Core Viewpoint - Dahu Co., Ltd. reported a decline in total revenue for the first half of 2025, but showed improvements in profitability metrics, indicating better cost control and operational efficiency [2][4]. Operational Overview - As of the reporting period, total revenue was 426 million yuan, a year-on-year decrease of 14.4%. The net profit attributable to shareholders was -2.57 million yuan, an increase of 81.34% year-on-year, while the net profit excluding non-recurring items was -4.54 million yuan, up 72.92% year-on-year [2]. - In Q2, total revenue was 274 million yuan, down 4.96% year-on-year, but the net profit attributable to shareholders was 867,800 yuan, an increase of 114.78% year-on-year [3]. Profitability Analysis - The company's gross margin was 25.0%, an increase of 4.36% year-on-year, and the net profit margin was 2.08%, up 376.87% year-on-year, indicating improvements in cost control and operational efficiency despite declining revenue [4]. Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 79.31 million yuan, accounting for 18.64% of revenue, a decrease of 3.33% year-on-year, reflecting effective expense management [5]. Cash Flow Situation - Operating cash flow per share was 0.17 yuan, an increase of 180.86% year-on-year, indicating significant improvement in cash flow from operating activities. Cash and cash equivalents totaled 233 million yuan, up 22.89% year-on-year, enhancing liquidity [6]. Main Business Composition - Revenue from the aquaculture segment was 197 million yuan, accounting for 46.21% of total revenue with a gross margin of 11.61%. The medical segment generated 186 million yuan, representing 43.70% of total revenue with a gross margin of 30.88%. The liquor segment contributed 40.20 million yuan, or 9.45% of total revenue, with the highest gross margin of 62.06% [7]. Regional Distribution - Revenue from the East China region was 262 million yuan, accounting for 61.46% of total revenue with a gross margin of 25.36%. The Central South region contributed 113 million yuan, or 26.66% of total revenue, with a gross margin of 29.76% [8]. Development Review and Outlook - The company aims to upgrade towards the health industry, focusing on aquaculture, processing, and sales of freshwater fish and related products, liquor production and sales, and rehabilitation medical services. Despite challenges in liquor sales due to market competition and consumer downgrading, positive progress has been made in frozen seafood and medical services. Future growth is anticipated in the health industry with support from national policies and changing market demands [9].