Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $87.1 million, with operating income at $22.2 million and net income at $6.8 million, while adjusted EBITDA was $51.6 million [3][11] - Available liquidity as of June 30, 2025, was $104 million, consisting of $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 [3][11] Business Line Data and Key Metrics Changes - The company achieved full utilization of its fleet, with an overall utilization rate of 96.8%, despite the start of two dry dockings [3] - The backlog as of June 30, 2025, was extended to $895 million in fixed contracts, averaging 2.6 years [9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups [8][9] - The average age of the fleet was reduced from 10.1 years to 9.7 years with the addition of a new vessel [9] Company Strategy and Development Direction - The company is focused on fleet growth through acquisitions and maintaining high operational utilization, while also planning to increase distributions to unitholders [17][27] - The strategic acquisition of the Dakin Connexion is expected to enhance long-term contracts and fleet growth without drawing on cash reserves [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, citing positive momentum in the shuttle tanker market and the company's ability to address debt maturities [12][16] - The company is optimistic about the demand for shuttle tankers, anticipating a medium-term shortage against forthcoming production [16] Other Important Information - A cash distribution of $0.026 per common unit was declared and paid in August 2025 [4] - The company initiated a $10 million unit buyback program, repurchasing 226,000 common units at an average price of $7.24 [6][10] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on July 2, 2025, the same day it was announced [19][20] Question: Future dropdowns and fleet growth - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, emphasizing the importance of financial capacity [22] Question: Contracting discussions for older vessels - Management clarified that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracts for older vessels [26] Question: Balancing fleet growth and distribution increases - Management stated that fleet growth and returns to unitholders are both important and can be pursued simultaneously without conflict [27][28]

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $87.1 million, with operating income at $22.2 million and net income at $6.8 million, while adjusted EBITDA was $51.6 million [3][11] - Available liquidity as of June 30, 2025, was $104 million, consisting of $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 [3][11] Business Line Data and Key Metrics Changes - The company achieved full utilization of its fleet, with an overall utilization rate of 96.8%, despite the start of two dry dockings [3] - The backlog of fixed contracts increased to $895 million, averaging 2.6 years, with potential for more if all options are exercised [9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups [8][9] - The average age of the fleet was reduced from 10.1 years to 9.7 years with the addition of a new vessel [9][28] Company Strategy and Development Direction - The company is focused on fleet growth through acquisitions and maintaining high operational utilization, while also planning to increase distributions to unitholders [17][27] - The strategy includes a combination of accretive growth and returns of capital to unit holders, with a $10 million unit buyback program initiated [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, citing positive momentum in the shuttle tanker market and the company's ability to address debt maturities [12][16] - The company is optimistic about the demand for shuttle tankers, anticipating a medium-term shortage against forthcoming production [16] Other Important Information - The company declared a cash distribution of $0.026 per common unit, paid in August [4] - The Dakin Connexion was purchased for $95 million, with a cash component of approximately $25 million, and is on time charter with PetroChina until July 2027 [5][6] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on July 2, 2025, the same day it was announced [19][20] Question: Future dropdowns and fleet growth - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, emphasizing the importance of financial capacity [20][22] Question: Contracting discussions for older vessels - Management stated that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracts for older vessels with clients [26] Question: Balancing fleet growth and distribution increases - Management explained that fleet growth and returns to unit holders are both important and can be pursued simultaneously, with the buyback program being a smaller component compared to fleet acquisitions [27][28]

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $87.1 million, with operating income at $22.2 million and net income at $6.8 million, while adjusted EBITDA was $51.6 million [3][11] - Available liquidity as of June 30, 2025, was $104 million, consisting of $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 [3][11] Business Line Data and Key Metrics Changes - The company operated with full utilization, achieving an overall utilization rate of 96.8%, despite the start of two dry dockings [3] - The backlog as of June 30, 2025, was extended to $895 million in fixed contracts, averaging 2.6 years [9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups [8][9] - The average age of the fleet was reduced from 10.1 years to 9.7 years with the addition of a new vessel [9][28] Company Strategy and Development Direction - The company aims to continue growth through acquisitions while maintaining high operational utilization and safe operations [17] - The strategy includes increasing the pipeline of long-term contracts, fleet growth, and reducing the average fleet age [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, citing positive momentum in the shuttle tanker market and the company's ability to address debt maturities [12] - The company is focused on capital allocation towards both growth and returns to unit holders, indicating a balanced approach to fleet expansion and distribution increases [27] Other Important Information - The company declared a cash distribution of $0.026 per common unit, paid in August [4] - A $10 million unit buyback program was initiated, with 226,000 common units repurchased at an average price of $7.24 per unit [6][10] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on July 2, 2025, the same day it was announced [19][20] Question: Future dropdowns and fleet growth - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, emphasizing the importance of financial capacity [20][22] Question: Contracting discussions for older vessels - Management stated that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracts for older vessels with clients [26] Question: Balancing fleet growth and distribution increases - Management explained that fleet growth and returns to unit holders are both important and can be pursued simultaneously, with the buyback program being a smaller component compared to fleet acquisitions [27][28]

