FF301 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: 理想汽車 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02015 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,500,000,000 | USD | | 0.0001 | USD | | 450,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,500,000,000 | USD | | 0.0001 | USD | | 450,000 | | 2 ...

Core Insights - A new company, Jiangsu Li Auto Battery Co., Ltd., has been established, focusing on battery manufacturing and sales, as well as research and development in emerging energy technologies [1] - The registered capital of the new company is 70 million RMB [1] - The company is wholly owned by Shandong Li Auto Battery Co., Ltd., which is jointly held by Beijing Li Auto Co., Ltd. and Xinwanda Power Technology Co., Ltd. [1] Company Overview - Jiangsu Li Auto Battery Co., Ltd. is involved in various operations including battery manufacturing, sales, and electric vehicle charging infrastructure [1] - The establishment of this company indicates Li Auto's strategic move to enhance its capabilities in battery technology and electric vehicle support systems [1] Industry Implications - The formation of this new battery company aligns with the growing demand for electric vehicles and the need for advanced battery solutions in the automotive industry [1] - This development may contribute to the competitive landscape of the electric vehicle market, particularly in battery technology and infrastructure [1]

Core Viewpoint - The report from Caitong Securities indicates that Li Auto-W (02015) has a robust profitability, driven by its smart technology and organizational upgrades, which provide long-term growth potential [1] Group 1: Financial Projections - Caitong Securities forecasts that Li Auto will achieve Non-GAAP net profits of 4.7 billion, 8 billion, and 12.4 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 32x, 19x, and 12x [1] Group 2: Product Development and Market Position - The i6 model is expected to drive volume growth, with a significant acceleration in the pure electric vehicle layout starting in 2025. The i6 has already received over 50,000 orders within two weeks of its launch, indicating strong market demand [2] - The i6 offers a competitive edge in terms of cost-effectiveness, outperforming Tesla's Model Y and Xiaomi's YU7 in dimensions, comfort, and features. It includes premium features at a lower price point, enhancing its appeal to mainstream consumers [2] Group 3: Technological Advancements - Li Auto has been developing its self-research algorithms since 2021, with the third generation expected to be completed in 2024. The ADMax system is projected to have a penetration rate of 75.4% in models priced above 300,000 yuan and 84.6% in those above 400,000 yuan by 2024 [3] - The company plans to expand its AI strategy, exploring applications in humanoid robotics, which could significantly enhance its long-term growth potential and valuation [3]

Core Insights - Jiangsu Ideal Automotive Battery Co., Ltd. has recently been established with a registered capital of 70 million RMB [1] - The company is involved in battery manufacturing, battery sales, emerging energy technology research and development, and electric vehicle charging infrastructure operations [1] - The company is wholly owned by Shandong Ideal Automotive Battery Co., Ltd., which is jointly held by Beijing Ideal Automotive Co., Ltd. and Xinwangda Power Technology Co., Ltd. [1]

Core Insights - Jiangsu Ideal Automotive Battery Co., Ltd. has been established with a registered capital of 70 million RMB [1] Company Overview - The legal representative of the company is Liu Liguo [1] - The company’s business scope includes battery manufacturing and sales, research and development of emerging energy technologies, and operation of electric vehicle charging infrastructure [1] - Additional activities include manufacturing and sales of power distribution and control equipment, development of new materials technology, software development, and sales of electronic products [1] Industry Implications - The establishment of Jiangsu Ideal Automotive Battery Co., Ltd. indicates a growing focus on battery technology and electric vehicle infrastructure in the industry [1] - The company is positioned to contribute to the development of concentrated fast charging stations and photovoltaic equipment, reflecting trends in renewable energy and electric mobility [1]

Core Viewpoint - The article discusses the impact of the upcoming reduction in new energy vehicle (NEV) purchase tax subsidies on the automotive industry, particularly focusing on the strategies employed by various car manufacturers to boost sales in the fourth quarter of the year as they aim to meet annual sales targets [5][11]. Group 1: Sales Strategies and Market Dynamics - Automotive sales typically see a surge towards the end of the year, but this year is different due to the impending reduction of NEV purchase tax subsidies starting in 2026, which will shift from exemption to a 50% reduction, with a maximum exemption of 15,000 yuan [5][11]. - From the beginning of the National Day holiday, car manufacturers have been implementing various promotional strategies to attract consumers, with a notable increase in new model launches in September, exceeding 80 events [5][7]. - Companies like NIO and Zeekr have introduced purchase tax subsidies to alleviate consumer concerns about the tax changes, with NIO offering up to 15,000 yuan in tax subsidies for orders placed before December 31, 2025 [7][8]. Group 2: Consumer Behavior and Preferences - Consumer interest during the National Day holiday was significantly influenced by the availability of purchase tax subsidies, with models like the NIO ES8 and Zeekr 9X seeing substantial increases in showroom traffic and orders [8][9]. - The AITO M7 model gained considerable attention, with nearly 70% of customers visiting showrooms expressing interest in it, leading to a significant increase in orders during the holiday period [9][10]. - The purchase tax subsidy has become a critical factor for consumers, with a survey indicating that 77% of respondents view the tax policy changes as the primary influence on their purchasing decisions [12]. Group 3: Competitive Landscape and Financial Implications - The competitive landscape among new energy vehicle manufacturers is intensifying, with companies like Li Auto, Xiaopeng, and NIO reporting significant delivery numbers, while others like BYD and Great Wall have opted not to offer purchase tax subsidies due to shorter delivery times [10][14]. - The financial burden of providing purchase tax subsidies is substantial, with estimates suggesting that companies like Xiaomi may incur over 2 billion yuan in additional costs due to these subsidies by 2026 [13]. - The article highlights that the purchase tax subsidy strategy is primarily driven by manufacturers aiming to secure sales before the policy changes take effect, with many companies launching subsidy programs for new models [12][15].

