PRESS RELEASE KLÉPIERRE PAYS TRIBUTE TO THE MEMORY OF DAVID SIMON Paris — March 23, 2026 Klépierre has learned with great sadness of the death of Mr. David Simon, former Chairman and member of the Supervisory Board of the company. In March 2012, under his leadership, Simon Property Group, the global leader in shopping malls, acquired 28.7% of Klépierre’s capital. Since then, Simon Property Group has been the company’s largest shareholder and David Simon had been the Chairman of Klépierre’s Supervisory Board ...

Core Viewpoint - Li Auto faces significant challenges as its Q3 2025 financial results reveal a decline in revenue, gross profit, and net profit, marking the first loss after surpassing 100 billion yuan in revenue [3][4][8] Financial Performance - In Q3 2025, Li Auto reported revenue of 27.4 billion yuan, a year-on-year decrease of 36.2% and a quarter-on-quarter decrease of 9.5% [3] - Gross profit fell to 4.5 billion yuan, down 51.6% year-on-year and 26.3% quarter-on-quarter [3] - The net loss was 624 million yuan, contrasting with a profit of 2.8 billion yuan in the same quarter of 2024 [3] - Vehicle deliveries totaled 93,211 units, a 39% year-on-year decline, failing to reach the 100,000-unit mark for the quarter [3][4] Comparison with Competitors - Competitors such as XPeng and NIO showed strong growth, with XPeng's revenue reaching 20.38 billion yuan, a year-on-year increase of over 100%, and NIO's revenue at 21.79 billion yuan, a 16.7% increase [4][5] - Li Auto's performance contrasts sharply with XPeng's delivery of 116,007 units and NIO's 87,071 units, both achieving significant year-on-year growth [4][5] Strategic Insights - Li Auto's Q3 loss is partly attributed to a recall of over 11,000 units of the 2024 MEGA model, which incurred an estimated loss of 1.1 billion yuan [8] - The company is focusing on transitioning to pure electric products and enhancing its supply chain, with R&D expenses exceeding 3 billion yuan in Q3 [9][10] - Li Auto's cash reserves stood at 98.9 billion yuan as of Q3 2025, providing a financial buffer for strategic decisions [10] Management Philosophy - CEO Li Xiang emphasized a return to an entrepreneurial management model, suggesting that the current professional management approach has not suited the company's needs [15][19] - The entrepreneurial model is characterized by deep dialogue, user value focus, efficiency enhancement, and addressing key issues directly [19][21] Future Outlook - Li Auto aims to leverage its cash reserves and shift its operational model to adapt to the evolving automotive landscape, particularly in the realm of embodied intelligence [31] - The company is set to invest heavily in AI and self-developed technologies, including the M100 AI chip and a comprehensive battery system, to support its transition [26][30]

证券研究报告 | 行业周报 gszqdatemark 2026 03 23 年 月 日 汽车 周观点：油价上涨强化出海逻辑，重视整车配置机会 行情回顾：本周（3.16-3.22）SW 汽车板块整体-4.40%，板块排名 16/31， 上证指数-3.38%，深证成指-2.90%，沪深 300 指数-2.19%。 乘用车：周度数据大幅改善，油价上涨预计加速新能源出海。根据乘联会 数据，3 月第一周/第二周批发日均 3.1 万辆/5.8 万辆，零售日均 3.1 万辆 /4.5 万辆，随着假期结束及新车上市，终端数据环比大幅改善。此外受中 东形势影响，海外油价上涨，对新能源车需求有望提升，车企出海有望加 速。考虑包括电池、存储等成本影响，车企盈利水平及当前销售均处在年 内低点，预计随着新车上市及行业销售节奏回暖，叠加出海贡献，3-6 月 整车板块边际改善确定性强。 零部件：宇树 IPO 受理，GTC 大会超百款机器人亮相，国内外产业有望 共振。3 月，英伟达 GTC 大会现场展示超百款机器人，几乎包括所有主流 研发企业；宇树科技 IPO 获受理，材料显示 2025 年公司实现营收和利润 高增，并募资 42 亿元加码研 ...

