Core Insights - ReNew Energy Global PLC reported quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.17 per share, representing an earnings surprise of -23.53% [1] - The company posted revenues of $408 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.17% and showing an increase from $356 million year-over-year [2] - The stock has gained approximately 10.5% since the beginning of the year, underperforming compared to the S&P 500's gain of 14.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $318 million, while for the current fiscal year, the estimate is $0.23 on revenues of $1.59 billion [7] - The estimate revisions trend for ReNew Energy Global was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Alternative Energy - Other industry, to which ReNew Energy Global belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of INR 53.5 billion for the first half of fiscal year 2026, representing a 24% year-on-year growth [7] - Revenue increased by over 50% for the first half of the fiscal year compared to the previous year, driven by an increase in MW and significant contributions from third-party sales in the manufacturing business [12] - The company reaffirmed its fiscal year 2026 adjusted EBITDA guidance of INR 87 billion to INR 93 billion [20] Business Line Data and Key Metrics Changes - The manufacturing business, with an operational capacity of 6.4 GW of modules and 2.5 GW of cells, produced over 2 GW of modules and over 900 MW of cells in the first half of fiscal year 2026, contributing INR 3.3 billion to adjusted EBITDA for the quarter [8][12] - The company revised its FY 2026 adjusted EBITDA guidance for manufacturing upwards to INR 10 billion to INR 12 billion [8] Market Data and Key Metrics Changes - The company has signed Power Purchase Agreements (PPAs) for 3.8 GW of installed renewable energy capacity over the past four quarters, indicating strong market demand [7] - The government of India reduced the goods and services tax on renewable energy sector items from 12% to 5%, enhancing the affordability of clean energy [5] Company Strategy and Development Direction - The company aims to complete the construction of 1.6-2.4 GW of capacity in fiscal 2026, maintaining a focus on profitable growth and capital discipline [7][20] - The company is expanding its committed portfolio and expects to see a substantial chunk of its 6 GW of Letters of Award (LOAs) convert into PPAs over the next six months [24] Management's Comments on Operating Environment and Future Outlook - The management noted that while global macroeconomic conditions remain volatile, the situation in India is relatively stable, with low inflation and an upgraded credit rating [4] - The management expressed optimism about the energy sector despite subdued power demand growth due to climatic conditions, indicating a focus on execution and project delivery [4][9] Other Important Information - The company achieved a score of 83 out of 100 in the S&P Global Corporate Sustainability Assessment, marking a 14% year-on-year improvement [16][17] - The company published its inaugural climate risk and biodiversity risk reports, aligning with TCFD and TNFD frameworks, showcasing its commitment to transparency and governance [18] Q&A Session Summary Question: Progress on contracting side and expectations for additional PPA signings - The company has made good progress on PPA signings and expects a reasonable chunk of the 6 GW of LOAs to convert into PPAs over the next six months, but specific timelines are hard to predict [24][25] Question: Update on transmission status for projects in the pipeline - Most transmission connectivity has been secured, but some DISCOMs are requesting faster project delivery, which the company is working to accommodate [27][28] Question: Decline in solar manufacturing margins - The decline in margins was attributed to a leaner sales month and strategic procurement decisions made in the previous quarter [30][31] Question: Timelines for cell expansion and plans for wafer ingot - The company expects pre-commissioning of the cell expansion by the same time next year, with full commissioning by the end of fiscal 2027 [39] Question: Status of curtailment during the last quarter - The company experienced curtailment amounting to about INR 100 crore in the first half, linked to projects where backend lines were not ready [51] Question: Plans for refinancing upcoming bonds - The company is exploring refinancing options in markets that offer the lowest cost of capital, with no major challenges anticipated [76] Question: Status of the TIC private offer - The consortium is expected to provide a binding offer by November, with ongoing discussions with public shareholders [78]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of INR 53.5 billion for the first half of fiscal year 2026, representing a 24% year-on-year growth [6] - Revenue increased by over 50% for the first half of the fiscal year compared to the previous year, driven by an increase in megawatts and contributions from third-party sales in the manufacturing business [12] - The company reaffirmed its fiscal year 