Huawei and Seres are preparing the biggest change in their five-year smart-car partnership, with Seres set to lead AITO's product definition, marketing, store sales and user services under an asset-light structure. Huawei will retreat to a technology-enabler role, continuing to provide its full intelligent-vehicle technology suite, including the HarmonyOS cockpit and Qiankun intelligent driving. AITO will remain in the Harmony Intelligent Mobility Alliance, while the operating arrangements for Luxeed, Stelato, Zunjie and Shangjie will not change. Seres shares fell 5.09% to 45.4 yuan after initially rising about 1%, leaving the stock more than 70% below its late-September 2025 record high of 173.55 yuan. The shift follows a broader handover of operational control for three other alliance brands and reflects Huawei's move from full-chain management toward a more scalable technology-supply model. It also tests whether Seres can preserve AITO's momentum and profitability without Huawei directing its brand, channels and product strategy.