EquityResearch14October2025|9:23PMJST

ToyotaMotor(7203.T)

AssessingaBlueSkyScenariowithROEof20%;reiterateBuy

7203.T12mPriceTarget:￥3,500Price:￥2,867Upside:22.1%

FourdriverstopushROEhigher

Toyotaaimstotransformintoamobilitycompany,settinga

long-termROEtargetof20%—alevelnotraditionalautomakerhasachieved,markingunprecedentedterritory.OurBlueSkyScenarioforToyotaachieving20%ROEpost-2035impliesraisingthe

operatingpro?tmarginfrom9.2%(FY3/28GSe)to15.2%while

stabilizingshareholder’sequityatc.￥34tn(FY3/28GSe).WebelievethreedriversofoperatingmarginimprovementcouldhelpliftROE:

(1)expandedsalesofHEVs(+2%pt),(2)costreductionthrough

Area35(+2%pt),and(3)monetizationofthevaluechain,includingSDVs(+3%pt).Weview(3)asthemostchallengingtaskamong

these.Additionally,(4)realizinganappropriatelevelof

shareholders’equitycouldsupporthigherROE,ifToyotaweretosigni?cantlyincreasethetotalshareholderreturnratio.IfROE

improvementclosetoourBlueSkyScenariowereachievedby

FY3/36,wecalculatethattheoreticalvaluepersharecouldreach￥4,700,34%aboveourtargetpriceandsuggesting62%upsidefromthecurrentstockprice.

CanToyotaretainitsleadingglobalpositioninthefaceofcompetitionfromBYD?

WebelievethatamajorchallengeforToyotainachievingits20%

ROEtargetisthecompetitionfromemergingChineseautomakers.BycomparingwithChina’sBYD,weaimtoevaluateToyota’sstrategicrisksandopportunitiesacrossthreekeyareas:R&Dcapabilities,

globalsupplychaincapabilities,andproductcapabilities.We

believeToyota’seconomiesofscale,globalsupplychainincludinglocalization,andhybridtechnologywillcontinuetobesigni?cantadvantages.Ontheotherhand,counteringBYD’slarge-scaleandswiftR&D,itsglobalexpansionbackedbyChina’scost

competitiveness,anditsNEV(BEV+PHEV)product

competitivenessenabledbyverticalintegrationwillnotbeeasy.To

BUY

KotaYuzawa

+81(3)4587-9863|kota.yuzawa@GoldmanSachsJapanCo.,Ltd.

TinaHou

+86(21)2401-8694|tina.hou@GoldmanSachs(China)SecuritiesCompanyLimited

KenKawamoto

+81(3)4587-1921|ken.kawamoto@GoldmanSachsJapanCo.,Ltd.

KeyData_______________________________________

Marketcap:￥37.4tr/$245.2bn

Enterprisevalue:￥22.0tr/$144.7bn

3mADTV:￥80.8bn/$546.1mnJapan

JapanAutomobilesM&ARank:3

Leasesincl.innetdebt&EV?:No

GSForecast____________________________________

3/253/26E3/27E3/28E

Revenue(￥bn)48,036.749,470.049,990.050,950.0Op.profit(￥bn)4,795.64,230.04,470.04,690.0Op.profitCoE(￥bn)--3,200.0----

EPS(￥)359.6282.8326.5370.1P/E(X)8.210.18.87.7P/B(X)1.11.01.00.9Dividendyield(%)3.13.84.55.2Ndebt/EBITDA(exlease,X)(2.6)(2.9)(2.3)(2.2)CROCI(%)10.09.39.39.3

6/259/25E12/25E3/26E

EPS(￥)64.653.179.685.5

GSFactorPro?le________________________________

Growth

FinancialReturns

Multiple

Integrated

Percentile20th40th60th80th100th

7203.TrelativetoJapanCoverage

7203.TrelativetoJapanAutomobiles

Source:Companydata,GoldmanSachsResearchestimates.