26 年展望及指引：公司指引 26Q1 交付量 8.5-9 万台，对应 3 月交付中位数 3.34 万台，环比增长 27%；指引 26Q1 总营收 204-216 亿元；公司 26 年目 标销量增长 20%，全面毛利率 15%+。 投资建议：公司目前股价处于历史底部区域，随着新车及具身智能产品发布， 有望迎来增长新周期。我们预计 2026-2028 年公司营收 1312/1692/1957 亿 元，归母净利润 12/51/91 亿元，维持"买入"评级。 公司点评 | 理想汽车-W 25Q4 毛利率略高于预期，具身智能&L9 发布后或迎新周期 证券研究报告 2026 年 03 月 23 日 理想汽车（2015.HK）2025 年报点评 事件：公司发布 2025 年年报，实现营收 1123 亿元，同比-22%；净利润 11.4 亿元，同比-86%。其中 25Q4 实现营收 288 亿元，同/环比-35%/+5%；Q4 净利润 0.2 亿元，Non-GAAP 净利润为 2.74 亿元，整体利润符合预期。 Q4 交付量环比提升，车辆毛利率略高于预期。2025Q4 车辆销售 273 亿元， 车辆销售毛利率 16.8%， ...

Core Viewpoint - Li Auto reported a revenue of 112.3 billion yuan and a net profit of 1.1 billion yuan for the fourth quarter and the entire year of 2025, marking it as the only new force car company in China to achieve over 100 billion yuan in revenue and profitability for three consecutive years [1] Financial Performance - Revenue for 2025 reached 112.3 billion yuan, with a net profit of 1.1 billion yuan [1] - Cash reserves at the end of 2025 amounted to 101.2 billion yuan, the highest among Chinese electric vehicle companies [1] - R&D investment for the year was 11.3 billion yuan, a historical high, with 50% allocated to AI-related projects [1][3] Strategic Transition - 2025 is identified as a critical year for the company's transformation from an automotive enterprise to an embodied intelligence enterprise, with significant progress in restructuring the entire operational chain [1] - The company has focused on addressing operational pain points in its direct sales system to facilitate growth [1] R&D and Technological Advancements - Li Auto's R&D investment over the past three years totaled 33 billion yuan, averaging 1 billion yuan spent every three days, emphasizing a commitment to breakthroughs in embodied intelligence core technologies [3][5] - The self-developed Mach 100 chip is set to begin mass production in Q2 2025, offering three times the effective computing power of Nvidia's Thor-U chip [5] - The company has established a full-stack self-research capability in chips, compilers, operating systems, and foundational models, enhancing its ability to customize AI computing power [5] Product Development - The new generation Li Auto L9 Livis, priced at 559,800 yuan, is set to launch in Q2 2025, representing a significant upgrade in user experience and targeting the high-end market [6][8] - The L9 Livis features advanced 3D perception systems and is equipped with two self-developed Mach 100 chips, providing 5 to 6 times the computing power of competing chips [8] - The company aims to leverage its existing product recognition to drive growth through both extended-range and pure electric vehicles, with cumulative orders for the i6 and i8 surpassing 100,000 units [8][9] Future Outlook - The company is positioned to return to a growth trajectory in 2026, with a focus on realizing three years of technological accumulation [9] - The launch of the new generation L9, equipped with the Mach 100 chip, is expected to enhance the company's technological framework and mission to create better products and services for users [9]

过去两三年，中国自动驾驶的竞争，更多比拼功能推进速度。 谁开得更远，谁覆盖城市更多，谁体验更稳。高速NOA、城市领航、自动泊车，这些功能构成了绝 大多数车企的叙事基础。只要功能能持续上线，竞争就可以继续。 但这套逻辑正在接近上限。 一方面，主流玩家在功能层面已经逐渐拉齐，差距在缩小；另一方面，越往复杂场景走，系统越依赖 整体能力。 复杂场景考验的，往往不在于"有没有某个功能"，而在于系统能不能把识别、判断和动作连续地完 成。 这类能力一旦成为主导，单纯叠加功能就很难再直接提升整体表现。功能可以一项项补齐，但只要系 统还是"磕磕绊绊"，复杂场景里的不稳定就无法根除。 这意味着，自动驾驶的竞争重点，正在转向系统如何组织能力。数据、算力、工程调优当然都重要， 但当系统复杂度继续上升，它们最终都要服从一个更底层的逻辑：这套能力是如何被组织、调用、迭 代的。换句话说，架构开始决定上限。 头图｜AI生成 更直接一点： 功能决定的是今天能不能卖，架构决定的是明天还能不能继续变强 。 对理想来说，这个变化尤其关键。 过去，理想最强的标签是产品定义与家庭场景体验；但一旦进入架构竞争阶段，理想就必须证明，自 己不只擅长做一台让用 ...

