Core Insights - In August, the domestic 65% tungsten concentrate price increased by 32.3% to 262,500 CNY/ton, with APT rising by 31.6%, tungsten carbide by 35.7%, and tungsten powder by 36%. In Q2, the domestic 65% tungsten concentrate price surged over 80%. The report suggests that China's control over tungsten metal will have a long-term positive impact on tungsten prices, similar to the effects seen with rare earths [3]. Advanced Manufacturing Group - BYD reported a revenue of 371.3 billion CNY for the first half of the year, a year-on-year increase of 23%, with a net profit of 15.5 billion CNY, up 14% year-on-year. The growth is attributed to a 32.49% increase in revenue from the new energy vehicle segment, a 50.49% rise in overseas revenue, and a 53.05% increase in R&D investment [6]. - Despite strong revenue and profit figures, concerns were raised regarding a 191.8 billion CNY gap between accounts payable and receivable, high inventory levels at 145.5 billion CNY, low technology R&D conversion rates, and a significant drop in Q2 net profit, which fell to 6.4 billion CNY, down 31% quarter-on-quarter and 30% year-on-year [6]. Consumption Group - Meitu Inc. reported an adjusted net profit of 467 million CNY for the first half of 2025, a substantial increase of 71.3% year-on-year, exceeding market expectations. The adjusted net profit margin reached 25.7%, up 8.8 percentage points year-on-year. The core imaging and design business generated 1.35 billion CNY in revenue, a 45.2% increase, accounting for 74.2% of total revenue [9]. - The growth strategy focused on "focusing on core + efficiency improvement," which involved shrinking non-core businesses to concentrate resources, leading to improved profitability driven by the high growth of the imaging and design business [9].