Additionally, the stronger free cash flow (over RMB3bn) during theperiod increased net cash to RMB33.3bn. Affected by the postponedall-new model launch and model switch, 2Q25 delivery guidance seemsa bit lower than estimates. Yet we expect strong rally in 2H25 driven byseveral all-new flagship models (G7, next-gen P7, Kunpeng EREVs),while 4Q25 gross margin set to reach high-teens with profitability atthe bottom line. We reckon its recent share prices underperformancemay partially reflect market skepticism o ...