Exclusive interview with Shenzhou Zuche CEO Gao Dewu: The accident rate for autonomous driving rentals has significantly decreased compared to manual driving, and low-altitude travel services will be launched next year.

Text | Sina Tech Zhang Jun

“Many users have feedback that autonomous driving car rentals are practically products of a different era compared to traditional rental services.”

Months ago, Shenzhou Car Rental partnered with Baidu Apollo to launch the world’s first L4-level autonomous driving rental product, allowing users without driver’s licenses to rent cars. When reviewing the operation of this product, Shenzhou Car Rental CEO Gao Dewu excitedly told Sina Tech. And the surprises went beyond user feedback; vehicle stability was also better than expected. At the service launch, the internal team was worried that autonomous vehicles might frequently malfunction or pose safety risks, and even a partner who just experienced the vehicle said he was “very nervous.”

But in actual operation, it was found that the accident rate of autonomous vehicles was several orders of magnitude lower than manual driving. Gao Dewu explained that, on one hand, the autonomous system strictly follows traffic rules and won’t violate regulations; on the other hand, the system does not have emotional issues like human drivers, making the operation smoother and more controllable.

Autonomous driving car rental is just one of Shenzhou Car Rental’s attempts in new business areas.

In November 2025, Shenzhou Car Rental signed a strategic cooperation agreement with WOLANT, a low-altitude aircraft manufacturer, officially entering the low-altitude economy track. Gao Dewu told Sina Tech that the company is currently working with partners to refine the product, continuously improving safety and maturity, with some mature products expected to be launched next year. He believes that compared to ground transportation, low-altitude travel can significantly shorten travel time, and internal estimates show that the cost per person for such trips could be even lower than luxury taxi fares, giving it strong market competitiveness.

Of course, commercializing the low-altitude economy still requires a long-term process. He estimates that for low-altitude travel to truly reach the general public and achieve large-scale adoption, it will take at least 3–5 years. Before that, small-scale pilot applications may meet some users’ curiosity, but to achieve widespread adoption, conditions such as government regulation policies, product technology maturity, and cost optimization must all mature. Shenzhou Car Rental hopes to lead in testing and implementation, gradually improving operational logic and accumulating industry experience.

From autonomous driving car rental to low-altitude economy, each is a business requiring heavy investment and long cycles. Placing these “high-risk” decisions on a CEO with a finance background creates a stark contrast. Before becoming CEO, he was CFO, focusing more on cost savings, expense reduction, and capital efficiency.

Gao Dewu told Sina Tech that after changing roles, his perspective on problems has changed dramatically. Now, he needs to focus more on how technological development and industry long-term trends impact the company, thinking about how to proactively align with these trends, especially the iterative upgrade of customer needs. “Like planting trees, today’s investment and effort may only bear fruit after one or two years or even longer, so we must view the company’s development with a long-term perspective and not rush to achieve quick results.”

He admits that decision-making for new businesses at Shenzhou Car Rental has sometimes faced disagreements internally. The core approach to resolving these is to extend the short-term view into the long-term, using long-term trends to build consensus. “If something isn’t clear from a 1-year perspective, we extend it to 3 years; if there are still disagreements at 3 years, we look at a 5-year horizon.” From a long-term development perspective, autonomous driving and low-altitude economy are inevitable directions for future mobility. As long as the perspective is long-term, everyone’s goals will gradually align.

With consensus reached, Shenzhou Car Rental has a clear understanding of heavy investment in autonomous driving and low-altitude economy. He states that the company has not set explicit short-term profit targets for these new businesses but focuses on product refinement and user cultivation. “We firmly believe that as long as we do a good job with the product, profitability will naturally follow.”

This approach has already been validated in Shenzhou Car Rental’s transition to new energy vehicles. In recent years, the penetration rate of new energy vehicles in the auto industry has increased, and user demands for car rentals are also changing. But opportunities come with challenges. Operating models and costs for new energy vehicles put some pressure on the rental industry.

