Investment Rating - The report maintains a positive investment recommendation for the automotive sector, anticipating a recovery in 2025 [1][2]. Core Insights - The automotive industry experienced moderate growth in Q3, with weak performance from car manufacturers and overall mild growth in automotive parts. The report highlights potential catalysts for recovery in 2025, including better-than-expected retail sales post-Spring Festival, improved export performance, and favorable policies [1][5]. Data Tracking - In late October, the discount rate for vehicles increased by 9.6%, with a slight month-on-month rise of 0.1 percentage points. The average discount amount was 21,782 yuan, showing a month-on-month increase of 398 yuan [3][4]. - The report tracks various automotive raw material prices, noting significant changes in lithium carbonate, aluminum, copper, palladium, and rhodium prices [6][28]. Market Performance - The automotive sector saw a weekly increase of 0.69%, ranking 15th out of 29 sectors. The report details the performance of various indices, with the automotive parts sector rising by 1.13% and commercial vehicles by 4.41% [8][31]. Industry News - Key developments include the call for a phased exit of vehicle purchase tax reductions, the cessation of vehicle replacement subsidies in Shenzhen, and the launch of new models by various manufacturers [29][30].

格隆汇11月2日丨吉利汽车(00175.HK)公布，本集团于2025年10月的汽车总销量为30.71万部，较去年同 期增长约35%。 宝腾于2025年10月实现汽车销量1.41万部，较去年同期增长约15%。此外，于2025年首10个月，宝腾累 计实现汽车销量13.5万部，较去年同期增长约4%。 ...

吉利汽车(00175)发布公告，本集团于2025年10月的汽车总销量为30.71万部，较去年同期增长约35%。 宝腾于2025年10月实现汽车销量1.41万部，较去年同期增长约15%。此外，于2025年首10个月，宝腾累 计实现汽车销量13.5万部，较去年同期增长约4%。 ...

宝腾于2025年10月实现汽车销量1.41万部，较去年同期增长约15%。此外，于2025年首10个月，宝腾累 计实现汽车销量13.5万部，较去年同期增长约4%。 智通财经APP讯，吉利汽车(00175)发布公告，本集团于2025年10月的汽车总销量为30.71万部，较去年 同期增长约35%。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | | | | | 多櫃檯證券代號 | 80175 | RMB | 說明 | | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | | 18,000,000,000 | HKD | | 0.02 | HKD | | | 360,000,000 | | 增加 / 減少 (-) | | | | | | | | HKD | | | | | 本月底結存 | | | | 18,000,000,000 | HKD | | 0.02 | HKD | | | 360,000,000 | 本月底法定/註冊股 ...

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 注1：出口指中華人民共和國（包括香港、澳門特別行政區及臺灣地區）以外的國家和地區。 - 1 - 除上述所披露的銷量外，寶騰於二零二五年十月實現汽車銷量14,087部，較去年同期增長 約15%。此外，於二零二五年 首十個月，寶騰累計實現 汽車銷量135,030部，較去年同期 增長約4%。 敬請注意，本公佈所披露的數 據為未經審核數字，尚未經本公司核數師確認， 相關數據 或會作出調整，並有待最終確認。 股東及潛在投資者 應於本集團刊發財務業績後， 審慎 閱讀相關財務資料。 承董事會命 吉利汽車控股有限公司 公司秘書 張頌仁 香港，二零二五年十一月二日 GEELY AUTOMOBILE HOLDINGS LIMITED 未經審核之二零二五年十月銷量 吉利汽車控股有限公司(「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然宣佈， 本集團於二零二五年十月的汽車總銷量為307,133部，較去年同期增長約35%。詳細如 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][19][22] Core Views - The company has experienced significant growth in net profit, with a 51% year-on-year increase in Q3 2025, driven by the continuous ramp-up of passive safety systems and cost optimization [2][8] - The gross margin for Q3 2025 remained stable at 29.1%, with expectations of steady improvements in airbag and steering wheel business margins due to scale effects and increased self-manufacturing rates [3][10] - The company is positioned to benefit from the rise of domestic automotive brands, with a projected global market size for passenger vehicle passive safety systems exceeding 100 billion yuan [4][19] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.83 billion yuan, a 40% increase year-on-year, and a net profit of 260 million yuan, up 37.9% [2][8] - In Q3 2025 alone, revenue reached 690 million yuan, reflecting a 35.4% year-on-year increase and a 12.1% quarter-on-quarter increase, with net profit at 102 million yuan, up 50.9% year-on-year [2][8] Margin and Cost Management - The gross margin for Q3 2025 was 29.1%, showing slight improvement year-on-year, with effective cost control reflected in stable expense ratios [3][10] - Sales expense ratio was 1.2%, down 0.3 percentage points quarter-on-quarter, while management expense ratio was 3.4%, up slightly [3][10] Market Position and Product Development - The company is expanding its product matrix with airbags and steering wheels, enhancing the per-vehicle value from approximately 200 yuan to potentially 1,000-1,500 yuan as it upgrades to a full passive safety system supplier [4][19] - The company has established partnerships with various domestic brands and is also targeting foreign brands, expanding its customer base significantly [18][19] Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of 390 million yuan, 520 million yuan, and 700 million yuan for 2025, 2026, and 2027 respectively, alongside EPS projections of 1.22 yuan, 1.64 yuan, and 2.20 yuan [4][19][23]

