Core Viewpoint - Lishang Guochao reported a mixed performance for the first half of 2025, with a decline in revenue but an increase in net profit, indicating resilience in its core business despite challenges in the retail environment [2][4]. Financial Performance - The company achieved operating revenue of 323.40 million yuan, a year-on-year decrease of 9.07% [2]. - The net profit attributable to shareholders was 79.73 million yuan, reflecting a year-on-year increase of 9.46% [2]. - Cash flow from operating activities showed significant improvement due to the recovery of receivables from the previous year [2]. Business Segments - The apparel wholesale markets in Hangzhou and Nanjing contributed significantly, generating revenue of 221 million yuan, a slight increase of 0.32% [2]. - The retail business centered around the Lanzhou Eurasia Department Store reported revenue of 64.15 million yuan, a decrease of 0.42% [2]. - The commercial management business, led by the Lanzhou Eurasia International Building, achieved revenue of 22.38 million yuan, an increase of 7.83% [2]. Strategic Focus - The company plans to focus on new development opportunities and external growth, although there are currently no specific acquisition targets [3]. - Lishang Guochao emphasizes its differentiated advantages, including proprietary properties in key commercial areas and digital management experience [3]. - The company is pursuing smart upgrades and innovation across its three main segments: professional markets, retail, and new retail [3]. Operational Adjustments - The company has adjusted its business structure to reduce asset impairment losses and has actively negotiated with banks to lower financial costs [4]. - The new retail business, which includes operations and services, will no longer be consolidated into the company's financial statements [4]. - Future resource investments will focus on digital platform construction, business model transformation, and team development [5].