Group 1: Company Performance - The company experienced a revenue decline of 16.49% in the first half of 2025, amounting to a decrease of approximately 162 million yuan [3] - The comprehensive gross margin for the first half of 2025 was about 28.69%, down by approximately 4.55 percentage points year-on-year [3] - Due to the decline in revenue and gross margin, the company reported a significant net profit loss in the first half of 2025 [3] Group 2: Market Conditions - The domestic lighting industry has been facing a continuous decline in demand since 2021, with intensified competition in the market [4] - The company noted that the competition in the domestic lighting market remains fierce, with no signs of easing [4] Group 3: Business Strategy and Focus - The company aims to leverage its competitive advantages in product development and project implementation to provide comprehensive lighting solutions [3] - Future business development will focus on commercial lighting, industrial lighting, and new retail projects, while also enhancing the health and intelligence of home lighting products [3] - The company plans to strengthen its technological research and development investments to improve product differentiation and operational efficiency [5] Group 4: Current Challenges - The current order situation is not particularly optimistic, and raw material prices are expected to trend steadily downward [5] - The company is still awaiting the execution of outstanding payments related to legal disputes with Evergrande [5]