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were reported at $87.1 million, with operating income of $22.2 million and net income of $6.8 million. Adjusted EBITDA stood at $51.6 million. Available liquidity as of June 30, 2025, was $104 million, comprising $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 2025 [3][11][12] Business Line Data and Key Metrics Changes - The company achieved full utilization of its fleet, with an overall utilization rate of 96.8%, despite the start of two dry dockings. The charter coverage was extended through various new chartering agreements and options exercised by charterers [3][4][9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups. The company has extended its backlog to $895 million of fixed contracts, averaging 2.6 years, with the average age of the fleet decreasing from 10.1 years to 9.7 years following the addition of a new vessel [8][9][15] Company Strategy and Development Direction - The company is focused on growth through acquisitions and maintaining a high operational utilization rate. It aims to increase earnings visibility and liquidity while also considering unit buybacks as a means to enhance shareholder value. The strategy includes replenishing the fleet with younger vessels and securing long-term contracts [7][10][17][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive momentum for both the company and the wider sector, indicating that the financial impact of chartering typically arrives after an upturn in sentiment or spot market activity. They noted that the shuttle tanker demand is expected to absorb the current order book, with a medium-term shortage anticipated [10][12][15] Other Important Information - The company declared a cash distribution of $0.026 per common unit, which was paid in August 2025. Additionally, a $10 million unit buyback program was initiated, with 226,000 common units repurchased at an average price of $7.24 per unit [4][6][16] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on the day of the announcement, July 2, 2025 [19] Question: Future dropdowns and financing flexibility - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, based on financial capacity and terms offered [20][21] Question: Contracting discussions for older vessels - Management stated that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracting opportunities for all vessels, including older ones [26] Question: Balancing fleet growth and distribution increases - Management emphasized that fleet growth and returns to unit holders are both important and can be pursued simultaneously, with acquisitions necessary to maintain a rejuvenated fleet [27][28]

Financial Data and Key Metrics Changes - Total revenue decreased by 30.2% from CNY 1,619 million in H1 2024 to CNY 1,131 million in H1 2025 [15] - Revenue from on-demand delivery solutions was CNY 1,039 million, a decrease of 30.7% from CNY 1,499 million in H1 2024 [15] - Gross profit was CNY 24.8 million in H1 2024 and CNY 4.1 million in H1 2025, indicating a significant decline [17] - Net loss increased to CNY 53 million in H1 2025 from CNY 46.5 million in H1 2024, reflecting a 14% increase [22] Business Line Data and Key Metrics Changes - Housekeeping and accommodation solutions revenue increased by 70.8% year-over-year to CNY 34.8 million from CNY 20.4 million in H1 2024 [16] - Home to Home segment achieved 83.6% revenue growth and 319.8% gross profit growth, with gross margin rising to 65.2% [6] - Lilac's accommodation business recorded a 63.6% year-over-year increase in revenue, supported by new cooperation with Baker [8] Market Data and Key Metrics Changes - The domestic food delivery market experienced significant changes, with increased competition and cost burdens passed to service providers [4] - The vehicle export solutions revenue decreased by 42.8% to CNY 57.4 million, primarily due to a decrease in units sold [16] Company Strategy and Development Direction - The company is focused on a dual-track strategy: optimizing core business for quality growth and accelerating the development of the second core business [3][4] - The integration of housekeeping and accommodation solutions is seen as a key driver for optimizing profit structure [6] - The company plans to transition from a fulfillment service provider to a supply chain enabler, generating new opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management noted that despite pressures in the on-demand delivery business, the company maintained resilience and made progress in its second core business [13] - The cooperation with JD Jingdong Takeaway is expected to add incremental volume under the new competitive landscape [13] - Future plans include focusing on operational efficiency and refining business models to deliver sustainable long-term returns [14] Other Important Information - The company has cash equivalents and restricted cash of CNY 33.1 million and short-term debt of CNY 118 million as of June 30, 2025 [22] - The company is involved in a trust plan aimed at enhancing property quality and generating stable returns for investors [9] Q&A Session Summary Question: Could you explain Quhuo's specific role in the trust corporation and its impact on future financial performance? - Management explained that Quhuo Ltd is a core operator in the trust project, turning business revenues into data assets and then into financial assets, which strengthens liquidity and increases asset returns [25] - The financial impact includes higher margin income and improved cash flow, providing flexibility for expansion [26]

