WeRide's Strategic Expansion and Profitability Drive Jeff Chung's Buy RatingWe hosted mgmt. update call with with key takeaways set forth below. (1) Robotaxi fleet size outlook: Mgmt. expects its robotaxi fleet size to expand to 1,000 units at end-2025 and 2,000-3,000 units at end-2026. East, mgmt. expects its robotaxi fleet size to expand to more than 500 units in 2026, with the actual number depending on regulatory approval. (2) Daily orders per robotaxi ramping up to 25 in Abu Dhabi: WeRide has achieved 12-16 daily orders per robotaxi in 12-hour shift. The company plans to operate 24 hours per day in early-2026, potentially leading to a daily average of 25 orders per vehicle with better profitability. (3) Gross margin breakdown: The blended overseas gross margin is above 50%, while domestic at 20%+.