On the evening of November 25, Li Bin, the founder, chairman, and CEO of NIO, shared his insights during an earnings call. He mentioned that the decrease in trade-in subsidies during the fourth quarter is set to have a substantial impact on the market. Consequently, it's improbable that the industry will witness a recurrence of last year's year-end sales boom effect (In Western business contexts, "surge" often refers to a sudden increase in demand, but in the automotive sales cycle in China, the end-of-year rush is more of a concentrated sales peak, so "sales boom effect" is a more fitting description here). For NIO, the primary repercussions will be felt on lower-priced models, such as the L90 and L60 under the ONVO brand. Nevertheless, the company remains steadfast in its confidence regarding fourth-quarter profitability. This confidence stems from robust orders for high-margin models like the ES8, with the overall impact on total gross profit falling within anticipated ranges.