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 業務更新資料 理想汽車正式發佈家庭六座純電SUV－理想i8 於2025年7月29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）正式發佈家庭六座純電SUV－理想i8。 作為新時代的SUV，理想i8同時具備越野車的全路況行駛能力、轎車的操控性和 MPV的舒適性，以全新駕乘體驗重新定義了家庭出行。 2 1） 自研電驅系統：超靜音、超高效 理想i8將提供Pro、Max、Ultra三個版本，全國統一零售價分別為人民幣32.18萬 元、34.98萬元和36.98萬元。理想i8將在2025年8月20日開啟交付。 關於理想i8的產品概述，請參閱下文。更多關於理想i8的產品細節，可以參考理 想汽車官方網站中的產品介紹。 1 全新高壓純電平台 ...

Core Viewpoint - The smart assisted driving industry in China is experiencing rapid growth, with over 5,500 companies involved, but transitioning from smart assistance to fully autonomous driving remains a significant challenge [1] Industry Insights - The testing of over 30 mainstream models by Dongchedi has sparked widespread attention and debate regarding the capabilities of smart assisted driving technologies [2] - Domestic companies like Huawei and Momenta are utilizing multi-sensor visual fusion solutions, combining lidar and cameras, to enhance decision-making models, addressing limitations of Tesla's purely visual approach [2] - Data accumulation is crucial for the advancement of smart assisted driving technologies, with companies like BYD generating over 30 million kilometers of "smart driving" data daily, creating the largest vehicle cloud database in China [3] Technology Limitations - Current smart assisted driving systems are still classified as Level 2, providing only assistance rather than full autonomy, with the responsibility remaining on human drivers [5][7] - The AI's learning capabilities are limited, as it relies on data fitting rather than the dynamic knowledge restructuring that humans can perform [4][8] - Despite advancements, the public remains cautious about the safety of smart assisted driving systems, especially following recent accidents involving companies like Xiaomi and Tesla [3][4] Market Opportunities - The operational domain for autonomous vehicles, particularly in the work vehicle sector, is seen as a potential breakthrough for smart driving applications, with significant commercial prospects [9] - Companies like Waymo and Baidu have demonstrated successful commercial operations of Level 4 autonomous vehicles in complex urban environments, indicating progress in the field [6][7]

Core Viewpoint - Geely Auto Group showcased its "full-domain AI" technology system and new products at the WAIC 2025, emphasizing its commitment to self-research in intelligent driving technology to meet user demands and ensure future upgrades [1][3][9]. Group 1: Intelligent Driving Technology - Geely's new model, Zeekr 9X, features the Qianli Haohan intelligent driving H9 solution, equipped with dual Thor chips providing 1400 TOPS computing power and L3-level intelligent driving capabilities [4]. - The Qianli Haohan intelligent driving system in all Zeekr models is equipped with dual NVIDIA DRIVE AGX Orin-X chips, achieving a total computing power of 508 TOPS, along with a lidar-based intelligent driving solution [5]. - Geely aims to ensure hardware performance redundancy to maintain competitiveness over the years, allowing users to benefit from new features and upgrades without obsolescence [4][5]. Group 2: Safety and User Experience - Geely's intelligent driving technology aims to be safer than human driving, utilizing advanced technology to enhance safety and user experience [7]. - The company is focusing on cross-domain integration of intelligent driving with cabin and chassis systems, enabling features like steering control and voice commands for improved user convenience [7][8]. - The intelligent driving technology is seen as a foundational "root technology" for full-domain AI, facilitating advancements towards L3 and L4 levels of automation [8]. Group 3: AI Ecosystem and Future Plans - Geely has been proactive in AI development, launching the "Smart Geely 2025" strategy in 2021 to create a robust technological foundation through big data and satellite technology [9]. - The company introduced the industry's first "full-domain AI" technology system in January 2025, integrating AI across various automotive domains and processes [9]. - During WAIC 2025, Geely, in collaboration with partners, unveiled the next-generation intelligent cockpit Agent OS, enhancing user interaction with more natural and emotional responses [11].

