Core Viewpoint - Tianyin Holdings (000829) reported a revenue of 46.326 billion yuan for the first half of 2025, with its subsidiary Nengliang E-commerce showing significant growth, expanding its store count by 25% to 441, becoming a key driver for the company's "second growth curve" [1] Group 1: Business Performance - Nengliang E-commerce is a comprehensive e-commerce enterprise driven by digitalization, focusing on procurement, sales, and operational services [1] - The company has rapidly expanded its platform presence from major platforms like Taotian, JD, and Pinduoduo to include Douyin and Kuaishou, leveraging a multi-platform strategy and integrating "short video + live streaming" to thrive in the digital age [1] - The e-commerce transformation is fundamentally a result of deep integration between artificial intelligence, data elements, and traditional industries [1] Group 2: Technological Integration - Nengliang E-commerce developed the "Nengliang AI Intelligent Agent," which provides 24/7 intelligent responses on the customer service side, significantly reducing wait times [2] - On the operational side, the AI acts as a data analyst, offering precise analysis reports and decision-making suggestions to optimize business processes [2] - The company also launched the HR intelligent agent "Able," which answers all HR-related queries in real-time, enhancing management efficiency [2] Group 3: Market Strategy - In the first half of 2025, Nengliang E-commerce actively participated in national subsidy policies, collaborating with major platforms to offer consumers more affordable electronic products [2] - The company emphasizes quality by partnering with leading industry brands and strictly controlling the introduction of new brands to enhance customer satisfaction and loyalty [2] - Nengliang E-commerce is expanding its business channels by developing online and offline distribution and government-enterprise client services, collaborating with 417 business partners and establishing over 3,000 cooperative relationships [2] Group 4: Strategic Alignment - The achievements of Nengliang E-commerce are a result of its deep integration with the overall development of Tianyin Holdings, which is advancing its "industry-integrated digital network platform" strategy [3] - Nengliang E-commerce is positioned as a crucial component in Tianyin Holdings' transition from traditional distribution to new retail [3] - The company employs a "1+N" category expansion strategy, starting from core mobile phone categories and expanding into PCs and home appliances, leveraging Tianyin Holdings' supply chain resources as a core channel for brands like Apple, Samsung, and Huawei [3]