Financial Performance - The company achieved a revenue of 1.848 billion CNY in the recent quarter, representing a growth of 42.87% year-on-year [4] - Net profit attributable to shareholders reached 70.568 million CNY, an increase of 48.26% compared to the previous year [4] - For the first three quarters, total revenue was 5.148 billion CNY, up 39.34% year-on-year, with net profit of 229 million CNY, reflecting a growth of 50.72% [4] Product and Technology Development - The company is focusing on AI integration across various sectors, including smartphones, smart vehicles, and smart hardware, with a goal to transition from traditional operating systems to AI-based operating systems (AIOS) [4] - AIOS is designed to revolutionize the OS landscape by integrating traditional interfaces with AI capabilities, enabling new forms of interaction such as generative UI and multi-modal experiences [4] - The company is actively developing AIOS for automotive applications, exemplified by the launch of the Drip OS platform in collaboration with Geely at the IAA Mobility 2025 [4][6] AIOS Strategy and Implementation - AIOS is structured into four levels: M1 (prototype), M2 (small-scale), M3 (expandable), and M4 (mass production), with a focus on effective AI strategy execution [5] - The Drip AIOS leverages Qualcomm's Snapdragon Ride platform, achieving real-time operation of 7B large models in vehicles, enhancing the AI cockpit experience [5][6] - The company is expanding its AIOS applications to include AI glasses and other IoT devices, aiming for a comprehensive AI ecosystem [5] Market Expansion and Collaboration - The company is enhancing its overseas automotive ecosystem, facilitating the entry of foreign brands into China and integrating with local middleware and software ecosystems [5][7] - Strategic partnerships with chip manufacturers like Qualcomm and NVIDIA are pivotal for the development of AIOS and related technologies [6][9] - The company is also collaborating with major AI model firms to optimize applications in smart automotive environments, enhancing user experience through advanced AI interactions [8][9] Future Outlook - The company anticipates continued growth in its smart software and AI sectors, driven by advancements in AI mobile technology and heterogeneous computing [8] - The focus will remain on building a robust AI ecosystem that supports smart homes and AI hardware, ultimately aiming for a fully interconnected AI environment [8][10] - The company is committed to maintaining a strong global presence with R&D teams across 16 countries, ensuring responsiveness to local market needs [10]

Core Viewpoint - The company reported a revenue of 11.41 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.8%, while the net profit attributable to shareholders decreased by 13.1% to 620 million yuan [2] Revenue Performance - In Q3 2025, the company achieved a revenue of 3.95 billion yuan, up 14.9% year-on-year and 0.4% quarter-on-quarter, driven by significant sales increases from key clients such as Tesla (+7.4%), Geely (+52.0%), and Xiaomi (+166.0%) [3] - The net profit attributable to shareholders for Q3 2025 was 200 million yuan, down 27.1% year-on-year and 4.1% quarter-on-quarter, with a gross margin of 15.6%, reflecting a decrease of 5.7 percentage points year-on-year [3] Profitability and Cost Management - The company's net profit margin for Q3 2025 was 5.0%, a decline of 3.0 percentage points year-on-year, primarily due to significant pressure from clients [3] - The expense ratios for sales, management, R&D, and financial costs were stable, with slight variations, indicating effective cost management [3] Strategic Expansion - The company is actively expanding its client base by entering the Tesla supply chain and acquiring new clients such as Li Auto, BYD, and Great Wall Motors, driven by the growth in the new energy sector [4] - The company announced the establishment of a wholly-owned subsidiary focused on intelligent robotics, indicating a strategic move into the robotics sector [4] Globalization Strategy - The company is expanding its overseas production bases, with new facilities in Slovakia, Malaysia, and Mexico, to meet the needs of existing and potential clients [5] - The international strategy aims to enhance the company's market share in the interior and exterior automotive parts sector, leveraging cost-effectiveness and rapid response capabilities [5] Financial Projections - Revenue projections for 2025-2027 are estimated at 16.07 billion yuan, 19.31 billion yuan, and 22.97 billion yuan, respectively, with corresponding net profits of 1.03 billion yuan, 1.33 billion yuan, and 1.64 billion yuan [6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.02 yuan, 2.60 yuan, and 3.22 yuan, respectively, with price-to-earnings (PE) ratios decreasing from 38 to 24 over the same period [6]

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].