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 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年10月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股 ...

Core Insights - In September, the retail sales of passenger cars in China reached 2.241 million units, representing a year-on-year growth of 6.3% [2] - Cumulative retail sales from January to September totaled 17.005 million units, with a year-on-year increase of 9.2% [2] - Wholesale figures for September hit a record high of 2.803 million units, marking a year-on-year growth of 12.4% and a month-on-month increase of 13.0% [2] - From January to September, the total wholesale of passenger cars reached 20.845 million units, up 13.1% year-on-year [2] New Energy Vehicles (NEVs) - In September, the wholesale volume of new energy passenger vehicles reached 1.5 million units, showing a year-on-year increase of 22.4% [2] - Cumulative wholesale of NEVs from January to September was 10.444 million units, reflecting a growth of 31.9% [2] - Retail sales of NEVs in September amounted to 1.296 million units, with a year-on-year growth of 15.5% [2] - Cumulative retail sales of NEVs from January to September reached 8.866 million units, increasing by 24.4% [2] Leading Companies in NEVs - The top five companies in NEV sales for September were BYD (393,060 units), Geely Auto (165,201 units), Tesla China (90,812 units total, with 19,287 units exported), Changan Automobile (90,072 units), and SAIC-GM-Wuling (88,781 units) [2] - Xiaomi Auto, a new player in the market, achieved sales of over 40,000 units for the first time in September, totaling 41,948 units [2] Export Performance - In September, passenger car exports reached 528,000 units, reflecting a year-on-year growth of 20.7% [2] - From January to September, the total export of passenger cars was 3.999 million units, with a year-on-year increase of 12.5% [2]

《关于2026—2027年减免车辆购置税新能源汽车产品技术要求的公告》（下称公告）近日发布，对纯电动乘用车和插电式（含增程式）混合动力乘用车有 关技术要求进行了调整。公告将于2026年1月1日起正式实施。 哪些现有车型将受到影响？ "部分合资插混车或面临更大压力" 前述公告对纯电动乘用车电耗，插混（增程）乘用车的纯电续航、电耗、油耗都提出了新要求。聚焦插混（增程）乘用车领域，其纯电动续驶里程应满足 有条件的等效全电里程不低于100公里，且亏电油耗、百公里电耗门槛都高于过往标准。 公开资料显示，等效全电里程（EAER）的计算基于WLTC（全球统一轻型车测试循环工况）测试流程，后者是联合国于2017年联合多国制定的汽车能耗 与排放测试标准，测试结果更贴近实际驾驶但续航数值较低。 从数据源看，工信部公示数据都基于WLTC，而车企更偏向于用CLTC（中国轻型汽车行驶工况），后者是中国针对道路环境设计的电动汽车续航测试标 准，数值高于WLTC。 从上述TOP20榜单来看，有12款入围车型的低配版上市时间都在2025年7月前，只有银河A7、海狮06 DM、哈弗猛龙PHEV低配版上市时间在下半年，不 过海狮06 DM、哈弗 ...

Core Insights - The report indicates a positive trend in the passenger car market, with total sales reaching 1.985 million units in August, a year-on-year increase of 0.7% and a month-on-month increase of 7.7% [1][2] - The new energy vehicle (NEV) market showed stronger performance, with sales of approximately 1.096 million units, reflecting a year-on-year increase of 8.3% and a month-on-month increase of 12.4% [1][2] - NEVs accounted for 55.2% of total passenger car sales in August, marking a 2.2% increase from the previous month and a 3.9% increase compared to the same month last year [1][2] Sales Performance - In August, the sales of pure electric vehicles reached approximately 704,000 units, representing a year-on-year increase of 20.6% and a month-on-month increase of 15.3% [4] - Plug-in hybrid sales were around 393,000 units, showing a year-on-year decline of 8.4% but a month-on-month increase of 7.5% [4] - Cumulatively, NEV sales reached 7.347 million units, with a year-on-year increase of 24.0% [4] Market Dynamics - The top 10 cities accounted for 26.0% of NEV sales, an increase from 25.5% in the previous month, with Shanghai, Guangzhou, and Chengdu being the top three cities [6] - The penetration rate of NEVs in the top 10 cities exceeded 50%, with Shenzhen leading at 65.2%, followed by Wuhan at 64.8% and Chongqing at 63.4% [6] Electric Vehicle Market Analysis - The top three segments in the pure electric market were B-SUV (17.0%), A0 class (16.8%), and A00 class (13.0%) [8] - The C-SUV segment saw its market share expand from 3.0% to 6.6% compared to the same period last year [10] - Personal users accounted for 86.8% of pure electric vehicle sales in August, a year-on-year increase of 27.2% [11] Industry Developments - Xpeng Motors and Volkswagen Group announced an expanded strategic cooperation on electronic and electrical architecture technology, marking a significant milestone in their collaboration [16] - GAC Group launched its "Star Source Range Extender" technology, aiming to address common issues in range-extended vehicles, and introduced its first model equipped with this technology [18] - Geely Auto unveiled the industry's first AI cockpit, signaling a shift towards AI-driven automotive technology [20] Policy and Industry Trends - The State Council issued an opinion on implementing the "Artificial Intelligence +" initiative, promoting the integration of AI with various sectors, including the automotive industry [25] - The automotive industry is accelerating its shift towards smart and connected vehicles, with a focus on intelligent manufacturing and innovation in consumer scenarios [32]

