作者 | 柴旭晨 编辑 | 王小娟 一份港股大佬薪酬榜，又让理想汽车董事长李想出了圈。 近期，财经网站David Webb发布了2024年香港上市公司董事薪酬排行榜。榜单显示，全年度共有31名董 事酬金超过1亿港元，其中理想汽车董事长兼CEO李想以近6.8亿港元（约合人民币6.39亿元）总薪酬高 居榜首。 | Name | Fees | Salary & | Bonus Retire | Share- Total N | | --- | --- | --- | --- | --- | | | | benefits | | based | | 1 Li, Xiang (1982) 李想 | 0 | 2,834 | 0 | 170 676,778 679,783 1 | | 2 Wang, Xuning (1969-03) 王旭寧 | 0 | 8,695 | 4,969 | 62 506,786 520,512 1 | | 3 Li, Jet Jie 李傑 | 0 | 30,293 | 0 | 132 488,394 518,819 1 | | 4 Liu, Richard Qiangdong 劉強東 | 0 | ...

Core Insights - Li Xiang, founder, chairman, and CEO of Li Auto, ranks first in the 2024 Hong Kong listed company director remuneration list with a total compensation exceeding 639 million RMB [1] - Li Xiang's compensation consists of three parts: a salary, allowances, and benefits of 2.665 million RMB, retirement plan contributions of 160,000 RMB, and the largest portion being 636 million RMB in equity incentives [1] Company Strategy - 2025 is identified as the "year of implementation" for Li Auto's globalization strategy, with the entry into the Central Asian market marking a key milestone [1] - The company has established R&D centers in Germany and the United States to promote localized innovation in products and technology [1] - New models planned for launch in 2026 will comply with overseas market regulations [1] - Li Auto is accelerating the construction of overseas sales and after-sales service systems, along with various supporting systems [1] - The company aims to prioritize its globalization strategy as a core medium to long-term strategy, focusing on expanding into the Middle East, Central Asia, and European markets with patience and determination [1]

Industry Information - Botai Car Union and SenseTime signed a cooperation framework agreement to promote AI applications in intelligent connected vehicles [8] - The first large-capacity sodium-ion energy storage power station in China has been put into operation, capable of reducing coal consumption by 9,000 tons and CO2 emissions by 13,500 tons annually [11] - The "Weihai-Dalian" new energy vehicle transportation route has been opened, enhancing logistics for electric vehicles in northern China [12] - In August, China's automotive parts exports reached $8.41 billion, with a year-on-year increase of 4.7% [13] - During the National Day and Mid-Autumn Festival holiday, the charging volume for new energy vehicles on highways exceeded 1.2 billion kWh, marking a historical high [14] - CATL has repurchased shares worth 4.386 billion yuan and its subsidiary completed a financing round of 2 billion yuan [17][18] - The global strategic cooperation between CATL and Maersk aims to optimize supply chain management [14] - Hunan Province plans to narrow the gap in new energy vehicle penetration rate with the national average to within 6% by the end of 2025 [20] - The second phase of CATL's Luoyang base has officially commenced production, with an expected annual output increase of 30 GWh [21] Policy Information - Wenzhou has suspended the implementation of the automobile replacement subsidy policy starting from October 10, 2025 [24] - The Ministry of Finance announced adjustments to the technical requirements for the exemption of vehicle purchase tax for new energy vehicles for 2026-2027 [26][27] - Shanghai has adjusted the rules for the 2025 automobile trade-in subsidy program, implementing a public lottery system for qualification [31] - The first international standard for "Intelligent Mobility Service Safety and Privacy" has been successfully established, led by China [36] - The Ministry of Commerce and the General Administration of Customs announced export controls on lithium batteries and artificial graphite anode materials, effective from November 8, 2025 [38] Company Information - Li Auto plans to launch 105 new charging stations by the 40th week of 2025, bringing the total to over 3,400 [47] - BYD's monthly sales in the UK have surpassed 10,000 units for the first time, with the Song Plus DM-i model ranking sixth in the top ten single model sales [45] - Tesla is planning to introduce a lower-priced version of the Model Y to adapt to changes in U.S. electric vehicle incentives [45] - Geely's Galaxy brand has become the fastest to reach annual sales of one million new energy vehicles [48] - NIO is set to launch the 2.0 version of its world model, enhancing its AI capabilities [49] - Xiaopeng Motors will announce significant breakthroughs in physical AI at its upcoming AI Technology Day [49]

