Core Viewpoint - Li Auto delivered 31,767 vehicles in October 2025, bringing the total cumulative deliveries to 1,462,788 vehicles as of October 31, 2025 [1] Group 1: Vehicle Deliveries and Orders - The cumulative orders for the Li Auto i6 have surpassed 70,000 units, indicating strong demand for the model [1] - The company is actively working to accelerate the delivery process [1] Group 2: International Expansion - Li Auto has opened its first overseas authorized retail center in Uzbekistan, selling models L9, L7, and L6 [1] - Two more authorized retail centers are set to open in Kazakhstan in November [1] - The company aims to prioritize expansion in Central Asia, the Middle East, Europe, and the Asia-Pacific region as part of its global strategy [1] Group 3: Retail and Service Network - As of October 31, 2025, Li Auto has established 551 retail centers across 157 cities [1] - The company operates 554 after-sales service and authorized repair centers, covering 225 cities [1] - Li Auto has deployed 3,508 supercharging stations with a total of 19,417 charging piles nationwide [1]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The third-quarter financial reports of A-share listed automotive companies show a divergence in performance, with SAIC Motor, Changan Automobile, and Chery Automobile achieving both revenue and net profit growth, while BYD, Great Wall Motors, and Seres experienced profit declines. GAC Group, JAC Motors, and BAIC BluePark continue to report losses [2][13] - SAIC Motor reported total revenue of CNY 169.403 billion for Q3, a year-on-year increase of 16.19%, and a net profit of CNY 2.083 billion, up 644.88% [3][13] - Changan Automobile achieved Q3 revenue of CNY 42.236 billion, a 23.36% year-on-year increase, with a net profit of CNY 764 million, up 2.13% [3][13] - BYD's Q3 revenue was CNY 194.985 billion, a decrease of 3.05% year-on-year, with a net profit of CNY 7.823 billion, down 32.60% [3][14] - Great Wall Motors reported Q3 revenue of CNY 61.247 billion, a 20.51% year-on-year increase, but net profit fell by approximately 30% to CNY 2.298 billion [3][14] - JAC Motors reported Q3 revenue of CNY 11.513 billion, a 5.54% year-on-year increase, but a net loss of CNY 661 million, widening by 303.95% year-on-year [3][14] - BAIC BluePark's Q3 revenue was CNY 5.867 billion, down 3.45% year-on-year, with a net loss of CNY 1.118 billion, which is a reduction in loss compared to the previous year [3][14] - Li Auto announced a proactive recall of 11,411 units of the MEGA 2024 model due to safety concerns following a self-ignition incident [4][15] Market Performance - From October 27 to October 31, the automotive sector rose by 0.9%, outperforming the CSI 300 index, which fell by 0.4%, resulting in a 1.3 percentage point advantage [19] - Year-to-date, the automotive sector has increased by 23.8%, ranking 11th among 31 sectors [19] Sales Data - From October 1 to 26, retail sales of passenger vehicles reached 1.613 million units, a year-on-year decrease of 7% [37] - New energy passenger vehicle retail sales during the same period were 901,000 units, showing no growth year-on-year [37] - Passenger vehicle wholesale sales were 1.871 million units, down 1% year-on-year [38] Key Industry Data - The automotive industry is currently experiencing high valuation levels, with the overall PE-TTM at 30.41, placing it in the 82.06% historical percentile [32] - The PB ratio stands at 2.72, also in the 95.29% historical percentile [32]

Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2025年10月交付更新資料 於2025年11月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年10月，理想汽車交付新車 31,767輛。截至2025年10月31日，理想汽車歷史累計交付量為1,462,788輛。 理想i6上市後累計訂單突破七萬台，本公司正全力推進交付進度。理想汽車出海 進程加速，10月，本公司在烏茲別克斯坦開設了海外首家授權零售中心，面向當 地市場銷售理想L9、理想L7和理想L6；11月，哈薩克斯坦的兩家授權零售中心 也將陸續開業。本公司將優先拓展中亞、中東、歐洲以及亞太市場，穩步推進全 球化佈局。 截至2025年10月31日，理想汽車在全國已有551家零售中心，覆蓋157個城市；售 後維修中心及授權鈑噴中心554家，覆蓋225個城市。理想汽車在全國已投入使用 3,508座理想超充站，擁有19,417個充電樁。 關於理想汽車 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 ...

