值得一提的是，据DoNews汽车11月25日消息，2025年11月，零跑汽车在巴西及智利两国接连上市，并 登陆巴西圣保罗车展，正式进军南美市场。以巴西为起点，零跑将在南美地区推出覆盖纯电及增程的全 系电动产品，并依托Stellantis成熟的经销商网络与售后体系，为南美用户提供创新技术与本地化服务深 度融合的电动出行解决方案。未来，零跑将在阿根廷、哥伦比亚、厄瓜多尔等市场陆续展开业务，逐步 完成南美核心市场布局。 零跑汽车(09863)早盘涨近4%，截至发稿，涨3.87%，报52.35港元，成交额1.06亿港元。 消息面上，近日，零跑汽车公布，公司被纳入恒生科技指数成份股，于2025年12月8日起生效。公司认 为，此次获纳入恒生科技指数成份股，是公司在科技创新、研发投入、收入增长、市值和流动性等方面 所得到的来自于资本市场的重要认可，将有效拓宽公司的投资者基础，吸引更广泛的市场关注，并提升 公司股份交易流动性。这不仅有助于更好的实现公司投资价值，也将进一步增强品牌影响力。 ...

Core Viewpoint - The mass production and delivery of the Unified Cell (UC) by Guoxuan High-Tech marks a significant milestone in the strategic partnership with Volkswagen Group and PowerCo, entering a phase of large-scale production after five years of collaboration [2][4][7]. Group 1: Production and Delivery - Guoxuan High-Tech held a mass production delivery ceremony for the UC in Hefei, indicating the commencement of large-scale production for Volkswagen Group [2][3]. - The UC will be supplied to various platforms under Volkswagen Group from 2026 to 2032, featuring high-performance lithium iron phosphate and other standard cells [2][4]. - The standard cell has achieved international advanced levels in energy density, safety performance, and cost control, establishing a complete technical innovation and intelligent manufacturing system [4][5]. Group 2: Strategic Importance - The collaboration between Guoxuan High-Tech, Volkswagen Group, and PowerCo is crucial for Volkswagen's global battery strategy, enabling innovative capabilities across nearly all brands and markets [7][8]. - The standard cell is designed to be a standardized battery solution with high compatibility, integrating efficiency, fast charging, safety, and low-temperature adaptability [5][7]. - Guoxuan High-Tech is positioned as a key pillar in Volkswagen's "Make-and-Buy" battery strategy, supporting the production of lithium iron phosphate standard cells in Hefei and ternary standard cells in Germany [7][8]. Group 3: Future Outlook - The partnership aims to enhance production capacity and deliver high-quality battery products for the future of electric mobility [8][11]. - Guoxuan High-Tech plans to continue advancing technology iterations and ensure the reliability of the standard cells, contributing to the electrification process of Volkswagen [11].

Core Insights - Niu Technologies (NIU.US) reported a third-quarter earnings per share of $0.14, compared to a loss of $0.07 in the same period last year [1] - Revenue increased by 65.4% year-over-year to $237.94 million [1] - Following the earnings announcement, Niu's stock price rose by 7.97% in pre-market trading [1] Sales Performance - The company sold 465,873 electric scooters in the third quarter, marking a 49.1% year-over-year increase [1] - Sales in China reached 451,455 units, up 74.2% year-over-year [1] - International sales of electric scooters were 14,418 units, reflecting a significant decline of 73.0% year-over-year [1] Distribution Network - As of September 30, 2025, Niu had 4,542 franchise stores in China [1] - The number of international dealers stood at 57, covering 53 countries and regions [1] Future Outlook - Niu expects fourth-quarter revenue for 2025 to be between 737 million and 901 million RMB, with a year-over-year change expected to range from -10% to +10% [1]

