Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is expected to benefit from the upcoming release of the iPhone 17 series, coinciding with the consumer electronics peak season, which may lead to a sequential improvement in performance [6][8] - The company has faced challenges in the first half of 2025, with a significant decline in revenue and net profit, attributed to a decrease in market share and adjustments in business structure [5][8] Financial Performance Summary - For the first half of 2025, the company reported revenue of 253.70 billion yuan, a year-on-year decrease of 34.69%, and a net profit of 2.22 million yuan, down 43.98% year-on-year [4] - In Q2 2025, revenue was 126.33 billion yuan, a year-on-year decline of 26.52%, and net profit was 0.95 billion yuan, down 58.06% year-on-year [5] - The company’s gross margin for Q2 2025 was 4.76%, showing a year-on-year increase of 0.8 percentage points [5] Strategic Partnerships and Market Position - The company maintains long-term strategic partnerships with major brands like Apple, Honor, and Samsung, and has the largest number of self-operated Apple APR stores in China [8] - As of the first half of 2025, the company added 36 self-operated Apple APR stores, bringing the total to 236, solidifying its leading position in the APR channel [8] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54 yuan, 0.66 yuan, and 0.71 yuan [9][11]