Core Insights - The automotive industry is entering a critical phase where strong profitability will be essential for survival, as indicated by the CEO of Geely Automobile [1] Group 1: Financial Performance - XPeng Motors reported a revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, with a net loss reduced to 380 million yuan [2] - Li Auto achieved a revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 150 million yuan, with a gross margin of 14.5% [2] - Geely Automobile's revenue reached 89.19 billion yuan, a year-on-year increase of 27%, with a net profit of 3.82 billion yuan, up 59%, and a sales volume of 761,000 vehicles, a 43% increase [3] Group 2: Market Outlook and Policy Response - The adjustment of the new energy vehicle purchase tax policy in 2026 is seen as a sign of market maturity, with companies expressing confidence in their ability to adapt [4] - Li Auto's VP stated that the overall sales in the Chinese automotive market are not expected to fluctuate significantly next year, emphasizing a shift towards fair competition without reliance on subsidies [4] Group 3: International Expansion - All three companies are accelerating their international expansion plans, with Geely expecting 45%-50% of its overseas sales to come from new energy vehicles by 2027 [5][6] - XPeng Motors reported a cumulative overseas delivery of 29,700 vehicles, a year-on-year increase of over 125%, and plans to launch three new models in overseas markets by 2026 [6] - Li Auto anticipates overseas sales to reach between 100,000 and 150,000 vehicles next year, indicating a strong focus on international markets [7]

Core Insights - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking its continuous quarterly profitability and leading the sales among new energy vehicle brands in China with over 170,000 vehicle deliveries, a 101.8% increase year-on-year [1] - The company achieved a revenue of 19.45 billion yuan, reflecting a 97.3% year-on-year growth, with a gross margin of 14.5%, significantly improved compared to the previous year [1] - Leap Motor has a strong cash position of 33.92 billion yuan and maintains positive operating and free cash flows [1] Product Launches and Sales Performance - The C11 model has sold approximately 300,000 units since its launch in 2021, with a monthly sales record of over 11,000 units in October following its refreshed release in July [1] - The B01 model, positioned as a high-quality smart sedan, has also seen monthly sales exceeding 10,000 units since its launch in July [1] - Leap Motor has completed its product lineup with the introduction of the A, B, C, and D series, enhancing its diversified product matrix [2] International Expansion - In Q3, Leap Motor exported 17,397 vehicles, with a total of 37,772 units exported from January to September 2025, achieving significant market presence in Europe [2] - The company established over 700 sales and service outlets across approximately 30 international markets, with more than 650 in Europe [2] - Leap Motor officially entered the South American market with the launch of the C10 and B10 models in Brazil, and plans to accelerate local projects in Malaysia and Europe by 2026 [3]

Major Events - Shandong Xinhua Pharmaceutical Co., Ltd. received the approval notice for the listing application of fumaric acid vonoprazan chemical raw materials [1] - HeYue Pharmaceutical showcased long-term efficacy and safety data from the clinical III MANEUVER study of pitmiprazole at the CTOS 2025 conference [1] - China Software International partnered with Deep Open Hong and Yiswei Computing to build a new ecosystem for "open-source HarmonyOS + RISC-V" digital infrastructure [1] - China General Nuclear Power Corporation's Zhaoyuan Unit 1 is set to begin full construction [1] - Hengrui Medicine's fumaric acid teglutide injection received approval for clinical trials [1] - China National Nuclear Corporation signed an intention procurement agreement for cobalt-60 irradiation sources with the Brazilian National Nuclear Energy Commission [1] Operating Performance - China Railway Construction Corporation recently won several major projects with a total investment of 49.629 billion yuan [1] - Geely Automobile reported a net profit of 3.82 billion yuan for the third quarter, a year-on-year increase of 59% [1] - China Resources Power's subsidiary power plants achieved a cumulative electricity sales volume of 185 million megawatt-hours in the first ten months, a year-on-year increase of 6.5% [1] - Leap Motor reported a net profit of 150 million yuan for the third quarter, maintaining the top sales position among new force brands in China for eight consecutive months [1] - Huazhu Group's net profit attributable to shareholders for the third quarter was 1.5 billion yuan, a year-on-year growth of 15.4% [1] - Air China saw a year-on-year increase of 8.7% in passenger turnover in October [1] - China Eastern Airlines reported a year-on-year increase of 10.58% in passenger turnover in October [1]

Core Viewpoint - Leapmotor (09863.HK) has entered into a framework agreement with Hangzhou Pearl for the procurement of charging equipment, enhancing service convenience and overall user experience [1] Group 1: Agreement Details - The agreement allows Leapmotor to procure various charging products, including AC charging piles and charging guns, from Hangzhou Pearl [1] - The partnership aims to optimize the procurement system and improve service efficiency and market responsiveness [1] Group 2: Supplier Advantages - Hangzhou Pearl is recognized for its stable product quality and reliable supply capabilities, effectively meeting Leapmotor's demand for satisfactory products [1] - The products offered by Hangzhou Pearl are more cost-effective in terms of price and performance compared to other independent third-party suppliers, aiding Leapmotor in controlling procurement costs [1]

