Executive Summary: HC Group Inc. posted QQ2 2025 revenue of 6,012,968,000 CNY, up 137.6% year over year, signaling solid top-line momentum across its Technology-Driven New Retail, Platform, and Corporate Services segments. However, the margin profile remained compressed, with gross profit of 226,290,000 CNY and a gross margin of 3.76%, and the company reported a net loss of 22,728,000 CNY for the quarter. EBITDA was 20,096,000 CNY and operating income was 14,491,000 CNY, indicating limited initial operating leverage despite positive operating earnings. The bottom line was pressured by higher non-operating costs and tax effects, culminating in a negative net income despite a modest operating profit level.