Core Viewpoint - The article emphasizes the strategic vision and collaborative efforts of Li Auto as it celebrates its tenth anniversary, focusing on innovation, partnership, and future growth in the electric vehicle industry [5][20]. Group 1: Event Overview - The 2025 Global Partner Conference was held on October 30, 2025, in Changzhou, with over 600 global partners attending to celebrate the company's achievements and discuss future strategies [5][6]. - The theme of the conference was "Win-Win, Innovation, Nexus," highlighting the collaborative ecosystem that Li Auto aims to build with its partners [2][5]. Group 2: Strategic Insights - Li Auto's management team outlined a strategic roadmap for the next three years, focusing on product development, technological advancements, and supply chain improvements [9][10]. - The company plans to accelerate the iteration speed of its technology platforms and products to maintain a competitive edge in the market [4][10]. Group 3: Technological Innovations - The conference showcased innovations such as AI-driven flexible manufacturing, advanced driver assistance systems, next-generation power batteries, and smart chassis technologies [3][20]. - The "Smart Chain Park" exhibited the collaborative achievements of Li Auto and its partners over the past decade, emphasizing the resilience and innovation in the electric vehicle sector [20][21]. Group 4: Recognition and Awards - A ceremony was held to honor partners with awards for technical contributions, quality excellence, and collaborative achievements, reinforcing the commitment to continued partnership and value creation [27][32]. - The awards symbolize Li Auto's gratitude for past contributions and its vision for future collaboration in the electric vehicle industry [27][32].

Core Viewpoint - The article highlights the increasing prevalence of online harassment and "black public relations" in the automotive industry, particularly targeting car owners and brands, leading to a toxic environment for consumers and companies alike [6][9][12]. Group 1: Online Harassment and Its Impact - Dismissive and abusive comments towards car owners have become common, with individuals facing severe online bullying for their vehicle choices, as seen in the case of Ms. Deng who faced threats and insults after purchasing a Xiaomi SU7 [7][8][15]. - The negative sentiment has escalated from online platforms to real-world actions, including vandalism of vehicles, indicating a troubling trend where online aggression translates into physical harm [12][14]. - The automotive sector is witnessing organized campaigns of defamation, with coordinated efforts to discredit certain brands and their customers, often driven by "water army" tactics [9][11]. Group 2: Legal and Corporate Responses - Companies are beginning to take legal action against online harassment, with Ms. Deng successfully suing her harassers and receiving compensation, setting a precedent for others [15][16]. - Automotive brands like Xiaomi are establishing support channels for affected customers, providing legal assistance and gathering feedback to combat online abuse [16][19]. - Regulatory bodies are also stepping in, with initiatives aimed at curbing illegal activities related to online defamation and misinformation in the automotive industry [19][20]. Group 3: The Role of "Black Public Relations" - The article discusses the emergence of a "black public relations" industry that employs deceptive tactics to undermine competitors, including the spread of false information about vehicle safety and performance [11][19]. - This industry is characterized by organized efforts to manipulate public perception, often using social media to amplify negative narratives about specific brands [9][12]. - Companies are responding with financial incentives for information on malicious activities, indicating a growing recognition of the threat posed by these tactics [19][20].

Core Insights - The domestic automotive industry in China has seen positive effects from the vehicle trade-in policy this year, with expectations of high single-digit growth, surpassing initial market and official forecasts [1] - The necessity to further stimulate vehicle sales in the fourth quarter is reduced due to stable cross-year growth [1] - Although there may be disruptions in early next year due to subsidy reductions, flexible adjustments to trade-in policies can still support growth in the automotive sector [1] Company Recommendations - The report recommends several companies for investment, including XPeng Motors (09868), Geely Automobile (00175), Minth Group (00425), BYD Company (01211), and Li Auto (02015) [1]

Core Viewpoint - The upcoming adjustment in the new energy vehicle (NEV) purchase tax policy is prompting various car manufacturers to launch subsidy programs to mitigate the impact on consumers, leading to a surge in vehicle orders before the policy change takes effect [2][3][6]. Group 1: Policy Changes - The Ministry of Finance announced that NEVs purchased between January 1, 2024, and December 31, 2025, will be exempt from purchase tax, with a maximum exemption of 30,000 yuan per vehicle. From January 1, 2026, to December 31, 2027, the tax will be halved, with a maximum reduction of 15,000 yuan per vehicle [3][4]. - The adjustment marks a shift from a "policy-driven" to a "market-driven" approach in China's NEV industry, indicating a significant transition after ten years of tax exemptions [3][8]. Group 2: Market Reactions - Car manufacturers like Xiaomi, NIO, and Li Auto are implementing "purchase tax subsidy" programs to attract consumers, offering to cover the tax difference for orders placed before November 30, 2025, if delivery occurs in 2026 [2][6]. - The introduction of these subsidy programs has led to a notable increase in consumer inquiries and orders, with a reported 35.4% rise in customer engagement in early October compared to September [7]. Group 3: Consumer Behavior - Consumers are exhibiting a "last-minute rush" mentality, with over 60% of recent orders being placed to lock in subsidies, particularly in the market segment above 300,000 yuan [5][6]. - The anticipated increase in purchase tax is influencing consumer decisions, with many opting to purchase vehicles sooner to avoid higher costs in the future [7]. Group 4: Industry Outlook - The NEV market is expected to face a significant test of market dynamics as the purchase tax exemption transitions to a reduction, highlighting the industry's resilience and adaptability [8].