<p>➀ Global telecom equipment revenues rebounded with 4% YoY growth in H1 2025 after two years of decline, driven by improved comparisons, inventory stabilization, and favorable currency trends;</p><p>➁ Markets outside China saw an 8% increase, led by Mobile Core Network, Optical Transport, and Service Provider Router & Switch segments;</p><p>➂ Huawei gained market share, while Ericsson and Nokia slightly declined; 2025 global revenues are projected to grow 2%-3%, up from previous flat forecasts.</p>