The wings of the questioning world are really hard, and they actually want to fly alone? On the afternoon of September 15, the share price of Cyrus A shares suddenly fell sharply, with a maximum decline of 7.22%, and finally closed down by 5.09%. The market value shrank to 79.1 billion yuan, more than 70% lower than the peak on September 30, 2025. Hong Kong stocks were even worse, closing down 6.12%, leaving only HK $60.4 billion. The share price suddenly fell sharply, which was due to changes in the cooperation with Huawei. At noon that day, there was media exposure, and there was a change in the cooperation between Sellis and Huawei. After the closing, the boots officially landed! At 5 p.m. on the same day, the borderline issued an announcement announcing that it would explore a new model under the framework of Hongmeng Zhixing cooperation. In the future, Huawei will adopt an asset-light approach to cooperate with Xilis. Products, marketing, sales, services and other aspects will be led by Huawei and adjusted to be led by Xilis, and Huawei will be empowered. In addition, the boundary brands will be exclusively franchised. What do you mean? The question is to engage in independent channel car sales. Subsequently, Hongmeng Zhixing also issued an announcement, confirming that the asset-light model cooperation boundary will be adopted, and stressed that this adjustment does not involve the other four worlds, and the respected world, the enjoyed world, the intellectual world, and the shang world still adopt the Huawei full-process-led cooperation model. What is the new cooperation model between Huawei and Xilinx? Why are you making this adjustment? Is it only the inquiring family that wants to make a change? Let's move on. Selis Huawei, without reading the announcement separately, I believe many people are still dumbfounded: What exactly is "under the framework of Hongmeng Zhixing cooperation"? What is "Cyrus-led, Huawei-enabled"? "Exclusive franchise" and how much "exclusive"? "Under the framework of Hongmeng Zhixing cooperation" means that the boundary still belongs to the Hongmeng Zhixing family, and some of the previous cooperation models will remain. The interrogation boundary will also continue to strengthen the high-end positioning (within the Hongmeng Intelligent Travel System). In the future, when Hongmeng Zhixing statistics sales, the boundary is still in it. What is Cyrus dominance? A person close to Celeste told the story of the car market, asking what types of products, what the design style is, how much to sell, which suppliers to use, which services to provide, etc., before, it was up to Huawei to decide, and then it was up to Celeste to decide. "Huawei-enabled" means that Huawei, as an enabler, will continue to provide the core intelligent technologies such as intelligent cockpit, advanced assisted driving, and intelligent electric drive for the boundary, and the underlying capabilities of OTA and functional iteration will not be interrupted due to changes in operational entities. The so-called "exclusive franchise" refers to the sales and service channels that will operate independently in the future. In addition to direct-operated stores and franchise stores, about 200 or 300 stores of the original Hongmeng Zhixing will also be divided into question boundary brands, only displaying and selling question boundary models, and the remaining stores will only sell the other four boundaries. On the second day of the leadership adjustment, Selis announced that the boundary interrogation service would be further upgraded to increase the service terms such as maintenance services to the home, timeout-free orders for basic maintenance, lifetime warranty for paint repairs, remote diagnosis, and free road rescue for long-age car users. Did you suddenly understand what the boundary said in the announcement, "to bring users a better full life-cycle car experience" means? The earliest matchmaking, the earliest adjustment of the cooperation between Huawei and Xilis, was also a good word in the car circle. Huawei borrowed Cyrus to prove its ability to empower the car brand, and only then did it have a large number of orders; Cyrus borrowed Huawei, which was recognized and recognized by more and more people, and only now has the influence. Since both parties are profitable through cooperation, why adjust the cooperation model? It is also because of the benefits. Time to enter 2026, the sales volume of the boundary is difficult to go further, even began to decline, and the net profit has turned from positive to negative. It means a lot of pressure on both sides. For Xilis, the financial pressure caused by cooperation has become unbearable. From 2022 to 2025, Xilis' capital flow to Huawei exceeded 110 billion yuan. Even excluding 2.5 billion yuan for the purchase of boundary marks and 11.5 billion yuan for the acquisition of shares, the money spent for Huawei in the field of procurement