位于安徽省合肥市的蔚来乐道L90生产线。 位于安徽省合肥市的蔚来乐道L90生产线，吉利汽车推出的最新大型SUV吉利银河战舰， 造"大车"正成为中国汽车市场的热潮。 舰。 吉利汽车推出的最新大型SUV吉利银河战 造"大车"正成为中国汽车市场的热潮。从理想i8到蔚来ES8、乐道L90，一批车长超过5米的"大车"密集 涌现，并收获积极的市场反响。 这一现象背后，有中国汽车消费结构的深刻变化：随着居民收入水平提升、家庭规模扩大以及增换购需 求成为主流，消费者对车辆的空间、舒适性与多功能性提出了更高要求。同时，中国完备的汽车产业链 条提供了支撑，不断突破的创新技术成为驱动。 车企纷纷布局"大车"，这一趋势能否持续？车是否会越造越大？本报记者进行了采访。 多款家用"大车"尺寸接近商务车 近期，一批车长超过5米的"大车"陆续上市。9月20日，蔚来全新ES8正式上市，拥有5280毫米超长车 身、3130毫米轴距以及超大储物空间，坐满6人的情况下仍具备777升的装载能力。9月17日，吉利银河 M9上市，长宽高为5205×1999×1800毫米、轴距3030毫米，定位大型SUV，拥有88.3%超大"得房率"。 中国汽车流通协会乘 ...

Core Points - NIO-SW (09866.HK) announced that its board of directors will hold a meeting on November 24, 2025, to approve the unaudited financial results for the third quarter of 2025 [1] - The company will publish its third quarter results on November 25, 2025, on the Hong Kong Stock Exchange website and its own investor relations website [1] - A conference call will be held on November 25, 2025, at 8 PM Beijing/Hong Kong/Singapore time to discuss the financial results [1]

Core Viewpoint - NIO Inc. will report its unaudited financial results for Q3 2025 on November 25, 2025, before U.S. market opens [1] Financial Reporting - The earnings conference call is scheduled for 7:00 AM U.S. Eastern Time on November 25, 2025 [2] - A live and archived webcast of the conference call will be available on the Company's investor relations website [2] Participation Details - Participants wishing to join the conference call must register in advance and dial in 10 minutes prior to the call [3] - Replay of the conference call will be accessible by phone until December 2, 2025, with specific dial-in numbers provided for various regions [3] Company Overview - NIO Inc. is a leading company in the global smart electric vehicle market, founded in November 2014 [4] - The Company aims to shape a sustainable future with the mission of "Blue Sky Coming" and focuses on innovative technology and user experience [4] - NIO offers premium smart electric vehicles under the NIO brand, family-oriented vehicles through the ONVO brand, and high-end electric cars with the FIREFLY brand [4]

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，並明確表示概不就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。 （股份代號：9866） 董事會會議日期 蔚來集團（「本公司」）董事會（「董事會」）將於2025年11月24日（星期一）（北京 ╱ 香港 ╱ 新加坡時間）舉行董事會會議，以（其中包括）批准本公司截至2025年 第三季度的未經審計財務業績（「2025年第三季度業績」）。本公司將於2025年 11月25日（星期二）（北京 ╱ 香港 ╱ 新加坡時間）在香港聯合交易所有限公司網 站www.hkexnews.hk及本公司網站ir.nio.com上刊發其2025年第三季度業績。 電話會議的網絡直播及回放可於本公司投資者關係網站 https://ir.nio.com/news-events/events收聽。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 欲使用撥入號碼參加會議的參會者，請使用以下提供的鏈接提前註冊並於電話會 議前10分鐘撥通電話。撥入號碼、密碼及唯一訪問登記編號將於註冊時提供。 根據不 ...

