Thalys, a manufacturer of new energy vehicles, has formally embarked on its listing journey in Hong Kong. Despite achieving profitability in 2024, positioning itself as the fourth globally profitable new energy automaker, Thalys has encountered a downturn in new energy vehicle sales since 2025. The company now confronts a multifaceted array of challenges, encompassing profitability concerns, supply-demand imbalances stemming from declining sales, inventory management intricacies, and the management of supplier relationships. Despite strategies aimed at boosting vehicle supply, these issues are poised to influence Thalys' future profitability and market competitiveness. Furthermore, Thalys is intensifying its collaboration with Huawei and venturing into the realm of intelligent robotics in a bid to bolster its competitive edge.