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].

Core Insights - The new energy vehicle (NEV) market in China is experiencing significant growth, with major players reporting increased delivery volumes in October compared to September, despite some companies facing year-on-year declines [2][6]. Company Performance - BYD achieved a record monthly sales of 441,706 units in October 2025, marking an 11.47% increase from September, but a 12.13% decrease year-on-year [3][6]. - Geely's NEV sales reached 177,882 units in October, a 63.61% increase year-on-year and a 7.68% increase month-on-month, setting a historical high [8]. - Chery's NEV sales surpassed 110,000 units for the first time, totaling 110,346 units in October, reflecting a 54.70% year-on-year increase and a 20.48% month-on-month increase [10]. - Leap Motor reported a record monthly delivery of 70,289 units, marking an 84.11% year-on-year increase [11]. - NIO's delivery volume reached 40,397 units in October, a 92.59% year-on-year increase and a 16.25% month-on-month increase [14]. - Ideal Auto's delivery volume fell to 31,767 units, representing a 38.25% year-on-year decline and a 6.43% month-on-month decline [23]. Market Trends - The competition among NEV manufacturers is intensifying, with no clear leader emerging as companies like Leap Motor, Xpeng, and NIO continue to innovate and expand their offerings [2][12]. - State-owned enterprises in the NEV sector, such as BAIC and Lantu, are also showing strong performance, with BAIC's sales increasing by 112.02% year-on-year [16][20]. - Lantu aims to establish itself as the leading high-end NEV brand among state-owned enterprises, achieving nine consecutive months of sales growth [20]. Future Outlook - Leap Motor is optimistic about achieving a total delivery of at least 500,000 units for the year, having already delivered 465,800 units in the first ten months [10]. - Ideal Auto is focusing on expanding its market presence in Central Asia, the Middle East, Europe, and the Asia-Pacific region, while also addressing production capacity issues [23][25].

Core Insights - The article highlights the significant growth in the delivery volumes of new energy vehicle (NEV) companies in China for October, with many companies achieving record highs in their monthly sales figures [2][3]. Group 1: Performance of Major NEV Companies - BYD achieved a monthly sales volume of 441,706 units in October, marking an 11.47% increase month-on-month but a 12.13% decrease year-on-year [5][9]. - Geely's NEV sales reached 177,882 units in October, showing a remarkable year-on-year growth of 63.61% and a month-on-month increase of 7.68% [11]. - Chery's NEV sales surpassed 110,000 units for the first time, totaling 110,346 units, with a year-on-year increase of 54.70% and a month-on-month increase of 20.48% [14][15]. Group 2: New Entrants and Emerging Players - Leap Motor reported a record monthly delivery of 70,289 units in October, marking an 84.11% year-on-year increase [4][18]. - Xiaopeng Motors achieved a new high with 42,013 units delivered, reflecting a year-on-year growth of 75.66% [20]. - NIO also saw significant growth, with a delivery volume of 40,397 units, representing a 92.59% year-on-year increase [22][25]. Group 3: State-Owned Enterprises in NEV Sector - State-owned NEV companies collectively reported over 30% year-on-year growth in October, with BAIC New Energy leading with a 112.02% increase [27]. - The Changan brand's Deep Blue achieved sales of 36,792 units, ranking first among state-owned NEV companies [28]. - Lantu, another state-owned brand, recorded sales of 17,218 units, with a year-on-year growth of 69.52% [30][34]. Group 4: Challenges for Established Players - Li Auto, once a leader among new car manufacturers, faced a decline in deliveries, with 31,767 units sold in October, down 38.25% year-on-year [37][41]. - The article notes that the competition among NEV companies is intensifying, making it difficult to determine a clear winner in the market [4][22]. - The article emphasizes the importance of sustained efforts and systemic capabilities for companies to maintain competitive advantages in the long run [44].