2026 adjusted EBITDA guidance of INR 87-93 billion [20] Business Line Data and Key Metrics Changes - The manufacturing business produced over 2 GW of modules and over 900 MW of cells in the first half of fiscal year 2026, contributing INR 3.3 billion to adjusted EBITDA for the quarter [7][8] - The manufacturing EBITDA guidance for fiscal year 2026 was revised upwards to INR 10-12 billion [8] - The company commissioned over 2.1 GW of renewable energy capacity since October of the previous year, marking a 22% growth in its portfolio after adjusting for asset sales [5][12] Market Data and Key Metrics Changes - The Indian government reduced the goods and services tax on renewable energy sector items from 12% to 5%, enhancing the affordability of clean energy [5] - The S&P upgraded India's long-term credit rating, which is expected to positively impact the company's borrowing costs [14] Company Strategy and Development Direction - The company continues to focus on profitable growth, project execution, and capital discipline, aiming to deliver returns significantly above its cost of capital [5] - The company is on track to complete the construction of 1.6-2.4 GW of capacity in fiscal year 2026 [6] - The company is expanding its committed portfolio with signed PPAs for 3.8 GW of installed renewable energy capacity over the past four quarters [6] Management's Comments on Operating Environment and Future Outlook - The management noted that while global macroeconomic conditions remain volatile, the situation in India is relatively stable, with low inflation and expectations of further rate cuts by the Reserve Bank of India [4] - The management expressed confidence in the execution of projects and the potential for future growth despite some cyclical lulls in the bidding environment [10][20] Other Important Information - The company achieved a score of 83 out of 100 in the S&P Global Corporate Sustainability Assessment, marking a 14% year-on-year improvement [16][19] - The company published its inaugural climate risk and biodiversity risk reports aligned with TCFD and TNFD frameworks [18] Q&A Session Summary Question: Progress on contracting side and expectations for additional PPA signings - The company has made good progress on PPA signings, with approximately 6 GW of LOAs expected to convert into PPAs over the next six months [24][25] Question: Update on transmission status for projects in the pipeline - Most transmission connectivity is in place, with efforts ongoing to convert existing connectivity to expedite project timelines [27][28] Question: Decline in solar manufacturing margins - The decline in margins was attributed to a higher mix of captive sales and lower realizations in Q2 compared to Q1 [30] Question: Timelines for cell expansion and plans for wafer ingot - The company expects pre-commissioning of the cell expansion by the same time next year, with full commissioning by the end of fiscal 2027 [38] Question: Experience of curtailment during the last quarter - The company experienced curtailment amounting to about INR 100 crore in the first half, linked to projects where backend lines were not ready [51] Question: Plans for refinancing upcoming bonds - The company is working on refinancing plans and will pursue the market offering the lowest cost of capital [74]

Core Insights - ReNew Energy Global Plc reported an 84% year-over-year increase in net profit for the first half of fiscal year 2026, with total income reaching INR 79,715 million (US$ 898 million) compared to INR 54,713 million (US$ 616 million) in the same period last year [1][5]. Financial Performance - Total income for Q2 FY26 was INR 38,557 million (US$ 434 million), up from INR 29,887 million (US$ 337 million) in Q2 FY25 [5]. - Net profit for Q2 FY26 was INR 4,675 million (US$ 53 million), slightly down from INR 4,939 million (US$ 56 million) in Q2 FY25 [5]. - Adjusted EBITDA for H1 FY26 was INR 53,459 million (US$ 602 million), compared to INR 43,188 million (US$ 486 million) for H1 FY25 [5]. - Revenue from power sales for H1 FY26 was INR 51,548 million (US$ 581 million), compared to INR 48,342 million (US$ 545 million) for H1 FY25 [5]. Operational Highlights - The company's portfolio consisted of approximately 18.5 GW (+1.1 GW BESS) as of September 30, 2025, an increase from ~15.6 GW a year earlier [5]. - Commissioned capacity increased by 12.8% year-over-year to ~11.4 GW (+150 MWh BESS) as of September 30, 2025, with an additional 212 MW commissioned in October 2025 [5]. - The company expects to complete the construction of 1.6 to 2.4 GW by the end of fiscal year 2026 [4]. Manufacturing and Sales - External sales from solar module and cell manufacturing contributed INR 23,351 million (US$ 263 million) to total income for H1 FY26 [5]. - The company anticipates that external sales from solar module and cell manufacturing will contribute INR 10-12 billion to Adjusted EBITDA for FY26 [4]. Future Outlook - The company continues to expect net gains in asset sales as part of its capital recycling strategy, including INR 1-2 billion related to asset sales in the Adjusted EBITDA guidance [4].

