Huawei's automotive brand, Seres, recently reported strong earnings

Seres 2025 annual report: revenue of 165.05 billion yuan,
Other data: gross profit of 44.3 billion yuan, 28.8%, net profit of 5.96 billion yuan, around 3%
R&D investment of 12.51 billion yuan, over 420,000 units delivered of the Model Q
Sales expenses of 24.19 billion yuan, meaning that for each car sold, more than 50,000 yuan is spent on sales and marketing costs
In the last late report, Seres needed to pay Huawei an average of 140,000 yuan per vehicle
Assuming a car costs 400,000 yuan, paying Huawei 140,000 yuan, the cost is 260,000 yuan
After deducting a profit margin of 28% (78,000 yuan) and 50,000 yuan in marketing expenses
The average manufacturing cost of a Model Q is 132,000 yuan
However, 132,000 yuan is not just raw material costs; labor costs may also be around 30,000 yuan, meaning the raw material cost for a Model Q should be less than 100,000 yuan