Core Viewpoint - Li Auto's Q4 2025 financial results show a significant decline in revenue and net profit year-on-year, but a slight improvement quarter-on-quarter, indicating potential recovery driven by new model launches and improved delivery capabilities [1][4]. Financial Performance - Q4 2025 revenue reached 28.8 billion yuan, down 35% year-on-year but up 5.2% quarter-on-quarter; full-year revenue for 2025 was 112.3 billion yuan, a 22% decrease [1]. - Q4 2025 net profit was 0.2 billion yuan, a decrease of 3.5 billion yuan year-on-year, but an increase of 0.64 billion yuan quarter-on-quarter; full-year net profit was 1.1 billion yuan, down 6.9 billion yuan [1]. - Q4 2025 vehicle sales were 109,000 units, down 31% year-on-year but up 17% quarter-on-quarter [1]. Product Development and Sales Strategy - The company plans to launch the next-generation L9 and L9 Livis in Q2 2026, with the L9 Livis priced at 559,800 yuan, featuring advanced technology and upgrades [2]. - The i6 model has entered stable delivery, with supply chain bottlenecks resolved, and monthly delivery capacity expected to increase to 20,000 units, contributing significantly to 2026 sales [2]. Organizational Changes - In January 2026, the company restructured its R&D organization to enhance collaboration and efficiency, reducing the iteration cycle for autonomous driving models from two weeks to one day [3]. - A new "store partner program" will be launched in March 2026 to improve terminal operation quality and enhance the efficiency of the direct sales system [3]. Investment Outlook - Despite facing pressures from rising raw material costs and model transitions, the company's management and R&D capabilities remain strong, with expectations for a sales and profit rebound starting in Q2 2026 [4]. - Sales forecasts for 2026-2027 have been adjusted downwards to 500,000 and 520,000 units, with revenue expectations revised to 131.3 billion and 140.2 billion yuan, and net profit estimates lowered to 0.96 billion and 3.81 billion yuan [4].

Core Viewpoint - The article discusses Li Auto's strategic adjustments in response to a challenging market environment, focusing on organizational restructuring and sales channel management to enhance competitiveness and achieve a conservative sales growth target for 2026 [3][4]. Group 1: Market Environment and Sales Goals - Li Auto faces intense competition in the mid-to-high-end new energy vehicle market, with a decline in market share for range-extended models and a nascent position for pure electric products [3][4]. - The management has set a conservative sales target for 2026, aiming for over 20% year-on-year growth, while competitors like Leap Motor target a 76% increase [4]. - The year 2026 is significant as it marks the delivery of Li Auto's third-generation platform products and serves as a validation period for the organizational adjustments [4]. Group 2: Sales Channel Management - Li Auto is restructuring its sales channels by focusing on quality over quantity, concentrating sales personnel in high-traffic areas rather than spreading them thin across less frequented locations [5]. - The company has initiated a "store partner" program, empowering store managers with decision-making authority to enhance customer acquisition and team management, aiming to cultivate high-performing store managers with annual incomes exceeding one million yuan [5]. - Li Auto plans to improve its sales operations by the third quarter of this year, reflecting the effectiveness of these channel adjustments [5]. Group 3: R&D Organizational Restructuring - In January, Li Auto redefined its R&D structure based on the logic of embodied intelligence, marking a significant organizational upgrade [6]. - The new R&D framework is divided into four systems: organ system (chips, data sets, operating systems), brain system (perception, training), software body (system-level agents), and hardware body (energy, drive, control) [6]. - This restructuring aims to enhance departmental focus and efficiency, with improvements already noted in model training efficiency [6]. Group 4: Talent Management and Leadership Changes - Li Auto is experiencing a generational shift in management, with younger executives taking on key roles, supported by a foundation built by previous generations [7]. - CEO Li Xiang has returned to frontline responsibilities, directly overseeing talent management and strategic decisions [7]. Group 5: R&D Investment and Product Development - Despite revenue and profit declines, Li Auto plans to maintain R&D expenditures at around 12 billion yuan for 2026, with half allocated to AI-related projects [8]. - The company is preparing for a new product cycle with a "3+2 strategy" aimed at achieving over 20% sales growth, focusing on sales management, successful model transitions, and increasing pure electric vehicle sales [9]. - The new Li Auto L9 is positioned as a flagship model, featuring advanced technologies in perception and control systems, with a price point reflecting confidence in its competitive capabilities [10][11]. Group 6: Future Prospects and Challenges - The success of the new L9 and the ability to maintain growth in a competitive market will be critical indicators of the effectiveness of Li Auto's organizational changes [12].

