Core Viewpoint - Jilin Yatai Group's 2025 semi-annual report indicates a slight increase in revenue despite ongoing challenges in the construction and real estate sectors, with a focus on optimizing asset structure and reducing debt [1][2]. Company Overview and Financial Indicators - The company reported a revenue of approximately CNY 3.04 billion for the first half of 2025, representing a 3.67% increase compared to the same period last year [2]. - The total profit for the period was approximately -CNY 992 million, an improvement of 13.22% year-on-year [2]. - The net profit attributable to shareholders was approximately -CNY 823 million, showing an 11.27% improvement from the previous year [2]. - The company's net assets decreased by 32.58% to approximately CNY 1.87 billion compared to the end of the previous year [2]. Industry Analysis Construction Materials - The national cement production was 815 million tons, a year-on-year decrease of 4.3%, but the decline rate has narrowed [3]. - The cement industry is experiencing weak demand but improved profitability due to rising prices in Northeast China and decreasing coal prices [3]. Real Estate - Real estate development investment decreased by 11.2%, with new housing starts down by 20.0% and sales area down by 3.5% [3]. - The market is characterized by investment contraction and a narrowing decline in sales, with local policies aimed at stabilizing the market [3]. Pharmaceutical Industry - The pharmaceutical sector is expected to grow due to increasing demand for high-quality medicines driven by economic development and an aging population [3]. - The company has established a comprehensive health management service through its extensive pharmacy network [3]. Operational Discussion - The company is focusing on reducing debt and stabilizing operations while optimizing its asset structure [4]. - In the construction materials sector, the company is collaborating with large enterprises on urban renewal and infrastructure projects [4]. - The real estate sector is prioritizing inventory reduction and cost management, leveraging national policies to accelerate land monetization [4]. Financial Investment - The company holds a 30.81% stake in Northeast Securities and a 6.88% stake in Jilin Bank, focusing on equity management to enhance overall investment returns [7][9].

Core Insights - The company has significantly reduced costs year-on-year through efficiency improvement measures, leading to enhanced operational quality [2] - The company is focused on market capitalization management and has developed a plan to actively promote it [2] Group 1: Business Strategy - The company aims to enhance profitability by focusing on its core business and continuously optimizing capacity layout [2] - The company has revised its dividend policy to allow for a more favorable return to investors by changing the prerequisite for dividends from "current distributable profits being positive" to "cumulative distributable profits being positive" [2] - The company has implemented a stock incentive program to align the interests of management, employees, and shareholders [2] Group 2: Investor Relations - The company is committed to building an investor-friendly public company and establishing smooth communication channels with the capital market [2] - The company's subsidiaries possess nuclear cement production qualifications but have not yet participated in the Yaxia Hydropower Station project [2]