吉利汽车(00175)发布公告，于2025年12月1日因认股权获行使发行19.45万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 第 2 頁 共 6 頁 v 1.3.0 第 1 頁 共 6 頁 v 1.3.0 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 30,000 | 0.0003 % | HKD | 9.56 | | | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 於2025年12月1日因關連實體參與者根據認股權計劃(於2023年4月28 | | | | | | | 日獲採納)行使認股權而發行之普通股股份 | | | | | | | 變動日期 2025年12月1日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年12月1日 | 10,119,325,286 | | 0 | | 10,119,325,286 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | 公司名稱： ...

Core Viewpoint - The company Cheliantianxia is applying for a listing on the Hong Kong Stock Exchange, aiming to raise capital despite ongoing losses and negative cash flow from operations [1][2]. Group 1: Company Overview - Cheliantianxia was established in 2014 and specializes in providing intelligent cockpit domain controllers, cockpit and driving integration domain controllers, and the Autosee OS software platform to automotive manufacturers [1]. - The company ranks second in China's intelligent cockpit domain controller market by revenue in 2024, according to Frost & Sullivan [1]. Group 2: Financial Performance - Cheliantianxia's revenue has increased sixfold over the past three years, from 369 million RMB in 2022 to 2.298 billion RMB in 2023, representing a year-on-year growth of 523.3%. The revenue is projected to reach 2.656 billion RMB in 2024, with a growth rate of 15.6% [1]. - However, the company has not achieved profitability, reporting net losses of 514 million RMB, 201 million RMB, and 253 million RMB for 2022, 2023, and 2024, respectively, totaling nearly 1 billion RMB in losses over three years [1]. - In the first half of 2025, the net loss significantly increased to 262 million RMB, compared to 78.4 million RMB in the same period last year [1]. Group 3: Cash Flow and Business Structure - The operating cash flow has been consistently negative, with net outflows of 250 million RMB, 697 million RMB, 1.011 billion RMB, and 335 million RMB for 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company attributes the negative cash flow to substantial investments in product development, technological innovation, and customer acquisition, with no assurance of generating positive cash flow from operations in the future [2]. - Cheliantianxia's product offerings primarily consist of in-vehicle computing solutions, with 100% of revenue in 2024 coming from this segment. The regional controller segment has not yet generated significant revenue, contributing only 227,700 RMB in 2025, accounting for 0.2% of total revenue [2]. Group 4: Customer and Supplier Concentration - The company has a high concentration of customers and suppliers, with the top five customers contributing over 95% of total revenue, and the largest customer accounting for more than 40% of revenue [2][3]. - Bosch, the largest supplier, accounts for approximately 80% of procurement expenses [2]. - Cheliantianxia's customer base includes major automotive manufacturers such as Geely, Chery, and GAC, with the number of customers increasing from 5 in 2022 to 14 in the first half of 2025 [3].

Group 1 - Changan Automobile's Vice President, Deng Chenghao, stated that purchasing range-extended vehicles with a range of 400-500 kilometers is less advantageous than buying pure electric vehicles, indicating that super long-range range-extended vehicles may not be meaningful in the future [2] - Deng believes that range-extending technology is not a transitional or outdated technology but serves specific scenarios for consumers with long-distance needs. However, he argues that as consumer perceptions mature, the significance of super long-range range-extended vehicles diminishes [2] - Several automakers have launched long-range pure electric range-extended models, such as the Zhiji LS6 with over 450 kilometers, the Xpeng X9 at 452 kilometers, and the Leapmotor D19 at 500 kilometers. Deng criticized the trend of blindly increasing pure electric range, suggesting that if range-extended vehicles can achieve 400-500 kilometers, consumers would be better off purchasing pure electric vehicles without the need for an engine [2] Group 2 - Deep Blue Automotive, which Deng leads, faces challenges as its range-extended models currently have a maximum range of only 300 kilometers, falling short of the industry standard of 400 kilometers [3] - In terms of supply chain integration, Deep Blue Automotive's battery cell costs remain high compared to competitors like Geely, BYD, and Leapmotor, making it difficult to keep pace with the industry's large battery layouts. This results in a disadvantage in cost control [3] - As of October, Deep Blue Automotive has achieved cumulative sales of 206,350 units, which is only 41.27% of its global sales target of 500,000 units set for 2025, indicating significant pressure on sales [3]