Shenzhou Car Rental’s strategy was to pilot a small batch of new energy vehicles in 2022, and only after the model matures, push for large-scale transformation in 2025. In 2025, the company plans to purchase nearly 100k new vehicles, with about half being new energy models. Gao Dewu shared two operational data points: first, the vehicle utilization rate increased from 50% to 70%; second, the average maintenance cycle per vehicle shortened from the industry standard of 30–40 days to 9–10 days. The efficiency gains directly reduced costs.

This refined operation is already showing results. Data from Shenzhou Car Rental’s 2026 Spring Festival self-driving rental report shows that during the holiday, platform orders and user numbers increased by over 50% compared to 2025’s Spring Festival. Among them, new energy models performed especially well, with order volume increasing fivefold year-over-year.

Gao Dewu said that for autonomous driving car rental and low-altitude travel, the company will adopt this strategy: first perfect the product, ensure safety and user experience, then consider scaling up. “From our operational capacity, we currently cover over 360 cities with more than 6,500 outlets and thousands of employees nationwide. Once the product is mature, we are fully capable of rapid multi-city, large-scale deployment,” he said.

Below is an excerpt of the interview (slightly edited)

From CFO to CEO: Balancing “Accounting” and “Planting Trees”

Sina Tech: You were CFO before becoming CEO of Shenzhou Car Rental. How does the role switch feel?

Gao Dewu: The core difference lies in the responsibility scope. When I was CFO, my main focus was on financial control and procurement management; now, as CEO, I wake up every day with a holistic view, planning the company’s development: optimizing business layout, improving service quality, building a larger career platform for over 7,000 employees. These are my daily considerations. I also need to keep an eye on breakthrough directions, industry trends, and market competition, which are much broader and deeper than when I was responsible for finance. This isn’t about the importance of the roles but about division of labor. Being CEO makes me feel the responsibility is heavier, but it also fuels my motivation. Over the past year, I’ve enjoyed this process of full effort and self-breakthrough.

I often tell my team that market competition is like a contest among adults—only the most cost-efficient companies can persist to the end. If we can control costs better than competitors and build a more solid cost structure, we can withstand market pressures and compete for the long haul.

Therefore, as the head of the company, my perspective on problems has fundamentally changed from when I was CFO. Previously, I focused on cost savings—how to cut expenses, improve capital efficiency; now, I think about the company’s long-term survival and growth—where is our future direction? How to build a differentiated competitive advantage? In the increasingly fierce domestic rental market, how to achieve healthy, sustainable development? These questions are at a different level and depth than before.

Sina Tech: Since last year, Shenzhou Car Rental has launched many new businesses. You’re from a CFO background, so generally, you’d focus more on cost control. But new businesses require heavy investment and long cycles. How do you view long-term investment with your CFO experience now as CEO?

Gao Dewu: The car rental industry itself is inherently long-term. This can be understood through two core logics. First, the industry is still in growth phase domestically, with a relatively high growth rate and a high proportion of new users. Second, car rental has its own characteristics—unlike ride-hailing, which is high-frequency, daily commuting, and peak in the mornings and evenings, car rental’s main scenarios are business travel and tourism. It’s a low-frequency, high-value service.

Given this, cultivating customers, exploring demand, and increasing user stickiness all require a long-term process. Like planting trees, today’s investment and effort may only show returns after one or two years or longer. So, we must adopt a long-term view of development, not rushing for quick results.

For example, the core strategy I promote as CEO is “Customer First.” While focusing on efficiency and cost reduction, we also cannot neglect the foundation of the service industry—customer experience. Since March last year, I’ve led the company to hold themed closed-door meetings, mainly listening to customer voices. We systematically sorted all feedback from the customer service department, including positive reviews and complaints, analyzing the root causes: Are there process loopholes? Is the product design unreasonable? Is the pricing strategy off? Are rules not user-friendly? Are there system faults? We categorized and archived all issues, assigned responsible departments and deadlines, forming a closed-loop management. Since then, we hold monthly special meetings to review the previous month’s problem rectifications, troubleshoot bottlenecks, coordinate departments, and push continuous improvements. To date, we’ve optimized and improved about 150–160 business processes, system functions, and operational logic—proof of long-term investment and continuous refinement.

