PRESS RELEASE EARNINGS GUIDANCE UPGRADED AND GROWING OPERATING MOMENTUM YEAR-TO-DATE Paris — October 22, 2025 Klépierre, the leading REIT with exclusive focus on shopping malls in continental Europe, today releases its trading update for the first nine months of 2025(1), as it moves into the final quarter of 2025 with confidence and optimism. The Group is set to deliver another year of growth from net rental income to net current cash flow and is revising its 2025 guidance upwards, with EBITDA(2) growth e ...

" 商业竞争从不容情，但历史应当铭记：没有昨日的供应链协同， 就没有今日的智能汽车革命。 " 作者丨 李雨晨 编辑丨 林觉民 在2021年开启名为"卫城计划"的智驾自研之前，理想的智能驾驶曾有几个关键的托举者。 2019年，理想One这款决定命运之车的成功离不开易航智能——当时，这是造车行业内唯一量产的智能驾 驶解决方案。 然而，到了2020年，所有人都在期待理想与易航智能再续前缘时，理想却突然选择了尚处于"黑暗"中的 地平线。 这种转变的根源，在于车企自研路线与以Mobileye为代表的强势供应商的冲突。身处主机厂与芯片商的博 弈漩涡中，中小智驾Tier1公司力图在不确定性中寻找更多的主动权。 01 互相成就的行业佳话 陈禹行是吉林大学车辆工程与控制毕业，去伯克利做过一段时间访问学者。李想欣赏西安交大少年班出身 的陈禹行，很聪明、有想法，想把易航纳入自己的供应商体系。 易航的招人条件非常严格，不看特别漂亮的简历，但从博世、恒润挖了很多人。2017年中，易航的核心班 底初步建成，在朝阳区的电通创意广场找了一个约60个工位的办公室。因为这个位置在五元桥附近，离理 想很近。 从2017年初开始，易航的员工就拿着理 ...

Core Viewpoint - The article highlights the successful launch and sales performance of Li Auto's i6 model, indicating a strategic shift towards the pure electric vehicle market while maintaining its presence in the extended-range vehicle segment [3][4][6]. Group 1: Product Launch and Sales Performance - Li Auto's i6, launched in September, achieved significant sales during the National Day holiday, with 23,000 units sold, marking a successful entry into the competitive pure electric SUV market [3][4]. - The i6 is positioned to compete with popular models like Xiaomi's YU7 and Tesla's Model Y, targeting a substantial user base in the 200,000 to 300,000 price range for pure electric SUVs [3][4]. - The entire production capacity for the i6 for 2025 has been sold out, with a new order delivery period of 13-16 weeks, which is faster than competitors [3][4]. Group 2: Technical Specifications and Innovations - The i6 features a 5C lithium iron phosphate (LFP) battery and an 800V high-voltage architecture, allowing for a rapid charging capability of 500 kilometers in just 10 minutes [4][5]. - Li Auto has partnered with CATL and Sunwoda to develop advanced battery technologies, including a joint venture focused on lithium-ion battery production [4][5]. - The article emphasizes the safety and performance of the i6's fast-charging battery, which meets and exceeds new national standards [5][6]. Group 3: Industry Trends and Future Outlook - The article notes a growing trend in the industry towards high-performance fast-charging solutions, with many battery manufacturers announcing advancements in LFP battery technology [5][6]. - Li Auto plans to establish 4,000 supercharging stations by the end of 2025, having already built 3,200 stations, positioning itself as a leader in charging infrastructure [5][6]. - The shift towards pure electric vehicles is supported by declining raw material prices and technological advancements, enhancing the overall user experience and cost-effectiveness of electric vehicles [6].

Investment Rating - The report does not explicitly state an investment rating for the smart driving industry Core Insights - The smart driving industry is experiencing rapid evolution driven by "end-to-end" and "smart driving equity" concepts, with significant growth in both new energy vehicle sales and smart driving functionalities [3][4][9] - The penetration rate of L2-level smart driving in new energy vehicles in China has increased from approximately 7% in 2019 to around 65% by the first half of 2025, indicating a strong correlation between new energy vehicle sales and the adoption of smart driving technologies [9][10] - The smart driving market is projected to exceed 5 trillion yuan by 2030, with a compound annual growth rate driven by technological advancements and increased consumer acceptance [15][16] Summary by Sections 1. "Equity + End-to-End" Accelerating Smart Driving Evolution - The smart driving industry has seen a significant increase in new energy vehicle sales, which has created a positive feedback loop for the adoption of smart driving technologies [9][10] - The penetration of L2-level smart driving features in new energy vehicles has rapidly increased, reflecting the growing consumer acceptance and market expansion of smart driving technologies [9][10] 2. End-to-End Smart Driving Review - The evolution of end-to-end smart driving can be categorized into four main stages, with advancements in perception, decision-making, and control processes [30][32] - The introduction of the "occupancy network" has enhanced environmental perception capabilities, allowing for more accurate and stable decision-making in complex driving scenarios [46][47] 3. VLA Technology Route - The VLA (Vision-Language-Action) model is emerging as a key driver of paradigm shifts in autonomous driving, integrating visual, linguistic, and action modalities into a cohesive framework [70][71] - The VLA model's development is divided into four stages, with significant advancements in task understanding and execution capabilities [76][77] 4. World Model Technology Route - The world model approach emphasizes physical reasoning and spatial understanding, representing a long-term evolution path for smart driving technologies [69][70] - The integration of world models with cloud computing is expected to enhance the iterative optimization of end-to-end smart driving systems [65][66]

