Core Insights - In September, China's passenger car retail sales reached a record high of 2.241 million units, marking a 6.3% year-on-year increase and surpassing the previous record of 2.19 million units set in September 2017 by 50,000 units, indicating strong growth before the end of year policy withdrawal [1][4] Retail Sales Performance - The retail sales of passenger cars in September included 1.018 million sedans, 1.131 million SUVs, and 224.1 million narrow passenger vehicles, with a total of 2.266 million broad passenger vehicles sold [2] - Cumulative retail sales from January to September reached 17.005 million units, reflecting a 9.2% year-on-year growth [4] Brand Performance - Domestic brands continued to show high growth, with retail sales of 1.5 million units in September, a 13% year-on-year increase and a 12.9% month-on-month increase, capturing a market share of 66.9% [5][6] - In the top five manufacturers by retail sales in September, four were domestic brands, with BYD leading at 347,000 units, followed by Geely, Changan, and Chery [5] Export and Wholesale Trends - In September, China's passenger car exports reached 528,000 units, a 20.7% year-on-year increase, with domestic brands accounting for 463,000 units of this total [6] - The wholesale volume of new energy vehicles (NEVs) in September was 1.5 million units, a 22.4% year-on-year increase, with pure electric vehicles (BEVs) making up 63% of the total [12] Market Dynamics - The market is shifting towards reduced price cuts and stable promotions, with 23 models seeing price reductions in September compared to 36 in the previous year [7][8] - The penetration rate of new energy vehicles reached 57.8% in September, up 5 percentage points year-on-year, indicating a stable growth driven by policies and market dynamics [8] Future Outlook - The market is expected to maintain a "Silver September, Golden October" trend, with October's performance anticipated to surpass that of September [4][13] - The upcoming adjustments to the new energy vehicle purchase tax policy in 2026 are expected to stimulate consumer purchases towards the end of the year, contributing to a slight positive growth in the fourth quarter [13]

Core Insights - The overall retail sales of passenger cars in China reached 2.241 million units in September, marking a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [1] - Cumulative retail sales for the year have reached 17.005 million units, representing a year-on-year growth of 9.2%, setting a new historical peak [1] - New energy vehicles (NEVs) have been the primary driver of sales growth, with 14 major car manufacturers collectively selling over 1.32 million NEVs in September [1] Industry Performance - The penetration rate of NEVs in the domestic passenger car market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year [1] - Domestic brands achieved a NEV penetration rate of 78.1% [1] Company Performance - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies [2] - BYD's sales in September were 396,270 units, a decline of 5.52%, marking the first month of year-on-year decline since March 2024 [3] - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%, with NEV sales reaching 165,201 units, up 81.27% [3] - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales of 83,498 units, up 17.24% [4] - Leap Motor achieved a remarkable sales increase of 97.4% in September, with 66,657 units delivered, setting a new record for new car manufacturers [5] Market Trends - The automotive market in September saw over 70 new car models launched, contributing to increased consumer purchasing enthusiasm [5] - The fourth quarter is expected to maintain stable growth, driven by policy guidance and high growth foundations, with an anticipated increase in consumer purchases before the adjustment of NEV tax policies in 2026 [6]

Investment Rating - The investment rating for the automotive and parts industry is maintained as Neutral [5] Core Insights - The report anticipates that competitive domestic brands and new forces in intelligent driving technology will continue to expand their market share by 2025 [3][15] - The report suggests ongoing attention to humanoid robotics, Huawei's supply chain, Xiaomi's supply chain, T-chain, and intelligent driving industry companies [3][15] - The expected impact of tariff fluctuations on certain export chains in the automotive parts sector is considered minimal [2][14] Summary by Sections Weekly Insights - Figure AI has officially launched the Figure 03 humanoid robot, which is expected to have strong mass production certainty, with a target annual production capacity of 12,000 units in its first phase [12] - The collaboration between Sairus and ByteDance's Volcano Engine aims to accelerate the development of the domestic robotics industry [13] - Tesla's Cybercab prototype has entered the collision testing phase, indicating readiness for mass production by 2026 [14] Sales Tracking - In September, the wholesale sales of passenger cars reached 2.77 million units, a year-on-year increase of 11%, while retail sales were 2.24 million units, up 6% year-on-year [19][22] Market Performance - The automotive sector underperformed compared to the CSI 300 index, with a decline of 1.5% [26][28] - The passenger vehicle and automotive parts sectors showed weaker performance, with the automotive parts sector experiencing a significant drop of 2.45% [26][30] Key Company Announcements - Sairus announced a cooperation framework with ByteDance to enhance the application of AI in the automotive industry [39] - BYD reported a sales figure of 396,300 units in September, a year-on-year decrease of 5.5% [43] - SAIC Motor's sales in September reached 439,800 units, a year-on-year increase of 40.4% [45]

智通财经APP讯，吉利汽车(00175)发布公告，于2025年10月13日因本集团雇员根据认股权计划(于2023 年4月28日获采纳)行使认股权而发行1.8万股普通股股份。 ...

