Core Viewpoint - Xiangyuan Cultural Tourism's gross margin increased by 4 percentage points to 51.84% in Q2 2025, attributed to the company's focus on quality improvement and cost control [1] Financial Performance - Sales expense ratio increased by 2 percentage points to 8.27%, mainly due to enhanced promotional efforts [1] - Management expense ratio decreased by 1 percentage point to 10.36% [1] - Net profit margin increased by 1 percentage point to 23.12% [1] Strategic Initiatives - The company plans to further explore local cultural IPs, focusing on two international-level IPs: pandas and tea [1] - Future investments will include Xiangyuan Travel and Xiangyuan General Aviation, aiming to upgrade the strategic positioning as a "cultural tourism service provider" [1] - The company is actively exploring new low-altitude cultural tourism models to create a second growth curve [1] Business Development - The company's scenic area operations are solid, with innovative breakthroughs in the travel service sector [1] - There is a strategic focus on expanding into the cruise business and low-altitude economy, which are expected to become new growth drivers for the company's performance [1] - The investment rating is maintained at "Buy" [1]