Seedisclosuresfordetails.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegAC

certi?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USa

代liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

GoldmanSachsToyotaMotor(7203.T)

BUY

ToyotaMotor(7203.T)RatingsinceJun2,2018

Ratios&Valuation____________________________________________

3/253/26E3/27E3/28E

P/E(X)8.210.18.87.7

P/B(X)1.11.01.00.9FCFyield(%)3.95.96.77.6EV/EBITDAR(X)4.03.73.52.9

EV/EBITDA(excl.leases)(X)4.03.73.52.9CROCI(%)10.09.39.39.3ROE(%)13.610.010.711.5

Netdebt/equity(%)(43.7)(45.0)(38.9)(39.2)Netdebt/equity(excl.leases)(%)(43.7)(45.0)(38.9)(39.2)Interestcover(X)25.122.324.325.5Daysinventoryoutst,sales35.034.434.834.6Receivabledays28.427.627.827.7Dayspayableoutstanding55.454.855.555.4

DuPontROE(%)12.99.610.611.2Turnover(X)0.50.50.50.5Leverage(X)2.52.62.82.9Grosscashinvested(excash)(￥)64,040.067,384.470,723.774,137.9Averagecapitalemployed(￥)64,539.268,215.971,240.774,265.2

BVPS(￥)2,710.82,854.92,987.73,206.7

Growth&Margins(%)________________________________________

3/253/26E3/27E3/28E

Totalrevenuegrowth6.53.01.11.9EBITDAgrowth(6.7)(6.9)6.14.9EPSgrowth(1.7)(21.4)15.513.4DPSgrowth20.022.218.215.4EBITmargin10.08.68.99.2EBITDAmargin12.811.612.212.5Netincomemargin9.97.37.67.8

PricePerformance____________________________________________

7203.T(￥)TOPIX

3,250

3,000

2,750

2,500

2,250

2,000

Jan-25Apr-25Jul-25Oct-25

4,500

4,000

3,500

3,000

2,500

2,000

3m6m12m

Absolute13.3%19.0%11.9%Rel.totheTOPIX2.1%(5.5)%(3.3)%

Source:FactSet.Priceasof14Oct2025close.

IncomeStatement(￥bn)_____________________________________

Totalrevenue

CostofgoodssoldSG&A

R&D

Otheroperatinginc./(exp.)EBITDA

Depreciation&amortization

EBIT

Netinterestinc./(exp.)

Income/(loss)fromassociates

Pre-taxprofit

ProvisionfortaxesMinorityinterest

Preferreddividends

Netinc.(pre-exceptionals)

Post-taxexceptionals

Netinc.(post-exceptionals)EPS(basic,pre-except)(￥)

EPS(diluted,pre-except)(￥)EPS(basic,post-except)(￥)

EPS(diluted,post-except)(￥)DPS(￥)

Div.payoutratio(%)

3/25

48,036.7

(35,510.2)

(7,731.0)

(1,326.4)

--

6,156.1

(1,360.5)

4,795.6

366.0

591.2

6,414.6

(1,624.8)24.7

--

4,765.1

--

4,765.1

359.6

359.6

359.6

359.6

90.0

25.0

3/26E

49,470.0

(37,370.6)

(7,869.4)

(1,370.0)

--

5,730.0

(1,500.0)4,230.0

383.0

557.0

5,170.0

(1,404.0)150.0

--

3,616.0

--

3,616.0

282.8

282.8

282.8

282.8

110.0

38.9

3/27E

49,990.0

(37,601.0)

(7,919.0)

(1,400.0)

--

6,080.0

(1,610.0)4,470.0

395.0

575.0

5,440.0

(1,475.0)165.0

--

3,800.0

--

3,800.0

326.5

326.5

326.5

326.5

130.0

39.8

3/28E

50,950.0

(38,249.8)

(8,010.2)

(1,400.0)

