Financial Performance - For the first half of 2025, the company's operating revenue was approximately 803.72 million, a significant decrease from 1.8016 billion in the same period last year, representing a decline of about 55.5% [1] - The total profit for the same period was -491.72 million, compared to a profit of 108.56 million in the previous year, indicating a substantial loss [1] - The net profit attributable to shareholders was -475.50 million, down from 79.82 million year-on-year, reflecting a negative trend [1] - The net profit after deducting non-recurring gains and losses was -476.90 million, compared to a profit of 23.28 million in the previous year [1] - The net cash flow from operating activities was -116.53 million, an improvement from -485.87 million in the same period last year [1][24] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 2.58 billion, down from 2.63 billion at the end of the previous year [1] - The company's total assets saw a notable change, with other non-current financial assets increasing by 2.33%, while accounts receivable decreased by 21.02% [35] - Contract liabilities decreased by 28.43%, and employee compensation payable dropped by 58.44%, indicating a reduction in short-term obligations [38] Shareholder Structure - The top ten shareholders as of the end of the first half of 2025 included new entrants such as Liao Shaoceng and Morgan Stanley & Co. International PLC, replacing previous shareholders [52] - Notably, 45.3% of the company's shares were under pledge, with the largest shareholder pledging 76.63% of their holdings [52] Valuation Metrics - As of August 27, 2025, the company's price-to-earnings ratio (TTM) was approximately -23.72, with a price-to-book ratio of about 2.98 and a price-to-sales ratio of approximately 32.3 [1]