$Li Auto(LI)$ A sales fee of 14% is completely fine for the current Thalys. The ideal is still 14% in 21, 16% at one time, and 16% at one time in 22. Last year, there was a large-scale increase in volume, and the brand stabilized to about 8%. Therefore, even if Cyrus does not seek Huawei at this stage, its sales rate will definitely be much higher than ideal, estimated to be about 12%, but if you spend 2 more points, you can get Huawei, so there is nothing wrong with this money. Huawei has suffered losses in the past and is in urgent need of recovery. With the profitability of its subsequent car bu and its own Cyrus, the decline in this ratio is certain. At the same time, high-end categories are increasing in volume, gross profit margins continue to increase, and net profit margins remain above 10%. There is no problem. Use it. Look at problems from a developmental perspective.
I would like to ask you whether the market value of Thalys should be higher than that of Changan when its revenue in the first quarter is so much lower than that of Changan.
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