Investment Rating - The investment rating for the report is "Buy-A" with a target price of 76.50 CNY, maintaining the rating [5]. Core Viewpoints - The report highlights that the company has shown impressive growth in revenue and net profit for Q2 2025, with a year-on-year revenue increase of 61.5% and a net profit increase of 70.8% [1][2]. - The company is focusing on expanding its product lines, particularly in electric two-wheelers and electric scooters, which are expected to drive future growth [4]. - The report emphasizes the company's strong brand recognition and technological leadership in the electric two-wheeler and scooter markets, which positions it well for future opportunities [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 66.3 billion CNY, with a net profit of 7.9 billion CNY, reflecting significant growth compared to the previous year [1][2]. - The gross profit margin improved by 2.3 percentage points year-on-year, driven by economies of scale and cost reductions [3]. - The net profit margin for Q2 was 11.8%, an increase of 0.6 percentage points year-on-year [3]. Business Segments - The electric two-wheeler segment generated 39.6 billion CNY in revenue, up 80.6% year-on-year, with strong sales driven by enhanced store layouts and new product development [2]. - The self-branded retail scooter revenue reached 9.3 billion CNY, a 27.6% increase year-on-year, benefiting from a recovery in the European market [2]. - The all-terrain vehicle segment saw revenue of 3.2 billion CNY, a 10.7% increase year-on-year, supported by European market demand [2]. Future Outlook - The company is expected to continue its rapid revenue growth, with projected EPS of 27.32 CNY, 36.70 CNY, and 52.61 CNY for 2025, 2026, and 2027 respectively [4][10]. - The report anticipates that the company will leverage its brand strength and channel advantages in the high-growth segments of lawn mowers and E-bikes [2][4].