Of course, this long-term effort also yields immediate positive feedback. We’ve received many positive reviews from customers, and repurchase rates have risen significantly—many users rent again during the Spring Festival after experiencing our service in summer. That’s the value of long-term investment. So, car rental is indeed a business that requires long-term deep cultivation.

Second, from my personal transition from finance to operations, we need to pay more attention to how technological development and industry trends impact the company, thinking about how to proactively adapt to these changes, especially the iterative upgrade of customer needs. The auto aftermarket is undergoing profound change; technological iteration and energy structure adjustments are unprecedented. New energy vehicles are now a strategic industry promoted by the state. As an industry leader, we must follow national strategies and industry trends, actively transforming in product layout, customer operation logic, etc. These transformations also require long-term investment and ongoing exploration.

Sina Tech: The data from Shenzhou Car Rental’s Spring Festival car rental shows good growth in orders and user scale. Can you summarize what the company did right?

Gao Dewu: During this Spring Festival, our growth exceeded the overall industry trend. Even if the market’s overall growth didn’t reach our expected 50%, we still achieved a faster pace. This success is due to both macro industry trends and our own diligent efforts.

First, we are in a rapidly growing industry track. The development of the auto rental industry is closely related to the maturity of China’s auto industry. The history has been bumpy—long periods of stagnation after founding, with rapid growth only starting after 2000. Before 2000, only a few joint-venture automakers existed, relying heavily on foreign technology, with almost no domestic brands. It’s only in the past decade that China’s auto industry has entered a phase of rapid catch-up, with domestic brands rising, technology and manufacturing capabilities improving, narrowing the gap with joint ventures.

The development of the domestic car rental industry has largely synchronized with the auto industry. In the 1990s, only one state-owned rental company existed, mainly serving events, not targeting individual consumers. After 2000, various car rental companies emerged, with Shenzhou Car Rental starting in 2007. Thanks to the rapid growth of the auto industry, the domestic rental market has maintained double-digit compound growth rates. Our 50%+ growth during the Spring Festival was primarily due to this industry tailwind—being in a promising growth track.

Second, the transformation of the domestic consumer market has created major opportunities. Currently, China is shifting from goods consumption to service consumption. Goods still account for nearly 50% of total consumption, but as the economy develops, service consumption will surpass 50% and reach higher levels. Tourism is a key part of service consumption, maintaining rapid growth. Car rental precisely serves the key link in travel—covering “eat, stay, travel.” For travel, the core involves long-distance transport like planes and high-speed trains, and short-distance trips of 200–500 km after landing. Car rental forms a complete travel loop, allowing us to seize the market opportunity brought by consumption upgrading.

Third, macro policies have supported industry development. In recent years, the government has prioritized unlocking consumption potential. We participated in special meetings organized by the Ministry of Commerce, feeling the government’s strong commitment and pragmatic measures to boost consumption. The Ministry coordinated with the MIIT, Ministry of Transport, Public Security, and other departments, listening to enterprise demands, resolving bottlenecks, and providing support. Under this policy environment, our company has benefited from the policy push, achieving rapid growth.

In addition to industry and policy support, our own diligent work is crucial. We’ve succeeded by focusing on three areas: first, continuous improvement of service quality—investing heavily in product refinement and service optimization; second, precise supply management—purchasing nearly 100k new vehicles in 2025, ensuring sufficient supply; third, optimizing product structure—half of the new vehicles are new energy models, aligning with the current green travel demand. These measures contributed to our strong performance at the start of this year.

2025 Will Be the Year of Explosive Growth for New Energy Car Rentals, with Costs Approaching Fuel Vehicles

Sina Tech: You mentioned investments in new energy vehicles. What trends or opportunities in the industry related to new energy have you observed?

Gao Dewu: As a leading company, we’ve deeply felt two core trends in the new energy sector and identified corresponding market opportunities.

First, from the supply side, the technological iteration speed of new energy vehicles is very fast, with diverse development directions. From vehicle systems, energy supply, interior design, to cockpit human-machine interaction, maturity and update speed are accelerating. The development of intelligent assisted driving is especially prominent. In 2025, we partnered with Baidu Apollo to launch the world’s first L4 autonomous driving rental product, aligning with technological trends and planning for future mobility.