Domestic News - The total number of motor vehicles in China has reached 460 million, with 360 million being cars and 550 million drivers, making it the largest in the world [6] - In September, China's power battery installation volume was 76.0 GWh, a year-on-year increase of 39.5% and a month-on-month increase of 21.6% [7] - JD.com, in collaboration with CATL and GAC, announced the launch of a new electric vehicle named "National Good Car," which will be exclusively sold on JD's platform [8][9] - Zhengzhou Nissan has established a new R&D center for light commercial vehicles (LCV) in Zhengzhou, marking a strategic shift towards innovation [10] - Dongfeng Motor has officially entered the Tunisian market, launching three popular models to cater to local consumer needs [11] - Li Auto has opened its first overseas retail center in Tashkent, Uzbekistan, marking a significant step in its global expansion strategy [12] - Toyota's Platinum Smart 3X has officially launched in Hong Kong, potentially serving as a gateway to global markets [13] - Tesla has achieved full coverage of its charging network in Jiangxi province, with 36 stations and 145 charging piles [14][15] International News - Germany has reinstated electric vehicle purchase subsidies, allocating €3 billion (approximately $3.5 billion) to incentivize low-income families to buy electric cars [16] - Stellantis Group plans to invest $13 billion in the U.S. over the next four years, aiming to increase production by 50% and create over 5,000 jobs [17] - General Motors has decided to halt the development of hydrogen fuel cell systems, focusing instead on electric vehicle technology due to commercialization uncertainties [18] - Kia plans to significantly increase electric vehicle production at its Slovakia plant, aiming for an annual output of around 100,000 units by 2027 [20] Commercial Vehicles - Dongfeng Commercial Vehicle has signed a strategic cooperation agreement with CATL to enhance electric vehicle technology and market expansion [21][22] - Guangdong province is offering subsidies of up to 140,000 yuan for the replacement of old heavy-duty trucks, encouraging the transition to new energy vehicles [23] - Mercedes-Benz has launched multiple eActros 400 electric heavy trucks based on the eActros 600 platform, expanding its electric truck offerings [24] - Scania's new production facility in Rugao has officially opened, with an annual capacity of 50,000 units, marking a significant commitment to the Chinese market [25]

导读：虽然出海一直是理想汽车的中长期核心战略之一，但是在"何时出海"以及"怎么出海"这两个问题 上，公司内部一直处于谨慎和摇摆的状态。 （文 / 观察者网 周盛明 编辑 / 高莘） 2025年10月14日，理想汽车官方宣布，理想汽车海外首家授权零售中心，于乌兹别克斯坦首都塔什干正 式开业。 理想汽车表示，面向当地市场，理想汽车将主要销售三款增程产品：L6、L7和L9。 理想汽车塔什干零售中心开业现场 理想汽车 此外，今年11月，理想汽车在哈萨克斯坦第一大城市阿拉木图和首都阿斯塔纳的零售中心也将陆续开 业。 理想汽车表示，其将为通过授权零售中心购车的海外用户提供官方质保、检查维修、原厂备件配送、技 术支持、OTA升级等官方服务。 从"直营"到"经销商" 观察者网注意到，在2024年3月的媒体沟通会上，理想汽车商业副总裁刘杰曾表示，理想汽车在海外会 和国内一样，采用直营模式。 对于这一转变，理想汽车内部人士向观察者网表示："我们拥抱各类渠道模式，原则是从当地用户体验 和市场特点考虑。我们愿意与拥有成熟的场地、团队和运营体系的当地合作伙伴携手建立广泛的销售和 服务网络。" 对比来看，采用直营模式出海涉及海外团队的招 ...

该公司由理想汽车与欣旺达动力盒子成立，各自占股50%。 除了与欣旺达的合作，理想汽车还与宁德时代保持了长期的战略合作关系。双方在电池安全、超充技术等方面展开深度合作，共同推动电池 技术创新和全球化布局。这种多元化的合作模式有助于理想汽车在保障供应链稳定的同时，不断提升电池技术的自主化水平。 该公司经营范围包括：电池制造；电池销售；新兴能源技术研发；电动汽车充电基础设施运营；输配电及控制设备制造；智能输配电及控制 设备销售；集中式快速充电站；新材料技术研发；软件开发；电子产品销售；其他电子器件制造；光伏设备及元器件销售；光伏发电设备租 赁。 | 工商信息 ● | | | | | 區 数据纠错 | で天眼查 | | --- | --- | --- | --- | --- | --- | --- | | 工商信息 历史工商信息0 | | | | | | ₪ 음出 | | 企业名称 | 山东理想汽车电池有限公司 | | | | | | | 法定代表人 | 刘立国 | 登记状态 2 | 开业 | 天眼评分 2 | 94% | | | | | 成立日期 | 2025-10-13 | | | | | 统一社会信用代码 ⑦ ...