Core Insights - Changan Automobile's new energy brand, Changan Qiyuan, reported impressive sales figures, achieving 36,737 units in October 2025, maintaining a monthly sales volume of over 30,000 since August, indicating its strong position in the mainstream new energy vehicle market [2] - Despite the strong sales, there are underlying concerns regarding the sales structure, with the Changan Lumin micro electric vehicle contributing significantly to overall sales, while the flagship model, the Qiyuan Q07, has lower sales figures [2][3] - The brand aims for ambitious sales targets, planning to reach 500,000 units domestically by 2026 and 2 million globally by 2027, but current sales figures for key models fall short of these goals [3][4] Sales Performance - In October 2025, Changan Qiyuan's monthly sales reached 36,737 units, with the Lumin model consistently selling over 20,000 units monthly, while the Q07 model sold 11,637 units in the same month [2] - The cumulative sales for the Q07 since its launch stand at 79,935 units, indicating a gap compared to the Lumin's performance [2] Strategic Direction - Changan Qiyuan is pursuing a high-end market strategy, with the new marketing head expressing intentions to compete with brands like Li Auto and AITO [3] - The brand has set a target of selling 20,000 units annually for its core models, but the Q07's current sales are significantly below this benchmark [3] Product Development - The brand plans to launch 4-5 new models in the fourth quarter of this year and the first half of next year to optimize its product structure [4] - However, the lack of core technological breakthroughs and brand value enhancement may hinder the brand's ability to achieve significant transformation [4] Quality Control Issues - There has been a notable increase in complaints regarding Changan Qiyuan's vehicles, particularly the Q07, which has faced issues related to misalignment between marketing claims and actual product performance [3][4]

Summary of Key Points from the Conference Call Industry Overview: China Consumer - **China's Consumption Status**: Contrary to the belief that China is under-consuming, the country is one of the fastest-growing major economies. Per capita volume consumption is comparable to global peers, exceeding the US, Japan, and South Korea in certain food categories such as proteins, eggs, seafood, and vegetables [1][10][21]. - **Pricing Dynamics**: The perception of under-consumption is largely due to low pricing, which can be less than 40% of US prices in many categories, especially services [1][10][21]. Macro View - **Household Consumption to GDP Ratio**: China's household consumption accounts for approximately 40% of GDP, which is lower than the US (68%), Japan (54%), and South Korea (48%). However, when adjusted for social transfers in kind, this ratio increases by about 7%, bringing China closer to South Korea and Japan [2][66][71]. - **Potential for Upside**: There is potential for growth in higher-quality and experience-based services, including preventive healthcare, leisure, and entertainment [2][72]. Corporate China: E2SG Opportunities - **E2SG Definition**: E2SG stands for Efficiency, Experience, Service, and Global. Companies can leverage these themes for growth, focusing on cost efficiency, enhancing customer experience, and exploring global markets [3][4]. - **Stock Picks**: The report identifies several companies that fit into the E2SG framework, including Pop Mart, Midea, Geely, H World, Trip.com, Tencent, and Damai, which are expected to be long-term winners despite some facing near-term challenges [4]. Consumption Patterns - **High Volume Consumption**: China exhibits high volume consumption in staples, particularly food, while discretionary categories may see growth potential. For example, China's per capita protein consumption exceeds that of the US [26][27]. - **Service Consumption**: China's consumption of core services like housing, healthcare, and education is comparable to global peers, but there is still room for improvement in higher-quality services [27][30]. Pricing Analysis - **Low Prices**: China's nominal consumption value is suppressed by low prices, which are influenced by structural factors such as being the world's factory, intense competition, and government price regulations [32][35][52]. - **Comparison with Developed Markets**: Consumer goods and services in China are generally cheaper than in the US, Japan, and South Korea, with significant price differences in various categories [33][34]. Urbanization and Future Growth - **Urbanization Impact**: Urbanization is expected to continue, with projections suggesting that the urbanization rate could surpass 70% during the 15th Five-Year Plan. This shift is anticipated to boost household consumption significantly [60][73]. - **Discretionary Spending Potential**: There is significant upside potential in discretionary healthcare and education, as well as leisure and entertainment services, which are currently underdeveloped [72][76]. Conclusion - **Investment Opportunities**: The analysis suggests that while China faces challenges in consumption patterns, there are substantial opportunities for growth in various sectors, particularly in higher-quality and experience-based services. The E2SG framework provides a strategic lens for identifying potential investment opportunities in the Chinese consumer market [3][4][72].

