Smart EV business: 1Q25 revenue rose by 11.5% QoQ to RMB18.6bn, largely in line. GPM expanded 2.7ppts QoQ to 23.2% driven by larger deluxe Ultra sales mix, enhanced scale effect, scale-back of purchase incentives and sales of high- margin vehicle accessories, well above initial estimates. Helped by stronger GPM and strict OPEX control, 1Q25 adj. net loss continued QoQ reduction to RMB195m. At present, we leave our volume/revenue forecasts for EV business intact, with potential volume movement counting on de ...