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Smartphones: Q1 shipments reached 33.8 million units, down 19% YoY, but Average Selling Price (ASP) rose 8.2% YoY to RMB 1,310, setting a new record high. Volume fell, but prices rose—the high-end strategy is delivering results. EVs (Automotive): In Q2, SU7 series deliveries hit 104,200 units with a gross margin of 20.1%, while net losses narrowed from RMB 3.1 billion in Q1 to RMB 2.06 billion. Economies of scale are kicking in, and breakeven isn't far off.