Group 1: Automotive Business Q3 Performance and Challenges - Q3 sales performance showed a more than 60% quarter-on-quarter decline, attributed to factors such as release timing, delivery cycles, public sentiment, and competition. The long delivery cycle was identified as the primary reason, leading many customers to hesitate after test drives and switch to other brands, as confirmed by surveys of accumulated customers, WeChat follow-ups, and non-order customers [1] - Production capacity and delivery issues arose as Xiaomi's second-phase factory did not receive compliance production permits, preventing capacity release, possibly due to government concerns about overall automotive capacity. However, internal optimism exists regarding capacity release, suggesting it will not have a long-term impact. Short-term delivery volumes are maximized, with no overcapacity issues, but long delivery cycles affect consumer confidence and order conversion [1] - Current public sentiment around Xiaomi is at a low point but is unlikely to worsen. While public sentiment can influence consumer psychology, it has not affected the company's core competitiveness. In terms of market competition, Xiaomi's emergence has intensified competition among peers in product, marketing, and pricing, but Xiaomi's competitiveness is expected to persist. The third vehicle, code-named Kunlun (or YU9), is likely a full-size SUV, which has a smaller audience and is controversial, but historical model launches have shown that consumers will still invest. Current negative factors are seen as correctable, and revenue performance for the next vehicle is expected to improve [1]