Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

Key Points - Xiaomi Group-W (01810), China National Offshore Oil Corporation (00883), and CanSino Biologics (09926) ranked the top three in net inflow of southbound funds, with net inflows of 1.03 billion, 0.99 billion, and 0.53 billion respectively [1] - Semiconductor Manufacturing International Corporation (00981), Alibaba Group Holding Limited-W (09988), and the Tracker Fund of Hong Kong (02800) ranked the top three in net outflow of southbound funds, with net outflows of -1.38 billion, -0.96 billion, and -0.70 billion respectively [1] - In terms of net inflow ratio, Qingdao Bank (03866), Tsingtao Brewery Group (00168), and Beijing Automotive Group (01958) led the market with ratios of 88.99%, 72.17%, and 65.26% respectively [1] - In terms of net outflow ratio, Boleton (01333), Guangzhou-Shenzhen Railway (00525), and Jin Hui Holdings (09993) had the highest ratios of -46.65%, -42.57%, and -41.08% respectively [1] Top 10 Net Inflow Stocks - Xiaomi Group-W (01810) had a net inflow of 1.03 billion with a net inflow ratio of 10.99% and closed at 44.720, up 3.52% [2] - China National Offshore Oil Corporation (00883) had a net inflow of 0.99 billion with a net inflow ratio of 27.37% and closed at 20.460, up 3.49% [2] - CanSino Biologics (09926) had a net inflow of 0.53 billion with a net inflow ratio of 33.46% and closed at 118.300, up 4.32% [2] Top 10 Net Outflow Stocks - Semiconductor Manufacturing International Corporation (00981) had a net outflow of -1.38 billion with a net outflow ratio of -19.89% and closed at 72.850, down 2.87% [2] - Alibaba Group Holding Limited-W (09988) had a net outflow of -0.96 billion with a net outflow ratio of -7.84% and closed at 163.200, down 1.15% [2] - Tracker Fund of Hong Kong (02800) had a net outflow of -0.70 billion with a net outflow ratio of -5.01% and closed at 26.260, up 0.77% [2] Top 10 Net Inflow Ratios - Qingdao Bank (03866) had a net inflow ratio of 88.99% with a net inflow of 0.215 billion and closed at 4.280, down 0.23% [2] - Tsingtao Brewery Group (00168) had a net inflow ratio of 72.17% with a net inflow of 0.125 billion and closed at 52.250, down 0.48% [2] - Beijing Automotive Group (01958) had a net inflow ratio of 65.26% with a net inflow of 13.59 million and closed at 2.000, down 0.50% [2]

Core Insights - Beijing Off-road vehicles showcase advanced manufacturing and testing processes for their vehicles, emphasizing safety and performance in extreme conditions [1][3][4] Group 1: Manufacturing Capabilities - Beijing Off-road's intelligent factory covers an area of 540,000 square meters with an annual production capacity of 100,000 vehicles, featuring a fully automated and digitized manufacturing process [2] - The factory employs flexible assembly technology, allowing for the production of vehicles with mixed steel and aluminum bodies, achieving a body precision exceeding 95% [2] - Automated Guided Vehicles (AGVs) are utilized for precise material delivery, enhancing the efficiency and flexibility of the production line [2] Group 2: Vehicle Performance Testing - Each vehicle undergoes rigorous testing in 18 extreme off-road conditions, including 60% steep slope climbing and deep water wading, to ensure quality and performance [3] - The vehicles are equipped with a "Tai Chi" flexible chassis and a robust safety structure, including a non-load-bearing frame made from high-strength steel, which is 3 to 5 times stronger than regular steel [3][4] - The all-metal roll cage enhances vehicle protection, ensuring structural integrity during extreme conditions and preventing door jamming in case of rollovers [4] Group 3: Market Position and Growth - Beijing Off-road aims to upgrade the Chinese off-road industry with a focus on flexible manufacturing and technological innovation, positioning itself as a leader in the market [5] - The company has introduced a tiered product strategy to penetrate different market segments, including the BJ40 extended range version and the BJ30 Traveler, targeting younger urban consumers [6] - From January to August, the company's sales increased by 36% year-on-year, achieving a record of over 10,000 units sold for five consecutive months [6]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京汽車股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 FF301 因本公司是於中華人⺠共和國註冊成立，"法定股本"之概念不適用於本公司。 FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01958 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,520,690,682 | RMB | | 1 | RMB | | 2,520,690,682 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,520, ...

