Group 1 - The core issue involves two quality incidents reported by Li Auto regarding the 2024 MEGA vehicles experiencing coolant leakage and the 2025 L series vehicles having lower arm bushing noise complaints [1] - For the coolant leakage incident, three main causes were identified: insufficient coolant verification, inadequate battery testing and leakage risk assessment, and improper risk evaluation and user vehicle handling by relevant departments [1] - The company has taken accountability measures against employees involved, including contract termination for direct staff and performance penalties for their managers [1][3] Group 2 - The L series 2025 model's lower arm bushing noise issue was attributed to insufficient grease testing, leading to significant user complaints and negatively impacting customer experience [1]

Core Viewpoint - Li Auto-W (02015.HK) announced a board meeting scheduled for November 26, 2025, to consider and approve the group's unaudited financial performance for the three months ending September 30, 2025 [1] Group 1 - The board meeting will focus on the financial results for the specified period [1]

Core Viewpoint - Li Auto has announced handling measures regarding quality issues related to the 2024 MEGA vehicles and the 2025 L series, identifying specific responsibilities and consequences for involved employees [2][3] Group 1: Quality Issues - The company identified three main causes for the coolant leakage issue in the 2024 MEGA vehicles, attributing primary responsibility to personnel in materials technology and battery testing [2] - For the L series 2025 model, insufficient testing of the lower arm bushing grease led to complaints of noise, significantly affecting user experience [2] Group 2: Employee Accountability - A total of 5 employees were held accountable for the coolant leakage issue, with measures including contract termination for direct staff and performance penalties for their managers [2][3] - In addition, 4 employees were held accountable for the battery testing and risk assessment failures, with similar consequences applied [2]

董事會會議召開日期 理想汽車（「本公司」，連同其附屬公司及併表聯屬實體，統稱「本集團」）董事會 （「董事會」）茲通告謹定於2025年11月26日（星期三）舉行董事會會議，以（其中包 括）考慮及通過本集團截至2025年9月30日止三個月的未經審計財務業績及其發 佈。 本公司的管理層將於美國東部時間2025年11月26日（星期三）上午七時正（即北 京╱香港時間同日的下午八時正）舉行業績電話會議。 有意參加電話會議的參與者請在會議計劃開始時間前使用下文提供的鏈接完成在 線登記。於登記後，參與者將收到電話會議進入信息，包括撥號、會議密碼及獨 有登記編號。要加入會議，請撥打提供的號碼，輸入密碼和您的登記編號，您將 立即加入會議。 參與者在線登記：https://s1.c-conf.com/diamondpass/10051194-g5x3ws.html 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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不 ...

Core Viewpoint - Li Auto has announced internal accountability measures in response to two quality incidents involving the 2024 MEGA vehicles and the 2025 L series vehicles, focusing on employee responsibility and corrective actions [1][2]. Group 1: Quality Incidents - The first incident involves a batch quality issue with the 2024 MEGA vehicles, where coolant leakage was identified. Three main causes were determined, leading to accountability for 18 employees [1]. - The second incident pertains to the 2025 L series vehicles, where insufficient testing of the lower arm bushing grease resulted in noise complaints from users, significantly affecting their experience [2]. Group 2: Accountability Measures - For the coolant leakage incident, five employees were held primarily responsible for inadequate coolant verification, while four employees were accountable for insufficient battery testing and risk assessment. Five additional employees were found to have secondary responsibility in risk evaluation and user vehicle handling [1]. - In the case of the L series noise issue, four employees were held accountable for their work negligence, with similar penalties applied, including contract termination for direct employees and performance-related sanctions for their managers [2].

Core Insights - Li Auto has issued two handling announcements regarding quality incidents involving the 2024 MEGA vehicles and the 2025 L series vehicles, addressing issues related to coolant leakage and abnormal noise from the lower arm bushing [2] Group 1: 2024 MEGA Vehicle Quality Incident - The coolant leakage issue was attributed to three main causes: insufficient validation of coolant, inadequate testing and risk assessment of the power battery, and improper response from various departments during risk assessment and vehicle handling [2] - Five employees were held primarily responsible for the coolant validation issue, while four employees were accountable for the battery testing and risk assessment [2] - Employees directly involved faced contract termination, while their managers received penalties including a performance rating capped at I, cancellation of year-end bonuses, and disqualification for promotions [2][3] Group 2: 2025 L Series Vehicle Quality Incident - The L series vehicles experienced abnormal noise complaints due to insufficient testing of grease in the lower arm bushing, significantly affecting user experience [2] - Four employees were held accountable for this incident, with similar penalties applied as in the previous case [3]