Retail Performance - In September, the national retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%, with cumulative retail sales for the year at 17.005 million units, up 9.2% year-on-year [1][3] - The retail sales in September set a new record, surpassing the previous high of 2.19 million units in September 2017 by 50,000 units, indicating strong growth before the end of year policy adjustments [1][3] - The market is shifting towards stability with fewer price cuts and promotions, as evidenced by 23 models reducing prices in September compared to 36 last year and 11 in 2023 [1][3] Market Characteristics - In September, the retail, export, wholesale, and production of passenger cars all reached historical highs for the month, with new energy vehicle exports also hitting a record [3] - The cumulative domestic retail growth rate for passenger cars from January to September fell to 9.2%, showing a "front low, middle high, back flat" trend [3] - The penetration rate of new energy vehicles in domestic retail reached 57.8% in September, supported by policies such as tax exemptions for new energy vehicles [3][11] Brand Performance - In September, retail sales of domestic brands reached 1.5 million units, a year-on-year increase of 13%, capturing 66.9% of the domestic market share [4] - The top five state-owned groups saw a combined year-on-year growth of 25% in September, with brands like SAIC, Dongfeng, and Changan performing strongly [3][4] - The retail share of luxury brands decreased slightly to 10.8% in September, indicating increased pressure in the traditional luxury car market [4] Export and Production - In September, passenger car exports reached 528,000 units, a year-on-year increase of 20.7%, with new energy vehicles accounting for 40.1% of total exports [5] - Production of passenger cars in September was 2.838 million units, up 17.2% year-on-year, with cumulative production from January to September at 20.78 million units, a 13.9% increase [5][6] - The wholesale of passenger cars in September reached 2.803 million units, marking a historical high for the month, with a year-on-year increase of 12.4% [6] Inventory and Market Dynamics - The overall industry inventory increased by 70,000 units in September, contrasting with a decrease of 120,000 units in the same month last year, indicating a proactive inventory strategy by manufacturers [7] - The market is experiencing a gradual shift towards stability, with manufacturers maintaining a balance between production and sales [7][18] New Energy Vehicles - In September, production of new energy passenger cars reached 1.501 million units, a year-on-year increase of 22.9%, with cumulative production for the year at 10.376 million units, up 32.2% [8] - The wholesale volume of new energy vehicles in September was 1.5 million units, reflecting a year-on-year increase of 22.4% [8] - The penetration rate of new energy vehicles among domestic brands reached 68.3%, while mainstream joint venture brands lagged significantly at 6.6% [8][11] Future Outlook - The outlook for October suggests a slight decrease in market activity due to fewer working days compared to the previous year, with expectations of a more moderate growth rate [17] - The ongoing push for new energy vehicles and consumer incentives is expected to sustain market momentum, despite potential challenges from policy changes [17][20]

