Financial Performance - In the first half of 2025, the company achieved a revenue of 888 million CNY, a year-on-year increase of 9.34% [2] - Overseas revenue reached 830 million CNY, growing by 9.43%, while domestic revenue was 58.01 million CNY, up by 8.03% [2] - Net profit attributable to shareholders was 102 million CNY, an increase of 7.37% year-on-year, with a net profit of 89.81 million CNY after excluding non-recurring gains and losses, reflecting a growth of 9.11% [3] Product Performance - Core products showed stable growth: pet pads increased by 7.28%, pet diapers by 40.58%, and non-woven fabric products by 14.57% [2] - The gross profit margin for the first half of 2025 was 18.97%, up by 0.09 percentage points year-on-year, with a second-quarter margin of 19.11%, increasing by 0.26 percentage points quarter-on-quarter [3] Market Expansion - The company successfully expanded its global market presence, acquiring nearly 10 new clients in key regions such as Brazil, the UK, and Spain [5] - The company invested in its first overseas production base in Cambodia, which commenced operations in May 2025, to enhance supply chain resilience [6] Industry Insights - China remains the largest production hub for disposable pet hygiene products, with the company holding nearly 40% of the export market share [4] - The company aims to enhance domestic market penetration by targeting young pet owners and developing specialized products for aging pets [7] Shareholder Returns - The company maintains a commitment to investor returns, with plans for at least two stable dividends annually, even amidst tariff disruptions [8] - A floating dividend mechanism linked to performance will be established to balance shareholder returns with company growth needs [8]