Core Viewpoint - Recently, the company discovered that certain online black public relations and fake accounts have maliciously defamed its brand image and product quality, severely disrupting market order and harming consumer rights and industry health [1] Group 1: Malicious Activities - A total of 332 accounts from 13 MCN institutions under a certain technology company have been identified as spreading false information to maliciously defame the company's product quality and operational status [1] - Multiple MCN institutions and accounts controlled by a certain technology center and equipment company fabricated complaints about the yet-to-be-released Li Auto i6 model, claiming issues such as call line complaints and significant drops in monthly sales [1] Group 2: Impact on Brand Reputation - Self-media accounts such as "Cao Chun's Electric Car" and "Da Linzi Loves Charging" have been publishing defamatory content against the company, misleading the public through fabricated facts and distorted interpretations, which severely infringes on the company's brand and product reputation [1] Group 3: Legal Actions - The company has collected relevant evidence and will pursue legal responsibilities through various means, including criminal reports, administrative complaints, and civil lawsuits [1]

Group 1 - The Ministry of Industry and Information Technology and five other departments have launched a three-month special action to rectify online chaos in the automotive industry, focusing on illegal profit-making, exaggerated and false advertising, and malicious defamation [1] - This initiative aims to enhance the quality and effectiveness of handling online issues related to automotive companies, promote standardized marketing practices, and create a favorable public opinion environment to support high-quality development in the automotive sector [1] - The action is expected to improve industry transparency and consumer trust, potentially boosting automotive consumption willingness and fostering a healthier market environment for sustainable development [1] Group 2 - In August, the comprehensive inventory coefficient of automotive dealers in China was reported at 1.31, reflecting a month-on-month decrease of 3.0% but a year-on-year increase of 12.9%, indicating inventory levels below the warning line but above the reasonable range [2] - The positive performance of the car market in August suggests that September's retail sales of passenger cars may see steady month-on-month growth, which could alleviate current inventory pressures and enhance consumer confidence [2] - The signs of industry recovery may provide support for the stock market and contribute to a more optimistic market atmosphere [2] Group 3 - Hongmeng Zhixing Law announced that over 500 accounts from four MCN institutions under a cultural media company and 36 accounts from 25 MCN institutions under a technology company have been held legally accountable as of September 10 [3] - The company emphasizes its commitment to responding to national initiatives aimed at purifying the online environment and combating black public relations, which could enhance consumer trust in brands [3] - Continued enforcement of these rectification trends may create a more favorable development environment for Hongmeng Zhixing and its industry peers, aiding in the enhancement of brand value [3] Group 4 - Li Xiang, CEO of Li Auto, has officially joined Bilibili and released his first video, indicating his engagement with the younger consumer demographic [4] - This move is expected to attract potential customers and enhance brand loyalty, as Li Auto increases its investment in social media [4] - The company's efforts in social media are likely to improve market recognition and positively impact brand communication and sales [4]

| 2025年9月11日星期四| NO.1工信部等六部门联合部署开展汽车行业网络乱象专项整治行动 9月10日消息，为落实国务院常务会议关于切实规范新能源汽车产业竞争秩序部署要求，工业和信息化 部、中央社会工作部、中央网信办、国家发展改革委、公安部、市场监管总局等六部门近日联合印发 《关于开展汽车行业网络乱象专项整治行动的通知》，决定在全国范围内开展为期3个月的汽车行业网 络乱象专项整治行动。 本次专项整治行动将集中整治非法牟利、夸大和虚假宣传、恶意诋毁攻击等网络乱象，提升涉汽车企业 网络乱象处置质效，督促企业规范营销宣传行为，营造良好舆论环境，护航汽车产业高质量发展。重点 整治问题主要包括：非法牟利、夸大和虚假宣传、恶意诋毁攻击。 点评：本次六部门联合发起的专项整治行动，将对汽车行业的网络环境进行全面的清理和规范，这对汽 车市场而言是积极信号。整治非法牟利、虚假宣传等行为，有助于提升行业透明度，增强消费者的信任 感，从而推动汽车消费意愿。总体来看，此次行动有助于构建更加健康的市场环境，促进汽车产业的可 持续发展。 NO.28月份汽车经销商综合库存系数环比下降 9月10日，中国汽车流通协会发布8月份"汽车经销商 ...