Core Viewpoint - Bank of America Securities reports that Beijing Automotive's Q3 revenue was 38.4 billion RMB, reflecting a year-on-year and quarter-on-quarter decline of 23% and 4% respectively [1] - The gross margin was 9.7%, down 8.9 and 4.4 percentage points year-on-year and quarter-on-quarter [1] - Net profit for the period was 51 million RMB, falling short of both the bank's and market expectations [1] Revenue and Profit Forecasts - The bank has lowered its revenue forecasts for 2025 to 2027 by 0.4% each year [1] - Gross margin forecasts have been reduced by 2, 1.8, and 2.3 percentage points for the same period [1] - Profit forecasts for the same years have been cut by 59%, 51%, and 53% respectively [1] Target Price and Rating - The target price has been revised down from 2 HKD to 1.9 HKD [1] - The rating has been reaffirmed as "underperform" due to expectations that profits from Beijing Benz will be offset by losses from BAIC's self-owned brands [1]

Core Viewpoint - Bank of America Securities has downgraded the target price for Beijing Automotive (01958) to HKD 1.9 due to disappointing third-quarter performance [1][2] Financial Performance - Beijing Automotive reported third-quarter revenue of RMB 38.4 billion, representing a year-on-year decline of 23% and a quarter-on-quarter decline of 4% [2] - The gross margin for the period was 9.7%, down 8.9 percentage points year-on-year and 4.4 percentage points quarter-on-quarter [2] - The net profit for the quarter was RMB 51 million, falling short of both Bank of America’s and market expectations [2] Forecast Adjustments - The company has adjusted its revenue forecasts for 2025 to 2027 down by 0.4% each year [2] - Gross margin forecasts have been reduced by 2, 1.8, and 2.3 percentage points for the same period [2] - Profit forecasts for the same years have been cut by 59%, 51%, and 53% respectively [2] Rating and Target Price - The target price has been lowered from HKD 2 to HKD 1.9, maintaining a "Underperform" rating [2] - The expectation is that profits from Beijing Benz will be offset by losses from BAIC's self-owned brands [2]

Group 1 - The core point of the article is that Beijing Automotive (01958) reported a significant decline in its financial performance for the third quarter ending September 30, 2025, with total revenue of 120.799 billion yuan, a year-on-year decrease of 16.12% [1] - The company's net profit attributable to shareholders was 51.2858 million yuan, reflecting a drastic year-on-year decrease of 98.35% [1]