Second, from the demand side, consumer acceptance of new energy vehicles is rapidly increasing, with significant demand transformation. Previously, the penetration rate of new energy in car rentals was below the overall user level, mainly due to range anxiety: some users are accustomed to traditional fuel vehicles and unfamiliar with EV operation; others worry about charging station distribution and energy replenishment convenience, fearing insufficient charging during trips.

But this year, we’ve seen a clear shift—more consumers accept EVs despite some residual concerns. The main reasons are: first, the deployment of charging infrastructure has improved significantly, easing user worries; second, we’ve optimized services—providing pre-trip guidance and operational arrangements to make users more confident in using EVs. In 2025, the technological maturity on the supply side and increased user acceptance on demand side are driving explosive growth in the EV rental market.

We also found that young consumers are especially receptive to EVs, particularly valuing the convenience of vehicle systems, which provides important reference for our product layout.

Sina Tech: Range anxiety is a concern for EV users. What has Shenzhou Car Rental done to address this?

Gao Dewu: To ease range anxiety, we’ve made multiple arrangements and accumulated rich operational experience. As early as 2022, we started exploring EV rental models, focusing on refining user guidance and service capabilities for the entire process of vehicle pickup, use, and return, ensuring smooth and convenient EV use.

Second, in vehicle selection, we prioritize models with reliable range, reducing user worries from the source.

Third, in regional deployment, we adapt to local conditions. In areas unsuitable for EVs—like high-altitude, cold regions such as Xinjiang—we reduce EV deployment and increase fuel vehicles. In economically developed, warm regions with good charging infrastructure—like the Pearl River Delta, Yangtze River Delta—we significantly increase EV deployment, precisely matching local travel needs. These detailed operational arrangements maximize the alleviation of range anxiety and improve user experience.

Sina Tech: Large investments in EVs might put pressure on operation models and costs. How does Shenzhou Car Rental handle this?

Gao Dewu: It’s true that large-scale EV deployment impacts operational models and costs industry-wide, and all players face cost pressures. But as EV technology matures, related costs are approaching those of fuel vehicles, making current challenges manageable.

Our main approach is to improve operational efficiency to offset costs—rather than raising prices for users, we offer incentives to encourage more users to try EVs, thus boosting efficiency. In this regard, Shenzhou Car Rental is industry-leading, with two main strategies:

First, using data and algorithms to optimize vehicle deployment, shortening process cycles. We have over 260 models across more than 350 cities. Vehicle allocation is complex. We use AI algorithms, combining historical user data and order demand, to precisely optimize deployment—predicting demand at different locations and times, deploying appropriate models accordingly. This not only reduces user wait times but also avoids wasteful manual allocation and energy consumption, improving utilization. For example, our vehicle utilization rate has increased from 50% to 70%, a direct result of data-driven optimization.

Second, establishing a comprehensive self-operated maintenance system to further improve efficiency and reduce costs. We’ve built a mature maintenance network, with 80–90% of our fleet serviced in-house. Our data shows that the average repair cycle per vehicle is only 9–10 days, compared to industry standards of 30–40 days. This means each vehicle can operate about a month more per year than competitors, directly lowering costs.

Thus, in facing the industry shift to new energy, we continuously improve operational efficiency and service quality to counteract cost pressures and ensure healthy growth.

No Fear of Technology Replacing Humans; Accident Rates of Autonomous Vehicles Are Significantly Lower Than Human-Driven Cars

Sina Tech: With the trend toward new energy, many intelligent technologies are being implemented. What are your experiences with intelligent tech in user-facing and internal operations?

Gao Dewu: Currently, society is paying close attention to AI and intelligent tech, with some fearing it will replace jobs. But we see these technologies more as tools to empower operations and improve efficiency. Shenzhou Car Rental has a genetic and long-term accumulation in data and AI applications. Since 2015, we’ve invested over 100k yuan annually in R&D. After years of effort, we’ve achieved full-process data-driven operations.