--

6,380.0

(1,690.0)4,690.0

406.0

556.0

5,652.0

(1,524.0)165.0

--

3,963.0

--

3,963.0

370.1

370.1

370.1

370.1

150.0

40.5

BalanceSheet(￥bn)__________________________________________

Cash&cashequivalentsAccountsreceivable

Inventory

Othercurrentassets

Totalcurrentassets

NetPP&E

Netintangibles

Totalinvestments

Otherlong-termassets

Totalassets

AccountspayableShort-termdebt

Short-termleaseliabilitiesOthercurrentliabilities

Totalcurrentliabilities

Long-termdebt

Long-termleaseliabilities

Otherlong-termliabilities

Totallong-termliabilitiesTotalliabilities

Preferredshares

TotalcommonequityMinorityinterest

Totalliabilities&equity

Netdebt,adjusted

3/25

8,982.4

3,679.7

4,598.2

19,818.3

37,078.7

15,333.7 1,363.315,680.9

24,144.8

93,601.4

5,527.3

15,829.5

--

8,077.4

29,434.2

22,963.4

--

4,324.9

27,288.2

56,722.4

--

35,924.8

954.1

93,601.4

29,810.5

3/26E

9,250.4

3,789.5

4,735.4

20,780.6

38,556.0

16,133.7 1,404.215,680.9

25,312.6

97,087.4

5,692.3

15,829.5

--

8,077.4

29,599.1

25,650.9

--

4,324.9

29,975.8

59,574.9

--

36,510.7 1,001.897,087.4

32,230.0

3/27E

9,347.73,829.3

4,785.2

21,790.2

39,752.4

16,823.7 1,446.315,680.9

26,537.6

100,240.9

5,752.115,829.5

--

8,077.4

29,659.0

30,435.9

--

4,324.9

34,760.7

64,419.7

--

34,769.31,051.9

100,240.9

36,917.7

3/28E

9,527.2 3,902.9 4,877.122,849.4

41,156.6

17,433.7

1,489.715,680.9

27,822.6

103,583.4

5,862.615,829.5

--

8,077.4

29,769.4

34,051.4

--

4,324.9

38,376.2

68,145.7

--

34,333.3 1,104.5103,583.4

40,353.7

CashFlow(￥bn)_______________________________________________

3/25

3/26E

3/27E

3/28E

Netincome

4,765.1

3,616.0

3,800.0

3,963.0

D&Aadd-back

1,360.5

1,500.0

1,610.0

1,690.0

Minorityinterestadd-back

(24.7)

(150.0)

(165.0)

(165.0)

Net(inc)/decworkingcapital

(2,815.5)

(1,897.5)

(2,115.5)

(2,317.9)

Otheroperatingcashflow

411.6

1,454.1

1,483.8

1,537.2

Cashflowfromoperations

3,696.9

4,522.6

4,613.3

4,707.3

Capitalexpenditures

(2,134.8)

(2,300.0)

(2,300.0)

(2,300.0)

Acquisitions

(3,965.6)

(3,965.6)

(3,965.6)

(3,965.6)

Divestitures

3,749.6

3,965.6

3,965.6

3,965.6

Others

(1,839.0)

(1,572.4)

(1,572.4)

(1,572.4)

Cashflowfrominvesting

(4,189.7)

(3,872.4)

(3,872.4)

(3,872.4)

Repaymentofleaseliabilities

--

--

--

--

Dividendspaid(common&pref)

(1,192.7)

(1,406.7)

(1,512.9)

--

Inc/(dec)indebt

2,585.0

2,687.6

4,784.9

3,615.5

Otherfinancingcashflows

(1,329.1)

(1,663.0)

(3,915.7)

(4,270.9)

Cashflowfromfinancing

63.1

(382.2)

(643.7)

(655.4)

Totalcashflow

(429.7)

268.0

97.2

179.5

Freecashflow

1,562.1

2,222.6

2,313.3

2,407.3

Source:Companydata,GoldmanSachsResearchestimates.

14October20252

GoldmanSachsToyotaMotor(7203.T)

TableofContents

ToyotavsBYD:Ataglance

5

Developmentcapabilities:TakeawaysfromBYD’sevolution

6

Productioncapabilities:Toyota’shistoryofsupplychainresponsiveness9

Productappeal:Toyota’sMulti-Pathwaystrategyvs.BYD’sfocusandselection14

Earningspowercomparison:AgapinROE17PotentialpathforToyotatoachieve20%ROEinaBlueSkyScenario19DisclosureAppendix26

14October20253

GoldmanSachsToyotaMotor(7203.T)

14October20254

remaincompetitiveagainstemergingautomakers,ToyotamusteffectivelynavigatetheshifttoSDV(SoftwareDe?nedVehicle)andenhanceitscapabilitiesinR&D,supply

chain,andproductdevelopment.

