Group 1 - In September and October of this year, China has secured approximately 12 million tons of soybean supply from South America, accounting for about half of its demand during the same period, which has forced the U.S. to lose its traditional autumn export window [2] - Data indicates that China's total soybean imports for 2024 are projected to be around 105 million tons, with approximately 22.13 million tons sourced from the U.S., while over 70% will come from Brazil, and Argentina's supply is also rapidly increasing, providing China with diversified procurement options [4] - This strategy is not a "one-size-fits-all" approach but rather a rational choice for supply-demand restructuring and supply security, as diversifying imports helps mitigate risks from trade frictions and promotes the synergy between South American supply chains and the Chinese market [5]

Core Viewpoint - The company emphasizes the strategic decision to source rear motors from multiple suppliers, including HW Digital Energy, to ensure supply security and maintain competitive quality and cost [10][12][15]. Group 1: Supplier Strategy - The rear motor for the L series is a conventional 200kw drive motor, with ample market supply and competition among suppliers [10][11]. - The company collaborates with three suppliers—HW Digital Energy, BorgWarner, and United Electronics—allowing for interchangeable parts across different models [11][15]. - The decision to have multiple suppliers is to mitigate risks associated with supply chain disruptions and quality issues [12][13]. Group 2: Technical Capabilities - The most challenging component is the front five-in-one motor, which the company has developed in-house [16][21]. - The rear motor technology does not pose significant challenges, allowing the company to utilize external suppliers without compromising on quality [14][15]. Group 3: Competitive Landscape - The company does not fear supply chain issues from HW, as the two entities operate independently within their respective business segments [17][21]. - The relationship between HW Digital Energy and the company's vehicle production is likened to independent operations within a larger corporate structure, similar to how different divisions of SAIC operate [22][24]. Group 4: Industry Collaboration - The company advocates for collaboration within the Chinese new energy vehicle sector, emphasizing the importance of collective efforts to enhance the industry for the benefit of consumers and the nation [26].