“Full-process data-driven” means from vehicle procurement decisions, every step relies on data models rather than personal intuition. For example, when deciding how many vehicles to buy and which models, we use precise data models that incorporate market demand forecasts, existing vehicle inventory, retirement plans, and target utilization rates to back-calculate the needed vehicle types and quantities, ensuring rational procurement.

This is just a glimpse of our data-driven operation. From vehicle procurement, online deployment, to daily maintenance and refueling, every operation creates standardized work orders in our app, managed across all outlets, accumulating vast operational data. For instance, we require fuel vehicles to be full when dispatched. If a user returns the car not fully fueled, the system automatically reads the fuel level, generates an invoice for missing fuel, and creates a refueling work order. The staff can receive real-time updates via mobile, with details like location, required fuel, and cost—all data is recorded for traceability.

Whether small tasks like refueling or large ones like repairs (parts used, labor hours, repair parts), all data is stored in a vehicle’s lifecycle database. Over years, we’ve used algorithms to turn this data into decision support and operational optimization—applied in vehicle allocation, pricing, and more.

For example, our dynamic pricing system manages 260 models across 300+ cities, adjusting prices based on model, location, and time. Relying on manual pricing is impossible; now, AI automatically calculates optimal prices, ensuring accuracy and efficiency.

In short, AI and data tech are deeply integrated into our daily operations—from data collection, analysis, to decision-making and execution. The earlier and deeper we apply intelligent tech, the more efficiency and competitive advantage we gain. We will continue increasing R&D investment, deepening data and AI integration.

Sina Tech: Do you personally use AI tools?

Gao Dewu: I do try some AI tools occasionally. Despite a busy schedule, I manage to carve out 1–2 hours daily—after 5–6 hours of sleep, commuting, and fragmented time. I use this time to experience various AI tools, feeling the convenience brought by advanced tech, which also helps me understand application scenarios and value, guiding our smart deployment.

Sina Tech: Regarding AI, Shenzhou Car Rental’s L4 autonomous driving rental product with Baidu has been trialed for months. What unexpected user feedback have you received? What still needs improvement?

Gao Dewu: Honestly, when we first launched the L4 autonomous driving rental, we were a bit nervous. Everyone knows autonomous driving is a key future trend and the right direction, but predicting the right timing and industry impact is tough. We could only explore through practice. After nearly half a year of trial operation, many results exceeded expectations, but some areas still need ongoing optimization.

First, the safety and stability of vehicle operation exceeded our expectations. We initially worried about frequent malfunctions or safety risks, but real-world data shows safety far surpasses our expectations. The system strictly follows traffic rules, avoiding violations; it doesn’t have emotional issues like human drivers, making operation smoother and more controllable. Accident rates are several orders of magnitude lower than manual driving—this was a big surprise and a source of pride.

Second, user acceptance and experience feedback also surpassed expectations. Many users say autonomous driving car rentals are products of a different era. Previously, whether the vehicle was clean or the driver’s attitude was good, users had to passively accept. Even if uncomfortable, short trips made them tolerate it. After trying autonomous rentals, users feel unprecedented freedom, and some say it changes their travel habits. This positive feedback strengthens our confidence in autonomous driving.

Of course, we also encountered unexpected challenges. The most prominent is the restriction of road rights and open policies. Currently, autonomous vehicles are limited in scope and routes, with different cities having different policies. This is more restrictive than we initially thought. It challenges us to better meet diverse user needs within limited road rights, requiring us to refine operational scenarios and service processes—an opportunity to improve our capabilities.

Fortunately, the pace of national policy on road rights is accelerating. Recently, Guangzhou has fully opened autonomous driving in the entire area; Shanghai and other cities are expanding pilot zones. More cities are pushing for road rights opening. We realize that autonomous driving is no longer just a matter for individual companies but a matter of national technological competitiveness—affecting the entire industry and global tech power competition. The government attaches great importance, and companies are speeding up technology deployment and commercialization. We will focus on customer service, technology application, and safety, continuously upgrading our autonomous driving rental products. We are confident about the future of this track.