1.自研通信中间件：将全车几十个芯片的分布式系统（如车控、智驾、座舱）视为一个整体，通过自 研的（优于开源的）中间件像神经系统一样将其串联，实现了高效的通信和资源协调。（没在开源上 找到更好的） 2.打破"黑盒"实现跨域整合：传统车的各域控是来自不同供应商的"黑盒"，难以协调。星环OS打破了 这些壁垒，实现了端到端的整合，这使其在实时性、抖动控制和车身姿态控制上具有技术优势。 3.极致的软硬结合：类似于iPhone的A系列芯片和iOS的结合，通过软硬件的深度集成来放大系统性 能。 压缩版： 理想操作系统架构负责人黄震认为 4.高迭代效率：通过应用层解耦和各种工具，实现了更快的开发速度、更准的问题定位和更快的问题 收敛。 较AUTOSAR核心的优势是机制的跨域实时性，以及通信协议没有采用AUTOSAR的SOME/IP，而是 采用了更像机器人领域DDS的分布式通信方式，这在QoS能力、安全性和伸缩性上对AUTOSAR的传 统标准有所优化。 通过叠加时间链同步、优先调度和内核改造，在120公里时速下，能提前7米判断并作出刹车或避让反 应。 通过简化的适配接口和原生的多CPU架构支持，新芯片仅需两周即可高质量地应用起 ...

Core Viewpoint - Li Auto is undergoing a strategic transformation from a product-driven approach to a brand-driven one, expanding its focus from family vehicles to a broader concept of personal belonging space with the launch of the Li Auto i6 and the appointment of Yi Yangqianxi as its first brand ambassador [1][2][3] Group 1: Event Overview - Li Auto launched the Li i6, a new five-seat SUV priced starting at 249,800 yuan, aiming to penetrate the competitive 250,000 yuan SUV market [1] - The appointment of Yi Yangqianxi as the brand ambassador marks a significant shift in Li Auto's marketing strategy, reflecting a move towards a more personal and emotional branding approach [1][2] Group 2: Brand Transformation Logic - The shift from a "family car" focus to a broader "home" concept is driven by the need to cater to a diverse user base, particularly the younger generation [2][3] - Yi Yangqianxi's representation aligns with the new brand philosophy, emphasizing that everyone deserves their ideal space, resonating with the aspirations of contemporary youth [3] Group 3: Marketing Strategy Evolution - The brand ambassador strategy reflects a systematic upgrade in Li Auto's brand image and technical capabilities, with significant R&D investments of 2.8 billion yuan in Q2 and an expected annual investment of 12 billion yuan [4] - This dual focus on soft and hard strengths aims to create a deeper competitive moat, leveraging brand recognition to enhance user retention [4] Group 4: Product Competitiveness Analysis - The pricing strategy of the Li i6, set at 249,800 yuan, creates a clear product gradient compared to the i8, which starts at 321,800 yuan, positioning the i6 against competitors like Tesla Model Y and Xiaomi YU7 [5][6] - The i6 features an 800V high-voltage architecture, a 87.3 kWh lithium iron phosphate battery, and advanced intelligent configurations, including the MindGPT decision-making model and high-level driving assistance capabilities [6][7] Group 5: Market Environment and Competitive Landscape - The 250,000 yuan SUV market is highly competitive, with Tesla Model Y leading in sales, and other brands like Xiaomi YU7 and NIO also vying for market share [8][9] - Li Auto's sales in the first half of 2025 reached 203,900 units, only 32% of its annual target, indicating significant challenges in maintaining market position [9] Group 6: Sales Outlook and Market Expectations - Li Auto aims for monthly sales of 9,000 to 10,000 units for the i6, with an overall target of 18,000 to 20,000 units for its electric models [10][11] - The supply chain anticipates even higher expectations, with projections of 25,000 to 30,000 units per month, reflecting confidence in the i6's product strength [11] Group 7: Strategic Significance and Future Outlook - The launch of the i6 is crucial for Li Auto's pure electric strategy and is expected to boost sales amid recent declines [12][13] - The i6's introduction is anticipated to accelerate industry technology upgrades and reshape market pricing standards, potentially leading to a shift in marketing strategies within the electric vehicle sector [14][15]