Industry Information - Jiangsu Province's new energy commercial vehicle power and control system innovation center construction plan has been approved, focusing on core issues in the industry such as high-power electric drive systems and intelligent control systems [8] - CATL has established a new energy technology company in Yunnan with a registered capital of 5 million RMB, focusing on new energy technology research and battery swap facilities [8] - Tsinghua University has developed a new solid-state battery using soybean protein, which shows potential for high performance and environmental benefits [10][11] - Zhengli New Energy plans to launch a pilot line for all-solid-state batteries in the first half of 2026, aiming to solve production challenges [11] - Wuhan Weinan completed a C-round financing of 670 million RMB, with funds directed towards battery asset management and technology development [12] - The number of electric vehicle charging facilities in China has exceeded 18 million, reflecting a 54.5% year-on-year increase [22][23] Policy Information - Guangdong Province is offering a one-time subsidy for personal consumers purchasing new energy passenger vehicles as part of a broader consumption promotion campaign [29] - The National Development and Reform Commission has issued a plan to support the construction of smart charging facilities and improve community services [30] - A new policy in Huzhou, Zhejiang, aims to establish over 10,000 public charging stations by 2025, enhancing the charging network [34] - The city of Zhengzhou has suspended applications for vehicle scrapping subsidies due to budget exhaustion [38] Company Information - BYD's Tengshi brand has launched new models with competitive pricing, indicating strong market activity [9] - Xpeng Motors has begun trial production of its flying car, marking a significant step in the development of flying vehicles [15] - Huawei's driving assistance system has accumulated over 58.11 billion kilometers of assisted driving mileage, showcasing its technological advancements [17] - SAIC's MG4 has introduced a cross-year tax subsidy plan, reflecting competitive strategies in the automotive market [12]

Core Viewpoint - TechStar Acquisition Corporation is in the final stages of merging with Seyond Holdings (Tuda Technology), which has passed the Hong Kong Stock Exchange listing hearing, marking it as the third lidar company to go public in Hong Kong after Hesai and RoboSense [2] Financial Performance - Tuda Technology reported revenues of $66.3 million, $121.1 million, and $159.6 million for the years 2022, 2023, and 2024 respectively, with losses of $188.2 million, $219 million, and $398.2 million during the same periods [3][4] - For the first five months of 2025, Tuda Technology generated $51.96 million in revenue and incurred a loss of $21.49 million [4][5] - The gross profit for the first five months of 2025 was $6.71 million, with a gross margin of 12.9%, a significant improvement from previous periods where gross margins were negative [5][6] Product and Market Position - Tuda Technology's primary product, the Falcon lidar, contributed $48.09 million in revenue, accounting for 92.5% of total revenue as of May 31, 2025 [8][12] - The company has established long-term procurement agreements with NIO, which has chosen Tuda Technology's lidar solutions for nine of its models, leading to significant revenue contributions from NIO [13][14] - Tuda Technology's market share in ADAS lidar solutions was 12.8% in 2024, ranking fourth globally [14] Investment and Shareholding Structure - Tuda Technology has entered into a PIPE investment agreement totaling approximately HKD 551 million, with major investments from Huangshan Jian Investment Capital, Fucai, and Zhuhai Hengqin Huagai [15] - The company's shareholding structure post-IPO indicates that founder Dr. Bao Junwei will control approximately 13.70% of the voting rights through various entities [21][23] Leadership Background - The founders of Tuda Technology, Dr. Bao Junwei and Dr. Li Yimin, previously worked at Baidu, where they were involved in the development of autonomous driving technologies [19]

Core Viewpoint - Nio's revenue is increasing significantly, with a 92.6% year-over-year growth in October vehicle deliveries, but the stock price has recently declined, raising questions about its future performance and profitability [1][4][12]. Group 1: Financial Performance - Nio's current stock price is $6.63, with a market capitalization of $13 billion, and a gross margin of 10.28% [2]. - The company has experienced a 300% revenue increase over the past five years, yet it has never turned a profit, with net losses widening from $1.6 billion in 2022 to $3 billion in 2024 [9][10]. - There are indications of improvement, as Nio's net losses have decreased sequentially each quarter in 2025, and the company aims to achieve its first profitable quarter in Q4 of this year [12]. Group 2: Market Expansion - Nio's primary revenue source is the Chinese market, where it has seen significant growth, but it is also expanding into Europe and other international markets [4][5]. - The company has entered several European markets since 2021, including Norway, Sweden, Denmark, Germany, and the Netherlands, and plans to expand further [5]. - However, European sales have declined, with estimated sales dropping from approximately 2,365 vehicles in 2023 to just 833 so far this year [6]. Group 3: Competitive Landscape - Nio faces challenges in the European market, including software validation costs and tariffs on Chinese EVs, which impact its low-cost vehicle strategy [7][8]. - The company is attempting to replicate the success of competitors like Tesla, which also faced initial losses before achieving profitability [11].

