Core Viewpoint - Snow Qi Electric's performance in the first half of 2025 shows a decline in revenue but an increase in net profit, indicating a mixed financial outlook amid strategic adjustments and market challenges [2][3]. Financial Performance - In the first half of 2025, Snow Qi Electric achieved revenue of 896.57 million yuan, a decrease of 3.92% year-on-year, while net profit attributable to shareholders was 34.99 million yuan, with a growth of 13.70% after excluding share-based payment impacts [2]. - Domestic revenue accounted for 55.84% of total revenue at 500.68 million yuan, while overseas revenue grew by 20.91% to 395.90 million yuan, representing 44.16% of total revenue [2]. Profitability Analysis - The company's gross margin increased slightly by 0.21%, but net margin decreased by 0.35 percentage points due to a rise in expense ratios, particularly a 26.02% increase in sales expenses [3]. - The implementation of a restricted stock incentive plan led to amortized expenses of approximately 9.35 million yuan in the first half of the year, contributing to the net profit growth [3]. Accounts Receivable - As of June 30, 2025, accounts receivable stood at 387.98 million yuan, accounting for 18.16% of total assets, showing a decrease of 2.62% year-on-year [4]. - The proportion of accounts receivable over one year old is only 1.39%, indicating a stable collection situation with no significant overdue accounts [4]. Shareholder Actions - In April 2025, shareholders disclosed plans to reduce their stakes by 3% and 1%, respectively, which have since been completed without major impacts on the company's governance or operations [5]. Product Strategy - The company is experiencing a transition period, focusing on high-capacity refrigerators, with products over 500L increasing from 68% to 76% of the product mix [6]. - The company aims to enhance R&D and adjust product and customer structures while emphasizing overseas market expansion [6]. Strategic Acquisitions - The acquisition of Shengbang Electric, a long-time supplier, aims to extend the supply chain upstream, enhance component reliability, and reduce operational risks and costs [7]. Subsidiary Performance - Wuliang Intelligent, a high-tech enterprise, reported approximately 28 million yuan in revenue for PCBA products in the first half of 2025, with a focus on expanding into industrial and new energy sectors [8]. International Market Strategy - The company has sales in over 100 countries, with significant growth in South America, Asia, and North America, while adjusting strategies to address slight declines in the North American market [10].