金吾财讯 | 兴业证券发研报指，理想汽车-W(02015)2025Q4交付新车109,194辆，同比减少31.2%，环比 +17.1%；实现汽车销售收入272.5亿元人民币，同比-36.1%，环比+5.4%。25Q4公司汽车毛利率为 16.8%，同比-2.9个百分点，环比+1.3个百分点，同比下滑主要受i6占比提升且处于产能爬坡阶段、L系 列终端折扣等影响。25Q4公司GAAP净利润0.2亿元，Non-GAAP净利润2.7亿元，自由现金流转正达到 24.7亿元。截至2025年12月31日，公司现金及现金等价物为人民币1012亿元，现金储备充裕。公司指引 26Q1汽车交付量为8.5-9.0万辆，同比-8.5%~-3.1%；总收入为204-216亿元人民币，同 比-21.3%~-16.7%。 展望2026年，L系列换代+纯电新品上市，带动公司销量再上新台阶。其中，全新一代理想L9将于26Q2 正式发布，是理想11年技术集大成之作，搭载自研马赫100芯片(有效算力达Thor-U的6倍)、全球首个量 产全线控底盘、800V全主动悬架及5C超充技术，产品力全面升级，有望重回旗舰SUV领先地位。 L9Livis版售价55 ...

Core Viewpoint - The article discusses the organized smear campaigns against Li Auto and its owners, highlighting the psychological and social dynamics that contribute to the perception of Li Auto owners as irresponsible drivers. It emphasizes the role of "black water armies" in manipulating public opinion and spreading misinformation about the brand and its customers [18][19][30]. Group 1: Organized Smear Campaigns - There has been a significant increase in organized attacks against Li Auto and its owners, including the invasion of personal information and the fabrication of false information to damage the company's reputation [18]. - The black water army's tactics include collecting materials, malicious editing, and controlling thousands of accounts to disseminate negative content about specific automotive brands [19]. - The article notes that these smear campaigns are not random but are premeditated actions aimed at creating division among car owners and damaging the brand's image [18][30]. Group 2: Psychological Factors - The phenomenon known as the "pregnancy effect" is discussed, where individuals become more aware of certain behaviors or characteristics once they are focused on them, leading to a skewed perception of reality [15]. - The article suggests that the perception of Li Auto owners as irresponsible is influenced by this psychological bias, as people are more likely to notice and share negative behaviors associated with the brand [14][15]. Group 3: Response and Mitigation - Li Auto's legal department has been actively collecting evidence and reporting these smear campaigns to law enforcement, resulting in some arrests of individuals involved in these organized attacks [22]. - The company acknowledges the difficulty in combating these smear campaigns but emphasizes the importance of gathering evidence and raising awareness among its customer base [22][23]. - Li Auto encourages its owners to remain calm and to educate others about the tactics used in these smear campaigns, promoting adherence to traffic regulations as a universal principle [23].