Core Insights - The 8th China International Import Expo (CIIE) is being held from November 5 to 10 at the National Exhibition and Convention Center in Shanghai, with Audi participating for the eighth consecutive year and showcasing the Audi E5 Sportback for the first time [1] - The Audi E5 Sportback is positioned as a milestone model for the luxury electric brand AUDI, featuring advanced aesthetics, intelligent technology, exceptional driving performance, and high-quality craftsmanship [1][2] - The vehicle incorporates a new design language and combines the iconic coupe silhouette with a wagon body style, featuring Audi's unique "Star Diamond Light Curtain" design for a distinctive sci-fi appearance [1][2] Technology and Performance - The Audi E5 Sportback is equipped with the new AUDI OS operating system powered by Qualcomm Snapdragon 8295 automotive-grade chip, offering an iPhone-like user experience tailored for Chinese consumers [2] - In the realm of assisted driving, Audi collaborates with leading Chinese tech company Momenta to create the industry's first integrated assisted driving solution, ensuring a blend of Audi's driving DNA with advanced AI models [2] - The vehicle features a dual-motor system producing 787 horsepower and 800 Nm of peak torque, achieving 0-100 km/h acceleration in just 3.4 seconds, and boasts a maximum range of 773 kilometers with a 10-minute charge providing an additional 380 kilometers of range [2] Sales Incentives - SAIC Audi has introduced a year-end purchase tax subsidy plan for the Audi E5 Sportback, offering up to 15,000 yuan in tax subsidies for orders placed before November 30, applicable to all currently available models [3]

Core Insights - The latest analysis report from the German Automotive Industry Association indicates that as of October 1, Germany has approximately 180,000 public electric vehicle charging stations, representing a 16% increase compared to the same period last year [1] - Despite the increase in charging stations, the ratio of electric vehicles to charging stations has improved only slightly, with a public charging station ratio of about 16.7:1 as of July 1, compared to 17.3:1 the previous year [1] Summary by Categories Charging Infrastructure - The total number of public charging stations in Germany is around 180,000, with approximately 44,000 being fast charging stations [1] - The total rated power of public charging stations exceeds 7.3 million kilowatts, showing a year-on-year increase of about 30% [1] Vehicle-to-Charging Station Ratio - The public vehicle-to-charging station ratio in Germany is approximately 16.7:1, meaning each charging station serves an average of 16.7 electric vehicles [1] - There are significant disparities in charging station coverage across different German states, with Mecklenburg-Vorpommern and Thuringia having the highest coverage at a ratio of about 11.7:1, while Saarland has the lowest at approximately 24.6:1 [1] Fast Charging Facilities - On average, each fast charging station serves about 70.6 electric vehicles, with Thuringia having the best ratio at 32:1 and Saarland the worst at 103:1 [1] - The German Automotive Industry Association emphasizes the need for faster development of public charging facilities to enhance consumer confidence in electric mobility [1]

Core Viewpoint - The German automotive industry association believes that the construction of charging facilities in Germany is progressing too slowly and is unevenly distributed [3]. Summary by Sections Charging Infrastructure Status - As of October 1, Germany has approximately 180,000 public electric vehicle charging stations, representing a 16% increase compared to the same period last year [3]. - Among these, about 44,000 are fast charging stations, with a total rated power exceeding 7.3 million kilowatts, showing a year-on-year increase of approximately 30% [3]. Vehicle-to-Charger Ratio - Despite the increase in charging stations, the vehicle-to-charger ratio has improved only slightly. As of July 1, the ratio of public charging stations to pure electric vehicles in Germany is approximately 16.7:1, meaning each charging station serves an average of 16.7 vehicles, compared to 17.3:1 in the previous year [3]. Regional Disparities - There are significant disparities in the vehicle-to-charger ratio across different German states. Mecklenburg-Vorpommern and Thuringia have the highest coverage, with a ratio of about 11.7:1, while Saarland has the lowest at approximately 24.6:1 [3]. - For fast charging facilities, the average ratio is 70.6 vehicles per fast charging station, with Thuringia having the best ratio at 32:1 and Saarland the worst at 103:1 [3]. Industry Perspective - The association emphasizes the need to accelerate the construction of public charging facilities, stating that consumer confidence in the availability of convenient charging options is crucial for the widespread acceptance of electric mobility [3].

