Investment Rating - The report assigns an "Accumulate" rating to the company [2][10]. Core Views - The company shows resilience in new business growth despite concerns over revenue deceleration due to a low base. Profit margins are expected to gradually recover in Q3 and Q4 as the pace of capacity expansion slows [1][2]. Summary by Sections Financial Performance - For FY25Q1, the company reported revenue of 1.435billion,a30.51.278 billion, up 33.5%, aligning with market expectations [2]. - Non-GAAP operating profit was 300million,reflectinga23303 million, up 58.4%, with a profit margin of 24%, an increase of 2 percentage points [2]. - Non-GAAP net profit reached 265million,a40851 million and $872 million, representing a year-over-year growth of 25-28%, which is below the market's expectation of 30% [2].