Core Viewpoint - The company reported a slight increase in revenue but a significant increase in net loss for the first half of 2025 compared to the same period in 2024, indicating ongoing financial challenges despite operational improvements in certain segments [1]. Financial Performance - Revenue for the six months ending June 30, 2025, was approximately RMB 45.566 billion, an increase of 0.01% compared to the mid-year of 2024 [1]. - The net loss attributable to shareholders was approximately RMB 1.496 billion, representing an increase of 85.4% compared to the same period in 2024 [1]. - Basic loss per share attributable to shareholders (excluding other equity instruments) was approximately RMB 0.19, an increase of about RMB 0.07 or 58.3% from RMB 0.12 in the mid-year of 2024 [1]. Operational Highlights - The cement business focused on lean operations, achieving a reduction in cement production costs by RMB 19 per ton year-on-year [1]. - The average price of cement clinker increased by RMB 9 per ton year-on-year, contributing to a significant reduction in losses [1]. - The concrete business saw a year-on-year increase in production and sales volume by 23%, with sales to strategic customers increasing to 33%, doubling compared to the previous year [1]. - The new materials business improved its integrated marketing mechanism, enhancing the "product + solution + service" system, with sales revenue from strategic customers increasing by 5.8% year-on-year [1].