Core Insights - The German automotive industry association reports that as of October 1, Germany has approximately 180,000 public electric vehicle charging stations, marking a 16% increase compared to the same period last year [1] - Despite the increase in charging stations, the ratio of electric vehicles to charging stations has improved only slightly, with a current ratio of 16.7:1, compared to 17.3:1 last year [1] - The association emphasizes the need for faster development of public charging infrastructure to enhance consumer confidence in electric mobility [1] Charging Infrastructure Overview - As of October 1, there are about 180,000 public charging stations in Germany, with around 44,000 being fast chargers [1] - The total rated power of public charging stations exceeds 7.3 million kilowatts, reflecting a year-on-year increase of approximately 30% [1] - The distribution of charging stations varies significantly across German states, with Mecklenburg-Vorpommern and Thuringia having the highest coverage ratio at about 11.7:1, while Saarland has the lowest at approximately 24.6:1 [1] Fast Charging Facilities - On average, each fast charging station serves 70.6 electric vehicles, with Thuringia having the best ratio at 32:1 and Saarland the worst at 103:1 [1]

Core Insights - The German automotive industry association reports that as of October 1, the number of public electric vehicle charging stations in Germany reached approximately 180,000, marking a 16% increase compared to the same period last year [1] - Despite the increase in charging stations, the ratio of electric vehicles to charging stations has improved only slightly, with a public charging station ratio of about 16.7:1 as of July 1, compared to 17.3:1 the previous year [1] - The association emphasizes the need for faster development of public charging infrastructure to enhance consumer confidence in electric mobility [1] Charging Infrastructure - The report indicates that there are about 44,000 fast charging stations among the 180,000 public charging stations, with a total rated power exceeding 7.3 million kilowatts, reflecting a year-on-year increase of approximately 30% [1] - There are significant disparities in charging station coverage across different German states, with Mecklenburg-Vorpommern and Thuringia having the highest coverage at a ratio of about 11.7:1, while Saarland has the lowest at approximately 24.6:1 [1] - On average, each fast charging station serves 70.6 electric vehicles, with the best-performing state, Thuringia, having a ratio of 32:1, and Saarland having the lowest at 103:1 [1]

Core Viewpoint - The company, TaoTao Automotive, has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - TaoTao Automotive is a global leader in providing outdoor leisure and electric mobility solutions, ranking second in the global electric low-speed vehicle industry with a market share of approximately 8.4% in 2024 [3][4]. - The company offers a diversified product portfolio that includes electric low-speed vehicles and electric two-wheelers, as well as outdoor specialty vehicles like all-terrain vehicles and off-road motorcycles [3]. Market Position - The company is recognized as a leading player in the "going global" strategy of China's electric mobility industry, with over 99% of its revenue coming from overseas markets, primarily the United States [4]. - The company has established a clear strategic framework focusing on expanding its product matrix, deepening channel ecosystems, and driving brand value through innovation [4]. Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 1,765.7 million, RMB 2,144.2 million, and RMB 2,976.6 million, respectively [5][6]. - The gross profit margin for 2024 is projected to be 34.7%, with a significant increase in net profit margin to 21.0% for the seven months ending July 31, 2025 [6][8]. Growth Metrics - The company has achieved a compound annual growth rate (CAGR) of 44.7% in revenue over the past three years, indicating strong market penetration and growth potential [5]. - The sales volume of electric low-speed vehicles has positioned the company among the top players globally, showcasing its robust market presence [4].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhejiang Taotao Vehicles Co., Ltd. 浙江濤濤車業股份有限公司 (a joint stock company incorporated in the People's Republic of Chi ...