The financial reports for the first half of 2025 from European and American automakers revealed a considerable drop in net profits, with BMW experiencing a 29% year-on-year decline, while Mercedes-Benz and Porsche saw their net profits decrease by 55.8% and 66.6%, respectively. In stark contrast, China's leading smart electric vehicle (EV) enterprises demonstrated robust growth and excelled in the crucial metric of gross profit margin. Thalys, for instance, reported a gross profit margin of 27.62% in the first quarter of 2025. Some securities analysts speculate that the actual gross profit margin for Thalys' AITO M8/M9 models might be even higher, nearing 40%. Furthermore, BYD and Xiaomi achieved gross profit margins of 20.07% and 23%, respectively, during the same period. Industry insiders anticipate that as Xiaomi's SU7 Ultra deliveries increase, the company's actual gross profit margin for the second quarter is projected to approach 25%.