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 was RMB 1.13 billion, a decrease of 30.2% from RMB 1.619 billion in the same period of 2024 [15] - Gross profit decreased to RMB 4.1 million from RMB 24.8 million in the first half of 2024 [17] - Net loss increased to RMB 53 million, compared to a loss of RMB 46.5 million in the first half of 2024 [22] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 1.039 billion, down 30.7% from RMB 1.499 billion in the first half of 2024 [15] - Housekeeping and accommodation solutions revenue increased by 70.8% year-over-year to RMB 34.8 million [16] - Vehicle export solutions revenue decreased by 42.8% to RMB 57.4 million [16] Market Data and Key Metrics Changes - The domestic food delivery market experienced significant changes, with increased competition and cost burdens being passed to service providers [4] - The company observed signs of increased market share beginning in May 2025, indicating potential for scalable profitability [4] Company Strategy and Development Direction - The company is pursuing a dual-track strategy: optimizing the core business for quality growth and accelerating the development of the second core business [3] - The housekeeping and accommodation segment is becoming a significant driver for profit optimization [6] - The company is transitioning from a fulfillment service provider to a supply chain enabler, with a new cooperation with JD Jingdong Takeaway [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the on-demand delivery business faces pressures but remains confident in the long-term value of the business [5] - The integration period is expected to end, leading to improved operational efficiency and profit potential in the second half of 2025 [5] - The company aims to enhance cash flow and expand its business through financial empowerment and operational improvements [26] Other Important Information - The company is involved in a trust plan to enhance property quality and rental value, which is expected to generate stable returns for investors [9] - The international revenue from used car stores showed a gross profit growth of 17.8%, with an improved gross margin [10] Q&A Session Summary Question: What is Quhuo's specific role in the trust corporation and its impact on future financial performance? - Management explained that Quhuo Ltd is a core operator in the trust project, turning business revenues into data assets and then into financial assets, which enhances liquidity and increases asset returns [25][26]

Financial Data and Key Metrics Changes - In the first half of 2025, total revenue was RMB 93.2 million, a decrease from RMB 102.4 million in the same period last year [24] - Gross profit increased by 10% year over year, with gross profit margin rising to 54.4%, up from 44.4% [5][25] - Operating expenses decreased by 52% to RMB 55.9 million from RMB 117 million in the same period last year [26] - Net loss narrowed significantly to RMB 4.8 million from RMB 95.9 million year over year, representing a 95% improvement [5][29] Business Line Data and Key Metrics Changes - Online advertising services revenue was RMB 74.5 million, down from RMB 80.4 million, attributed to advertisers adjusting strategies due to macro pressures [24] - Revenue from enterprise value-added services decreased to RMB 12.2 million from RMB 13.4 million, focusing on margin improvement [24] - Subscription services revenue fell to RMB 6.4 million from RMB 8.6 million, due to changes in the training services business model [25] Market Data and Key Metrics Changes - Revenue from Internet clients increased by 52% year over year, while revenue from the FMCG segment grew by 27% [15] - Revenue from sub-vertical media channels for younger audiences increased by 30% year over year, with brand client spending doubling [15] Company Strategy and Development Direction - The company has focused on content innovation, commercialization, and technological applications to optimize organizational structure and improve efficiency [5] - A strategic partnership was signed with Hangzhou Tiantang New Era Construction and Investment Group to support global expansion initiatives [17] - The company aims to enhance its competitive edge in content creation and further leverage AI technology to empower development among New Economy stakeholders [23] Management Comments on Operating Environment and Future Outlook - Management highlighted that operational efforts over the past two years led to significant cost reductions and efficiency improvements, predicting profitability by the end of 2025 [32][33] - The company plans to continue expanding its overseas ventures and strengthen its global network [37] - Management emphasized the importance of integrating AI technology into content production to unlock new avenues for success [40] Other Important Information - The company hosted multiple events in the first half of 2025, including the AI Partner Summit and the Industrial Future Conference, to foster collaboration and innovation [12][38] - The launch of new content channels and live streaming series aims to engage younger audiences and enhance the company's influence in emerging industries [8][39] Q&A Session Summary Question: How did the company achieve financial turnaround and what is the outlook for 2025? - The company implemented cost reduction measures, streamlined operations, and improved workforce efficiency, resulting in a significant decrease in operating expenses and net loss [32] - The company predicts achieving profitability by the end of 2025 through continued improvements in content creation and product metrics [33] Question: What are the future plans for the Industrial Service business? - The company will continue hosting legacy IP events and has restructured its content layout and business strategy for the industrial service business, aiming for sustained profitability [36] - The company plans to expand its global network and collaborate with service providers to support enterprises seeking global expansion [37] Question: How does the company position itself in generative AI across content? - The company launched new content channels and live streaming series focused on AI, aiming to enhance user engagement and maintain its edge in AI trends [39] - The company plans to roll out a user review and discovery platform for AI tools, integrating community engagement and product guidance [40]

