Group 1 - The core viewpoint is that Xiaomi's automotive production capacity utilization in 2026 is expected to exceed 100%, with a potential output of over 1.17 million vehicles, aiming for 1.2 million [1] - Key assumptions for 2026 production capacity include: 1. Phase 1 and Phase 2 in Beijing each stabilizing at 30,000 units 2. Phase 2 Plus (total assembly workshop for Phase 3) starting production after the Spring Festival 3. Phase 3 factory in Beijing reaching full capacity of 30,000 units by May 4. Wuhan factory starting production in May, gradually ramping up to 35,000 units by October, with Phase 2 in Wuhan not considered for now [1]