Group 1 - The core point of the news is that Xi'an High-tech Industrial Development Zone Real Estate Development Co., Ltd. has pledged 13.15 million shares of Tiandi Source, accounting for 15.22% of the total share capital [1] - After this pledge, the total pledged shares by the top ten shareholders of Tiandi Source account for 50% of their total holdings [1] - The pledge started on August 4, 2025, and the total number of pledged shares by Xi'an High-tech Industrial Development Zone Real Estate Development Co., Ltd. has reached 24.9 million shares [1] Group 2 - Tiandi Source reported a main revenue of 1.068 billion yuan in Q1 2025, representing a year-on-year increase of 204.86% [3] - The net profit attributable to the parent company was -61.81 million yuan, showing a year-on-year increase of 23.63% [3] - The company has a debt ratio of 86.34% and a gross profit margin of 16.54% [3]