Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 was below the earnings forecast, with the Zun Jie S800 showing good performance [1] - The company achieved a total revenue of 9.579 billion yuan in Q2 2025, with a year-on-year decline in total sales of 8.8% [8] - The company is engaged in a comprehensive strategic cooperation with Huawei to develop luxury intelligent connected electric vehicles, with the Zun Jie S800 officially launched [8] - Due to intensified industry competition, the company's net profit forecasts for 2025, 2026, and 2027 have been revised downwards [8] Financial Summary - Total revenue for 2023 is projected at 45.016 billion yuan, with a year-on-year growth of 23.07% [1] - The net profit attributable to the parent company for 2025 is estimated at 562.07 million yuan, with a significant increase of 169% compared to the previous year [1] - The earnings per share (EPS) for 2025 is expected to be 0.26 yuan, with a price-to-earnings (P/E) ratio of 203.92 [1] - The company’s total assets are projected to reach 51.652 billion yuan by 2025, with a debt-to-asset ratio of 74.72% [9]