Core Insights - The company reported a revenue of 1.731 billion yuan for the first half of 2025, a year-on-year decrease of 3.97% [1] - The net profit attributable to shareholders was -46.86 million yuan, an increase of 62.39% year-on-year [1] - The basic earnings per share was -0.07 yuan, with a weighted average return on equity of -2.21% [1] Financial Performance - The gross margin for the first half of 2025 was 36.57%, up 4.88 percentage points year-on-year [1] - The net margin was -2.64%, an increase of 4.46 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin was 36.30%, a year-on-year increase of 4.39 percentage points, but a quarter-on-quarter decrease of 0.53 percentage points [1] Expenses and Costs - Total operating expenses for the first half of 2025 were 706 million yuan, an increase of 6.0039 million yuan year-on-year [2] - The expense ratio was 40.77%, up 1.95 percentage points from the previous year [2] - Sales expenses increased by 3.02%, while management and R&D expenses decreased by 4.76% and 5.74%, respectively [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 25,800, an increase of 42 from the previous quarter [2] - The average market value per shareholder rose from 75,600 yuan to 137,000 yuan, an increase of 81.33% [2] Company Overview - The company is located in Chaoyang District, Beijing, and was established on April 10, 1993, with its listing date on April 22, 2015 [2] - The main business involves the research, design, production, and sales of mid-to-high-end furniture and home products [2] - Revenue composition includes 71.26% from Ekornes products, 15.70% from custom furniture, 9.07% from finished furniture, and 2.00% from decorations and others [2]