ReiterateBuyrating

WithUS-Japantariffnegotiationsstabilizingandthe“BigBeautifulBill”intheUSmakingaBEV-exclusivemarketlessimminent,thisphasewilltestToyota’sresponsivenessin

navigatinguncertainty.Thecompany’scontinuedcommitmenttoaMulti-Pathway

strategy—anchoredinhybridtechnology—willbeakeydifferentiator.Additionally,

management’sambitiontoevolveintoafull-spectrummobilitycompanysignalsa

broadertransformation.WelookforwardtostrategiesthatdriveROEimprovement

throughenhancedpro?tabilityandoptimizedassete代ciency.WereiterateBuywithour12mtargetpriceof￥3,500implying22%upside.

Exhibit1:ComparisonofToyotaandBYD(FY2024)

Toyota

(Marketcap.$245bn)

BYD

(Marketcap.$135bn)

Comparison

R&Dexpense

DevelopmentR&Dpervehicle

$8.7bn

$7.4bn

ToyotaisbeingcaughtupbyBYDintermsofthe

$930

$1,730

scaleofresearchanddevelopmentexpenditure

EEarchitecture

Delayed

Advanced

andinthesoftwaresector.

Productioncapacity(2024→2030E)

12.4mn→12.7mnunits

5.0mn→8.4mnunits

Toyotaisaheadintermsofeconomiesofscale.

ProductionOverseascapacityratio(2024→2030E)

59%→60%

3%→25%

Toyotahasalreadyestablishedastronger

Domesticmarketshare

33%

17%

presenceinexpandingoverseasproduction.

NEVmarketshare

2%

24%

WhileToyotaholdsanoverwhelmingpositionin

ProductHEV/ICEmarketshare

14%

0%

HEVs,itislagginginNEVs.Forpremiumbrands,Lexusiscurrentlyahead,butBYD'sDenzaisalso

Premiumbrandratio

9%

3%

catchingup.

Source:Companydata,IHSGlobalInsight,JADA,GoldmanSachsGlobalInvestmentResearch

14October20255

ToyotavsBYD:Ataglance

ComparisonwithBYD:Similargoals,distinctapproaches

IntherapidlyevolvinglandscapeofBEV/SDVtransformation,emergingBEV

manufacturersfromtheUSandChinaaregainingprominence.Notably,BYD(Buy,

coveredbyourChinaautosanalystTinaHou)isacceleratingitsoverseasexpansion,

targetingalong-termglobalsalestargetof10mnunits,ascalecomparabletoToyota’scurrentlevels.OurChinaautosanalystmodelshigherR&DatBYDthanwemodelfor

Toyotaby2027.Furthermore,BYDhasrapidlyadoptedanE/EarchitecturecenteredonSDVs,signi?cantlyreducingvehicledevelopmentspeedcomparedtotraditional

automakers.Hence,weprovideanin-depthcomparisonwithBYDinthisreportand

concludethatToyota’scompetitiveedgestemsfromitslong-establishedlocalizationofglobalsupplychains,diversepowertrains,andmulti-layeredrevenuestreams,includingitssales?nancebusiness.Moreover,Toyota’stransformationintoamobilitycompanyhingesonitsabilitytocompetewithemergingmanufacturersinBEVandSDV

capabilities,inourview.

Exhibit2:EarningssummaryforToyotaandBYD

Toyota

FY25E

BYD

FY25E

(USDmn)