Core Insights - The passenger car market in China showed strong performance in September 2025, with record highs in retail, export, wholesale, and production, particularly in the new energy vehicle (NEV) sector [1][2][5] Retail Performance - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [2][4] - Cumulative retail sales from January to September reached 17.005 million units, reflecting a 9.2% year-on-year growth [2][4] - The retail penetration rate of NEVs in September was 57.8%, with a notable increase in the share of domestic brands [12][14] Export Trends - In September, the total export of passenger cars was 528,000 units, marking a year-on-year increase of 20.7% [5][15] - NEVs accounted for 40.1% of total exports, with a significant year-on-year increase of 15 percentage points [5][15] - The export of domestic brands reached 463,000 units, a year-on-year growth of 27% [5][15] Production Insights - Passenger car production in September was 2.838 million units, a year-on-year increase of 17.2% [5][6] - Cumulative production from January to September reached 20.78 million units, reflecting a 13.9% year-on-year growth [5][6] Wholesale Data - In September, wholesale sales of passenger cars reached 2.803 million units, a year-on-year increase of 12.4% [6][12] - The wholesale penetration rate of NEVs was 53.5%, with domestic brands leading at 68.3% [12][15] New Energy Vehicle (NEV) Performance - NEV production in September reached 1.501 million units, a year-on-year increase of 22.9% [8][9] - NEV wholesale sales were 1.500 million units, reflecting a year-on-year growth of 22.4% [9][12] - The cumulative retail of NEVs from January to September was 8.866 million units, a growth of 24.4% [9][12] Brand Performance - In September, domestic brands achieved retail sales of 1.5 million units, a year-on-year increase of 13% [4][17] - The market share of domestic brands in the retail sector reached 66.9%, up 3.6 percentage points year-on-year [4][17] - New energy brands like BYD, Geely, and Chery showed strong performance in both retail and wholesale segments [16][17] Market Dynamics - The market is transitioning towards a more stable environment with reduced price wars and moderate promotional activities [3][4] - The competitive landscape is evolving, with emerging brands gaining market share and traditional brands adapting to new trends [16][17]

Core Insights - The automotive sector showed a slight year-on-year increase in passenger car sales, with a total of 653,000 units sold in the fourth week of September 2025, reflecting a 1.5% increase year-on-year and a 26.6% increase month-on-month [1][2] - New energy vehicle (NEV) sales reached 371,000 units, marking a 13.8% year-on-year increase and a 23.6% month-on-month increase, with a penetration rate of 56.9%, which is a decrease of 1.4 percentage points from the previous month [1][2] - The A-share automotive sector underperformed the market, declining by 0.9% during the week of October 9-10, 2025, ranking 26th among Shenwan sub-industries, while the CSI 300 index increased by 0.2% [1][2] Weekly Data - Passenger car sales for the week of September 22-28, 2025, totaled 653,000 units, with a year-on-year increase of 1.5% and a month-on-month increase of 26.6% [2] - NEV sales for the same week were 371,000 units, showing a year-on-year increase of 13.8% and a month-on-month increase of 23.6% [2] - NEV penetration rate was recorded at 56.9%, down 1.4 percentage points from the previous month [2] Market Performance - The automotive sector's performance was weaker than the overall market, with a decline of 0.9% in A-shares during the week of October 9-10, 2025 [1][2] - Among sub-sectors, commercial passenger vehicles and automotive services saw increases of 1.6% and 1.2%, respectively, while motorcycles and others, commercial freight vehicles, passenger cars, and automotive parts experienced declines of 0.8%, 1.3%, 1.4%, and 1.4% [1][2] Investment Recommendations - The report suggests focusing on key companies such as Geely Automobile, Xpeng Motors, Li Auto, BYD, Xiaomi Group, Bertley, Top Group, Xinquan Co., Hu Guang Co., and Chunfeng Power for investment opportunities in the passenger car segment [2] - In the automotive parts sector, recommendations include companies involved in intelligent driving and smart cockpits, as well as those in the new energy vehicle supply chain [5]