Sina Tech: There are concerns about safety and driver replacement. Have you encountered resistance when deploying autonomous driving in rental scenarios?

Gao Dewu: Yes, we’ve faced such doubts and resistance. For example, a partner tried our autonomous rental in Haikou. He initially felt very nervous—seeing the steering wheel turn automatically, the vehicle drive itself—he was uneasy. But after about ten minutes, his attitude changed. He no longer felt nervous and highly recognized the maturity of the technology. He said that lane changes, overtaking, following cars, and traffic light handling were comparable to experienced drivers, even smoother and more standardized.

This is typical for most users—initial nervousness and doubts, then recognition and acceptance after experience. We’re working to guide users gradually, cultivating habits of using autonomous vehicles, easing public perception. I believe that as more users experience it firsthand, acceptance of autonomous car rentals will grow.

Sina Tech: What are your plans for 2026 regarding autonomous driving rentals? Will you expand to more cities and deploy more vehicles?

Gao Dewu: Our strategy for autonomous driving rentals is cautious. We’re not rushing for scale but focusing on product refinement. We believe that responsible for users and safety is the prerequisite. Our first step is to learn from trial operations, review user feedback, optimize the entire user journey, and make the experience smoother and more aligned with needs—like improving pickup, use, and return procedures, and offering more value-added services.

This approach is consistent with our energy transition plan: in 2022, we started with small-scale pilots (a few hundred to a couple thousand vehicles), refining operations and gaining experience; only after the model matures will we scale up in 2025. For autonomous driving, we will follow the same logic—perfect the product, ensure safety and user experience, then expand.

From our current capacity, we cover over 360 cities with more than 6,500 outlets and thousands of employees nationwide. Once the product is ready, we can quickly deploy in multiple cities at scale. But we always prioritize product quality and user safety—only after users feel the convenience and safety of autonomous driving will we expand further. That’s our responsibility to users and the industry.

Next year, low-altitude travel services are expected to launch, with large-scale adoption in 3–5 years

Sina Tech: Besides autonomous driving, Shenzhou Car Rental is also entering the low-altitude economy. But the commercialization pace might be slower. How do you view public demand and willingness to pay for low-altitude travel?

Gao Dewu: Low-altitude economy is a very promising future mobility track. We believe future travel will shift from ground-based to three-dimensional transportation—this is a societal trend and a natural upgrade of user needs. Our internal research shows that traditional ground travel is limited by routes and cannot achieve straight-line travel. Low-altitude travel can significantly shorten routes, greatly improving efficiency—this is its core advantage and a potential core demand.

However, commercializing low-altitude travel requires a long process. Cultivating user demand and willingness to pay takes time. As a leading company, our responsibility is to pioneer, test, and gradually improve operational logic, accumulating experience for industry development.

In our view, the key issues for low-altitude development are threefold. First, safety—this is the red line. Currently, regulators are working closely with companies to build a safety assurance system. We and partners are continuously testing and improving, conducting repeated test flights to enhance safety and maturity. Only when safety is assured will we launch products, with some mature ones expected next year.

Second, convenience and cost—these directly influence user willingness to pay. For example, from Houfucun to the airport, ground transport often takes 1–2 hours due to congestion. Low-altitude travel can cut this time significantly, and the cost per person can be lower than luxury taxis, making it highly competitive.

Third, industry ecosystem—airspace opening, route design, infrastructure. We believe that with safety, mature operation models, and cost reduction, low-altitude economy can scale in the coming years, gradually entering daily life, with user willingness to pay increasing as experience improves.

Sina Tech: How long do you think it will take for low-altitude travel to become widely popular?

Gao Dewu: Based on industry trends and our internal judgment, it will take at least 3–5 years for low-altitude travel to reach the general public and achieve large-scale adoption. Before that, small pilot applications will meet some users’ curiosity, but full-scale popularization depends on multiple conditions maturing.

