Group 1: Financial Performance - In the first half of 2025, the company achieved total operating revenue of 1.353 billion yuan, a decrease of 13.07% compared to the same period in 2024 [2] - The net profit attributable to shareholders was 13.6207 million yuan, showing a significant decline compared to 2024 [2] - Revenue pressure was attributed to the subsidiary Time Internet's business structure adjustment and optimization of traditional business lines [2] Group 2: Online Business Development - The South Pole brand's online business is in a transitional phase with a focus on supply chain management and channel layout [3] - Online sales of the underwear category showed a positive month-on-month trend, returning to the top sales rankings during the "618" event [3] - The Baijiahao brand's online store count increased by over 50%, achieving good growth in overall online sales [3] Group 3: Offline Business Strategy - The South Pole brand opened a "Super South Pole" store in mid-July 2025, with sales steadily increasing over the first month and a half [4] - The product range has been diversified to include various categories, with plans to introduce new autumn and winter products [4] - Future offline store openings will explore innovative cooperation models with various retail formats [5] Group 4: Product Planning and Marketing Strategy - The product lineup for autumn and winter 2025 will focus on warm clothing, with an expected 90% of products being franchise items [5] - Marketing investments have increased to enhance brand visibility, including collaborations and promotional activities [6] - The company aims to optimize marketing strategies by leveraging social media and enhancing consumer engagement through offline stores [6] Group 5: Time Internet Business Development - Time Internet has optimized its traditional business lines while exploring new advertising agency opportunities, including partnerships with platforms like Xiaohongshu [8] - The company plans to further develop overseas advertising clients based on existing channels like Apple Ads [8]

Group 1: Company Performance and Strategy - The company aims for long-term business sustainability, rejecting short-term competition and low-quality products [2] - In 2024, the company plans to restore high-quality products, with positive consumer feedback on new packaging and quality [2] - As of April 2025, the company has nearly 1,000 online stores, with 400 newly opened in 2025, aiming to reach around 2,000 by year-end [2] Group 2: Product and Market Development - The company’s light luxury series includes men's, women's, and underwear categories, with over 2,600 SKUs from franchise partners [4] - The company expects high-quality growth in GMV for 2025 compared to 2024 [4] - The company plans to open its first fixed store in June 2025, focusing on a limited number of high-quality products [3] Group 3: Marketing and Sales Channels - The company will adopt a more rational approach to marketing expenditures in 2025, aiming to enhance efficiency [6] - The overall GMV growth for the brand remains around 30%, with a significant increase in sales on the Alibaba platform [7] - The company is exploring partnerships with retail formats in Shanghai and surrounding areas for multi-category stores [8] Group 4: Financial Performance - The gross profit margin for the company's sales in 2024 is projected to be around 10% [6] - The company reported a net profit of 3,335.74 million yuan for the previous year [8] - The company’s GMV profit conversion rate is not directly comparable to previous years due to changes in revenue structure [6]