Core Insights - Kouzi Jiao's net profit attributable to shareholders for H1 2025 is 715 million yuan, a year-on-year decrease of 24.6%, with Q2 net profit at 105 million yuan, down 70.9% [1] Revenue and Profit Analysis - The decline in revenue and profit is greater than expected, reflecting current demand pressures and a high base from the launch of eight new products in the same period of 2024 [1] - Revenue breakdown for Q2 2025 shows high-end, mid-range, and low-end products generating 657 million, 12 million, and 29 million yuan respectively, with year-on-year changes of -49.6%, -7.7%, and +7.5% [1] Regional Performance - Q2 revenue from domestic and external markets reached 515 million and 183 million yuan respectively, with year-on-year declines of 54.0% and 18.6%, indicating a significant drop in domestic sales due to strict policy enforcement in Anhui province affecting consumer scenarios [1] Channel and Inventory Insights - The company maintains low channel inventory, and the dealer network remains relatively stable, with a net increase of 25 dealers in both domestic and external markets during Q2 [1] - There is still room for improvement in the company's organizational capabilities and channel development, maintaining an "overweight" rating [1]