Core Points - The 2025 New Energy Battery Industry Development Conference was held in Zaozhuang, focusing on solid-state batteries, ultra-fast charging technology, and energy storage applications [1][14] - Zaozhuang is transitioning from a coal-dependent economy to becoming a "Chinese New Energy Battery City," with 278 new energy enterprises established by the end of 2024 [3][6] - The local government has implemented strategic initiatives to support the lithium battery industry, including the establishment of a comprehensive industrial chain and attracting major projects [5][12] Industry Overview - Zaozhuang's economy was historically reliant on coal, with coal-related industries accounting for over 80% of its economic output [3] - The city has developed a full industrial chain for lithium batteries, including raw material extraction, production of cathodes and anodes, electrolytes, separators, and battery cells [6][10] - By 2021, Zaozhuang adopted a strategy to focus on lithium batteries as a key industry for urban transformation, aiming to become a model city for green and safe new energy [5][12] Investment Opportunities - Major projects, such as the joint venture between Li Auto and Xinnengda, and the agreement with Zhongchuangxin to establish a base in Zaozhuang, are expected to bring significant investment and enhance the local supply chain [12][13] - The establishment of the first lithium battery industry union and various innovation platforms indicates a supportive environment for industry growth [9][10] - The hosting of the conference has amplified Zaozhuang's brand influence in the new energy sector, facilitating future project attraction and technological collaboration [14][16]

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.52%, the Shenzhen Component down 0.70%, and the ChiNext Index down 0.73% [1] - The decline was led by sectors such as precious metals, coal, and semiconductors [1] Index Performance - Shanghai Composite Index: 3896.07, down 0.52%, with a trading volume of 73.99 billion [2] - Shenzhen Component Index: 12985.96, down 0.70%, with a trading volume of 93.48 billion [2] - ChiNext Index: 3061.27, down 0.73%, with a trading volume of 35.09 billion [2] External Market - U.S. stock indices showed mixed results, with the Dow Jones reaching a historical high, up 0.47% to 46,924.74 points, while the Nasdaq fell 0.16% to 22,953.67 points [3] - Chinese concept stocks mostly declined, with notable drops in Alibaba (down 3.92%) and JD.com (down 2.75%) [3] Institutional Insights - CITIC Securities suggests maintaining exposure to growth sectors while gradually increasing allocation to traditional industries sensitive to macroeconomic changes, despite a decline in consumer confidence [4] - Galaxy Securities anticipates that leading real estate companies will see an increase in market share due to upcoming policy relaxations in major cities [5] - CITIC Jinpu emphasizes the importance of the upcoming quarterly reports, particularly in the robotics sector, viewing current market adjustments as potential buying opportunities [6] - Huatai Securities highlights the release of the "Wind Energy Beijing Declaration 2.0," which aims for significant annual wind power installations, reinforcing confidence in the wind energy sector [7]

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average rising by 0.47%, the S&P 500 remaining flat, and the Nasdaq Composite declining by 0.16% [1] - The Dow reached a new all-time high [1] Sector Performance - The Philadelphia Gold and Silver Index experienced a significant drop of 9.57% [1] - Large-cap tech stocks showed mixed results, with Amazon rising over 2%, while Google fell more than 2% and Tesla dropped over 1% [1] Notable Stock Movements - General Motors surged nearly 15%, marking its best single-day performance in five years [1] - Beyond Meat, referred to as the "first stock of artificial meat," skyrocketed over 146%, with a cumulative increase of approximately 600% over the last three trading days [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.97%, with notable declines in several popular Chinese stocks, including Daqo New Energy down over 5% and Alibaba and NIO down over 3% [1] - Some Chinese stocks like New Oriental and Bilibili saw gains of 5% and 6%, respectively [1]

In the latest close session, Li Auto Inc. Sponsored ADR (LI) was down 2.35% at $22.00. Elsewhere, the Dow saw an upswing of 0.47%, while the tech-heavy Nasdaq depreciated by 0.16%. Shares of the company have depreciated by 11.47% over the course of the past month, underperforming the Auto-Tires-Trucks sector's gain of 3.03%, and the S&P 500's gain of 1.16%.The investment community will be closely monitoring the performance of Li Auto Inc. Sponsored ADR in its forthcoming earnings report. Our most recent con ...