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 容而引致之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） （股份代號：1958） 有關出售全資附屬公司51%股權的須予披露及關連交易 出售事項 於2025年11月21日（交易時段後），本公司與北汽集團訂立股權收購協議，據此，本公司已有條件 同意出售，北汽集團已有條件同意購買北汽國際51%股權，現金總代價為人民幣160,757.40萬元 （最終價格以經有權機構備案的《資產評估報告》所載的經評估股權價值計算為準）。 於出售事項交割完成後，北汽國際將由北汽集團及本公司分別擁有51%及49%權益，而北汽國際 將不再作為本公司附屬公司，且其財務業績將不再併入本集團賬目。 上市規則涵義 於本公告日期，北汽集團為本公司唯一控股股東，並持有本公司已發行股本總額約46.90%，因此 其為本公司的關連人士。由於有關出售事項的一項或多項適用百分比率超過5 ...

Investment Rating - The report indicates a positive investment outlook for Chinese enterprises going global, with a projected increase in foreign direct investment (FDI) to 1.16 trillion RMB in 2024, reflecting an 11.30% year-on-year growth [8]. Core Insights - Chinese enterprises are actively exploring new pathways for international expansion, adapting strategies in response to geopolitical challenges and evolving market conditions [4][8]. - The ASEAN region has emerged as a key destination for Chinese investment, with its share of China's outbound investment rising from 6.34% in 2014 to 17.88% in 2024 [8]. - The structure of China's outbound investment is shifting, with significant increases in the wholesale, retail, and manufacturing sectors, indicating a deeper integration into global value chains [8][52]. Summary by Sections Part A: Challenges and Pathways for Chinese Enterprises Going Global - The Chinese government is committed to high-quality outbound investment, emphasizing the importance of maintaining a stable international economic environment despite rising geopolitical tensions [18][19]. - The share of China's exports in global trade is projected to reach 14.64% in 2024, maintaining its position as the world's largest exporter [19][23]. - Chinese enterprises are increasingly focusing on the ASEAN region for investment, with a notable rise in direct investment since the implementation of the RCEP [44][52]. Part B: Financial Support for Outbound Expansion - Chinese financial institutions are enhancing their overseas presence, with major banks establishing branches in numerous countries to support outbound enterprises [9]. - There is a strong emphasis on integrating domestic and international resources, with banks providing cross-border credit and financing solutions for projects under the Belt and Road Initiative [9][11]. - Innovative financial products and services are being developed to support overseas investments, including specialized loans for infrastructure projects and comprehensive solutions for cross-border e-commerce [9][11]. Part C: Future Outlook and Recommendations - Recommendations include optimizing overseas network construction, enhancing multi-tiered financial service systems, and expanding the use of cross-border RMB [12][13]. - A comprehensive risk management system is suggested to help enterprises navigate geopolitical uncertainties and market volatility [12][13]. - Strengthening collaboration between financial institutions and industries is crucial for supporting enterprises in their global expansion efforts [12][13].

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Core Insights - A new company, Xiamen Penglong Zhiyuan Automobile Sales Service Co., Ltd., has been established with a registered capital of 18 million yuan [1] - The company's business scope includes retail of auto parts, sales of automotive decorative products, sales of new energy vehicle battery swap facilities, and sales of new energy vehicle electrical accessories [1] - The company is wholly owned by Beijing Penglong Automobile Trade Co., Ltd., which is a subsidiary of Beijing Automotive Group Co., Ltd. [1]

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]