Core Viewpoint - The global automotive industry is undergoing significant transformation, with a strong emphasis on collaboration between Chinese and European car manufacturers to navigate challenges and seize opportunities in the market [1][2] Group 1: Chinese Automotive Industry in Europe - Chinese electric vehicle (EV) manufacturers, such as BYD, NIO, and SAIC, are gaining traction in the European market, with BYD surpassing Tesla in sales in July [1] - Several Chinese companies are investing in manufacturing plants or joint ventures in Europe, while others like Xiaomi and Li Auto are establishing R&D centers to prepare for future market expansion [1] - Chinese car manufacturers benefit from a complete industry chain integration, leading to cost competitiveness and high efficiency in battery development and vehicle manufacturing [1] Group 2: Innovation and Market Appeal - The innovation speed of Chinese car manufacturers is significantly faster than that of their European, American, and Japanese counterparts, with quicker new model launches and advancements in battery technology [1] - Chinese EVs not only offer price advantages but also possess appealing technology and design, particularly attracting younger consumers in Europe [1] Group 3: Impact of U.S. Trade Policies - The new U.S.-EU trade agreement imposes a 15% tariff on U.S. exports of cars and parts to the EU, a significant increase from the previous 2.5% [2] - This tariff policy poses a serious threat to the European automotive industry, which is a crucial pillar of the economy, affecting millions of jobs across countries like Germany, France, and Italy [2] - European car manufacturers may face pressure to absorb higher costs or pass them onto consumers, risking market share and impacting the entire automotive supply chain, including parts suppliers and distributors [2] Group 4: Call for Collaboration - The European automotive industry is in a challenging transition towards electrification, automation, and decarbonization, requiring substantial investment for R&D and production [2] - There is a call for strengthened collaboration between Chinese and European car manufacturers across various sectors, including manufacturing, battery technology, charging networks, and sustainable materials [2]

Core Viewpoint - The release of OTA 8.0 marks a significant advancement for Li Auto's driver assistance and smart cockpit systems, transitioning from "partially leading" to "fully leading" in the industry [1] Group 1: Product Development - Li Auto's OTA 8.0 version of the vehicle system has officially begun rolling out, enhancing driver assistance, smart cockpit, and smart electric features [1] - The VLA driver model, which is the third generation of Li Auto's driver assistance technology, is being fully pushed to the Li MEGA and Li L series AD Max models [1] Group 2: Technology Innovation - The VLA driver model is designed to understand road conditions, comprehend human commands, and remember the owner's habits, resembling a real-life personal driver [1] - Although the current version of VLA is described as a "bloodied version," its leading advantages are still visibly apparent [1]

Core Viewpoint - Li Auto's VLA remote summon feature has been reported and subsequently suspended, with the company emphasizing a cautious and responsible approach to the rollout of new functionalities [1] Group 1: Company Response - Li Auto stated that since the launch of the VLA driver assistance technology framework, it has received significant attention and discussions from the industry and various sectors, feeling a strong sense of responsibility [1] - The company plans to gradually push the VLA driver model and related features to all vehicles equipped with the ADMax advanced driver assistance system starting from September 10 [1] Group 2: VLA Remote Summon Feature - The VLA remote summon feature is based on Li Auto's self-developed VLA (Vision-Language-Action) driver model, achieving the industry's first remote parking capability usable in any park or basement environment [1] - Users can initiate a summon through the Li Auto app, allowing the vehicle to automatically drive from any location to a designated pickup point, supporting various intelligent behaviors such as cross-parking space maneuvering and automatic parking [1] - The entire summon process can be monitored in real-time via a multi-angle view on the mobile phone, ensuring safety and control during the operation [1]

