研究员：Alex LIN/LOU Jia/Olivia NIU/Alina LIN We lower 3Q25 revenue forecast from RMB122bn to RMB113bn andadj. NI forecast from RMB10.7bn to RMB10.5bn, to reflect 1) 43.5m3Q25 smartphone shipments facing memory price pressure; 2)tightening national subsidy and intensifying competition in 3Q25 maypressure IoT sales momentum given Xiaomi's absence from price war;3) smooth delivery and elevated YU7 SUV mix should mark firstprofitable quarter of smart EV segment with RMB700-800m GAAP netprofit. While industry headw ...