Group 1: Electronic Materials Industry - In the first half of 2025, China's copper-clad laminate imports amounted to 19,788 tons, a decrease of 0.36% compared to the first half of 2024, with an average import price of $34.01 per kilogram, up 28.44% year-on-year. Exports were 44,283 tons, down 12.18%, with an average export price of $7.56 per kilogram, up 20.21% year-on-year. The price increases for imports and exports in the first half of 2025 exceeded those during the pandemic period from 2019 to 2022, indicating a high level of prosperity in the copper-clad laminate and PCB industries. The demand for AI is rapidly increasing across various sectors, and the performance iteration of AI servers is advancing quickly, leading to a positive outlook for the PCB and copper-clad laminate industries [1] Group 2: Smartphone Market - In Q2 2025, China's smartphone shipments totaled 67.8 million units, reflecting a year-on-year decline of approximately 4%. Huawei's shipments reached 12.2 million units, up 15%, while Xiaomi shipped 10.4 million units, a 3% increase. Apple benefited from significant price reductions, selling 10.1 million units, a 4% increase. Other brands generally experienced negative growth. The first half of the year focused on inventory digestion, but with a notable year-on-year increase in smartphone production in July, new model releases, and ongoing consumer subsidies, the market is expected to maintain positive growth in the latter half of the year. Imaging technology remains a key highlight for smartphone upgrades, supporting optimism for related sub-industries [2] Group 3: Advanced Manufacturing - A recent program by Dongche Di and CCTV tested 36 vehicle models, with Tesla's Model 3 and Model X achieving first and second place, respectively. Tesla's performance in China was noted to be exceptional despite the lack of local training data. On July 26, Tesla showcased its intelligent driving plans at the World Artificial Intelligence Conference, indicating further developments in China. This testing underscores Tesla's leading position in intelligent driving technology, suggesting that top software and algorithms can surpass hardware capabilities. This trend may force other automakers to invest more in data, model training, and software optimization, accelerating industry consolidation and marginalizing companies lacking core software capabilities [5][6] Group 4: Automotive Market - In June 2025, China accounted for 36% of the global automotive market, an increase of 4 percentage points year-on-year. Global automotive sales reached 8.06 million units, a 3% year-on-year increase and a 2% increase from May. Chinese brands like BYD, Geely, and Chery ranked 6th, 9th, and 10th globally, respectively. The era of fuel vehicles defined by Europe, America, and Japan is ending, giving way to a new era led by China in the fields of new energy and intelligence, which will significantly reshape the fate of automakers and impact global economic, technological, and trade dynamics [6] Group 5: Education Sector - Xueda Education reported an expected net profit of 228 to 259 million yuan for the first half of 2025, representing a year-on-year growth of 41% to 60%, with a median growth rate of 51%. The revenue growth was driven by both increased enrollment and price hikes. The company plans to expand its network from over 240 to more than 300 locations, covering over 100 cities, with a teaching staff exceeding 4,000. The second quarter typically sees a peak in course consumption, and combined with increased average transaction prices, this has led to significant revenue growth. The implementation of a new cash subsidy policy for families with children under three years old is expected to further support the education sector [9][10]

Core Insights - Tesla reported a revenue of $22.5 billion (approximately 160.9 billion RMB) for Q2 2025, with global deliveries exceeding 384,000 vehicles [1] - The Shanghai Gigafactory delivered 191,000 vehicles in Q2, marking a 10.98% increase from Q1, with June sales reaching 61,000 units, a 59% month-over-month increase [1][2] - Tesla's energy storage business achieved an installation capacity of 9.6 GWh in Q2 2025 [1] Group 1: Financial Performance - Tesla's Q2 2025 revenue reached $22.5 billion, reflecting strong sales and operational performance [1] - The company delivered over 384,000 vehicles globally in the same quarter, indicating robust demand [1] Group 2: Production and Sales Milestones - The Shanghai Gigafactory's Q2 delivery of 191,000 vehicles represents a 10.98% increase from the previous quarter [1] - In June, Tesla's domestic sales in China hit 61,000 units, a record for the quarter, with a year-over-year increase of 3.7% [1][2] - The refreshed Model Y led the domestic passenger car sales in China with over 44,000 units sold in June [2] Group 3: Expansion and New Initiatives - Tesla's Robotaxi service was launched in Austin, with plans to expand significantly across the U.S. [4] - The company aims to cover approximately half of the U.S. population with its autonomous taxi service by the end of the year [5] - Tesla's third-generation humanoid robot is expected to be launched this year, with mass production planned for next year [6] Group 4: Energy Storage Developments - Tesla's energy storage system, Megapack, saw a deployment increase of over 110% in 2024 [7] - The company has installed a total of 47 GWh of industrial energy storage systems globally, with over 23 GWh already operational [7] - Tesla plans to build a third energy storage Gigafactory near Houston, Texas, in 2026 [7]