FY26E

FY26E

FY27E

FY27E

FY24

FY24

Earnings

163,223

7,352

9,793

14,023

13,093

4.5%

6.0%

8.6%

8.0%

5,990$27,247 $1,635 $2,341$2,186

107,979

5,611

7,391

13,528

7,909

5.2%

6.8%

12.5%

7.3%

4,272$25,275 $1,730 $3,167$1,851

144,035

6,334

8,642

13,326

11,241

4.4%

6.0%

9.3%

7.8%

5,550$25,953 $1,557 $2,401$2,025

122,734

3,681

8,401

13,995

9,566

3.0%

6.8%

11.4%

7.8%

5,001$24,544 $1,680 $2,799$1,913

315,018

338,702

333,322

339,723

31,449

28,961

29,805

31,272

8,698

9,380

9,335

9,335

14,000

15,747

15,336

15,336

8,922

10,270

10,735

11,269

Sales

OperatingprofitR&D

Capex

Depreciation

Margin

10.0%

8.6%

8.9%

9.2%

2.8%

2.8%

2.8%

2.7%

4.4%

4.6%

4.6%

4.5%

2.8%

3.0%

3.2%

3.3%

%ofOP

%ofR&D

%ofCapex

%ofDepreciation

Pervehicle

9,362

9,780

9,974

10,255

$33,649

$34,632

$33,420

$33,127

$929

$959

$936

$910

$1,495

$1,610

$1,538

$1,495

$953

$1,050

$1,076

$1,099

Salesvolume('000units)

SalespervehicleR&DpervehicleCapexpervehicleDepr.pervehicle

Source:Companydata,IHSGlobalInsight,GoldmanSachsGlobalInvestmentResearch

GoldmanSachsToyotaMotor(7203.T)

14October20256

Developmentcapabilities:TakeawaysfromBYD’sevolution

BYD’sdevelopmentcapabilitiesarecatchingupfast

WeestimateBYD’sUSD-basedR&DexpensestosurpassToyota’sby2027.BYD’s

verticallyintegratedmodelpromotesin-houseproduction,includingforBEVbatteries,whichsetsitapartfromToyota’sgroupstrategyofworkingwithaffiliatedparts

manufacturers.Infact,Toyota’stotalR&DspendinginFY3/28basedonourestimate,includingDenso’sUS$4.7bn(￥680bn)andAisin’sUS$1.7bn(￥250bn)stillexceedthatofBYD.However,BYD’scatch-upinR&Dspendingisimpressive,giventhatitssales

volumeisabouthalfofToyota’s.

Inaddition,theevolutionofChineseautomakers,includingBYD,intermsof

developmentefficiencyisnoteworthy.ThetypicalnewvehicledevelopmentperiodforJapaneseautomakersis41months,whereassomeChineseautomakershave

commentedthatdevelopmenttakes18-24months(vs.METI’sestimateof30months).Chinesemanufacturers’developmentspeedisfasterinallstages,includingconcept

development,engineeringdevelopment,andproductionveri?cation.Inourview,theabilitytoachieveafasttime-to-marketwillbecomeamajorcompetitiveadvantageforautomakers,givenrapidlychangingconsumerpreferencesandtechnologicaladvances.

Exhibit4:MajordifferenceindevelopmentperiodbetweenJapaneseandChineseautomakers

Comparisonofvehicledevelopmentperiod

(months)

Exhibit3:BYD’sR&DexpensescouldsurpassToyota’sin2027E

R&Dexpenses

45

40

35

30

25

20

15

10

5

0

(USDmn)

12,000

10,000

8,000

6,000

4,000

2,000

-

41

30

19

11

9

3

ConceptEngineerProductionplanDevelopment

JapanOEMChinaOEM

18

11

2022202320242025E2026E2027E

BYDToyota

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:MinistryofEconomy,TradeandIndustry,datacompiledbyGoldman

SachsGlobalInvestmentResearch

ChinaOEMsfastertoadoptSDVs

Whilevariousfactorssuchastheworkenvironmentandcerti?cationprocesscombinetoachieveashorterdevelopmentperiod,webelieveakeyfactoristhepromotionof

vehicledevelopmentbasedonsoftwarede?nedvehicles(SDVs).Thethreemajor

Japaneseautomakersarecurrentlytransitioningtoadomain-basedarchitectureand

aretryingtorealizesoftware-de?nedvehicleswithpartiallyintegratedelectronic

controlunits(ECUs).Ontheotherhand,majorUSandChinaBEVmanufacturershave

alreadyadoptedazone-centralEEarchitecture,andareseveralyearsaheadof

Japanesemanufacturers.Wesurmisethatthetransitiontoazone-centralarchitectureistakingtimeforJapaneseautomakers,includingToyota,giventheyhavevarious

powertrainoptionssuchasICEs,HEVs,andBEVs,andgiventhedevelopmentcarriedoutbyeachaffiliatedpartsmanufacturer.Astheimportanceofsoftwareincreasesinthe

GoldmanSachsToyotaMotor(7203.T)

14October20257

autoindustry,JapaneseOEMswillneedtoquicklyadoptSDVs.