Core Viewpoint - The automotive industry is entering a critical phase next year, where only companies with strong profitability will survive, as stated by Geely's CEO [1] Group 1: Company Performance - XPeng Motors reported a significant revenue increase of 101.8% year-on-year to 20.38 billion yuan in Q3, with a narrowed net loss of 380 million yuan [3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, a year-on-year growth of 97.3%, and a net profit of 150 million yuan [3] - Geely's Q3 revenue reached 89.19 billion yuan, up 27% year-on-year, with a net profit of 3.82 billion yuan, reflecting a 59% increase [4] Group 2: Market Outlook - All three companies expressed optimism about the market outlook despite the upcoming reduction in new energy vehicle purchase tax incentives [1] - Geely's CEO indicated that 2026 will be a pivotal year for the company's exports, with expectations that new energy vehicles will account for 45%-50% of overseas sales by 2027 [5] Group 3: International Expansion - XPeng Motors has delivered 29,700 vehicles overseas from January to September, marking a year-on-year growth of over 125% [6] - Li Auto's overseas sales are projected to reach between 100,000 to 150,000 units next year [7] - XPeng plans to launch three new models for international markets in 2026, including a highly anticipated compact SUV [6]

11月17日晚，小鹏汽车、零跑汽车、吉利汽车三家港股上市车企披露三季报。小鹏汽车亏损大幅收窄， 零跑汽车持续盈利，吉利汽车盈利能力大幅提升。 "明年，汽车行业将迎来'大浪淘沙'的关键阶段。如果没有强大的盈利能力，企业生存将会非常艰 难。"吉利汽车控股有限公司行政总裁桂生悦在业绩会上表示。 "2025年第三季度，小鹏汽车的各项关键经营指标，包括销量、收入、毛利率、在手现金，再创新 高。"小鹏汽车董事长及首席执行官何小鹏表示，公司的销量规模和市场份额正处在高速扩张的早期阶 段，Robotaxi和人形机器人面向规模量产的目标加速前进。 另外，今年第三季度，零跑汽车实现营收194.5亿元，同比增长97.3%；净利润为1.5亿元；毛利率为 14.5%，较今年第二季度提升0.9个百分点；经营活动产生的现金净额为48.8亿元，自由现金流为38.4亿 元。 今年第三季度，零跑汽车销量为17.39万辆。目前，零跑汽车已提前完成2025年50万辆销量目标；2026 年将冲刺百万辆销量新目标。 谈及新势力车企的发展，桂生悦表示，新势力车企中，发展最短的已有五六年，部分长达八九年，但截 至目前，能够实现盈利的仍凤毛麟角。今年以来，在 ...

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，概不對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。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 茲提述本公司日期為2024年12月24日及2025年1月28日之公告，內容有 關本公司與華昱欣科技訂立的新產品購銷框架協議及其項下之持續關連交 易。除另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 於2025年11月17日，本公司與華昱欣科技訂立新產品購銷框架協議之補充 協議，以修訂新產品購銷框架協議項下2025年及2026年之年度上限。除修 訂現有年度上限外，新產品購銷框架協議項下的所有其他條款維持不變。 (2) 配套產品採購框架協議 於2025年11月17日，本公司與杭州珀爾訂立配套產品採購框架協議，據 此，本公司不時向杭州珀爾採購車輛配套的充電樁和充電槍等產品，包括 交流充電樁、交流充電槍總成、放電槍╱放電插座等。 (3) 上市規則的涵義 （於中華人民共和國註冊成立的股份有限公司） ...

零跑汽车(09863)发布公告，董事会收到股东Stellantis集团提议，因Douglas Ostermann先生职务变动，建 议免去Douglas Ostermann先生作为第二届董事会非执行董事的职务，同时提名Davide Mele先生为第二 届董事会非执行董事。 ...

格隆汇11月17日丨零跑汽车(09863.HK)宣布，董事会收到股东Stellantis集团提议，因Douglas Ostermann 职务变动，建议免去Douglas Ostermann作为第二届董事会非执行董事的职务，同时提名Davide Mele为 第二届董事会非执行董事。 ...

Core Viewpoint - Leap Motor (09863) announced that its board received a proposal from shareholder Stellantis Group to remove Douglas Ostermann from his position as a non-executive director of the second board due to a change in his role, and to nominate Davide Mele as a new non-executive director for the second board [1] Group 1 - The board of Leap Motor received a proposal from Stellantis Group regarding a change in directorship [1] - Douglas Ostermann is suggested to be removed from his position as a non-executive director [1] - Davide Mele is proposed as the new non-executive director for the second board [1]