Core Viewpoint - The company has a diverse range of automotive wiring harness products that are widely used in the automotive industry, serving several major clients [1] Group 1: Company Products - The company offers high-voltage wiring harnesses, automotive Ethernet cables, coaxial cables, HSD, HDMI, and USB cables [1] - These products are specifically designed for use within vehicles [1] Group 2: Major Clients - The company's direct or end customers include prominent automotive manufacturers such as BYD, Geely, Li Auto, Changan, Liuqi, and Xinyuan [1]

Core Viewpoint - The company,沃尔核材, has confirmed its major automotive wire harness clients, indicating a strong presence in the automotive sector with various products [1] Group 1: Clientele - The company's automotive wire harness products are utilized by several prominent automotive manufacturers, including 比亚迪, 吉利, 理想, 长安跨越, 柳汽, and 鑫源 [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Auto Manufacturers** industry, specifically the **New Energy Vehicle (NEV)** market trends as of September 2025. Core Insights and Arguments 1. **NEV Market Growth**: - In September 2025, domestically produced NEV passenger vehicle (NEV-PV) sales increased by **17% month-over-month (MoM)** and **17% year-over-year (YoY)**, surpassing expectations [1][9][10]. 2. **BEV Market Penetration**: - Battery Electric Vehicle (BEV) penetration rose, while Internal Combustion Engine (ICE) sales penetration fell to **41.6%**, a decline of **1.9 percentage points (ppt) MoM** [2][10]. 3. **Market Share Changes**: - **Tesla**, **Changan**, and **Seres** gained BEV market share, each increasing by **0.4, 0.4, and 0.2 ppt MoM**, respectively. Conversely, **Geely** and **BYD** lost market share by **1.2 and 0.6 ppt MoM** [2][3]. - **GWM**, **Geely**, and **DF** gained PHEV market share by **1.9, 1.0, and 0.6 ppt MoM**, while **BYD** and **Changan** lost share [2][3]. 4. **Inventory Levels**: - Overall inventory for major OEMs decreased from **2.6 months** at the end of August to **2.3 months** at the end of September [5][26]. - Passenger Vehicle (PV) inventory dropped to **2.0 months**, NEV inventory to **1.4 months**, and ICE inventory to **2.8 months** [5][26]. 5. **Tesla's Performance**: - Tesla's domestic insurance retail sales reached **70,862 units**, a **25% increase MoM** but flat YoY. Wholesales were **90,812 units**, up **9% MoM** and **3% YoY** [4][22]. 6. **Chinese Brands' Market Share**: - Local Chinese brands maintained a high NEV market share of **83.2%**, unchanged MoM, compared to US brands at **12.9%**, which increased by **0.5 ppt MoM** [6][10]. 7. **ICE Market Dynamics**: - German brands saw an increase in ICE market share, while Chinese brands' ICE market share fell by **1.3 ppt MoM** to **33.7%** [3][10]. 8. **Sales Performance by OEM**: - Notable sales figures for September 2025 include: - **BYD**: 342,892 units (-11% YoY) - **Geely**: 158,514 units (+88% YoY) - **Tesla**: 70,862 units (0% YoY) - **Li Auto**: 34,325 units (-35% YoY) [9][22]. Additional Important Insights - The overall NEV-PV retail sales totaled **1,288,348 units**, reflecting a **16% increase YoY** [9][10]. - The report indicates a competitive landscape with significant shifts in market share among both local and international brands, highlighting the dynamic nature of the NEV sector in China [1][6][10]. This summary encapsulates the key points discussed in the conference call regarding the current state and trends within the China Auto Manufacturers industry, particularly focusing on the NEV market.

October 14, 2025 10:18 AM GMT China Autos & Shared Mobility | Asia Pacific Investor Presentation: China Autos Overview | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | | | | Foundation | | October 14, 2025 10:18 AM GMT | | | | China Autos & Shared Mobility Asia Pacific | Morgan Stanley Asia Limited+ | | | | Tim Hsiao | | | | Equity Analyst | | | Investor Presentation: China Autos Overview | Tim.Hsiao@morganstanley.com | +85 ...