Core Viewpoint - The company, Aojiahua Intelligent Health Technology Group, is focusing on long-term strategic planning in the health industry, emphasizing core business areas and innovation in technology [3][4]. Group 1: Future Development Strategy - The company aims to deepen its presence in the health industry, focusing on three main directions: enhancing its own brand business in key markets like East Asia, Southeast Asia, and North America, while also exploring emerging markets [3] - The company will prioritize technological innovation, particularly in "AI+" technology, to upgrade product intelligence and maintain a competitive edge [3] - The company plans to improve operational efficiency and expand international production layouts to enhance business resilience [3] Group 2: Health Environment Business - The health environment business will adapt to market changes by accelerating product innovation and quality improvement, with a focus on deepening cooperation with key North American clients and expanding into Japan, South Korea, and Taiwan [3] - The company's factory in Vietnam has commenced operations, which will significantly enhance its ability to respond to global supply chain risks [3] Group 3: Shared Massage Chair Business - The company will maintain a light asset model for its "Moxiang Time" shared massage chair brand, upgrading its product and service systems [3] - In the domestic market, the company will expand its presence in high-end shopping malls and focus on first and second-tier cities while also penetrating third and fourth-tier markets [3] - Internationally, the company will target potential regions in Southeast Asia and the Middle East to increase its quality network [3] Group 4: Convertible Bonds - As of September 30, 2025, the remaining balance of the "Aojia Convertible Bonds" is approximately 458.25 million yuan [3] - The company has decided not to lower the conversion price of the convertible bonds for the next six months, maintaining the current terms [3] Group 5: Sales Expenses and Revenue - There is a correlation between sales expenses and revenue, with sales expenses linked to the expansion of the company's own brand business [3]

Group 1: Company Strategy and Development - The company focuses on the health industry, emphasizing its core business in health massage products while expanding into emerging markets in East Asia, Southeast Asia, and North America [2] - The company is committed to technological innovation, particularly in "AI+", with significant R&D investments to enhance product intelligence and maintain a competitive edge [2] - The company aims to improve operational resilience through new business development, manufacturing efficiency, and international production layout [2] Group 2: Health Environment Business - The health environment business unit is adapting to market changes by accelerating product innovation and quality improvement, while deepening partnerships with key North American clients and exploring new markets in Japan, South Korea, and Taiwan [3] - The operational launch of the Vietnam factory has significantly strengthened the company's ability to respond to global supply chain risks [3] Group 3: Shared Massage Chair Business - The "Mo Enjoy Time" shared massage chair brand is adopting a light asset business model, enhancing its product and service system, and expanding into high-end shopping centers in first and second-tier cities [4] - The company is also targeting the development potential in Southeast Asia and the Middle East for its overseas market expansion [4] Group 4: Convertible Bonds - As of September 30, 2025, the remaining balance of "Ojia Convertible Bonds" is ¥458,257,200 (4,582,572 bonds) [4] - The board decided not to adjust the conversion price of the "Ojia Convertible Bonds" for the next six months, with future adjustments contingent on triggering conditions [4] Group 5: Sales Expenses and Revenue - There is a correlation between sales expenses and sales revenue, as the company maintains a strong marketing investment to support its core brand business in key markets [4]

Group 1: Company Overview and Business Segmentation - The company operates in health products, including massage chairs (44.23%), small massage appliances (30.64%), health environment products (15.30%), and others (9.83%) as of the first half of 2025 [2][3]. - The company has a clear long-term strategy focused on the health industry, with over 50% of revenue coming from its own brand in the first half of 2025 [4]. Group 2: Market Trends and Industry Insights - The massage equipment industry is influenced by cultural acceptance in East and Southeast Asia, as well as increasing recognition in North America and Europe [3]. - The domestic market for massage health products has low penetration and concentration, indicating significant growth potential due to rising health demands and an aging population [3]. Group 3: Financial Performance and Challenges - The company has faced declining revenue and net profit due to global economic slowdown and weak consumer demand [4]. - Despite market pressures, the company reported a 15.97% increase in revenue and a 425.71% increase in net profit for the "OGAWA" brand in China during the first half of 2025 [4]. Group 4: Marketing and Brand Strategy - The company emphasizes continuous investment in its own brand to enhance market control and brand value [5]. - Marketing strategies include targeted promotions in major cities, leveraging social media, and collaborating with influencers to boost brand visibility [5]. Group 5: Product Innovation and Technology - The company leads the industry with its globally innovative 5D core technology, enhancing product performance through AI integration [7][8]. - The company is also developing intelligent health service robots based on traditional Chinese medicine principles, aligning with national health strategies [8]. Group 6: Production and Supply Chain Management - The company has established a production base in Vietnam with an annual capacity of 5.4 million units for small health appliances, enhancing its global supply chain resilience [6]. - The company plans to dynamically adjust production based on market demand and international conditions [6]. Group 7: Convertible Bonds and Financial Management - As of June 30, 2025, the remaining balance of "OGAWA convertible bonds" is 458 million yuan, reclassified as current liabilities due to upcoming maturity [8]. - The board decided not to lower the conversion price of the convertible bonds for the next six months, with future adjustments contingent on market conditions [8].