Group 1 - The company expects a 64.84% year-on-year increase in adjusted net profit for Q2 2025, reaching 10.179 billion yuan, with revenue projected to grow by 32.71% to 117.967 billion yuan [1] - In Q2 2025, the company's global smartphone shipments are expected to remain in the top three, with a strong performance in Africa and Latin America, maintaining a market share of 15% [1] - The average selling price (ASP) of smartphones is anticipated to slightly decline to 1,080 yuan, leading to a 1.6% year-on-year decrease in smartphone revenue to 45.792 billion yuan [1] Group 2 - The Internet of Things (IoT) revenue is projected to grow by 36% year-on-year to 36.394 billion yuan, with a gross margin increase of 3.3 percentage points [2] - The internet services segment is expected to see an 11% year-on-year revenue growth to 9.175 billion yuan, maintaining a healthy gross margin of 76% [2] - The automotive segment is forecasted to deliver 81,000 units of the SU7 model in Q2 2025, generating revenue of 25.92 billion yuan, with a gross margin expected to improve by 1 percentage point [2] Group 3 - The company maintains its existing profit forecast, with the current stock price corresponding to 26.5 times and 19.3 times the adjusted net profit for 2025 and 2026, respectively [2] - The target price has been adjusted down by 9% to 70.0 HKD, reflecting a potential upside of 29.6% based on the sum-of-the-parts valuation method [2]