Core Conclusion - The notion of "insufficient consumption in China" is a distorted perception amplified by pricing and statistical methods. Bank of America provides extensive data showing that the true picture of Chinese consumption is not "volume shrinkage," but rather "high volume, low price." Total commodity consumption has reached or even surpassed that of the US, Japan, and South Korea; service consumption has met basic standards but still has gaps in quality. The main contradiction in the current market is the mismatch between "mass supply" and "upgraded demand." Companies focusing on the four key areas of "Efficiency, Experience, Service, Globalization (E2SG)" will thrive through cycles [1]. Group 1: Commodity Consumption - China's total commodity consumption is impressive, with certain categories outperforming developed countries. For example, per capita egg consumption is 128.5 g/day, which is 6% higher than the US and 42% higher than the global average. Sulfur consumption is 1117.9 g/day, which is 3.2 times that of the US. Seafood consumption is 114 g/day, nearly double that of the US. However, dairy consumption is only 86.9 g/day, which is 1/7 of the US level, but this gap is mitigated by plant proteins and eggs. The ownership of cooking appliances is 2.14 times the global average and 1.22 times that of the US. The number of new energy vehicles is 7.7 per thousand people, surpassing the US by 1.66 times and Japan by 8.75 times [3][4]. Group 2: Service Consumption - In terms of service consumption, China has met basic standards but still has quality gaps. The average housing area per person is 49 m², slightly below the US's 65 m² but higher than the UK and France. Medical visits average 6.8 times per year, exceeding the US by 3.4 times. Education duration is 15.5 years, on par with the US and Japan, but extracurricular spending is only $140/year, which is 1/28 of South Korea's. The prices for leisure and entertainment, such as concerts and exhibitions, have increased by 53%, indicating a significant supply-demand gap in high-quality offerings [5][6]. Group 3: Misconceptions of Consumption - The illusion of "insufficient consumption" stems from three main sources: 1. Low prices: Most goods/services are priced at only 20%-60% of US prices (e.g., mobile plans at 15%, taxis at 20%, utilities at 24%). 2. Supply chain advantages: China's role as the "world's factory" and innovations in distribution (like community group buying) continue to drive prices down. 3. Statistical discrepancies: If government transfer payments are included, the actual consumption to GDP ratio aligns with that of South Korea, which is approximately 40% [6]. Group 4: Mismatches and E2SG Investment Framework - There are three core mismatches in the market: 1. Supply vs. Demand: There is an oversupply of mass-market products, but insufficient emotional value and experience. 2. Channels vs. Communication: Fragmented media and ineffective traditional marketing require precise targeting and content-driven e-commerce. 3. Expectations vs. Reality: While income expectations are weak, there is a high demand for quality, necessitating affordable yet high-quality offerings [7]. Group 5: E2SG Investment Tracks - The E2SG investment framework emphasizes four key dimensions for companies to succeed in a "high volume, low price" market: 1. Efficiency: Achieving low costs and quick turnover through supply chain optimization and scale effects. 2. Experience: Creating differentiation through product innovation and capturing emotional consumption needs. 3. Service: Filling the gap in high-quality supply. 4. Globalization: Leveraging China's high volume and low price advantage to expand into international markets [10][11][12]. Group 6: Recommended Companies - Bank of America has identified seven companies with long-term competitive advantages across various sectors, including: - Pop Mart: Strong IP operation capabilities and global expansion, with an expected EPS growth of 30% by 2026. - Midea: Leading in global white goods with supply chain efficiency, focusing on overseas OBM business growth. - Geely: Rich in new energy vehicle reserves, planning to launch over 10 new models by 2026 with a target growth of 50%-80%. - Huazhu Group: Benefiting from leisure travel demand recovery and expanding through a light asset model, with a projected 21% CAGR in profits from 2024-2026. - Trip.com Group: Leading in OTA with expected 45% growth in international business revenue over the next six years. - Tencent Holdings: Dominating digital entertainment with stable mobile game revenue and AI-driven efficiency improvements. - Damai Entertainment: Leading in live entertainment ticketing with a projected 60% CAGR in profits from 2025-2028 [20][21].

