Through 2025 we built quarter on quarter: revenue 1,715.5M yuan (+12.5%), net profit 254.3M yuan (+13.0%), operating cash flow +28.9%. Quarterly profit accelerated — 54.7, 58.6, 68.0, 73.1M yuan. Then Q1 2026 reversed hard: revenue 357.5M yuan (-2.7%), net profit 41.0M yuan (-25.2%), below every 2025 quarter, ROE 1.17%. Whether margin blip or auto-consumer slowdown, we watch H1 2026 for volume and margin recovery.