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，並明確表示概不會就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。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 承董事會命 理想汽車 董事長 李想 香港，2025年10月1日 截至2025年9月30日，理想汽車在全國已有542家零售中心，覆蓋157個城市；售 後維修中心及授權鈑噴中心546家，覆蓋225個城市。理想汽車在全國已投入使用 3,420座理想超充站，擁有18,897個充電樁。 關於理想汽車 理想汽車是中國新能源汽車市場的領導者。本公司設計、研發、製造和銷售豪華 智能電動車。理想汽車的使命是「創造移動的家，創造幸福的家」。通過產品、技 術和業務模式的創新，本公司為家庭用戶提供安全、便捷、舒適的產品與服務。 在中國，理想汽車是成功將增程式電動車商業化的先驅，並在堅持此技術路線的 同時打造純電動平台。本公司運用科技為用戶創造價值，自主研發工作主要集中 在其特有的增程系統，創新的電動汽車技術以及智能汽 ...

Group 1 - Changan Automobile Group has officially become China's 100th central enterprise, with its automotive business and military core assets completely separated [1] - The subsidiary of the Equipment Development Department, Dong'an Power, has been upgraded to a subsidiary of Changan, allowing it to openly undertake orders from the Changan system [2] Group 2 - Dong'an Power, a traditional engine manufacturer, has successfully transformed and now controls a significant portion of China's new energy industry, particularly in range-extended vehicles [6][30] - Established over 70 years ago, Dong'an Power has a rich history, including developing China's first turbojet engine for the J-5 fighter jet in the 1950s [8] Group 3 - Dong'an Power's significant growth began in 1998 when it introduced the Mitsubishi engine series, leading to the production of the 4G1 series engine, which became a key component for many domestic vehicles [10][12] - The company faced challenges in 2010 when mainstream joint venture manufacturers began localizing their own engines, leading to a decline in Dong'an's market position [14][16] Group 4 - In 2017, Dong'an Power developed China's first independently designed 6-speed automatic transmission, marking a significant technological advancement [18] - By 2022, Dong'an Power's sales of range-extended engines reached 613,400 units, with revenue of 5.767 billion yuan and a net profit of 108 million yuan [30] Group 5 - Dong'an Power's 1.5T range extender has been adopted by various new energy vehicle manufacturers, providing a cost-effective solution compared to self-developed options [32] - The company has established numerous partnerships and projects, including collaborations with companies like AVL List GmbH and BorgWarner, focusing on new energy applications [38] Group 6 - The story of Dong'an Power reflects the broader transformation of the new energy vehicle industry in Heilongjiang, with significant developments in local manufacturing and technology [40][54] - Heilongjiang has become a unique hub for new energy vehicles, integrating its cold climate resources into the automotive testing and development process [49][53]

Market Overview - The large three-row SUV market has become increasingly crowded since late July, with new entrants like Li Auto's i8, AITO's M8, and Tesla's extended Model Y [2] - NIO launched its second model under the sub-brand Ladao, the L90, and the new ES8 within 22 days, targeting both mass and premium markets [2] - As of August 22, pre-orders for the new ES8 have surpassed those for the Ladao L90 [2] Sales and Stock Performance - NIO's physical store traffic has surged, leading to increased sales and test drives, with sufficient inventory available [4] - Following the Ladao L90's tech release on July 10, NIO's stock price rose by 93.29%, reaching HKD 53.35 and restoring a market cap of over 100 billion [4] Industry Trends - The entry of players like NIO, Li Auto, AITO, and Tesla has initiated a golden era for the pure electric large three-row SUV market [6] - Historically, the market was dominated by fuel and range-extended vehicles, but the rise of pure electric models is now evident [7] Consumer Behavior and Market Dynamics - Consumer education regarding electric vehicles has improved, alleviating range anxiety and increasing acceptance of pure electric models [13] - The development of charging infrastructure has also contributed to consumer confidence, with over 13.7 million charging stations in China as of March, a 47.6% increase year-on-year [15] Technological Advancements - Battery costs have significantly decreased, with lithium carbonate prices dropping from approximately CNY 600,000 per ton to around CNY 60,000 [14] - Innovations in battery technology and vehicle lightweighting are enabling the production of more efficient large three-row SUVs [16][17] NIO's Strategic Positioning - NIO's Ladao L90 and new ES8 models are designed to balance energy consumption, space, and aesthetics, addressing common consumer pain points [18][21] - The company has invested over CNY 60 billion in R&D over the past decade, with a focus on developing core technologies [23] - NIO's dual model strategy with L90 and ES8 is expected to strengthen its market position and drive profitability in Q4 [25]

