Core Viewpoint - The company's performance in Q2 2025 met expectations, with revenue of 15.4 billion, a year-on-year increase of 25% and a quarter-on-quarter increase of 20%. However, net profit decreased by 53% year-on-year and 54% quarter-on-quarter, primarily due to stock incentive expenses and credit impairment provisions [1]. Group 1: Performance Summary - Q2 2025 revenue reached 15.4 billion, with a year-on-year growth of 25% and a quarter-on-quarter growth of 20%. Net profit was 500 million, down 53% year-on-year and 54% quarter-on-quarter, impacted by stock incentive expenses of 490 million and credit impairment of 240 million [1]. - The power segment reported H1 2025 revenue of 5.1 billion, a year-on-year decline of 29%, with a gross margin of 17.6%, up 6.2 percentage points. Sales volume reached 21.48 GWh, a year-on-year increase of 59% [1]. - The energy storage segment had H1 2025 revenue of 10.3 billion, down 49% year-on-year, with a gross margin of 12.0%, down 2.3 percentage points. Sales volume was 28.71 GWh, a year-on-year increase of 37% [1]. - The consumer segment reported H1 2025 revenue of 5.1 billion, down 26% year-on-year, with a gross margin of 26.7%, down 1.6 percentage points. The company expects to maintain stable net profit contributions in Q2 2025 [1]. Group 2: Future Outlook and Developments - The company plans to maintain capital expenditures of 10 billion per year from 2025 to 2027, with multiple external collaborations starting in July [2]. - The first solid-state battery product is expected to be delivered in small batches in August, with a second product launch in Q3 and a 100 MWh production line to be completed this year [2]. - Stock incentive expenses for H1 2025 were 570 million pre-tax and 490 million post-tax, with an expected 420 million pre-tax for the second half of the year [2].