Core Viewpoint - North Security has announced a delay in salary payments to employees, indicating ongoing financial difficulties and a commitment to address these issues by the end of 2025 [1][5]. Salary Payment Adjustments - The salary for July, originally scheduled for August 26, 2025, will now be paid by September 30, 2025. Additionally, salaries owed for April and May 2025 will be settled by the end of 2025 [1]. - Employees have reported that since July 2024, salary payments have frequently been delayed, with only a few instances of timely payments [1]. Financial Performance - In 2024, North Security reported revenue of 517 million yuan, a decrease of 24.31% year-on-year, and a net loss of 145 million yuan, marking a shift from profit to loss [5]. - Revenue from government clients dropped from 39.43% in 2023 to 34.77% in 2024, with a corresponding industry revenue decline of 33.25% [5]. - Revenue from the financial sector also saw a decline of 28.31% year-on-year [5]. Cost Structure - Operating costs increased by 33.19% year-on-year, with significant rises in costs associated with government (67.17%), military (134.42%), and financial clients (13.51%) [6]. - For the first half of 2025, the company reported revenue of 108 million yuan, a decline of 53.72%, and a net loss of approximately 97.11 million yuan, down 47.94% year-on-year [6]. Historical Profitability - Over the past five years (2020-2024), North Security has only been profitable in 2020 and 2023, with net profits of 26 million yuan and 7 million yuan, respectively, while the other years resulted in losses [6]. Stock Performance - As of August 29, 2025, North Security's stock price fell by 1.04%, closing at 6.67 yuan, with a total market capitalization of 9.7 billion yuan [6].