Group 1: Market Environment and Company Performance - In the first half of 2025, the food and retail industry is undergoing significant changes, with a focus on value creation as a strategic opportunity for sustainable development [1] - The company's revenue for the reporting period was CNY 5.478 billion, with a net profit attributable to the parent company of CNY 138 million [1] - The revenue growth in the second quarter exceeded 20%, aligning with expectations, despite the impact of the earlier Chinese New Year holiday [1] Group 2: Future Development Outlook - The company maintains confidence in its future development despite intense market competition, supported by a clear understanding of its capabilities [2] - The company is transitioning from a focus on cost-effectiveness to differentiation and quality enhancement [2] - The company is enhancing its supply chain capabilities through the establishment of four major centralized bases and proprietary factories, which will support long-term growth [2] Group 3: Channel Development Strategy - The company operates a "D+N" omnichannel development system, with different channels serving distinct roles [3] - E-commerce remains the core business, while short video e-commerce acts as a "category engine" with both channel and brand attributes [3] - The company is exploring its own brand lifestyle stores, having opened its first store and planning further expansion [3] Group 4: Product Differentiation and Brand Development - The company aims to focus on supply chain advantages to create differentiated quality products, particularly in the nut category [4] - The sub-brand "Little Deer Blue" generated revenue of CNY 437 million, showing continuous growth and profitability [4] - New product lines and sub-brands are being developed to explore the Southeast Asian market and expand into the "full range of infant food" [4]