The process mainly depends on two factors: one is government regulation—especially airspace opening and route design. Currently, the Civil Aviation Administration is working with relevant companies to design and improve air route maps, which is fundamental for large-scale low-altitude travel. Infrastructure like airspace management is akin to highway construction—only with good infrastructure can vehicles travel smoothly. The second is technology maturity and cost reduction—only when safety, convenience, and costs are further improved can low-altitude travel be accepted by the public and scaled.

Sina Tech: What risk mitigation mechanisms are in place for new business safety?

Gao Dewu: Whether it’s autonomous driving car rental or low-altitude economy, safety is always our top priority—this is the red line for exploring new businesses. We pre-emptively identify potential risks and establish comprehensive response mechanisms.

For example, we don’t pursue rapid scale or speed but use small pilot batches, continuous review, and optimization to refine products and operations, ensuring every scenario is well-tested and safety measures are implemented. For extreme weather or seasonal variations, we design emergency plans and conduct repeated simulations to ensure safety and stability under any circumstances.

We believe safety is the foundation of new business development. Only when safety is guaranteed can we gradually commercialize products, which is responsible to users, the company, and the industry.

New businesses won’t seek short-term profits at the expense of safety; we balance cost efficiency and service quality.

Sina Tech: How are you planning for profitability in these long-cycle businesses?

Gao Dewu: We have a clear plan. Achieving break-even and generating returns for shareholders is fundamental. But since autonomous driving and low-altitude economy are frontier tracks, their cultivation cycles are longer, with larger investments. We understand this well and are not rushing for short-term profits.

Our main business is doing well, providing solid financial support for new ventures. We believe that through organic synergy and long-term patience, these new businesses will eventually empower each other and grow together.

Our core logic is to first refine the product, deliver real value to users—if the product meets needs and improves experience, users will pay a reasonable premium for quality and innovation, and the company will earn returns. We don’t set strict short-term profit targets but focus on product quality and user cultivation. We believe that as long as the product is good, profits will naturally follow.

Sina Tech: During the development of these businesses, have there been internal disagreements? How was consensus reached?

Gao Dewu: It’s normal for any company to have differing opinions when exploring new frontiers. We resolve disagreements mainly by extending the short-term view into the long-term, using long-term trends to build consensus. If something isn’t clear from a 1-year perspective, we extend it to 3 years; if still unresolved, to 5 years. From a long-term perspective, autonomous driving and low-altitude travel are inevitable directions—this is unquestionable. As long as we look far ahead, everyone’s goals will align gradually.

In practice, we listen carefully to different opinions, tolerate differences, and sometimes compromise. We analyze points of disagreement from various angles and logical perspectives, ultimately finding solutions everyone agrees on. As long as the big direction is consistent, we can accept differences and quickly reach consensus to advance the projects.

Sina Tech: Finally, please share your outlook for the rental car industry this year and any new moves for Shenzhou Car Rental.

Gao Dewu: I see 2026 as a year of both opportunities and challenges. The overall trend is positive. Opportunities include macro environment and consumption trends: the government emphasizes domestic demand and the auto aftermarket, supporting policies for a trillion-yuan industry. As China’s modernization progresses, residents’ living standards improve, and after basic needs are met, more people are willing to pay for travel and emotional value. This upgrade in consumption will continue to drive the rental industry.

Infrastructure development also supports growth—highways, airports, and internet platforms have made travel more accessible, stimulating demand. Car rental, as a convenient short-distance mode, will continue to serve this expanding market.

Challenges mainly lie in costs, operations, and service quality. Service quality varies, risking negative user experiences and damaging industry reputation. Vehicle depreciation and operating costs are also ongoing pressures. Only by continuously improving operational efficiency, controlling costs, and enhancing service quality can companies sustain long-term growth.

For industry peers, success depends on health and operational capability. Only by improving efficiency, managing costs, and creating higher value for users can they stand out and develop sustainably.

As for Shenzhou Car Rental’s 2026 plans, we will continue to uphold the core strategy of “Customer First,” optimize service quality, refine product structure, deepen energy transition, and steadily advance autonomous driving pilot projects and low-altitude exploration. We will maintain a long-term development perspective, leveraging our operational advantages and data capabilities to enhance core competitiveness, provide better mobility services, and promote industry healthy, sustainable growth.