Group 1: Business Development and Revenue - The company is a key supporting unit in the commercial engine supply chain, focusing on the development of the Changjiang series engines and aiming to form a second growth curve through participation in the large aircraft industry [2] - In the first half of 2025, the company's international cooperation business revenue increased by 11.84% year-on-year, driven by contracts with renowned international aviation companies [3] - The company's derived business achieved revenue of 92.67 million yuan in the first half of 2025, slightly down due to customer demand shifts, but expected to positively impact performance through product structure adjustments and new market exploration [4] Group 2: Market Outlook and Strategic Initiatives - The company anticipates positive impacts on performance from the domestic production of large aircraft engines, particularly in the latter half of the 14th Five-Year Plan [2] - The company is actively participating in the development of high-end general aviation power and drone control systems, with a broad market outlook supported by national low-altitude economic policies [4] - The company is focusing on expanding its international outsourcing business market share and brand influence, leveraging the recovery of international civil aviation [3] Group 3: Challenges and Future Projections - The primary reasons for the decline in overall revenue and profit in the first half of 2025 were attributed to the impact of tax reform policies [5] - The company is optimistic about the future of military trade products, expecting new opportunities for exports of domestically developed high-performance aviation equipment [6] - The company plans to enhance its core capabilities to meet future business needs through precise investments and the implementation of ongoing construction projects [7]