北京商报讯（记者 马换换 王蔓蕾）筹划近八个月后，群兴玩具（002575）拟收购杭州天宽科技有限公 司（以下简称"天宽科技"）51%股权这一重大资产重组事项宣告终止。消息披露后，群兴玩具遭到投资 者"用脚投票"，10月21日，公司股价跌停收盘。 据了解，群兴玩具于2011年登陆A股市场，公司的主要业务为智算业务、酒类销售、物业租赁与物业管 理服务。标的公司天宽科技成立于2007年，是国内领先的数智化服务运营商，可为客户提供AI产业、 数智安全、数字化服务等一系列产品及解决方案。 值得一提的是，本次终止重大资产重组，已非群兴玩具首次重组事项告败。自上市以来，公司曾数次筹 划重大资产重组事项，涉及新能源、消费电子精密功能性器件制造业务等多个业务领域，不过最终均以 失败告终。 交易行情显示，10月21日，群兴玩具开盘跌停，开盘后公司股价曾短暂打开跌停板，随后在大量卖单砸 盘下再度封至跌停。截至当日收盘，群兴玩具股价收于跌停价6.35元/股，总市值39.15亿元，当日成交 金额2.38亿元。 ...

Core Viewpoint - A-share companies' profitability showed a modest increase in the first half of 2025, with a year-on-year growth of 2.8%, while non-financial profits grew by only 1.5% [1][5][20]. Financial Performance - In the first half of 2025, the net profit attributable to shareholders for the entire A-share market, financial sector, and non-financial sector grew by 2.8%, 4.2%, and 1.5% respectively [1][5]. - Non-financial operating revenue experienced a slight decline of 0.4% year-on-year [1]. - In Q2 2025, the net profit growth rates for the entire A-share market, financial sector, and non-financial sector were 1.6%, 5.7%, and -1.6% respectively, indicating a negative growth for non-financial profits [1][19]. Sector Analysis - The real estate and export sectors saw a slowdown in growth compared to Q1, with PPI's year-on-year decline further widening, impacting non-financial revenue growth and profit margins [1]. - The financial sector remained active in Q2, with the securities and insurance industries experiencing a profit growth of 16.6%, driven by a 49.2% increase in securities profits and a 5.9% increase in insurance profits [1][19]. - The main board, ChiNext, and Sci-Tech Innovation Board saw year-on-year profit changes of -2.7%, +4.1%, and +24.5% respectively in Q2 [1][19]. Economic Segmentation - The new economy's profitability improved by 6.8% year-on-year in Q2, while the old economy turned negative with a decline of 8.3% [1][19]. - Profit growth in upstream, midstream, and downstream sectors was -16.3%, +3.7%, and +1.7% respectively, with upstream performance weakened by the widening PPI decline [1][19]. Industry Highlights - The TMT sector, non-ferrous metals, and certain midstream areas performed well, with specific growth characteristics including: - Energy and raw materials sector profits increased by 12.7%, 77.5%, and 40.5% for industrial metals, precious metals, and rare metals respectively [18]. - The midstream manufacturing sector, particularly in power equipment and new energy, saw a profit increase of 26.8% [18]. - The consumer sector's profitability was supported by price and cost reductions, with agriculture, forestry, animal husbandry, and fishery profits up by 20.4% [18]. Profit Distribution - The profitability of energy raw materials as a percentage of total profits decreased from nearly 40% in 2022 to 30.8% in Q2 2025 [1][14]. Performance Quality - Non-financial ROE remained stable, with upstream sectors experiencing a decline while midstream sectors stabilized [24][25]. - A-share companies' cash flow statements showed improvement, with operating cash flow reaching the highest level since 2010 [31][34]. - Capital expenditure growth improved, with new economy sectors showing positive growth for the first time since Q2 2024 [39][41].