Group 1 - The core issue is that Li Auto's VLA (Vision-Language-Action Model) remote summon feature has been reported and the company has been forced to suspend the rollout of this feature [1] - Li Auto expressed that since the release of the VLA driver model, they have received significant attention and discussions from the industry and various sectors, emphasizing their sense of responsibility in advancing new features cautiously [1] - Starting from September 10, the VLA driver model and related features will be gradually pushed to all Li Auto L series and MEGA models equipped with the AD Max advanced driver assistance system, enhancing various assistance functions including parking assistance [1]

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]

Group 1 - Li Auto Inc. Sponsored ADR (LI) closed at $24.22, with a +1.76% change from the previous day's closing price, outperforming the S&P 500's gain of 0.27% [1] - Over the last month, the company's shares decreased by 1.12%, lagging behind the Auto-Tires-Trucks sector's gain of 5.8% and the S&P 500's gain of 1.85% [1] Group 2 - Analysts expect Li Auto Inc. to report earnings of $1.24 per share and revenue of $19.6 billion for the full year, reflecting changes of -10.14% and -2.4% from the previous year [2] - Recent changes to analyst estimates indicate a favorable outlook on the business health and profitability of Li Auto Inc. [3] Group 3 - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks Li Auto Inc. at 4 (Sell) [5] - The Forward P/E ratio for Li Auto Inc. is 19.19, which is a premium compared to the industry average Forward P/E of 11.59 [6] Group 4 - The Automotive - Foreign industry, which includes Li Auto Inc., has a Zacks Industry Rank of 209, placing it in the bottom 16% of all industries [6] - The Zacks Industry Rank assesses the performance of industry groups, showing that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - Li Auto's Q2 2025 performance shows a mixed picture with revenue of 30.25 billion yuan, a slight decline year-on-year, but a notable increase quarter-on-quarter, while net profit demonstrates significant growth year-on-year [1][2] Group 1: Financial Performance - In Q2 2025, Li Auto achieved revenue of 30.25 billion yuan, with a year-on-year decrease of 4.5% and a quarter-on-quarter increase of 16.7% [1] - The company reported a net profit attributable to shareholders of 1.09 billion yuan, reflecting a year-on-year decrease of 0.9% but a quarter-on-quarter increase of 68.0% [1][2] - The gross margin for Q2 2025 was 20.1%, with a vehicle gross margin of 19.4%, showing a year-on-year increase of 0.6 percentage points but a quarter-on-quarter decrease of 0.4 percentage points [2] Group 2: Sales and Production - Li Auto's Q2 2025 vehicle sales reached 111,000 units, with an average selling price of approximately 260,000 yuan, representing a year-on-year increase of 2.3% [1] - The sales breakdown by model includes 52,000 units of the L6, 26,000 units of the L7, 15,000 units of the L8, 14,000 units of the L9, and 3,000 units of the MEGA, with the L6 accounting for 47% of total sales [1] Group 3: Future Outlook - For Q3 2025, Li Auto expects delivery volumes to be between 90,000 and 95,000 units, indicating a year-on-year decline of 41.1% to 37.8% [2] - The company anticipates revenue in the range of 24.8 billion to 26.2 billion yuan for Q3 2025, reflecting a year-on-year decline of 42.1% to 38.8% [2] - Li Auto's future product lineup includes the launch of the Li i8 and Li i6, expanding its offerings to four range-extended electric SUVs and two high-voltage pure electric SUVs, which is expected to enhance sales potential [3] Group 4: Strategic Developments - As of July 2025, Li Auto has established 535 retail centers across 153 cities, with an increase in service and charging infrastructure, including 3,028 supercharging stations [3] - The company aims to enhance its product matrix and maintain profitability through high vehicle prices and economies of scale, projecting net profits of 3.14 billion, 8.48 billion, and 12.61 billion yuan for 2025 to 2027 [4]