Core Viewpoint - Bull Electric, known for its power strips, is facing significant challenges in both its traditional and new energy businesses, leading to its first half-year performance decline in five years, with a 2.60% drop in revenue and an 8% drop in net profit [12][14][16]. Business Performance - Bull Electric's revenue for the first half of the year was 8.168 billion yuan, a decrease of 2.60% year-on-year, while the net profit attributable to shareholders was 2.060 billion yuan, down 8% year-on-year [12][14]. - The company's core businesses, including electrical connections and smart electrical lighting, reported declines in revenue, with electrical connections down 5.37% to 3.662 billion yuan and smart electrical lighting down 2.78% to 4.094 billion yuan [11][12]. New Energy Sector - Despite a 33.52% year-on-year increase in revenue from the new energy sector, which amounted to 386 million yuan, this growth is insufficient to offset declines in core business areas [12][14]. - Users have reported quality issues with Bull Electric's new energy products, including charging anomalies and poor after-sales service, leading to dissatisfaction and complaints [3][5][8]. Management Actions - Following the disappointing performance, Vice Chairman Ruan Xueping announced a plan to reduce his holdings by up to 3617.18 million shares, valued at over 1.6 billion yuan, raising concerns about management's confidence in the company's future [14][16]. - The announcement of significant share reductions by a key executive has led to skepticism among investors regarding the company's outlook [16]. Competitive Landscape - Bull Electric's traditional power strip business has been adversely affected by competition from Xiaomi, which introduced a more appealing and lower-priced product, prompting Bull Electric to diversify into new areas [9][10][11].