Exhibit5:Japaneseautomakershavebeenslowtoshifttozone-centralarchitecture

SDVdevelopment

OTA

E/EArchitecture

PartiallyintegratedECUsDomainArchitecture

Transitionperiod

Transitionperiod

Transitionperiod

-

-

MultipleECUsincl.controlZonalArchitecture

2026-

2026-

2026-

2021-

2019-

OEM'sposition

Toyota

Honda

NissanBYD

Tesla

EvolutionofSDVs

InfotainmentonlyConventional

-

-

-

-

-

Source:MinistryofEconomy,TradeandIndustry,GoldmanSachsGlobalInvestmentResearch

Exhibit6:Growingimportanceofsoftware

Globalmarketsize

(tnUSD)

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

-

38%

24%

11%

2025E2030E2040E

HardwareSoftwareSoftwareratio

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

Source:MinistryofEconomy,TradeandIndustry,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

BYDleadsinbatterystrategy

AmajorgapbetweenBYDandToyotaisthedevelopmentofin-housebatterycells.BYDhasahistoryofspecializinginlithiumironphosphate(LFP)forcathodematerialsand

pioneeringadvancedpackagingsuchasCell-to-Body.Infact,ToyotaalsoprocuresLFPbatteriesfromBYDandhasestablishedacollaborativerelationship.Toyota’sbatterystrategyistobalancein-houseandexternalprocurementofconventional

LFP/NCM-typebatteries,whileadvancingthein-housedevelopmentofnext-generationbipolarandall-solid-statebatteries,whichitpositionsasbreakthroughs.Atpresent,

bothareslatedformassproductionin2026-2028,butitisuncertainwhethertheywillbecometechnologiesthatcancompetewithBYD’sLFPbatteries.

14October20258

Exhibit7:BEVsalesoutlookuncertain

Toyota’sBEVtargets

Exhibit8:Batterystrategyappearsfluid

('000units)

4000

3500

3000

2500

Toyota’sBEVbatteryprocurementstrategy

10.5%

3.5mn

(5)BEVfactoryplatform

(1.7mn)

(1)e-TNGA

(2)Multipathwayplatform

(3)BYDplatform

2000

0

1000

1800

1500

500

25

0

20222026E2030E

ToyotaBEVfactoryToyotaBEVshare

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

300

8.6%

250

1700

200

1500

150

100

50

0

280GWh

(1)BYD

(2)LGES

(1)NMCmonopolar

(2)LFPbipolar

(3)NMCbipolar

(4)ASSB

20222026E2030E

Batterycapacity(Inhouse)Batterycapacity(Outsource)

Source:Companydata,DatacompiledbyGoldmanSachsGlobalInvestmentSource:Companydata,DatacompiledbyGoldmanSachsGlobalInvestment

ResearchResearch

Exhibit9:Competitiveadvantageinbatteriesisyettobeestablished

Toyota’sbatterydevelopmentroadmap

Batterytype

Shape

Structure

Positive

electrode

Startofproduction

Drivingrange

(CLTCmode,Includingvehicle

improvements)

Cost

(Forthesamedrivingrange)

Fastchargetime

(SOC=10～80%)

Conventional

BatteryforbZ4X

Prismatic

Monopolar

NCMseries

2022

615km

-

~30min.

Next-gen.

battery

1.Performancever.

Prismatic

Monopolar

NCMseries

2026

200%

ComparingwithbZ4X

▲20%

ComparingwithbZ4X

~20min.

2.Popularizationver.

New

Structure

Bipolar

LFPseries

2026-27

Challengetolaunch

20%UP

ComparingwithbZ4X

▲40%

ComparingwithbZ4X

~30min.

Further

evolution

3.Fusionof

performance&bipolar

New

Structure

Bipolar

Niseries

2027-28

Challengetolaunch

10%UP

Comparingwithnext-gen.

b