Group 1: General Information - The research is about Yingfeng Co., Ltd. in the textile and apparel industry [16] - The research date is September 12, 2025 [16] - The listed company's reception staff includes the chairman and general manager Fu Shuangli, board secretary Yao Yong, financial director Zhou Yonghua, and independent director Tan Guochun [16] Group 2: Research Institutions - The research institutions are investors who participated in Yingfeng Co., Ltd.'s 2025 semi - annual performance briefing online [19] Group 3: Key Insights Revenue and Profit in the First Half of 2025 - Due to the impact of international tariff policy adjustments and low capacity utilization in the early stage of the third division's production, the company's operating income in the first half of 2025 was 692.2962 million yuan, a year - on - year decrease of 8.11% [23] - The net profit attributable to shareholders of the listed company was - 20.1899 million yuan, a year - on - year decrease of 173.44% [23] - The net profit attributable to shareholders of the listed company after deducting non - recurring gains and losses was - 19.1343 million yuan, a year - on - year decrease of 172.83% [23] Business Strategy - The company uses both internal growth and external expansion as dual drivers, aiming to "broaden and deepen the main channel" and strengthen the advantages of the printing and dyeing business [23] - It actively seeks cooperation opportunities with strategic investors, peer companies, upstream and downstream enterprises, and cutting - edge technology companies [23] Investment in Beijing Zhitong Precision Technology - The company has a stake in Beijing Zhitong Precision Transmission Technology Co., Ltd., which mainly produces high - precision reducers for industrial robot joints [24][25] - The investment is based on the demand for industrial automation and the industrial robot industry chain in the "smart factory" construction of the third division, aiming to improve the automation and intelligence level of the smart factory and production efficiency [25][26] Share Repurchase - As of August 31, 2025, the company had repurchased 7,996,125 shares through centralized bidding transactions, accounting for 1.82% of the total share capital, with a total payment of 48.50440725 million yuan [24] Business Plan for the Second Half of 2025 - The company will adhere to the "one - body, two - wings, and two - pillar" development strategy, with textile printing and dyeing as the main body, marketing and R & D as the two wings, and deepening the value chain and industrial chain and the linkage between capital and industry as the pillars [26] - It will focus on technological innovation, intelligent manufacturing, product upgrading, and energy conservation and environmental protection [26] Reasons for Revenue Decline and Profit Loss in the First Half of 2025 - Revenue decline was mainly due to the impact of international tariff policies on the textile and apparel industry chain, lower sales volume, and lower selling prices [26] - Profit loss was due to lower selling prices and higher unit costs caused by low capacity utilization in the third division [27]