Core Viewpoint - The article emphasizes that the "smart driving" systems currently available in the Chinese market do not possess "autonomous driving" capabilities and remain in the assisted driving phase, where human drivers are still the primary responsible parties for vehicle operation [1][2]. Group 1: Current State of Smart Driving - The smart driving industry is in a critical transition phase from assisted driving to higher-level intelligence, with issues such as vague function definitions and unclear responsibility allocations posing safety risks [2]. - The majority of smart driving features offered by automakers are classified as Level 2 (L2) assisted driving, while Level 3 (L3) is seen as a pivotal point for the industry [1][4]. Group 2: Regulatory Developments - Following the Xiaomi SU7 accident, there has been increased scrutiny on smart driving safety, leading to the Ministry of Industry and Information Technology (MIIT) proposing a series of regulatory requirements for the industry [3][4]. - The MIIT has initiated the drafting of mandatory national standards for the safety requirements of smart driving systems, marking a significant step towards establishing safety baselines [3]. Group 3: Responsibilities and Management - The Ministry of Public Security plans to enhance management of the smart driving sector by collaborating with various departments to enforce three main areas: strengthening automaker management, improving legal frameworks, and enhancing public awareness [5][6]. - Automakers are urged to clearly communicate the limitations and risks associated with their smart driving systems, ensuring that users are well-informed about the functionalities and safety measures [5][6].

Core Viewpoint - The introduction of the "Human-Machine Co-Driving" accident liability determination solution marks a significant innovation in the insurance industry, addressing the complexities of liability in the era of intelligent driving [1][4]. Group 1: Industry Innovation - The solution provides a framework for determining liability in accidents involving L2 level assisted driving, moving away from the traditional single responsibility model based on driver fault [1][2]. - It establishes a system that is "technically credible, responsibility traceable, and legally reliable," which alleviates consumer concerns about liability in accidents [1][3]. Group 2: Mechanism and Technology - The "Human-Machine Co-Driving Insurance" employs a three-tier mechanism of "data storage, intelligent liability determination, and judicial appraisal," creating an immutable "digital evidence chain" for accident analysis [2][3]. - The use of deep learning algorithms allows for rapid generation of accident analysis reports, clearly delineating the responsibilities of drivers, manufacturers, and algorithm suppliers [2][3]. Group 3: Risk Management and Product Development - Insurance companies can now design risk coverage plans based on the level of autonomous driving, with clear responsibility assignments for different levels of technology [2][3]. - The introduction of tiered insurance products based on vehicle usage and driving behavior allows for more customized and scenario-based insurance offerings [3][4]. Group 4: Impact on Automotive Industry - The new liability determination framework encourages manufacturers to focus on extreme scenarios that are often overlooked, thereby improving the robustness of their algorithms [3][4]. - The shift from a "compensation economy" to a "prevention economy" opens up a trillion-dollar market for intelligent driving risk management [4].

Core Viewpoint - The article discusses the launch of Huawei's first travel car, the Xiangjie S9T, which aims to fill a gap in the market for a vehicle that combines elegance, practicality, and advanced technology, targeting consumers who are undecided between sedans and SUVs [2][15]. Group 1: Product Overview - Since its establishment, Hongmeng Zhixing has launched seven models, including the successful AITO M9 and AITO S800, establishing a foothold in the mid-to-high-end new energy market [2]. - The Xiangjie S9T is set to be released in September at a price of approximately 400,000 yuan, focusing on design, space, and intelligent features to break into the travel car market [2][4]. - The vehicle's dimensions are 5160×2005×1492 mm with a wheelbase of 3050 mm, showcasing a sleek and stable appearance [5]. Group 2: Design and Features - The design of the Xiangjie S9T incorporates the "Universal Aesthetics" philosophy, emphasizing a fluid silhouette and practical yet attractive rear profile [5][7]. - The car features a spacious interior and a large trunk, supporting a roof rack for additional cargo, catering to various lifestyle needs [7][9]. - The vehicle is equipped with advanced intelligent driving capabilities, including HUAWEI ADS 4, which supports complex driving scenarios and enhances user convenience [9][10]. Group 3: Market Positioning - The travel car segment in China has been underrepresented, with few models that balance design and functionality, primarily dominated by luxury fuel vehicles [4][12]. - The Xiangjie S9T aims to attract consumers who desire a vehicle that is both aesthetically pleasing and practical, addressing the gap between traditional sedans and SUVs [11][15]. - The shift towards electric and intelligent vehicles presents an opportunity for travel cars to redefine consumer expectations, moving away from outdated perceptions of being merely functional [13][14].