吉利汽车(00175)发布公告，于2025年10月13日因本集团雇员根据认股权计划(于2023年4月28日获采纳) 行使认股权而发行1.8万股普通股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年10月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股 ...

Core Insights - In September, the retail sales of passenger cars in China reached 2.241 million units, representing a year-on-year growth of 6.3% [2] - Cumulative retail sales from January to September totaled 17.005 million units, with a year-on-year increase of 9.2% [2] - Wholesale figures for September hit a record high of 2.803 million units, marking a year-on-year growth of 12.4% and a month-on-month increase of 13.0% [2] - From January to September, the total wholesale of passenger cars reached 20.845 million units, up 13.1% year-on-year [2] New Energy Vehicles (NEVs) - In September, the wholesale volume of new energy passenger vehicles reached 1.5 million units, showing a year-on-year increase of 22.4% [2] - Cumulative wholesale of NEVs from January to September was 10.444 million units, reflecting a growth of 31.9% [2] - Retail sales of NEVs in September amounted to 1.296 million units, with a year-on-year growth of 15.5% [2] - Cumulative retail sales of NEVs from January to September reached 8.866 million units, increasing by 24.4% [2] Leading Companies in NEVs - The top five companies in NEV sales for September were BYD (393,060 units), Geely Auto (165,201 units), Tesla China (90,812 units total, with 19,287 units exported), Changan Automobile (90,072 units), and SAIC-GM-Wuling (88,781 units) [2] - Xiaomi Auto, a new player in the market, achieved sales of over 40,000 units for the first time in September, totaling 41,948 units [2] Export Performance - In September, passenger car exports reached 528,000 units, reflecting a year-on-year growth of 20.7% [2] - From January to September, the total export of passenger cars was 3.999 million units, with a year-on-year increase of 12.5% [2]

Retail Performance - In September, the national retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%, with cumulative retail sales for the year at 17.005 million units, up 9.2% year-on-year [1][3] - The retail sales in September set a new record, surpassing the previous high of 2.19 million units in September 2017 by 50,000 units, indicating strong growth before the end of year policy adjustments [1][3] - The market is shifting towards stability with fewer price cuts and promotions, as evidenced by 23 models reducing prices in September compared to 36 last year and 11 in 2023 [1][3] Market Characteristics - In September, the retail, export, wholesale, and production of passenger cars all reached historical highs for the month, with new energy vehicle exports also hitting a record [3] - The cumulative domestic retail growth rate for passenger cars from January to September fell to 9.2%, showing a "front low, middle high, back flat" trend [3] - The penetration rate of new energy vehicles in domestic retail reached 57.8% in September, supported by policies such as tax exemptions for new energy vehicles [3][11] Brand Performance - In September, retail sales of domestic brands reached 1.5 million units, a year-on-year increase of 13%, capturing 66.9% of the domestic market share [4] - The top five state-owned groups saw a combined year-on-year growth of 25% in September, with brands like SAIC, Dongfeng, and Changan performing strongly [3][4] - The retail share of luxury brands decreased slightly to 10.8% in September, indicating increased pressure in the traditional luxury car market [4] Export and Production - In September, passenger car exports reached 528,000 units, a year-on-year increase of 20.7%, with new energy vehicles accounting for 40.1% of total exports [5] - Production of passenger cars in September was 2.838 million units, up 17.2% year-on-year, with cumulative production from January to September at 20.78 million units, a 13.9% increase [5][6] - The wholesale of passenger cars in September reached 2.803 million units, marking a historical high for the month, with a year-on-year increase of 12.4% [6] Inventory and Market Dynamics - The overall industry inventory increased by 70,000 units in September, contrasting with a decrease of 120,000 units in the same month last year, indicating a proactive inventory strategy by manufacturers [7] - The market is experiencing a gradual shift towards stability, with manufacturers maintaining a balance between production and sales [7][18] New Energy Vehicles - In September, production of new energy passenger cars reached 1.501 million units, a year-on-year increase of 22.9%, with cumulative production for the year at 10.376 million units, up 32.2% [8] - The wholesale volume of new energy vehicles in September was 1.5 million units, reflecting a year-on-year increase of 22.4% [8] - The penetration rate of new energy vehicles among domestic brands reached 68.3%, while mainstream joint venture brands lagged significantly at 6.6% [8][11] Future Outlook - The outlook for October suggests a slight decrease in market activity due to fewer working days compared to the previous year, with expectations of a more moderate growth rate [17] - The ongoing push for new energy vehicles and consumer incentives is expected to sustain market momentum, despite potential challenges from policy changes [17][20]

