Group 1: Company Performance and Financials - The company reported a net profit of -13.91 million from its main business, attributed to the real estate sector [2] - Real estate sales revenue for the first half of 2025 was 6,238,095.24 yuan, a decrease of 16.05% year-on-year [4] - The company holds 9.59 billion in inventory, primarily from real estate projects (approximately 9 billion) and waste battery projects (approximately 0.55 billion), with no significant impairment risk reported [3] Group 2: Strategic Direction and Transformation - The company is pursuing industrial transformation through mergers and acquisitions to establish a second growth curve [2] - There is an ongoing effort to optimize the main business while steadily pursuing mergers and acquisitions [4] - The company is considering cash acquisitions of profitable high-tech assets to improve its operational situation, given the decline in its main business [4] Group 3: Investor Relations and Feedback - Investors expressed concerns about the lack of suitable merger targets and suggested divesting from real estate to enter sectors like semiconductors and new energy [1] - The company has received suggestions for share buybacks to enhance shareholder confidence, which is currently not prioritized due to the focus on future transformation needs [2] - The company reassured investors that its production and operational status is normal, despite recent stock price declines [3]