Core Viewpoint - Yongda Automobile (03669) is actively optimizing its asset structure, planning to recognize approximately 3.5 billion yuan in long-term asset impairment in the first half of 2025 to alleviate historical burdens [1] Group 1: Business Performance - The new energy business is experiencing strong breakthroughs, with a rapid expansion of the new energy network, adding 30 authorized and 7 independently opened new energy outlets [1] - Sales of independent new energy vehicles and maintenance income have surged by 49% and 76% year-on-year, respectively, becoming a new engine for performance [1] Group 2: Financial Health - The operating fundamentals remain solid, with stable after-sales gross margins and abundant cash flow, as evidenced by a year-on-year increase of 57% in net operating cash inflow, exceeding 1.1 billion yuan [1] - Cash reserves have surpassed 2.3 billion yuan, indicating a strong liquidity position [1] Group 3: Strategic Focus - Management emphasizes a continued focus on the "luxury + new energy" dual strategy, with asset quality optimization supporting high-quality development [1]