Core Insights - The company reported a revenue of 1.015 billion yuan for the first half of 2025, a decrease of 4% year-on-year, while net profit increased by 28.98% to 77.45 million yuan, and adjusted net profit rose by 35.54% to 81.39 million yuan [1] Group 1: Financial Performance - Revenue for the first half of 2025 reached 1.015 billion yuan, reflecting a 4% decline compared to the previous year [1] - Net profit increased by 28.98% to 77.45 million yuan [1] - Adjusted net profit grew by 35.54% to 81.39 million yuan [1] Group 2: Product and Market Strategy - The company is leveraging strong research capabilities to diversify its product matrix and reach a broader consumer base through differentiated product strategies [1] - The introduction of the supercritical fresh bird's nest product aims to meet consumer demand for natural, ready-to-eat options [1] - The company is expanding into functional products combining bird's nest with probiotics to address emerging health needs such as sleep and gut health [1] Group 3: Research and Development - Established in 2008, the company's research institute focuses on the full chain of bird's nest research, including raw materials, nutrition, health, and production processes [2] - Collaboration with various institutions has led to the establishment of joint laboratories, enhancing the transition from academic research to product development [2] - The company has obtained 27 new national patents and published 5 papers, indicating a strong commitment to innovation [2]