Group 1 - The short-term instant delivery industry is experiencing intensified competition, leading to increased investments in user, rider, merchant subsidies, and ecosystem development [1] - The company has adjusted its non-IFRS net profit forecasts for 2025-2027 to -26 billion, 358 billion, and 588 billion respectively, down from previous estimates of 506 billion, 638 billion, and 779 billion [1] - The company aims to consolidate market share through increased subsidies in 2025, with expectations of a return to profitability in 2026 and a projected net profit growth rate of 64.2% in 2027 [1] Group 2 - In Q2 2025, the company's revenue was 918 billion, a year-on-year increase of 11.7%, slightly below Bloomberg's consensus estimate of 937 billion [2] - The non-IFRS net profit for Q2 2025 was 14.9 billion, a year-on-year decrease of 89%, significantly lower than the consensus estimate of 98.5 billion, primarily due to intense competition in the delivery industry [2] - Core business revenue grew by 7.7% year-on-year, with delivery service revenue increasing by 2.8%, but the growth rate lagged behind the increase in instant delivery transaction volume due to higher subsidy deductions [2]