Group 1 - The company's performance is under short-term pressure in the first half of 2025, with revenue of 260 million yuan (-26.36%) and a net profit attributable to shareholders of -41 million yuan (-820.03%) [1] - The decline in revenue is primarily due to a phase adjustment in domestic operations, despite some recovery in terminal bidding, as the channel is still in the inventory digestion phase [1] - The gross margin decreased to 62.39% (-9.07pp), attributed to a higher proportion of lower-margin overseas business [1] Group 2 - The new flagship product AQ-400 has been approved, and the product matrix continues to improve with ongoing investments in independent innovation and product iteration [2] - The revenue forecast for 2025-2027 has been revised down to 710 million, 820 million, and 920 million yuan, with corresponding growth rates of -5%, 15%, and 13% [2] - The current stock price corresponds to a price-to-sales ratio of 9, 8, and 7 times for the years 2025, 2026, and 2027, maintaining an "outperform" rating [2]