Financial Data and Key Metrics Changes - For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, reflecting a continued transition period ahead of expected growth in the second half [19] - Operating losses increased by $13.2 million to $27.3 million, primarily due to a one-off stock-based compensation charge and increased investments in R&D and administrative costs [20] - The net loss for the six months ending June 2025 was $22.3 million, an increase of $6.8 million compared to the same period last year [21] - The company has a strong cash balance of $124.6 million as of June 30, 2025, allowing for accelerated technological development and strategic investments [21] Business Line Data and Key Metrics Changes - The company is focusing on next-generation quantum-resistant chips, the SealCoin transactional IoT platform, and the WISe.ART expansion [21] - The backlog of booked orders for 2026 is approximately 300% higher than at the end of 2025, indicating strong future demand [19] Market Data and Key Metrics Changes - The company expects full-year revenues to be in the range of $18 to $21 million, driven by a return to growth in demand for traditional semiconductor products and the consolidated revenue of IC'ALPS [22] - A robust pipeline of revenue opportunities amounting to $170 million for the period 2026 to 2028 has been established [17] Company Strategy and Development Direction - The company is executing a quantum convergence strategy that combines traditional identity security methods with emerging quantum-safe technologies [6][7] - Strategic partnerships, such as the QuantumX security initiative in Spain, are being developed to enhance shareholder value and create new addressable markets [13] - The company is also focusing on scaling execution and expanding its operational capabilities in the second half of 2025 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth in the second half of the year, with expectations of increased demand for quantum-resistant solutions due to regulatory pressures [22][36] - The company is positioning itself to shape the future of digital trust and security, emphasizing the importance of quantum resilience in critical infrastructures [17][36] Other Important Information - The company is pioneering the integration of post-quantum cryptography into its semiconductor products, with the first post-quantum chip expected to be launched in November 2025 [8][10] - The WISe.ART platform is evolving to include digital twin technology and is expected to generate new revenue streams through tokenization and machine-to-machine transactions [40][42] Q&A Session Summary Question: Contribution from Quantix and margin expectations - The contribution from Quantix is expected to be $25 million over three years, with varying margins depending on the nature of the project [24] - Product revenues are anticipated even before the personalization center is fully operational [25] Question: Breakdown of the $170 million pipeline - The pipeline includes contributions from the Quantum Shield QS7001 chip, Trusted Platform Model (TPM) chips, and revenue from personalization centers [33][37] Question: Path to commercializing WISe.ART and SealCoin - The commercialization of WISe.ART is focused on creating digital twins and integrating SealCoin as a payment method for transactions between devices [39][42]