Core Insights - China's electric vehicle (EV) manufacturers, including Nio, Li Auto, and XPeng, reported record deliveries in October, indicating strong demand and competitive growth in the EV market [1] Nio - Nio achieved a record delivery of 40,397 vehicles in October, marking a 92.6% increase year over year [2] - Cumulative deliveries reached 913,182 vehicles by October 31, with the ONVO L90 model being a significant contributor, surpassing 10,000 units for three consecutive months [3] - Nio's stock has increased over 42% in the past year [4] Li Auto - Li Auto reported 31,767 deliveries in October, bringing total lifetime deliveries to 1,462,788 vehicles [5] - The Li i6 model has received over 70,000 orders since its launch, with efforts to ramp up deliveries to meet demand [5] - Li Auto opened its first authorized store in Uzbekistan and plans to expand into Kazakhstan, focusing on growth in Central Asia, the Middle East, Europe, and the Asia-Pacific [5][6] - Li Auto operates 551 retail locations and 3,508 fast-charging stations across China, but its stock has decreased over 16% in the past year [6] XPeng - XPeng recorded 42,013 deliveries in October, a 76% increase year over year, marking the second consecutive month with deliveries above 40,000 [7][8] - Total shipments for the first ten months of 2025 reached 355,209 units, reflecting a 190% year-over-year increase [8] - XPeng is expanding its global presence, entering seven new markets in Europe, Asia, and Africa, and reported strong usage of its advanced driver-assistance system, XNGP [8] - XPeng's stock has surged over 103% in the past year, and the company is set to host its annual AI Day on November 5 to discuss advancements in autonomous technology [9]

Core Insights - The Chinese automotive market continues to show strong performance in October, particularly in the new energy vehicle (NEV) segment, indicating a shift in industry dynamics and growth logic [2][6] NEV Market Performance - NEVs are becoming the primary growth driver, with companies like Chery achieving over 110,000 NEV sales, Geely experiencing eight consecutive months of growth, and Great Wall Motors reporting a 44% year-on-year increase [2] - BYD remains the leader with over 440,000 units sold, although its growth momentum has slowed, showing a 12% decline compared to October last year [2][3] New Entrants and Competition - New entrants in the market are gaining traction, with Leap Motor surpassing 70,000 units, Xiaopeng achieving 42,000 units in sales, and NIO returning to growth with a monthly sales figure of 40,000 units [3][4] - The competition among new players has shifted from a focus on technology to one centered on production capacity, distribution channels, and after-sales service [4] Traditional Automakers' Strategies - Traditional automakers are experiencing a clear divide, with Geely and Great Wall Motors showing robust growth through diversified brand strategies and product lines [4][5] - SAIC's Roewe and MG brands have seen a 59% increase in NEV retail sales, but overall sales growth remains modest at 3% [4] Export Growth and Challenges - Exports are emerging as a new growth engine for automakers, with Great Wall's overseas sales reaching 57,000 units, a 28% increase year-on-year [5] - However, the risks associated with localization and profit dilution are significant as companies expand internationally [6] Industry Trends and Future Outlook - The industry is approaching a critical juncture, with NEV penetration nearing 60% and a normalization of price competition leading to declining average gross margins [6][7] - The focus is shifting from rapid growth to quality and operational efficiency, as companies must balance efficiency and profitability to succeed in the evolving market landscape [7]

