Financial Performance - In the first half of 2025, the company achieved a consolidated revenue of 9,323.56 million yuan, a year-on-year increase of 9.29% [2] - The net profit attributable to shareholders was 9,323.56 million yuan, up 18.56% year-on-year [2] - The net profit excluding non-recurring gains and losses was 8,443.09 million yuan, reflecting a growth of 25.69% [2] - Overseas business revenue reached 7.04 billion yuan, accounting for 75.73% of total revenue, with a growth of 12.58% compared to the same period in 2024 [2] - Domestic business revenue was 2.26 billion yuan, representing 24.27% of total revenue, with a decline of 18.88% year-on-year [2] Business Segments - The Smart Space segment generated approximately 6.86 billion yuan, making up 74.13% of total revenue [3] - The Smart Office segment earned about 1.70 billion yuan, accounting for 18.40% of total revenue, with a year-on-year growth of 30.80% [3] - The Digital Identity Authentication segment reported revenue of approximately 401.63 million yuan, representing 4.34% of total revenue, down 12.50% year-on-year [3] - The Smart Commercial segment generated around 289.41 million yuan, accounting for 3.13% of total revenue, with a growth of 17.10% [3] Cost and Profitability - Total operating expenses (excluding financial costs) for the first half of 2025 were 371 million yuan, a decrease of 0.74% year-on-year [4] - R&D expenses were 104 million yuan, down 1.50%, representing 11.20% of revenue [4] - The overall gross margin for the first half of 2025 was 51.13%, an increase of 1.64% year-on-year [4] - The gross margin for overseas sales was 57.51%, while domestic sales gross margin was 31.21%, down 1.18% year-on-year [4] Future Outlook - The company anticipates a stabilization of domestic business and continued growth in overseas markets [6] - New product launches in the second half of 2025 are expected to drive sales growth in the Smart Space segment [5] - The company is focusing on expanding its presence in key overseas markets, including North America, Europe, and Southeast Asia [7] Investor Engagement - The company addressed investor questions regarding cash flow, overseas business focus, and technological advancements in brain-computer interfaces [6][7][8] - The operating cash flow for the first half of 2025 improved significantly due to adjustments in payment structures [6] - The company is exploring the integration of brain-computer interface technology with robotics for applications in rehabilitation and elderly care [8]