Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, but showed growth in non-GAAP net profit and sales volume for its three main self-owned brands [1][2]. Financial Performance - H1 2025 revenue was 72.69 billion yuan, down 5.3% year-on-year, with Q2 revenue at 38.53 billion yuan, reflecting a decrease of 2.9% year-on-year but an increase of 12.8% quarter-on-quarter [1]. - H1 2025 net profit attributable to shareholders was 2.29 billion yuan, down 19.1% year-on-year, with Q2 net profit at 939 million yuan, showing a significant decline of 43.9% year-on-year and 30.6% quarter-on-quarter [1]. - H1 2025 non-GAAP net profit was 1.48 billion yuan, up 26.4% year-on-year, with Q2 non-GAAP net profit at 693 million yuan, down 34.4% year-on-year and 11.5% quarter-on-quarter [1]. Sales Performance - Total sales volume in Q2 2025 reached 650,000 units, a slight increase of 1.3% year-on-year but a decrease of 7.8% quarter-on-quarter [1]. - The three self-owned brands, Deep Blue, Qiyuan, and Avita, showed strong performance in Q2 2025, with sales of 68,000, 50,000, and 32,000 units respectively, representing year-on-year growth of 75.8%, 13.2%, and 216.2% [1]. Profitability and Cost Structure - Q2 2025 gross margin was 15.2%, an increase of 2.0 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, driven by improved profitability from self-owned new energy brands [2]. - The sales expense ratio increased to 7.0% in Q2 2025, primarily due to the promotion of new models like S09 [2]. Strategic Developments - The establishment of China Changan Automobile Group Co., Ltd. as a state-owned enterprise is expected to accelerate the company's internationalization and resource integration [2]. - Upcoming new models, including Qiyuan A06, Qiyuan Q05, and Deep Blue L06, are anticipated to contribute to sales growth [2]. Earnings Forecast - The company is projected to achieve revenues of 186.9 billion yuan, 211.0 billion yuan, and 232.3 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 7.91 billion yuan, 10.02 billion yuan, and 12.14 billion yuan [3].