Financial Highlights - Adjusted EBITDA reached INR 535 billion in H1 FY26, a 24% year-over-year increase[16] - Profit After Tax (PAT) increased by 84% year-over-year to INR 98 billion in H1 FY26[16] - Manufacturing Adjusted EBITDA for H1 FY26 was INR 86 billion[16] - Q2 FY26 Adjusted EBITDA margin for IPP business was 84%[34] - Revenue increased by 52% year-over-year for H1 FY26[34] - Revenue increased by 36% year-over-year for Q2 FY26[34] Operational Performance - Operating portfolio reached over 116 GW, including 150 MWh BESS[9, 16] - 21 GW commissioned since October 2024, with over 12 GW commissioned YTD FY26[16] - Committed portfolio stands at 185 GW, including 11 GWh BESS[9, 16] - Total pipeline exceeds 25 GW, including 3 GWh BESS[16] - Approximately 2 GW of modules and over 900 MW of cells were produced in H1 FY26[16] Manufacturing Updates - Module plants are producing over 12 MW per day[28] - Cell plant is producing over 5 MW per day[28] - External order book for modules is approximately 650 MW[28] ESG and Sustainability - S&P Global CSA rating reached 83/100, the highest ever by an Indian IPP[16, 45]

Financial Performance - Total Income for H1 FY26 was INR 79,715 million (US$ 898 million), an increase of 45.7% over H1 FY25[13] - Net profit for H1 FY26 was INR 9,806 million (US$ 110 million), compared to INR 5,333 million (US$ 60 million) for H1 FY25[28] - Adjusted EBITDA for H1 FY26 was INR 53,459 million (US$ 602 million), compared to INR 43,188 million (US$ 486 million) for H1 FY25[31] - Total income for Q2 FY26 was INR 38,557 million (US$ 434 million), an increase of 29.0% over Q2 FY25[11] - For the three months ended September 30, 2025, ReNew reported revenue of INR 36,266 million (USD 408 million), a 35.5% increase from INR 26,735 million in the same period of 2024[67] - Total income for the six months ended September 30, 2025, was INR 79,715 million (USD 898 million), up from INR 54,713 million in the previous year[67] - Profit for the period for the three months ended September 30, 2025, was INR 4,675 million (USD 53 million), compared to INR 4,939 million in the same period of 2024[67] - Profit before tax for the three months ended September 30, 2025, was INR 5,587 million, a decrease of 25.2% compared to INR 7,475 million in the same period of 2024[69] - The company reported a profit for the period of INR 4,675 million for the three months ended September 30, 2025, compared to INR 4,939 million in the same period of 2024, indicating a decline of 5.3%[71] Operational Metrics - Total electricity sold in H1 FY26 was 13,797 million kWh, an increase of 10.9% over H1 FY25[9] - The company's commissioned capacity increased 12.8% year-over-year to ~11.4 GWs as of September 30, 2025[7] - The company expects to complete the construction of 1.6 to 2.4 GWs by the end of Fiscal Year 2026[34] - Revenue from sale of power for H1 FY26 was INR 51,548 million (US$ 581 million), compared to INR 48,342 million (US$ 545 million) for H1 FY25[7] - Adjusted EBITDA for the three months ended September 30, 2025, was INR 26,240 million, reflecting a growth of 8.5% from INR 24,209 million in the same period of 2024[71] Cash Flow and Liquidity - Cash generated from operating activities for H1 FY26 was INR 40,690 million (US$ 458 million), compared to INR 30,072 million (US$ 339 million) for H1 FY25[36] - Cash Flow to Equity (CFe) for H1 FY26 was INR 19,910 million (US$ 224 million), an increase from INR 15,683 million (US$ 177 million) in H1 FY25[43] - Cash generated from financing activities for Q2 FY26 was INR 14,858 million (US$ 167 million), compared to INR 1,254 million (US$ 14 million) in Q2 FY25[38] - Total cash and cash equivalents at the end of the period for September 30, 2025, reached INR 39,337 million, up from INR 17,985 million at the beginning of the period[69] - Net cash generated from operating activities for the six months ended September 30, 2025, was INR 40,690 million, an increase of 35.3% from INR 30,072 million in 2024[69] - Cash used in investing activities for Q2 FY26 was INR 37,626 million (US$ 424 million), an increase from INR 19,986 million (US$ 225 million) in Q2 FY25[37] - Net cash used in investing activities for the six months ended September 30, 2025, was INR 59,584 million, a slight decrease from INR 60,441 million in 2024[69] Debt and Equity - Net debt as of September 30, 2025, was INR 652,768 million (US$ 7,353 million), including convertible debentures from JV partners amounting to INR 24,078 million (US$ 271 million)[41] - Total receivables as of September 30, 2025, were INR 30,086 million (US$ 339 million), with a Days Sales Outstanding (DSO) of 84 days for the IPP business, improved from 94 days year on year[42] - Total assets increased from INR 959,799 million as of March 31, 2025, to INR 1,014,713 million as of September 30, 2025[64][65] - Total equity rose from INR 131,112 million to INR 140,746 million during the same period[64][65] - Non-current liabilities increased from INR 632,252 million to INR 677,019 million as of September 30, 2025[64][65] - Current liabilities remained relatively stable, increasing slightly