Group 1 - The Nasdaq Golden Dragon China Index experienced a slight decline of 0.06% [1] - Alibaba's stock fell by over 3% [1] - Netease's stock increased by over 1% [1] Group 2 - Tencent Music's stock dropped by over 3% [1] - XPeng Motors saw a rise of over 7% [1] - Li Auto's stock increased by over 1% [1] Group 3 - NIO's stock decreased by over 1% [1] - Bilibili's stock also fell by over 1% [1]

Core Viewpoint - The Chinese automotive industry is transitioning from a growth phase to a mature phase, with a significant slowdown in sales growth and a shift in focus towards brand building and globalization to maintain profitability and market share [1][11]. Group 1: Industry Characteristics and Changes - The automotive industry is experiencing three main characteristics: diminishing total volume dividends, low growth normalization in sales, and a shift in production capacity from traditional fuel vehicles to new energy vehicles [11][19]. - The industry has undergone significant changes, including the transition from a focus on meeting transportation needs to a broader application in various life scenarios, and the evolution of vehicles from mere transportation tools to intelligent entities [42][45]. Group 2: Sales and Market Trends - The sales volume of the automotive industry is expected to reach 34.89 million units in 2025, with a growth rate of approximately 11%, driven by tax incentives and subsidies [1][11]. - The penetration rate of new energy vehicles is projected to increase significantly, with sales expected to rise from 1.21 million in 2019 to 14 million by 2024, reflecting a compound annual growth rate of 63% [19][24]. Group 3: Brand and Globalization Strategies - Brand building and globalization are essential strategies for automotive companies to counteract intense competition and maintain market share, with a focus on creating brand premiums and establishing barriers through advanced technologies [2][4]. - Domestic automotive brands are increasingly expanding overseas, supported by the establishment of production capacities, distribution channels, and service systems in international markets [2][4]. Group 4: Technological Advancements - The automotive industry is on the brink of a technological revolution, with advancements in intelligent driving expected to transition from co-pilot (L3) to agent (L4) capabilities, creating new investment opportunities in various components [2][3]. - The expected mass production of robots in 2026 will mark a significant milestone for the robotics industry, with a high overlap in components between automotive and robotics sectors, presenting investment opportunities in related supply chains [3][4]. Group 5: Policy and Economic Influences - The automotive industry is influenced by macroeconomic cycles, industry cycles, and policy cycles, with the latter playing a crucial role in shaping market dynamics through incentives and regulations [1][50]. - The upcoming reduction in new energy vehicle purchase tax incentives in 2026 is anticipated to stabilize overall automotive sales, with a slowdown in the growth rate of new energy vehicle sales [1][50].

Core Viewpoint - The "China's Top 100 Future Unicorns" list aims to identify and accelerate the growth of potential unicorn companies in China over the next decade, serving as a significant indicator of innovation in the economy [3][5]. Group 1: Historical Performance - Over 16 years, the list has recognized 1,302 companies, with 130 achieving IPOs, 106 being acquired by larger firms, and 188 becoming industry-leading unicorns [4][6]. - The annual "Future Unicorn Conference" has become a key event for emerging unicorns, providing networking and investment opportunities [4]. Group 2: Notable Companies - The list includes several well-known companies that have reached significant market valuations, such as Xiaomi, Meituan, and NIO, which were among the first to be recognized [7][8]. - A selection of companies that have recently become unicorns includes New Stone Unmanned Vehicles, which raised over $600 million in its D round, and Galaxy General, which secured 1.1 billion RMB in its A+ round [10][11]. Group 3: Future Prospects - The ongoing search for high-growth companies valued between $100 million and $1 billion is emphasized, with a call for nominations for the 2025 list [13]. - The initiative aims to celebrate not just valuation but also the intrinsic value of these emerging leaders in the business landscape [13].