Group 1 - Hong Kong automotive stocks rose against the trend, with XPeng Motors leading with a peak increase of over 8%, followed by Chery with over 5%, and NIO with nearly 3% [1] - According to a report by CICC, the transformation of China's automotive industry towards electric and intelligent vehicles is nearly complete, with expectations for the penetration rate of new energy vehicles in China to exceed 50% by 2025 [1] - By 2030, it is anticipated that Chinese domestic brands will achieve a production scale of nearly 30 million vehicles globally, with several companies potentially producing over 5 million vehicles annually [1] Group 2 - XPeng Motors announced its official entry into five European markets: Switzerland, Austria, Hungary, Slovenia, and Croatia, and signed a quantum security technology cooperation agreement with Alibaba Cloud [1] - Chery has achieved several significant milestones this year, including being the top exporter of Chinese automobiles, leading in SUV market share, and having the fastest growth in the Fortune Global 500 rankings [1] - BYD is intensifying its efforts to expand into the German market, the largest automotive market in Europe, by hiring senior executives to strengthen its operations [1]

Interim Report 2025 中期報告 * 僅供識別 For identification purpose only 2025 二零二五 BJ40增程版 官網 官方微信賬號 北京汽車股份有限公司（「本公司」或「北京汽車」）董事（「董 事」）會（「董事會」）謹此公佈本公司及其附屬公司（合稱「本 集團」或「我們」）截至二零二五年六月三十日止六個月期間 （「二零二五年上半年」或「報告期」）的未經審計中期簡明財 務資料。該簡明財務資料按照國際會計準則委員會公佈的 《國際會計準則》第34號《中期財務報告》以及香港聯合交易 所有限公司（「聯交所」）證券上市規則（「上市規則」）要求編 製。 本集團二零二五年上半年業績已經董事會批准，本報告載 列的中期簡明財務資料雖未經審計，但已由本公司核數師 安永會計師事務所審閱。 二零二五年上半年，新能源汽車保持高速增長，智能駕駛 加速滲透，汽車內需市場明顯改善；汽車出口結構持續優 化。同時，全球宏觀環境不確定性增加，國內消費復甦的 可持續性仍有待鞏固，行業競爭依舊高企，企業面臨的 挑戰加劇。根據中國汽車工業協會（「中汽協」）數據，二零 二五年上半年，乘用車實現銷量1,353. ...

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD with a rise of 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming to promote qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently announced the launch of the Tang DM-i smart driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from its shareholders to privatize Zeekr [1]

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD up by 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming for qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently introduced the Tang DM-i Intelligent Driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from Zeekr shareholders for the privatization of Zeekr [1]

Core Viewpoint - The China Automotive Industry Association (CAIA) has released a payment initiative for supplier accounts, which has been supported by 17 major automotive companies, aiming to promote high-quality development in the automotive industry [1][2]. Group 1: Initiative Details - The initiative outlines requirements for goods delivery acceptance, payment terms, reconciliation, and payment processes, specifying that the payment period for automotive companies (the buyer) should not exceed 60 calendar days from the date of delivery and acceptance by the buyer [1]. - The initiative is expected to alleviate financial pressure on suppliers, which is crucial for fostering innovation and building a robust supply chain in the automotive sector [1]. Group 2: Supporting Companies - The 17 automotive companies that have committed to this initiative include major players such as BYD, Xiaomi, Dongfeng Motor Group, and SAIC Motor Corporation, among others [2]. - These companies have previously made public commitments regarding the payment term of not exceeding 60 days [2]. Group 3: Industry Impact - If effectively implemented, the initiative could enhance cash flow efficiency within the industry, leading to improved production efficiency and overall competitiveness of the Chinese automotive sector [1].

Group 1 - Nine automotive manufacturers, including NIO, Great Wall Motors, Xiaomi Auto, and others, have committed to implementing the "Supplier Payment Norms Initiative" to foster a collaborative ecosystem between vehicle manufacturers and parts suppliers [1] - A total of 17 automotive companies have now made clear commitments regarding payment terms, indicating a unified effort to promote high-quality development in the automotive industry [1]

Core Viewpoint - A total of 17 automotive companies have committed to implementing the "Automobile Complete Vehicle Enterprises Supplier Payment Norms Initiative," aiming to foster a collaborative and win-win ecosystem between complete vehicles and components, thereby promoting high-quality development in the automotive industry [1][8]. Group 1: Company Responses - NIO emphasizes the importance of a healthy supply chain for product quality and user experience, committing to long-term, mutually beneficial relationships with partners and adherence to the payment norms [1]. - Great Wall Motors adheres to a philosophy of "true partnership and win-win cooperation," ensuring timely payments and optimizing payment processes to support small and medium-sized enterprises [2]. - Xiaomi Motors supports the initiative, highlighting the significance of timely payments for maintaining a stable industrial chain and committing to a payment period of within 60 days [3]. - Leap Motor commits to a "60-day payment" principle and aims to streamline approval processes to ensure efficient payment flows, contributing to the stability of the supply chain [4]. - XPeng Motors reaffirms its commitment to a 60-day payment period and emphasizes the importance of trust and support from partners for sustainable development [5]. - Geely Auto Group has already implemented a 60-day payment period and aims to enhance the efficiency of capital turnover within the supply chain [6]. - BAIC Group expresses its commitment to fair and transparent payment practices, focusing on optimizing payment processes to support the health of the supply chain [6][7]. - Jianghuai Automobile Group is enhancing payment efficiency and transparency, ensuring all suppliers, including SMEs, receive timely payments [7]. - China FAW Group emphasizes its role in maintaining a stable market economy and has unified the payment period to 60 days, optimizing internal processes [8]. Group 2: Industry Context - The initiative has received support from various national departments, including the Ministry of Industry and Information Technology, highlighting the government's focus on stabilizing the supply chain and promoting high-quality development in the automotive sector [4][8]. - The collective commitment from these automotive companies reflects a broader industry trend towards enhancing supplier relationships and ensuring financial stability within the supply chain [1][8].

