Apple’s (AAPL) last earnings report was a huge disappointment all around, including the more than 25% decline in sales in China, but analysts don’t seem very concerned about it. They’ve got plenty of non-alarming reasons why sales in the region declined and are encouraged by the company’s recent investment into Chinese ride-hailing service Didi Chuxing.

Rumors about Apple building a car abound, especially in the wake of that investment, which is about more than just mobility. The iPhone maker has a lot at stake in China, and anything it can do to woo Chinese consumers and officials will only serve to improve its image in what is seen as a goldmine for U.S.-based multinationals.

Goldman analysts not worried about Apple’s China business

Goldman Sachs analyst Simona Jankowski and team gave several reasons why Apple’s sales in China declined in a report dated May 17. The region accounts for 25% of the iPhone maker’s revenue, which is why such a steep decline is seen as such a major concern.

They note that the number of Mainland China tourists visiting Hong Kong tumbled 15% during the first quarter as a result of the Hong Kong dollar’s appreciation against the U.S. dollar peg and restrictions on visa. They said there’s a 95% correlation between changes in the number of Mainland visitors to Hong Kong and changes in iPhone shipments there, which plunged 65% in the March quarter.

Further, the Goldman team said iPhone shipments in Mainland China slipped 12% even though the number of people switching from other smartphone brands climbed 40% in the first half of fiscal 2016. They said this suggests that the decline in iPhone units and the 3-point market share decline came from a lower upgrade rate instead of new customers. China Mobile, the nation’s biggest mobile carrier which also serves a lot of high-end customers, also saw its net adds decline in the first quarter, as China Unicom and China Telecom at the lower end grew. The Goldman team said this drove a shift toward domestic smartphone makers.