Domestic News - The joint statement from the China-US Stockholm Economic and Trade Talks was released, indicating a temporary suspension of tariffs on certain goods for 90 days starting August 12, 2025, while retaining a 10% tariff on the remaining goods [3] - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau issued a policy for personal consumption loan interest subsidies, effective from September 1, 2025, to August 31, 2026, covering various consumer sectors [4] - In July 2025, the industrial producer price index decreased by 0.2% month-on-month, with a year-on-year decline of 3.6%, indicating a narrowing of the decline compared to previous months [5] - Jilin Province is initiating the first batch of talent pool recruitment focused on key industries such as new energy vehicles and artificial intelligence [6] - GAC Group announced the upcoming release of its new "Star Source" range extender technology aimed at addressing the long-standing issues of range-extended electric vehicles [7] - Zeekr and Geely Holding Group announced a patent for anti-motion sickness technology, enhancing the driving experience [8] - NIO's G318 Tibet charging route will be fully operational on August 16, 2025, with 15 battery swap stations along the route [9] - Huawei's Qian Kun intelligent driving system has reportedly avoided over 2.54 million potential collisions as of July 31, 2025 [10] International News - Global electric vehicle sales growth slowed to 21% in July 2025, attributed to a decline in sales momentum for plug-in hybrid vehicles in China [12] - South Korea's car imports increased by 23% in July 2025, with Tesla leading the market [13] - Tesla opened its second showroom in India in New Delhi, alongside a new supercharging station [14] - Mahindra & Mahindra is expanding its operations in South Africa, increasing production capacity to meet demand for economical vehicles [16] Commercial Vehicles - The Ouman Galaxy series heavy trucks were launched in Changchun, with significant market recognition demonstrated by 186 initial orders [17] - The 2025 Wuhan Commercial Vehicle Exhibition is scheduled for November 10-13, 2025, focusing on high-end, intelligent, and green vehicle solutions [18] - JAC's electric pickup truck, the Han Tu EV, was successfully delivered to a Singaporean airline, marking a significant step in the international market [19] - Jiangling Group's vehicle exports to Latin America increased by 32.6% year-on-year, with a total of 36,813 units exported in the first seven months of 2025 [20]

Core Viewpoint - The launch of the "Zhenlong" range extender system by SAIC-GM Buick marks a significant advancement in the competitive landscape of range-extended electric vehicles (REEVs) in China, with a focus on local technology development and market adaptation [1][3][10]. Industry Trends - The range extender market in China has seen rapid growth, with the market share of REEVs in total new energy vehicle sales increasing from 3.6% in 2022 to 9.1% in 2024, indicating a strong upward trend [3][4]. - In 2024, the cumulative sales of range extender electric vehicles are projected to reach 1.167 million units, representing a year-on-year growth of 78.7%, outpacing both pure electric and plug-in hybrid vehicles [3][4]. Company Developments - SAIC-GM plans to launch five new Buick models based on the new "Xiaoyao" super fusion architecture within the next eight months, with all domestic new energy models from Buick to be developed on this platform starting in 2025 [3][10]. - The "Zhenlong" system is designed to address the evolving industry trend towards multi-drive, hardware-software integration, and comprehensive fusion in electric vehicles [3][8]. Competitive Landscape - Numerous brands, including Changan Mazda, XPeng Motors, and GAC Toyota, are entering the range extender market, with over ten new models expected to launch by 2025 [5][6]. - The success of Li Auto in the range extender segment has catalyzed other manufacturers to explore this market, with Li Auto projected to sell over 500,000 units in 2024 [7][8]. Market Dynamics - The market share of range extender vehicles in various price segments (20-30 million, 30-40 million, and 40-50 million) has surpassed the overall market share of 10%, indicating strong demand in higher price brackets [7][8]. - Industry experts suggest that the entry of traditional automakers into the range extender market is driven by the need to leverage existing platforms for new product offerings, as opposed to transitioning pure electric platforms to hybrid ones [8][9]. Technological Advancements - The "Zhenlong" system aims to mitigate common issues associated with range extenders, such as performance degradation in low battery states and noise during engine operation, by incorporating advanced design features and safety measures [12][15]. - The Buick Zhijing L7, equipped with the "Zhenlong" system, boasts a pure electric range of 302 kilometers and a total range exceeding 1400 kilometers, positioning it competitively in the market [12][10]. Future Outlook - Experts predict that range extender electric vehicles will not only coexist with pure electric and plug-in hybrid vehicles but will also become a mainstream option in the automotive market, contributing to carbon neutrality goals [15][16].

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，並明確表示概不會就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。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 第二季度交付量展望更新 於2025年6月27日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015），更新本公司2025年第二季度交付量展 望。本公司現預計將在2025年第二季度交付約108,000輛汽車，其此前發佈的交付 量展望為123,000至128,000輛。該調整體現了本公司為長遠發展而升級銷售體系 所帶來的短暫影響。本公司有信心，在理想i8上市前完成組織升級的工作，以更 好的組織能力迎接新的產品週期。 關於理想汽車 理想汽車是中國新能源汽車市場的領導者。本公司設計、研發、製造和銷售豪華 智能電動車。理想汽車的使命是「創造移動的家，創造幸福的家」。通過產品、技 術和業務模式的創新，本公司為家庭用戶提供安全、便捷、舒適的產品與 ...