Core Viewpoint - The new policy regarding the purchase tax for electric vehicles (EVs) in China marks a significant shift, transitioning from full exemption to a 50% reduction starting in 2026, which indicates a gradual reduction in government support for the EV sector after a decade of incentives [1][4]. Policy Changes - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration announced that from 2026, the purchase tax for EVs will be halved, with a maximum tax reduction of 15,000 yuan per vehicle [1]. - This change signifies the end of the full exemption policy that has been in place since 2014, reflecting a broader trend of decreasing government support for the EV industry [1][4]. Market Performance - In the first nine months of this year, China's retail sales of new energy vehicles grew by 24.4%, with a retail penetration rate reaching 57.8% in September [2]. - The data indicates that the EV industry has crossed the critical threshold of market cultivation and is entering a period of mainstream consumer adoption [4]. Company Strategies - In anticipation of the new tax policy, over ten car manufacturers, including Xiaomi, NIO, and Li Auto, have announced plans to cover the tax difference for customers to retain users during this transition period [4][6]. - Xiaomi has committed to fully covering the tax difference for orders placed by November 30, 2025, if delivery is delayed due to the company’s reasons, with a maximum subsidy of 15,000 yuan [6][7]. Competitive Landscape - The competition among new energy vehicle manufacturers remains intense, with companies like Li Auto and NIO also introducing tax subsidy policies for their new models launched in September [7][8]. - The introduction of tax subsidies for new models is seen as a strategy to maintain competitiveness and build market presence ahead of the upcoming sales season [8][9]. Production and Delivery Challenges - Many manufacturers are facing production ramp-up challenges, particularly for new models launched recently, which necessitates the implementation of tax subsidies to secure customer orders [9][10]. - Companies like Xiaomi are experiencing long delivery times, with some customers needing to wait until 2026 for their vehicles, prompting the need for subsidies to alleviate customer concerns about increased costs [9][10]. Future Outlook - As the policy support diminishes, new energy vehicle manufacturers will need to enhance their competitiveness through core technology, product excellence, and efficient cost control to thrive in the evolving market landscape [13][14]. - The industry is expected to shift from being policy-driven to market-driven, with a focus on technological innovation and service quality becoming critical for long-term success [13][16].

Core Viewpoint - The new energy vehicle market is experiencing a delivery surge in October, with several new car manufacturers reporting record sales figures during the peak sales season [1]. Group 1: Delivery Performance - Leap Motor achieved a delivery volume of 70,289 units in October, setting a new monthly sales record for new car manufacturers and leading the delivery rankings for eight consecutive months [3]. - Xpeng Motors delivered 42,013 vehicles in October, marking a historical high and maintaining over 40,000 deliveries for two consecutive months [3]. - NIO delivered 40,397 vehicles in October, a year-on-year increase of 92.59%, with significant contributions from its various brands [4]. - Li Auto delivered 31,367 vehicles in October, experiencing a year-on-year decline of approximately 38.25% [2][4]. Group 2: Year-to-Date Performance - Leap Motor's cumulative deliveries reached 465,805 units, reflecting a year-on-year increase of 120.72% [2]. - Xpeng Motors' cumulative deliveries stood at 355,209 units, showing a remarkable year-on-year growth of 190.02% [2]. - NIO's cumulative deliveries reached 241,618 units, with a year-on-year increase of 41.91% [2]. - Li Auto's cumulative deliveries were 328,516 units, indicating a year-on-year decline of 16.36% [2]. Group 3: Product Developments - Leap Motor is actively expanding its product lineup, with the flagship D19 SUV recently unveiled and the A10 model set to debut at the 2025 Guangzhou Auto Show [3]. - Xpeng Motors plans to launch the new X9 super range extender model, which features advanced battery technology and impressive range capabilities [3]. - NIO's new ES8 model has reached 10,000 units in deliveries, with plans for increased production capacity in November [4]. - Li Auto is addressing production capacity issues to meet the high demand for its i6 model, which has received over 70,000 orders [4].