and marketing alone is very large. In the past four years, the total non-net profit deducted by Xilis was only 1.482 billion yuan. In the first half of 2026, Sellis lost another 1.717 billion yuan. Equivalent to more than four years before, completely dry, but also poured more than 200 million. Huawei is also under a lot of pressure. Yu Chengdong, chairman of Huawei Terminal BG, previously revealed that he had not planned to engage in so many five circles before, because of limited resources and energy, it was a bit busy. The boundary is the brand with the strongest brand influence and the largest product lineage in the Hongmeng Intelligent Travel System, and the negative impact will be less after switching to lightweight cooperation. The adjustment of the cooperation model between the two sides can allow Huawei to devote more energy and resources to the other four worlds and help them achieve better development. At the same time, some Hongmeng Zhixing channels still have sales boundaries, and the sales volume of the boundaries is still being calculated in the Hongmeng Zhixing system. This means that although the level of cooperation will be lighter, it will cause some losses, but the losses are relatively controllable, and perhaps the other four realms will be able to make up for it in the future. This adjustment of the cooperation model is undoubtedly the result of mutual compromise between the two sides. The dilemma of the interrogation boundary is not an individual case. In fact, the cooperation between the interrogation boundary and Hong Mengzhihang is adjusted. The biggest contradiction lies in the fact that the interrogation boundary is no longer profitable. Under the smart car partnership model, the border crossing needs to pay Huawei for technology, parts, channels and other expenses. According to the financial report data, in 2025, Sellis paid a total of about 56 billion yuan to the largest supplier (generally considered to be Huawei), accounting for more than 1/3 of the company's total revenue. Only in the dimension of parts, the average price for each car in the boundary is 50,000 yuan. Technical services and channel marketing services pay 2% of the selling price of the vehicle and 8% of the selling price of the vehicle, respectively. In addition, sales leads from Huawei channels will have to settle additional fees. You know, the gross profit margin of the average car company is also 10% to 20%. When selling a car is still earning money, it is okay to say that there are a lot of toll items and high fees. When the car is sold at a large loss, one side holds a high profit, droughts and floods, and the cooperation model of the other side to bear all the cost pressures becomes unsustainable. If you just don't make money for the time being, many people can still grit their teeth and stick to it. The most frightening thing is that it is difficult to see the hope of the future. From 2022 to 2026, Huawei's smart car selection model has gone from one partner to five. Qianjie's share of sales in Hongmeng Zhixing has been declining, and its own sales and revenue have also declined in 2026. At the same time, Huawei Car BU has launched an in-depth cooperation between the two brands, and more and more products equipped with Huawei's intelligent "family bucket" have also become available. The "Huawei Halo" is no longer exclusive, and the personalized advantages of the boundary are getting weaker and weaker. From this perspective, Huawei car BU seems to show a greater imagination than Hong Mengzhi. As of September 2026, more than 60 models have been equipped with Huawei's smart drive, and more than 2 million units have been sold, most of which are also equipped with Huawei's Hongmeng smart cockpit. The adjusted boundary interrogation cooperation mode is similar to the "HI mode of Huawei car BU" + "part of the channel capacity of Hongmeng Zhixing". The question of the highest sales volume has been so difficult, I am afraid that the other four worlds are not easy. Conclusion It can be said that the adjustment of the cooperation between Celis and Huawei on the boundary is only one of the many changes in the cooperation pattern under the pressure of the car market. The question boundary jumps out of Huawei's dominance and can achieve significant cost reductions in procurement, channels and other aspects. However, everyone's choice of buying boundaries is basically aimed at Huawei. Nowadays, the dominance belongs to Xilis, and the Huawei aura previously carried will also be greatly dimmed. After Huawei's aura is dim, how much sales can be left in the already declining boundary? Will the products that Cyrus dominates in the future still be competitive? The answers to these questions, I'm afraid Huawei Hongmeng Wisdom practiced the other four realms more than you and I want to know. Will you still choose the question after Huawei no longer dominates? Welcome to the comments section ~.