Core Viewpoint - SAIC Volkswagen is facing a significant crisis in the rapidly evolving electric vehicle market, where the growth of range-extended and hybrid vehicles has outpaced that of pure electric vehicles, prompting a strategic shift towards developing range-extended products like the ID.ERA, set to launch in 2026 [1][2][6]. Group 1: Market Dynamics - The pure electric vehicle market grew by 107% in 2023 compared to 2021, while range-extended and hybrid products surged by 492%, nearly five times the growth of pure electric vehicles [1]. - SAIC Volkswagen's ID. series has sold over 180,000 units in two and a half years, making it the leading joint venture electric vehicle series, although it has not met initial sales targets of 200,000 to 300,000 units annually [4][20]. Group 2: Strategic Shifts - The company has initiated the development of its first range-extended SUV, ID.ERA, to compete with models like Li Auto's L8/L9, marking a significant strategic pivot towards range-extended vehicles [2][10]. - The partnership with Volkswagen has evolved into a "Joint Venture 2.0" model, where product definition rights are transferred to China, allowing for more localized decision-making [7][8]. Group 3: Internal Changes and Leadership - The company has adopted a "red-blue army" strategy, inspired by Huawei, to foster internal competition and improve product development processes [5][24]. - The leadership emphasizes the importance of crisis awareness, a principle instilled since the company's early days, to adapt to market changes and consumer preferences [21][22]. Group 4: Product Development Focus - Key focus areas for the ID.ERA include achieving industry-leading energy management systems and enhancing smart cabin and driving assistance technologies [10][11]. - The development process involves careful trade-offs to ensure optimal vehicle weight and safety features, such as a backup capacitor system for accident scenarios, despite increasing costs [12][13]. Group 5: Marketing and Sales Strategies - The company has implemented a "one-price" sales model to simplify the purchasing process and enhance customer trust, moving away from traditional negotiation practices [31][33]. - Upcoming marketing strategies for 2025 and 2026 will focus on improving service quality and launching multiple new energy products, with a commitment to elevating customer satisfaction [34][36].

Group 1 - BYD Seal 06 EV launched with a price range of 109,800 to 129,800 yuan [1][3] - The vehicle offers three models with a flagship version featuring a range of 545 km under CLTC standards [4] - The car dimensions are 4720×1880×1495 mm with a wheelbase of 2820 mm, providing ample storage with 24 compartments [5] Group 2 - The Seal 06 EV is built on the e-platform 3.0 and includes advanced features such as the "Heavenly Eye C" intelligent driving assistance and a high-end smart cockpit [7] - The vehicle comes with various promotional offers including zero-interest financing options and substantial trade-in subsidies [4] - BMW is reportedly planning to reintroduce range-extended vehicles, starting with the 2026 BMW X5, in response to ongoing concerns about electric vehicle range anxiety [8]

自願公告 2025年5月交付更新資料 於2025年6月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年5月，理想汽車交付新車 40,856輛，同比增長16.7%。截至2025年5月31日，理想汽車歷史累計交付量為 1,301,531輛。 過去一個月，理想汽車完成了全系車型的智能煥新版升級。理想MEGA Home在 5月下旬開啟交付，其訂單量顯著超預期，目前產能正加速攀升。理想L系列智能 煥新版全系產品力有顯著提升，每一項升級都聚焦在用戶的真實需求和高頻體驗 上。理想L9配備雙腔空懸+雙閥CDC旗艦懸架，實現了空間大和操控穩的出色平 衡。理想L8和理想L7均標配雙腔魔毯空氣懸架，運動性能大幅提升，使其在人民 幣30萬元至40萬元價格區間具備獨特優勢。所有車型均標配全天候激光雷達，實 現了行業領先的自動緊急制動(AEB)和自動緊急轉向(AES)安全能力。 5月底，理想汽車開啟OTA 7.4版本更新的全量推送，升級後的理想同學擁有全新 的實體形象和更高的智能水平。此外，本公司預計在6月可以完成第2,500座理想 超充站的上線，為7月發佈首 ...

Group 1 - The core business of the company is the research, production, and sales of key components for turbochargers [2] - The company reported a main revenue of 316 million yuan in Q1 2025, a year-on-year decrease of 20.25%, and a net profit attributable to shareholders of 6.957 million yuan, down 70.34% year-on-year [2] - The company is focusing on mergers and acquisitions as a key development path, targeting new fuel technologies and emerging industries such as new materials and precision processing [1] Group 2 - The company is expanding its research and development beyond turbocharger components, collaborating with leading enterprises in areas such as range-extended electric vehicles, new fuel technologies, and humanoid robot components [1] - The company maintains a stable market position for its turbocharger components globally, with a significant portion of sales coming from foreign clients [1] - The company's debt ratio stands at 30.67%, with investment income reported at -386,800 yuan and financial expenses at 1.6156 million yuan, while the gross profit margin is 14.76% [2]