Core Viewpoint - The China Automotive Industry Association has released the "Supplier Payment Norms Initiative for Complete Vehicle Enterprises," which aims to standardize key aspects of procurement contracts between automakers and suppliers, including order confirmation, delivery and acceptance, payment and settlement, and contract duration [1] Group 1: Initiative Details - The initiative specifies requirements for goods delivery acceptance, account period commencement, reconciliation and settlement, and payment, such as a maximum goods acceptance time of three working days and a minimum contract validity of one year [1] - The initiative is expected to significantly promote the standardized development of the automotive industry [1] Group 2: Company Responses - SAIC Group announced it will unify supplier payment terms to within 60 days by June 2025 and will not use commercial acceptance bills to avoid increasing suppliers' financial pressure [3] - BYD Auto expressed its commitment to the initiative and aims to foster a collaborative ecosystem for high-quality development in the Chinese automotive industry through technological innovation and management optimization [5] - GAC Group has consistently adhered to a payment principle of not exceeding 60 days for suppliers since its establishment in 1997, emphasizing integrity and collaboration within the industry [7] - Changan Automobile has implemented a payment scheme that ensures a 60-day payment commitment and is exploring efficient payment processes for suppliers [10] - Dongfeng Motor pledged to implement the initiative's requirements to protect supplier rights and enhance supply chain resilience [12] - Xiaomi Auto fully supports the initiative and commits to maintaining a payment period of within 60 days while focusing on key procurement aspects [14] - Li Auto will continue to uphold its 60-day payment commitment and ensure timely acceptance and reconciliation of goods [16] - NIO aims to establish long-term, mutually beneficial relationships with partners while adhering to the supplier payment norms [17] - Seres Group calls for self-discipline among enterprises to promote high-quality industry development and enhance competitiveness [18] - Beijing Automotive Group is optimizing its payment mechanisms and opposing unreasonable payment practices to safeguard supplier rights [20]

Core Insights - The automotive industry in China is experiencing a trend of "anti-involution," with 17 companies committing to reduce supplier payment terms to within 60 days, aimed at alleviating financial pressure on parts manufacturers [1] - Despite a reduction in total accounts payable and notes to 10,209.03 billion yuan, the average turnover days increased to 192.46 days, indicating a divergence between total amount reduction and extended payment terms [1][2] - BYD, SAIC Motor, and Geely are the top three companies in terms of accounts payable, each exceeding 100 billion yuan [1] Accounts Payable Changes - 14 companies reported a decrease in accounts payable compared to the end of last year, with Changan Automobile, SAIC Motor, and Geely showing the largest reductions of 240.85 billion yuan, 105.91 billion yuan, and 81.24 billion yuan respectively [2] - NIO, Xpeng Motors, and Leap Motor saw increases in accounts payable, with Xpeng Motors rising by 76.07 billion yuan, a 32.96% increase [4] Turnover Days Analysis - Only six companies improved their accounts payable turnover days, with Xpeng Motors achieving the most significant reduction of approximately 63 days, bringing it down to 170 days [5][6] - Companies like SAIC Motor and Changan Automobile also saw improvements, while others like BYD and Ideal Auto experienced increases in turnover days [8] Cash Flow and Payment Terms - Ideal Auto reported a significant increase in cash used in operating activities but a worsening free cash flow, attributed to the adjustment of supplier payment terms to 60 days [9] - The adjustment of payment terms is complex and requires coordination across various departments within companies, posing challenges for timely payments [10][11] Cash Reserves and Coverage - Among 18 companies, only Jiangling Motors and Haima Automobile have cash reserves sufficient to cover their accounts payable [13] - Companies like BYD, Geely, and NIO have cash reserves that fall short of their accounts payable, indicating pressure on short-term liquidity [13]

Core Viewpoint - The exhibition "Rong Yao - From the Traces of War to the Path of Intelligent Manufacturing" showcases the evolution of military vehicles in China, highlighting their historical significance and advancements in technology [1][11]. Group 1: Exhibition Overview - The exhibition features classic military vehicles such as the Changjiang 750 motorcycle, GAZ-69 off-road vehicle, Beijing BJ212, and Beijing BJ40 [1][3][5][7]. - It is divided into four sections: "Fenghuo Fengtai," "Iron Horse Journey," "Independent Takeoff," and "Intelligent Victory," each focusing on different historical periods and technological advancements in military vehicle manufacturing [9][11]. Group 2: Historical Significance - The exhibition traces the history of military vehicles from the establishment of the first automobile transport team in 1937 to the current era of intelligent and unmanned vehicles [11]. - It emphasizes the role of military vehicles as a lifeline during the Anti-Japanese War and their evolution through various historical phases, showcasing the dedication and intelligence of military workers and defense builders [11]. Group 3: Future Outlook - The "Intelligent Victory" section highlights recent breakthroughs in unmanned combat platforms, new energy equipment, and intelligent command vehicles, showcasing China's transition from "Made in China" to "Intelligent Manufacturing in China" [9][11]. - The exhibition aims to provide visitors with a comprehensive understanding of the development of military vehicles and their impact on national defense [9].