Core Viewpoint - The company has adjusted its net profit forecasts for 2025 and 2026 due to pressure on new car profitability, leading to a reduction of 35.1% and 38.1% respectively, with projected profits of 2.464 billion and 3.08 billion RMB [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue was 77.322 billion RMB, a decrease of 6.2% year-on-year, with new car sales down by 1.7% to 229,000 units and revenue from new cars down by 4.7% to 57.931 billion RMB [2] - The company's gross profit margin for the first half of 2025 was 5.4%, a decline of 0.5 percentage points, primarily due to intensified market competition and increased losses in new car sales [3] - Operating cash flow for the first half of 2025 reached 5.948 billion RMB, a significant increase of 103.3% year-on-year, indicating improved operational efficiency [3] Group 2: Business Segments - The after-sales service revenue increased by 4.4% to 11.445 billion RMB, benefiting from an increase in service visits and higher average revenue per vehicle [2] - The company experienced a 9.6% increase in used car sales, totaling 111,000 units, although revenue from used cars fell by 27.0% to 6.02 billion RMB due to government policies affecting older vehicles [2] Group 3: Strategic Outlook - The customer base for luxury vehicles continues to expand, with active customers reaching 4.54 million, a year-on-year increase of 15.2% [4] - The company is expected to benefit from a stabilization in vehicle pricing and the launch of new models from German luxury brands, which may lead to a recovery in business [4]