commerce platforms to sell Chinese manufactured products, including home improvement items, electronics, and health products [5][14]. - The report indicates that the recovery of the cross-border e-commerce business was below expectations, leading to continued revenue decline [5][14]. Market Context - The cross-border e-commerce industry in China has been growing rapidly, with a reported import and export volume of approximately 1.32 trillion yuan in the first half of 2025, reflecting a year-on-year growth of 5.7% [5][14]. - Government policies are aimed at enhancing the cross-border e-commerce framework, which may provide future growth opportunities for companies in this sector [5][14]. Competitive Analysis - The company has received various accolades, including recognition as a national high-tech enterprise and a key player in cross-border e-commerce [5][14]. - Despite its established presence, the company faces significant financial pressures that hinder its operational capabilities [5][14]. Risk Factors - The company is exposed to risks associated with global trade protectionism, which may impact its competitive edge and operational costs [14][15]. - Ongoing financial challenges and the need for restructuring may further complicate the company's recovery efforts [14][15].

Group 1: Company Actions and Strategies - The company has taken practical actions to address risks in the cross-border e-commerce export industry, as detailed in the 2024 annual report's management discussion section [2] - The company plans to gradually increase R&D investment in line with the recovery and orderly development of its business operations [3] - The company has not yet utilized forward foreign exchange settlement tools [3] Group 2: Competitive Positioning - The company has faced operational risks in its cross-border e-commerce export business due to debt issues and intensified industry competition. However, it has resolved its debt crisis through bankruptcy restructuring and will leverage liquidity support from restructuring investors to enhance its competitive advantage [3] - The emergence of new cross-border e-commerce platforms provides opportunities for the company to implement a multi-platform operating strategy, which may aid in the recovery and development of its e-commerce business [3] Group 3: Subsidiary Developments - The two newly established subsidiaries, Changsha Yueyun Tree Technology Co., Ltd. and Changsha Xiangshu Cloud Technology Co., Ltd., have not yet commenced operations, and their business plans are currently unspecified [3] Group 4: Project Benefits - The smart scheduling cloud platform project is related to the company's original software and information technology services, which currently focus on cross-border e-commerce [3] Group 5: Disclosure Information - The investor relations activity did not involve any undisclosed significant information [3]