from INR 196,394 million to INR 196,948 million[65] Strategic Initiatives - The company anticipates external sales from solar module and cell manufacturing to contribute INR 10-12 billion of Adjusted EBITDA in FY26 guidance[34] - The company is focused on providing end-to-end solutions in clean energy and expanding its market presence through digitalization and carbon markets[61] - ReNew announced the sale of a 300 MW solar project in Rajasthan for an enterprise value of approximately $191 million, expected to generate about $98 million in cash inflow[44] - A non-binding proposal was received from a consortium for the acquisition of the entire issued share capital of the company at a cash consideration of US$ 8.15 per share[45] - The company has 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity, with plans to expand solar cell manufacturing by an additional 4 GW in 2026[61] Cost and Expenses - Capital expenditure in Q2 FY26 amounted to INR 28,677 million (US$ 323 million) for commissioning 50 MWs of solar and 284 MWs of wind projects[39] - Finance costs for the three months ended September 30, 2025, were INR 15,070 million, an increase of 20.9% from INR 12,473 million in 2024[69] - Interest paid for the six months ended September 30, 2025, was INR 29,264 million, an increase from INR 26,811 million in 2024[72]

Core Viewpoint - ReNew Energy Global Plc has secured US$331 million in funding from the Asian Development Bank, indicating strong financial backing for its operations and growth initiatives [1] Company Summary - ReNew Energy Global Plc is actively engaging with the Asian Development Bank to enhance its financial resources [1] - The funding amount of US$331 million reflects the company's strategic efforts to secure investments for renewable energy projects [1] Industry Summary - The involvement of the Asian Development Bank in financing renewable energy projects highlights the growing importance of sustainable energy investments in the current market [1] - This funding aligns with global trends towards increasing investment in renewable energy sources, which is critical for addressing climate change and energy security [1]

Core Insights - ReNew Energy Global Plc has achieved a score of 83 in the S&P Global Corporate Sustainability Assessment, marking it as the highest-rated energy company in India and placing it in the top 10% of energy companies globally [1][2][5] - The score reflects a ~14% improvement from the previous year and a 102% increase since its debut in FY22, indicating significant progress in its ESG performance [2][5] - ReNew generated over 22 billion kWh of clean energy in FY25, avoiding more than 18.6 million tonnes of carbon emissions, and maintained carbon neutrality for the fifth consecutive year [3][4] ESG Performance - The assessment highlighted improvements in ReNew's ESG performance, with Social and Governance pillars increasing by ~27% and ~23% respectively, alongside a 6% increase in the Environment category [2] - The company has achieved an 18.2% reduction in Scope 1 and 2 emissions from its FY22 baseline, exceeding its annual target [3] - ReNew has made strides in water stewardship, saving over 540 million liters, a 50% increase from the previous year, and aims to become water-positive by 2030 [4] Diversity and Inclusion - ReNew has reached a 16% gender diversity rate, with women holding 40% of board positions, 12% of STEM roles, and 17% of management positions [4] - The company's social impact initiatives have positively affected over 1.7 million lives [4] Company Overview - ReNew's clean energy portfolio stands at approximately 18.2 GW, making it one of the largest globally [5][6] - The company is also expanding its solar cell manufacturing capacity by 4 GW in 2026, further enhancing its position in the clean energy sector [6]

Core Insights - ReNew Energy Global Plc (NASDAQ:RNW) is recognized as one of the 12 most promising clean energy stocks by Wall Street analysts [1][2] Company Overview - ReNew Energy Global Plc focuses on generating power through renewable energy sources in India, with a diverse portfolio that includes wind, solar, hydro, transmission lines, and manufacturing segments [2] - The company operates a clean energy portfolio exceeding 18.46 gigawatts [2] Recent Developments - On September 29, ReNew Energy announced it received $100 million in investment proceeds from British International Investment (BII) to accelerate its solar manufacturing business in India [2] - In July, a consortium proposed to buy out ReNew Energy for $3.2 billion, which includes Abu Dhabi Future Energy Company PJSC-Masdar and the Canada Pension Plan Investment Board [2] Financial Guidance - During the second quarter results presentation, ReNew Energy reiterated its guidance for FY 26, expecting adjusted EBITDA to be at the higher end of INR 87 billion to INR 93 billion, contingent on weather and asset sales [3] - The company anticipates constructing between 1.6 to 2.4 gigawatts during the year and generating cash flow to equity of INR 14 billion to INR 17 billion [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].