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016), SenseTime Group Inc. (80020), and Geely Automobile Holdings Ltd. (80175), all at 100.00% [1][2] - The highest short-selling amounts are recorded for Alibaba Group Holding Ltd. (09988) at 1.502 billion, Meituan (03690) at 1.131 billion, and Tencent Holdings Ltd. (00700) at 531 million [1][2] - The stocks with the highest deviation values are Geely Automobile Holdings Ltd. (80175) at 54.50%, Bank of China (Hong Kong) Ltd. (82388) at 45.83%, and GF Securities Co. Ltd. (01776) at 40.23% [1][2] Group 2 - The top ten short-selling ratios include stocks like Li Ning Company Limited (82331) and JD Health International Inc. (86618), all at 100.00% [2] - The top ten short-selling amounts also feature stocks such as Pop Mart International (09992) at 499 million and China Construction Bank Corporation (00939) at 391 million [2] - The top ten deviation values include stocks like SenseTime Group Inc. (80020) at 38.77% and JD Group (89618) at 31.32% [2]

Core Viewpoint - The Yellow River basin is a crucial ecological barrier and an important area for population activities and economic development in China, with significant strategic importance in national development and modernization efforts [1][2]. Ecological Protection and High-Quality Development - Since the 18th National Congress, efforts have been made to enhance ecological protection and promote high-quality development in the Yellow River basin, with a focus on water resource optimization and improving living standards [1]. - In 2024, water consumption per unit of GDP and industrial added value in the Yellow River basin is expected to decrease compared to 2023, indicating improved efficiency [1]. - The total import and export value of the nine provinces in the Yellow River basin reached 3.12 trillion yuan in the first half of the year, a historical high, accounting for 14.3% of the national total, with an 8.2% year-on-year growth [1]. Ecological Changes and Achievements - The ecological changes in the Yellow River basin reflect broader ecological transformations in China, with significant improvements in species populations and habitat conditions [3][4]. - The black-necked crane hatching rate in the source area has increased from 20% to over 95%, and the number of swans in the Tian'e Lake has doubled over the past decade [3]. - The Yellow River basin has seen a continuous improvement in water quality, with the main river achieving Class II water quality for three consecutive years [7]. Collaborative Governance - A collaborative governance approach is emphasized, focusing on the relationship between water and sediment, and the need for a unified strategy across the basin [8][9]. - The implementation of the Yellow River Protection Law and the establishment of an ecological protection and high-quality development planning framework are key steps in this governance model [6]. Economic Development and Resource Management - The Yellow River basin is a vital economic zone, contributing significantly to national agricultural and energy production, with a focus on green development [18][19]. - The region is exploring high-quality development paths that align with local resources and ecological conditions, promoting sustainable practices in agriculture and energy [18][20]. - Innovative water management practices, such as water rights trading and smart irrigation systems, have been implemented to enhance water efficiency [11][15]. Social and Community Development - There is a strong emphasis on improving the livelihoods of local communities, with infrastructure development and ecological restoration projects enhancing living conditions [21][22]. - The integration of ecological protection with community development is seen as essential for achieving long-term sustainability in the Yellow River basin [22].

Core Viewpoint - The Yellow River basin is a crucial ecological barrier and an important area for population activities and economic development in China, with significant strategic importance in national development and modernization efforts [1][19]. Group 1: Ecological Protection and Development - Since the 18th National Congress, significant efforts have been made to enhance ecological protection and promote high-quality development in the Yellow River basin, with a focus on improving water resource allocation and the quality of life for residents [1][6]. - In 2024, water consumption per unit of GDP and industrial added value in the Yellow River basin is expected to decrease compared to 2023, indicating improved efficiency [1]. - The total import and export value of the nine provinces in the Yellow River basin reached 3.12 trillion yuan in the first half of the year, marking a historical high and a year-on-year growth of 8.2% [1]. Group 2: Biodiversity and Ecological Changes - The ecological changes in the Yellow River basin reflect broader ecological transformations in China, with significant improvements in bird populations and breeding success rates in various regions [3][4]. - The black-necked crane hatching rate in the source area has increased from 20% to over 95%, and the number of swans wintering in Tian'e Lake has doubled over the past decade [3][4]. Group 3: Collaborative Governance and Policy Initiatives - A series of top-level designs, including the implementation of the Yellow River Protection Law and the establishment of an ecological protection and high-quality development planning outline, have created a framework for governance [6][19]. - Collaborative agreements among provinces have been established to protect water sources and enhance ecological restoration efforts, with significant achievements in afforestation and wetland protection [6][19]. Group 4: Economic Development and Resource Management - The Yellow River basin is a vital economic zone, contributing significantly to national agricultural and energy production, with a focus on green development and resource optimization [20][21]. - The region is exploring high-quality development paths that align with local conditions, emphasizing sustainable practices in agriculture, energy, and industry [20][21]. Group 5: Community and Livelihood Improvements - Efforts to improve local communities' living conditions are evident, with infrastructure developments and enhanced public services in areas previously affected by flooding [23][24]. - The focus on rural revitalization reflects a shift from merely ensuring the river's safety to enhancing the quality of life for residents along the Yellow River [24].