Core Viewpoint - The article discusses the recent updates and enhancements of the Zhijie R7 electric vehicle, highlighting its new branding, design changes, and advanced driving capabilities, positioning it as a strong competitor in the market, particularly against the Tesla Model Y [1][6][33]. Group 1: Branding and Design Changes - Zhijie unveiled a new logo on July 15, transitioning from an English text logo to a hexagonal design that reflects the "LUXEED" brand identity [1]. - The new logo is made from nickel alloy and features a micro-level electroforming process, ensuring durability and resistance to fading [2]. - The Zhijie R7's updated model has undergone significant upgrades in appearance, intelligent driving hardware, and comfort features [4][18]. Group 2: Intelligent Driving and Safety Enhancements - The most significant upgrade for the Zhijie R7 is its intelligent driving and active safety capabilities, which now match those of the Wanjie M8 [7][8]. - The vehicle will include advanced sensors such as 4D millimeter-wave radar and rear solid-state LiDAR, enhancing its obstacle detection and collision warning systems [10][11]. - The software will be upgraded to Huawei's ADS 4, providing features like intelligent parking and driving assistance, making it one of the strongest options under 300,000 yuan for intelligent driving and safety [13][14]. Group 3: Market Positioning and Competition - The Zhijie R7 is positioned to compete not only with the Xiaomi YU7 but more directly with the Tesla Model Y, focusing on intelligent driving, comfort, and family-oriented features [32][33]. - The vehicle has previously surpassed Tesla in sales, achieving over 300,000 units sold and a peak monthly delivery of 15,000 units [37]. - The article emphasizes the importance of maintaining user confidence in the brand and product through enhanced features and effective marketing strategies [40]. Group 4: Future Prospects and Market Strategy - The company aims to leverage its new branding and product enhancements to open up new possibilities and maintain a competitive edge in the market [47][48]. - The current pricing strategy offers the Zhijie R7 at a low entry price of 229,800 yuan after subsidies, making it an attractive option for consumers [49]. - The upcoming months will be critical for the company as it navigates production capacity and delivery timelines amidst increasing competition in the electric vehicle market [51][53].

New Car Launches - Volvo EX30 launched with a price range of 179,800 to 233,800 yuan, featuring a design language similar to the EX90 and a maximum range of 590 km [2][3][8] - Jia Yueting's FX Super One, a large 6-seat MPV, has received over 10,000 paid orders and is expected to be priced under $80,000, with production starting by the end of 2025 [12][13] - Li Auto's i8 has opened for pre-sale with a price range of 350,000 to 400,000 yuan, featuring a new design and a maximum range of 720 km [14][22][28] New Models Registered - Multiple new models including Tesla Model Y L, Zhiji LS9, and Audi A6L e-tron have been registered with the Ministry of Industry and Information Technology [29][30] - Tesla Model Y L features an extended wheelbase of 15 cm, with dimensions of 4976/1920/1668 mm and a maximum power of 198 kW [34] - Zhiji LS9 adopts a new design language with dimensions of 5279/2000/1806 mm and a maximum power of 230 kW [37] Company Dynamics - BYD has launched a driver connectivity feature compatible with major smartphone brands, enhancing the smart experience across its models [53][55] - Volkswagen is set to implement a new CEA electronic architecture, aiming to reduce control units by 30% and improve cost efficiency [56][59] - BMW has partnered with Momenta to develop a new generation of intelligent driving assistance systems tailored for the Chinese market [78][80] Domestic News - The luxury car consumption tax threshold has been lowered to 900,000 yuan, effective July 20, 2023, to adapt to the changing luxury car market [84][86] - The number of new energy vehicles in China has surpassed 10%, with 36.89 million units, indicating a significant increase in market penetration [87][90] International News - The U.S. plans to impose a 93.5% tariff on graphite products from China, which could increase battery costs by approximately $4 per kWh, impacting electric vehicle prices [92][93]