Sales Performance - In August, the total passenger car sales reached 1.985 million units, a year-on-year increase of 0.7% and a month-on-month increase of 7.7% [4] - The new energy vehicle (NEV) market saw sales of approximately 1.096 million units, a year-on-year increase of 8.3% and a month-on-month increase of 12.4%, significantly outperforming the overall market [4] - NEVs accounted for 55.2% of total passenger car sales in August, an increase of 2.2% from the previous month and up 3.9% year-on-year [4] New Energy Market Performance - In August, pure electric vehicle sales were approximately 704,000 units, a year-on-year increase of 20.6% and a month-on-month increase of 15.3% [9] - Plug-in hybrid sales were about 393,000 units, showing a year-on-year decline of 8.4% but a month-on-month increase of 7.5% [9] - Cumulative NEV sales reached 7.347 million units by 2025, with a cumulative year-on-year increase of 24.0% [9] Top Cities for NEV Sales - The top 10 cities accounted for 26.0% of NEV sales, an increase of 0.5% from the previous month [10] - The top three cities for NEV sales were Shanghai, Guangzhou, and Chengdu, with Tianjin replacing Ningbo in the top ten [10] - NEV penetration rates in the top 10 cities exceeded 50%, with Shenzhen leading at 65.2%, followed by Wuhan at 64.8% and Chongqing at 63.4% [10] Pure Electric Market Analysis - The top three segments in the pure electric market were B-SUV (17.0%), A0 class (16.8%), and A00 class (13.0%) [15] - The B-SUV and D-SUV market shares increased by 2.0% and 1.4% respectively, while the A-SUV market share decreased by 2.3% [15] - The C-SUV market share expanded from 3.0% to 6.6% year-on-year, with other segments showing relatively minor changes [15] User Ownership Analysis - In August, personal users accounted for 86.8% of the pure electric market, a year-on-year increase of 27.2%, while unit users accounted for 5.8%, a year-on-year decline of 5.4% [16] - Cumulatively, personal users made up 85.6% of the pure electric market, while unit users accounted for 6.3% [16] Industry Dynamics - Significant events in the NEV sector included the expansion of electronic and electrical architecture technology cooperation between XPeng Motors and Volkswagen Group [20] - GAC Group launched the "Star Source Range Extender" technology, marking its return to the range extender market after over a decade [22] - Geely released the industry's first AI cockpit, indicating a shift towards AI-driven automotive technology [24] Policy and Industry Trends - The State Council issued opinions on the implementation of "Artificial Intelligence +" actions, promoting the integration of AI across various sectors, including the automotive industry [25][29] - The focus on smart connected vehicles and intelligent manufacturing is expected to drive the transformation of the automotive industry towards greater intelligence and connectivity [29]

Overall Market Summary - In September 2025, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%. Cumulative retail sales for the year reached 17.005 million units, up 9.2% year-on-year [13][15][16] - The production of passenger cars in September was 2.838 million units, a year-on-year increase of 17.2% and a month-on-month increase of 15.7%. Cumulative production for the year was 20.78 million units, up 13.9% year-on-year [17][18] - The wholesale volume for September was 2.803 million units, marking a historical high for the month, with a year-on-year increase of 12.4% and a month-on-month increase of 13.0% [18] New Energy Market Summary - In September 2025, the production of new energy vehicles (NEVs) reached 1.501 million units, a year-on-year increase of 22.9% and a month-on-month increase of 17.5%. Cumulative production for the year was 10.376 million units, up 32.2% year-on-year [19] - The wholesale volume of NEVs in September was 1.500 million units, a year-on-year increase of 22.4% and a month-on-month increase of 15.9%. Cumulative wholesale for the year reached 10.444 million units, up 31.9% year-on-year [19] - The retail sales of NEVs in September were 1.296 million units, a year-on-year increase of 15.5% and a month-on-month increase of 16.2%. Cumulative retail for the year was 886.6 thousand units, up 24.4% year-on-year [19] Export Performance - In September, the export of passenger cars reached 528,000 units, a year-on-year increase of 20.7% and a month-on-month increase of 5.7%. Cumulative exports for the year were 3.999 million units, up 12.5% year-on-year [17] - NEVs accounted for 40.1% of total exports in September, a year-on-year increase of 15 percentage points. The export of NEVs reached 211,000 units, a year-on-year increase of 96.5% [24][17] Market Trends and Insights - The market is experiencing a shift towards stable pricing and reduced promotional activities, with 23 models seeing price cuts in September, compared to 36 last year [13][15] - The penetration rate of NEVs in the domestic market reached 57.8% in September, with a notable increase in the share of domestic brands [23][19] - The competitive landscape is evolving, with significant growth in domestic brands, particularly in the NEV segment, where brands like BYD and Geely are leading [27][26] Inventory and Production Dynamics - The overall industry inventory increased by 70,000 units in September, indicating a proactive approach by manufacturers to build inventory [19] - The production of luxury brands increased by 7% year-on-year, while domestic brands saw a 21% increase, reflecting strong demand [17][19] Future Outlook - The market is expected to maintain a "front low, middle high, back flat" trend, with a focus on new energy vehicles driving growth [15][29] - The upcoming months may see a more moderate growth rate due to seasonal factors and changes in consumer purchasing behavior [29][30]

ab 9 October 2025 Tesla rolled out lower-cost Model 3/Y Tesla introduced a more affordable version of its Model 3/Y SUV priced at US$36,990/US $39,990, featuring simplified interiors and exteriors, fewer amenities, and a reduced range. The lower-cost Model 3/Y can be ordered immediately, deliveries are scheduled to begin in November. Production will start at Tesla's US plant first, with manufacturing at the Shanghai plant anticipated to launch in Q126. We believe the launch of the lower- cost Model 3/Y coul ...