Financial Performance - Total revenue for the first nine months of 2025 was CNY 120.80 billion, a decrease from CNY 144.02 billion in the same period of 2024, representing a decline of approximately 16.1%[12] - Net profit for the first nine months of 2025 was CNY 4.48 billion, down from CNY 10.29 billion in 2024, reflecting a decrease of about 56.5%[12] - Operating profit decreased to CNY 7.57 billion in 2025 from CNY 15.22 billion in 2024, a decline of approximately 50.3%[12] - Total comprehensive income for the first nine months of 2025 was CNY 4.81 billion, compared to CNY 11.89 billion in 2024, a decline of about 59.5%[16] - Operating profit for the first nine months of 2025 was RMB 1.04 billion, down from RMB 3.00 billion in 2024, indicating a decline of about 65.4%[32] - Net profit for the first nine months of 2025 was RMB 1.03 billion, compared to RMB 3.01 billion in 2024, reflecting a decrease of approximately 65.7%[32] Assets and Liabilities - As of September 30, 2025, the total assets of BAIC Motor Corporation amounted to RMB 161.83 billion, a decrease from RMB 172.04 billion as of December 31, 2024[5] - The company's current assets totaled RMB 73.00 billion, down from RMB 81.69 billion in the previous audited period[5] - The total liabilities decreased to RMB 82.61 billion from RMB 93.56 billion, indicating a reduction in financial obligations[8] - Total assets as of September 30, 2025, amounted to RMB 105.11 billion, up from RMB 101.15 billion at the end of 2024, marking an increase of about 3.9%[24] - Current assets totaled RMB 40.32 billion as of September 30, 2025, compared to RMB 37.61 billion at the end of 2024, representing a growth of approximately 7.2%[24] - Total liabilities increased to RMB 23.28 billion as of September 30, 2025, from RMB 20.39 billion at the end of 2024, indicating a rise of about 14.5%[27] Cash Flow and Equivalents - The company's cash and cash equivalents were RMB 26.30 billion, compared to RMB 34.64 billion at the end of 2024, reflecting a significant decline[5] - Cash flow from operating activities for the first nine months of 2025 was CNY 2.40 billion, significantly lower than CNY 18.06 billion in 2024, a decrease of approximately 86.7%[19] - Cash and cash equivalents at the end of September 2025 were CNY 24.78 billion, down from CNY 34.46 billion at the end of September 2024, a decrease of approximately 28.2%[22] - Cash and cash equivalents decreased to RMB 2.66 billion as of September 30, 2025, from RMB 5.26 billion at the end of 2024, a decline of approximately 49.5%[24] - The company reported a net decrease in cash and cash equivalents of ¥3,128,095,985.73, compared to a decrease of ¥4,010,228,169.90 in the previous period[38] - The ending balance of cash and cash equivalents was ¥2,132,536,558.46, down from ¥5,260,632,544.19 at the beginning of the period[38] Shareholder Equity - The total equity attributable to shareholders rose slightly to RMB 57.58 billion from RMB 57.31 billion, showing a modest increase in shareholder value[8] - The total equity of the company as of September 30, 2025, was RMB 81.83 billion, an increase from RMB 80.76 billion at the end of 2024, representing a growth of approximately 1.3%[27] Expenses - Research and development expenses were CNY 1.05 billion in 2025, slightly down from CNY 1.08 billion in 2024, indicating a decrease of about 2.0%[12] - The company incurred sales expenses of CNY 5.83 billion in 2025, down from CNY 8.33 billion in 2024, a decrease of approximately 30.1%[12] - The company’s financial expenses decreased to CNY 274.04 million in 2025 from CNY 388.33 million in 2024, reflecting a reduction of about 29.3%[12] - Research and development expenses for the first nine months of 2025 were RMB 244.02 million, significantly higher than RMB 52.75 million in 2024, reflecting an increase of about 362.5%[32] Investment and Future Plans - The company has indicated plans for market expansion and new product development, although specific figures were not disclosed in the current report[3] - The company reported an investment loss of CNY 183.44 million in 2025, compared to a loss of CNY 450.25 million in 2024, showing an improvement of about 59.3%[12]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* （於中華人民共和國註冊成立的股份有限公司） 根據本公司公司章程的規定，兩名股東代表、本公司一名監事及本公司H股股份過戶登記處香港中央 證券登記有限公司共同擔任臨時股東會點票的監票人。 臨時股東會的投票結果 下文所載的臨時股東會的決議案以投票表決方式正式通過。 （股份代號：1958） 2025年第二次臨時股東會投票結果 北京汽車股份有限公司（「本公司」）欣然宣佈，2025年第二次臨時股東會（「臨時股東會」）已於2025年 10月22日（星期三）上午九時三十分在中國北京市順義區雙河大街99號北京汽車產業研發基地南樓一 層多功能廳舉行。 茲提述本公司日期為2025年9月30日的通函（「通函」）。除文義另有所指外，本公告所用詞彙具有通函 所界定的相同涵義。 於臨時股東會日期，已發行股份總數為8,015,338,182股，包括5 ...

Core Viewpoint - Beijing Automotive (01958.HK) will hold a board meeting on October 28, 2025, to consider and approve the third-quarter operating results for the nine months ending September 30, 2025, along with other matters [1] Group 1 - The board meeting is scheduled for October 28, 2025 [1] - The meeting will address the company's and its subsidiaries' operating performance for the third quarter [1] - The financial results will cover the period ending September 30, 2025 [1]