Group 1 - The company is transitioning from reliance on joint ventures to focusing on independent passenger vehicles, with a significant increase in profit contribution from self-owned brands since 2020 [1][2] - The joint venture brands have faced challenges due to slow electrification and product updates, leading to declining sales and profitability [2] - The company has established a collaborative structure with four self-owned brands since 2021, covering a wide range of new energy vehicles, enhancing profitability and brand premium potential [2] Group 2 - The commercial vehicle segment is expected to enter a mild recovery phase, benefiting from the upcoming vehicle replacement program and infrastructure improvements [2] - The company is projected to achieve significant sales and profit growth, with a forecasted average price-to-book (PB) ratio of 2.66/2.19/1.80x for comparable companies from 2025 to 2027 [2] - The independent brand, represented by Lantu, is expected to show rapid improvement in sales and gross margins starting in 2024, indicating a strong potential for profit recovery [3]