Will the company's large-scale investment in new energy business lead to overcapacity?

CATL: Dear investors, the planned capacity of the lithium battery industry is too large, but the actual investment for a single GWh capacity is 300-500 million yuan. Currently, lithium battery companies often announce capacity plans of several hundred GWh, which requires hundreds of billions of capital investment, so it depends on the final implementation. At the same time, we must also see the matching problem of future products and technologies that are constantly being updated and replaced with existing processes and equipment. We believe that high-quality and effective capacity will still be scarce in the future, and there will be a problem of excess ineffective capacity. Thank you for your attention.