Core Viewpoint - The company reported stable revenue growth in H1 2025, but faced a decline in net profit due to increased marketing expenses and investments in new channels and technologies [2][3]. Revenue and Profit Analysis - Total revenue for H1 2025 was 92.33 billion yuan, a year-on-year increase of 1.0%. Q2 2025 revenue was 52.32 billion yuan, with year-on-year and quarter-on-quarter growth of 7.7% and 30.7% respectively [2][3]. - The net profit attributable to shareholders for H1 2025 was 6.34 billion yuan, down 10.5% year-on-year. Q2 2025 net profit was 4.59 billion yuan, with year-on-year and quarter-on-quarter increases of 19.1% and 161.9% respectively [2][3]. - The non-recurring net profit for H1 2025 was 3.58 billion yuan, a decrease of 36.4% year-on-year, with Q2 2025 at 2.11 billion yuan, showing a year-on-year decline of 41.8% but a quarter-on-quarter increase of 43.8% [2][3]. Sales Performance - Total vehicle deliveries in H1 2025 reached 570,000 units, a year-on-year increase of 1.8%. Q2 2025 deliveries were 313,000 units, with year-on-year and quarter-on-quarter growth of 10.1% and 21.9% respectively [4]. - Specific brand performance in Q2 2025 included Haval with 177,000 units (up 24.7% year-on-year), Wey with 21,000 units (up 106.3% year-on-year), and Tank with 62,000 units (down 7.8% year-on-year) [4]. Cost and Expense Management - In Q2 2025, the expense ratios for sales, management, R&D, and financial costs were 5.2%, 1.8%, 4.5%, and -1.3% respectively, with year-on-year changes of +0.9 pts, -0.2 pts, -0.1 pts, and -0.7 pts [3]. Global Expansion - In Q2 2025, overseas sales were 107,000 units, showing a year-on-year decrease of 1.8% but a quarter-on-quarter increase of 17.5%. The new factory in Brazil commenced production in August, aiming for an annual capacity of 50,000 units [5]. Future Projections - Revenue projections for 2025-2027 are 240.58 billion yuan, 291.09 billion yuan, and 334.75 billion yuan respectively, with net profits expected to be 13.25 billion yuan, 20.18 billion yuan, and 23.30 billion yuan [6][8].