Core Viewpoint - The company reported its H1 2025 performance, which met expectations, with revenue of 92.367 billion yuan, a year-on-year increase of 1.03%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.22% [2] Financial Performance - In H1 2025, the company achieved revenue of 92.367 billion yuan, up 1.03% year-on-year, and a net profit of 6.337 billion yuan, down 10.22% year-on-year. The second quarter saw revenue of 52.348 billion yuan, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8%. The net profit for Q2 was 4.586 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2][6] Sales and Product Structure - The company reported a wholesale sales volume of 313,000 vehicles in Q2, with year-on-year increases of 10.07% and 21.87%. The sales breakdown by brand showed significant growth for the Wei brand, which increased by 106.4% year-on-year. The company also achieved a Q2 sales volume of 98,000 new energy vehicles, with a penetration rate of 31.3% [3] Strategic Focus - The company is committed to long-term strategies focusing on three main areas: smart technology, off-road capabilities, and global expansion. It is enhancing its smart technology with the Coffee Pilot system and has achieved recognition in global markets, ranking among the top 20 in China's global brand list for 2025 [4] Future Projections - The company maintains revenue forecasts of 219.5 billion yuan, 237.6 billion yuan, and 253.8 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.6%, 8.3%, and 6.8%. The net profit forecasts for the same years are 12.3 billion yuan, 13.9 billion yuan, and 14.4 billion yuan, with corresponding EPS of 1.43, 1.62, and 1.68 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue expectations for 2025, 2026, and 2027 are projected to be 219.5 billion, 237.6 billion, and 253.8 billion RMB, respectively, with year-on-year growth rates of +8.6%, +8.3%, and +6.8% [3] - The net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 12.3 billion, 13.9 billion, and 14.4 billion RMB, with year-on-year changes of -3.3%, +12.9%, and +3.7% [3] - The company is accelerating its focus on smart technology, globalization, and off-road capabilities, which supports the investment thesis [3] Financial Performance Summary - For H1 2025, the company achieved total revenue of 92.37 billion RMB, a year-on-year increase of 1.03%, and a net profit of 6.34 billion RMB, a decrease of 10.22% year-on-year [10] - In Q2 2025, the company reported revenue of 52.35 billion RMB, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8% [10] - The wholesale sales volume in Q2 2025 reached 313,000 units, with a year-on-year increase of 10.07% [10] - The company’s new energy vehicle sales in Q2 2025 were 98,000 units, representing a year-on-year increase of 33.7% [10] Strategic Initiatives - The company is committed to long-term strategies focusing on smart technology, off-road capabilities, and ecological globalization [10] - The introduction of the Coffee Pilot intelligent driving system and the Coffee OS 3 smart space system reflects the company's advancements in smart technology [10] - The company has been recognized as one of the top 20 brands in China's globalization efforts for 2025 [10]