珠江潮涌，湾区帆扬。第十五届全国运动会在粤港澳三地的携手同心下，正为我们带来一场场精彩的比赛。作为首次由三地联合筹办的体育盛会，它不仅是 全国体育健儿追逐梦想的竞技舞台，更让体育精神与时代节拍同频共振。 ● P ts 中国·广东|香港|澳门２025 China·Guangdong|Hong Kong|Macao 中 华 人 民 共 和 国 第 十 五 届 运 动 会 The 15th National Games of A IND 1 158 == XIXIXIXI 赛场上，运动健儿们并肩拼搏、奋勇争先；观众席上，不同方言的呐喊助威声交织成激情洋溢的乐章；赛场外，志愿者们以真诚的微笑和专业的服务传递着 温暖；铁路部门加开"赛事专列"，联动当地交通部门优化运力配置，确保赛事期间观众出行顺畅。社会各界同心协力、携手共进，描绘出"激情全运会，活 力大湾区"的生动篇章。 在全运会的舞台上，中华体育精神闪耀粤港澳大湾区，一个更加一体化、更具活力的大湾区呈现在世界面前。这场盛会见证着新时代中国体育事业发展的新 成就，展现着中国式现代化在粤港澳大湾区的万千气象。（唐文强） 本届全运会上，来自全国各地的14252名运动员满怀 ...

Financial Performance - Company reported total revenue of 5.667 billion yuan for the first half of 2025, a decrease of 10.09% year-on-year [1] - Net profit attributable to shareholders was -256 million yuan, a decline of 1008.99% year-on-year [1] - Gross margin improved to 29.41%, an increase of 11.94% year-on-year, while net margin was -4.76%, a decrease of 701.08% year-on-year [1] - Total receivables accounted for 4431.61% of the latest annual net profit, indicating a significant receivables issue [1] Business Model and Strategy - Company relies heavily on R&D and marketing for performance, with a historical median ROIC of 2.38%, indicating weak capital returns [2] - The company has established a "three disciplines and two institutes" R&D framework, focusing on key areas such as nuclear technology applications and digital information [5][6] - Company is actively involved in strategic emerging industries and aims to enhance its revenue from these sectors [6] R&D and Innovation - R&D investment for 2024 was 1.309 billion yuan, with 207 million yuan allocated in the first quarter of 2025 [4] - Significant achievements include the first intelligent security inspection system at Hong Kong Airport and a CT scanner for air cargo [5] - The company has developed a high-precision CT detection system for durian quality control, enhancing food safety [8] Debt and Cash Flow - Company has a cash flow situation that requires attention, with cash and cash equivalents to current liabilities ratio at 44.93% [3] - Interest-bearing debt has decreased by 12.90% year-on-year, indicating some improvement in debt management [1] Market Position and Future Outlook - Company is positioned as a technology application innovation platform within the China National Nuclear Corporation, focusing on nuclear technology and digital information [6] - The data element market is identified as a core strategic area, with plans to enhance capabilities in data processing and assetization [13][14] - The company aims to leverage its extensive data resources and processing capabilities to capture market share and drive profitability in the data element sector [15]