$XIAOMI-W(01810)$ According to the understanding of the financial circle, most institutions have a wait-and-see or pessimistic attitude towards Xiaomi Motors. They all believe that Xiaomi is just a new player and basically does not have many advantages compared with the current old players. But it seems that many people have ignored the existence of rice fans. Who among these old and new forces has such a huge fan base to support them? Much of Cyrus's success can be attributed to the conversion of Huawei fans. In the same way, with rice noodles + ready-made sales channels + great products, I believe it will be a hit. This is where Rebus’ confidence lies. This is completely different from other traditional car manufacturers in the same dimension. This is the difference in expectations! In the long run, I prefer to see it as a mobile Internet terminal traffic entrance and the foothold of smart driving. This part is the key to value and valuation, rather than a valuation logic of wheel gross profit and net profit.