Financial Data and Key Metrics Changes - For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, reflecting a continued transition period ahead of expected growth in the second half [19] - Operating losses increased by $13.2 million to $27.3 million, largely due to a one-off stock-based compensation charge and increased investments in R&D and infrastructure [20] - Net loss for the six months ended June 2025 was $22.3 million, an increase of $6.8 million compared to the same period last year [21] - The company has a strong balance sheet with a cash balance of $124.6 million as of June 30, 2025, allowing for accelerated technological development [21] Business Line Data and Key Metrics Changes - The company is focusing on next-generation quantum-resistant chips, the SealCoin transactional IoT platform, and the WISe.ART expansion [21] - The backlog of booked orders for 2026 is approximately 300% higher than at the end of 2025, indicating strong demand for CLSQ's products [19] Market Data and Key Metrics Changes - The company expects full-year revenues to be in the range of $18 to $21 million, driven by demand for CLSQ's semiconductor products and the consolidated revenue of IC'ALPS [22] - A robust pipeline of revenue opportunities amounting to $170 million for the period 2026 to 2028 has been established [17] Company Strategy and Development Direction - WISeKey is executing a quantum convergence strategy that combines traditional identity security methods with emerging quantum-safe technologies [6][7] - The company is building a decentralized value model through strategic partnerships, such as the QuantumX security initiative in Spain, which has secured €25 million in committed revenue over three years [13] - The focus is on scaling execution and expanding the WISe.ART constellation to increase coverage and open new subscriptions [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth in the second half of 2025, with expectations of increased demand for quantum-resistant solutions due to regulatory pressures [22][36] - The company is positioning itself to shape the future of digital trust and security, emphasizing the importance of quantum resilience in critical infrastructures [17][36] Other Important Information - The Quantum Shield QS7001 chip, set to launch in November 2025, aims to secure critical applications against quantum computing threats [8][9] - The company is also developing a Trusted Platform Model version of the QVAULT TPM, which is expected to enhance security and efficiency [10] Q&A Session Summary Question: Contribution from Quantix and margins on project revenue - The project is expected to contribute $25 million over three years, with varying margins depending on the type of revenue recognized [24] - Product revenues are anticipated even before the personalization center is fully operational [25] Question: Breakdown of the $170 million pipeline - The pipeline includes contributions from the Quantum Shield QS7001 chip, Trusted Platform Model chips, and revenue from personalization centers [33][37] Question: Path to commercializing WISe.ART and expectations for 2026 - WISe.ART aims to create digital twins of secured objects, with SealCoin as the payment method for transactions between devices [40][42] - The company is working on bringing SealCoin to a top exchange, which will diversify revenue streams [42]

Financial Data and Key Metrics Changes - In the first half of 2025, total revenue was RMB 93.2 million, a decrease from RMB 102.4 million in the same period last year [25] - Gross profit increased by 10% year-over-year, with gross profit margin rising to 54.4%, up from 44.4% [6][27] - Operating expenses decreased by 52% year-over-year to RMB 55.9 million from RMB 117 million [28] - Net loss narrowed significantly to RMB 4.8 million from RMB 95.9 million in the same period last year, representing a 95% improvement [6][30] Business Line Data and Key Metrics Changes - Online advertising services revenue was RMB 74.5 million, down from RMB 80.4 million, attributed to advertisers adjusting strategies due to macro pressures [25] - Revenue from enterprise value-added services decreased to RMB 12.2 million from RMB 13.4 million, focusing on margin improvement [26] - Subscription services revenue fell to RMB 6.4 million from RMB 8.6 million, primarily due to changes in the training services business model [26] Market Data and Key Metrics Changes - Revenue directly generated by Internet clients increased by 52% year-over-year, while revenue from the FMCG segment grew by 27% [15] - Revenue from sub-vertical media channels for younger audiences increased by 30% year-over-year, with brand client spending doubling [15] Company Strategy and Development Direction - The company has focused on content innovation, commercialization, and technological applications to optimize organizational structure and improve efficiency [6] - A strategic partnership was established with Hangzhou Tiantang New Era Construction and Investment Group to support global expansion initiatives [17] - The company aims to continue enhancing its content creation capabilities and optimize product metrics, with a focus on achieving profitability by the end of 2025 [34] Management's Comments on Operating Environment and Future Outlook - Management highlighted that operational efforts over the past two years led to significant cost reductions and efficiency improvements [32] - The company anticipates profits by the end of 2025, driven by ongoing improvements in content creation and product offerings [34] - Management expressed confidence in sustaining globalization momentum and expanding overseas ventures [37] Other Important Information - The company has hosted multiple events related to AI and industrial services, enhancing its influence in emerging industries [12][38] - The launch of new content channels and live streaming series has been aimed at engaging younger audiences and expanding the company's reach [10][39] Q&A Session Summary Question: How did the company achieve financial turnaround and what is the full year outlook for 2025? - The company implemented cost reduction and efficiency measures, resulting in a significant decrease in operating expenses and a narrowed net loss. The gross profit margin rebounded to over 50% [32][34] Question: What are the future plans for the Industrial Service business? - The company will continue hosting legacy IP events and has restructured its content layout and business strategy for the industrial service business, aiming for sustained profitability [36][38] Question: How does the company position itself in generative AI across content and product offerings? - The company has launched new initiatives in AI content, including video channels and live streaming series, and plans to roll out a user review platform for AI tools [39][40]