Xiangqi End Game: Horse variations: Single Chariot sure wins Single Horse Two Elephants (Low Elephant).
As shows on the board, Black's horse is on center, however, one of the elephant is on lowest position (low elephant). This is know as "fake 3 elephants". Red could win the game. Red could force Black's king to move to elephant side and block the elephant's eye by his own king.
1. R5=8 K5=4 2. K5+1 K4=5
3. R8+3 K5+1 4. R8=6 K5=6
5. R6=5 K6+1 6. K5-1