Core Viewpoint - The article discusses the recent recall of 11,411 MEGA vehicles by Li Auto due to a cooling liquid issue that poses safety risks, highlighting the financial implications and the company's response to the incident [4][5][8]. Group 1: Incident Overview - Li Auto announced a recall of 11,411 MEGA vehicles due to insufficient corrosion resistance of the cooling liquid, which could lead to safety hazards under specific conditions [5][11]. - The estimated cost of the recall is around 2 billion yuan, with each vehicle's recall cost projected at approximately 180,000 yuan [6][17]. - The company has committed to providing free replacements for the cooling liquid, power battery, and front motor controller for affected vehicle owners [4][17]. Group 2: Technical Analysis - The cooling liquid, composed of antifreeze and corrosion inhibitors, is critical for the thermal management of the power battery system [12]. - Experts suggest that the corrosion of the battery cooling plate could lead to leakage and short circuits, raising concerns about the design and material quality of the cooling system [12][13]. - Li Auto's management has acknowledged the need for further investigation and independent testing to confirm the root cause of the fire incidents [16][18]. Group 3: Market Impact - Following the incident, Li Auto's market value rebounded to approximately 170 billion HKD, with a reduction in the overall impact of the event on the company's valuation [8]. - The MEGA model had previously shown strong sales performance, with over 25,817 units delivered by the end of September, generating significant revenue for the company [40][42]. - The incident has raised concerns among consumers regarding the safety of electric vehicles, particularly in the MPV segment, where safety is a critical purchasing factor [46][47]. Group 4: Company Response and Future Outlook - Li Auto's swift response to the recall has garnered public praise, although some customers remain apprehensive about the safety of their vehicles [18][47]. - The company has emphasized its commitment to ensuring no further incidents occur and plans to enhance its testing and verification processes for chemical materials used in vehicle components [26][48]. - The incident has disrupted the upward momentum of the MEGA model, which had been gaining traction in the market, and could impact the sales of Li Auto's upcoming electric vehicle models [43][46].

Core Insights - Li Auto has reported two significant "batch quality incidents" affecting its flagship models, the 2024 MEGA and the 2025 L series, leading to severe accountability measures against responsible personnel [1] Group 1: Incident Details - The 2024 MEGA model has been found to have a serious issue with "coolant leakage" in some vehicles, attributed to major oversights in the R&D and validation processes [1] - The company identified insufficient verification of coolant and inadequate risk assessment for battery leakage as key factors in the MEGA incident [1] - The 2025 L series, which has not yet been widely delivered, is reported to have a quality risk related to "noise from the lower arm bushing," linked to failures in the smart chassis department's testing [1] Group 2: Accountability Measures - A total of 14 employees from various departments, including materials technology and battery R&D, faced accountability for the MEGA incident, with some being terminated [1] - Four employees were held accountable for the L series issue, with the company acknowledging the negative impact on user experience and product quality reputation [1] - Directly responsible employees received the maximum penalty of contract termination, while their managers faced loss of year-end bonuses, promotion disqualification, and performance ratings capped at level I [1]

Market Performance - The Hang Seng Index increased by 1.26% this week, closing at 26,572.46 points, while the Tech Index decreased by 0.42% to 5,812.80 points, and the National Enterprises Index rose by 1.41% to 9,397.96 points [2][4]. Market Dynamics - The fluctuations in the Hong Kong stock market are closely related to external environments, particularly the impact of the U.S. government shutdown, which temporarily locked nearly one trillion dollars in liquidity, raising the cost of dollar funds and pressuring risk assets like U.S. and Hong Kong stocks [4]. - A recent report from Western Securities suggests that the end of the U.S. government shutdown may release previously "frozen" dollar liquidity, potentially leading to a liquidity-driven rally in the Hong Kong stock market [4]. Capital Inflows - Southbound capital has provided strong support, with net purchases through the Stock Connect exceeding HKD 1.3 trillion this year, totaling over HKD 5 trillion, indicating a shift towards a "semi-onshore market" where domestic capital plays a more significant role in pricing [4]. Sector Performance - Pharmaceutical stocks have seen renewed interest, with notable gains: - Gilead Sciences (01672.HK) up 45.40% - Clover Biopharmaceuticals (02197.HK) up 29.95% - Yummy (02589.HK) up 18.81% - The positive performance is attributed to strong Q3 results in innovative drugs and life sciences sectors [5]. - Other notable performers include: - HuShang Ayi (02589.HK) up 31.44% due to a new ten-year H-share incentive plan and reaching over 10,739 stores [5]. - Lee & Man Paper (00746.HK) up 17.37% benefiting from rising paper prices [5]. - Conversely, companies like Sanhua Intelligent Control (02050.HK) and Legend Holdings (06683.HK) faced declines of 10.93% and 19.82%, respectively, due to market risk aversion and concerns over equity dilution from a recent share placement [5]. Gold and Automotive Sectors - Gold stocks weakened following hawkish comments from Federal Reserve officials, with China Gold International (02099.HK) down 3.94% and Zijin Mining (02899.HK) down 2.94% [6][7]. - The automotive sector also faced declines, with Xpeng Motors (09868.HK) down 6.80% amid a drop in retail sales of passenger cars by 19% year-on-year for the first nine days of November [10][11]. Brokerage and Semiconductor Stocks - Chinese brokerage stocks adjusted, with major firms like GF Securities (01776.HK) and China Galaxy (06881.HK) experiencing declines due to a significant drop in new account openings [13]. - Semiconductor stocks also fell, influenced by a broader sell-off in U.S. tech stocks, with Shanghai Fudan (01385.HK) down 5.92% and SMIC (00981.HK) down 2.78% [14][16]. Individual Stock Movements - Lehua Entertainment (02306.HK) rose nearly 8% amid speculation regarding a contract renewal with a prominent artist [18]. - Zhonghui Biopharmaceuticals (02627.HK) increased by over 6% after announcing the initiation of Phase I clinical trials for its flu vaccines [19].

Core Viewpoint - Li Auto Inc. will report its unaudited financial results for Q3 2025 on November 26, 2025, before the U.S. market opens, followed by an earnings conference call on the same day [1]. Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4]. - The company's mission is to create a mobile home and happiness, emphasizing safety, convenience, and comfort in its products and services [4]. - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]. - The company began volume production in November 2019 and currently offers a range of models, including a flagship family MPV and several extended-range electric SUVs [4]. - Li Auto aims to expand its product lineup to reach a broader user base [4].