Group 1 - The core viewpoint of the report is that despite market skepticism regarding the profitability of small and medium-sized ride-hailing platforms, the company can optimize user experience (UE) by reducing driver and passenger subsidies and improving efficiency [1] - The ride-hailing industry is entering a phase of regulation and maturity, with unmet demand in lower-tier markets and cost reductions in new energy vehicles driving steady growth; the industry is expected to maintain high single-digit growth from 2024 to 2026 [1] - The company is projected to rank second in gross transaction value (GTV) share with 6% in 2024, leveraging its customized vehicles and service advantages to expand market share [1] Group 2 - The company has a comprehensive Robotaxi ecosystem that connects with Geely Group, covering research and development, manufacturing, and operations [2] - The existing dispatch network allows the company to support business initiation and data accumulation through a hybrid model; pilot Robotaxi operations have already begun in Suzhou and Hangzhou [2] - The company plans to collaborate with Geely to develop L4-level Robotaxi customized models by the end of 2026, accelerating commercialization [2]