Core Insights - The passenger car market in China showed strong performance in September 2025, with record highs in retail, export, wholesale, and production, particularly in the new energy vehicle (NEV) sector [1][2][5] Retail Performance - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [2][4] - Cumulative retail sales from January to September reached 17.005 million units, reflecting a 9.2% year-on-year growth [2][4] - The retail penetration rate of NEVs in September was 57.8%, with a notable increase in the share of domestic brands [12][14] Export Trends - In September, the total export of passenger cars was 528,000 units, marking a year-on-year increase of 20.7% [5][15] - NEVs accounted for 40.1% of total exports, with a significant year-on-year increase of 15 percentage points [5][15] - The export of domestic brands reached 463,000 units, a year-on-year growth of 27% [5][15] Production Insights - Passenger car production in September was 2.838 million units, a year-on-year increase of 17.2% [5][6] - Cumulative production from January to September reached 20.78 million units, reflecting a 13.9% year-on-year growth [5][6] Wholesale Data - In September, wholesale sales of passenger cars reached 2.803 million units, a year-on-year increase of 12.4% [6][12] - The wholesale penetration rate of NEVs was 53.5%, with domestic brands leading at 68.3% [12][15] New Energy Vehicle (NEV) Performance - NEV production in September reached 1.501 million units, a year-on-year increase of 22.9% [8][9] - NEV wholesale sales were 1.500 million units, reflecting a year-on-year growth of 22.4% [9][12] - The cumulative retail of NEVs from January to September was 8.866 million units, a growth of 24.4% [9][12] Brand Performance - In September, domestic brands achieved retail sales of 1.5 million units, a year-on-year increase of 13% [4][17] - The market share of domestic brands in the retail sector reached 66.9%, up 3.6 percentage points year-on-year [4][17] - New energy brands like BYD, Geely, and Chery showed strong performance in both retail and wholesale segments [16][17] Market Dynamics - The market is transitioning towards a more stable environment with reduced price wars and moderate promotional activities [3][4] - The competitive landscape is evolving, with emerging brands gaining market share and traditional brands adapting to new trends [16][17]

Overall Market Summary - In September 2025, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%. Cumulative retail sales for the year reached 17.005 million units, up 9.2% year-on-year [13][15][16] - The production of passenger cars in September was 2.838 million units, a year-on-year increase of 17.2% and a month-on-month increase of 15.7%. Cumulative production for the year was 20.78 million units, up 13.9% year-on-year [17][18] - The wholesale volume for September was 2.803 million units, marking a historical high for the month, with a year-on-year increase of 12.4% and a month-on-month increase of 13.0% [18] New Energy Market Summary - In September 2025, the production of new energy vehicles (NEVs) reached 1.501 million units, a year-on-year increase of 22.9% and a month-on-month increase of 17.5%. Cumulative production for the year was 10.376 million units, up 32.2% year-on-year [19] - The wholesale volume of NEVs in September was 1.500 million units, a year-on-year increase of 22.4% and a month-on-month increase of 15.9%. Cumulative wholesale for the year reached 10.444 million units, up 31.9% year-on-year [19] - The retail sales of NEVs in September were 1.296 million units, a year-on-year increase of 15.5% and a month-on-month increase of 16.2%. Cumulative retail for the year was 886.6 thousand units, up 24.4% year-on-year [19] Export Performance - In September, the export of passenger cars reached 528,000 units, a year-on-year increase of 20.7% and a month-on-month increase of 5.7%. Cumulative exports for the year were 3.999 million units, up 12.5% year-on-year [17] - NEVs accounted for 40.1% of total exports in September, a year-on-year increase of 15 percentage points. The export of NEVs reached 211,000 units, a year-on-year increase of 96.5% [24][17] Market Trends and Insights - The market is experiencing a shift towards stable pricing and reduced promotional activities, with 23 models seeing price cuts in September, compared to 36 last year [13][15] - The penetration rate of NEVs in the domestic market reached 57.8% in September, with a notable increase in the share of domestic brands [23][19] - The competitive landscape is evolving, with significant growth in domestic brands, particularly in the NEV segment, where brands like BYD and Geely are leading [27][26] Inventory and Production Dynamics - The overall industry inventory increased by 70,000 units in September, indicating a proactive approach by manufacturers to build inventory [19] - The production of luxury brands increased by 7% year-on-year, while domestic brands saw a 21% increase, reflecting strong demand [17][19] Future Outlook - The market is expected to maintain a "front low, middle high, back flat" trend, with a focus on new energy vehicles driving growth [15][29] - The upcoming months may see a more moderate growth rate due to seasonal factors and changes in consumer purchasing behavior [29][30]