（股份代號：519） 自願公告 國際銷售部署階段性成果 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，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 NOVAUTEK TECHNOLOGIES GROUP LIMITED 諾科達科技集團有限公司 （於百慕達註冊成立之有限公司） 本集團於國內組建專業國際營銷團隊，構建「線上+線下」全域覆蓋的營銷網路。線上 已聯合境內外大型電商平台運營商搭建一站式營銷平台，實現產品對全球客戶的精 準觸達；線下依託無錫全球運營總部的五大核心服務中心，聯動全球領先物流及分 銷夥伴，構建覆蓋全球的數字化銷售及服務支持體系，提供7X24小時運營服務。 諾科達科技集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會自願作出本公告，向本公司股東及潛在投資者提供本集團國際銷售部署的最新進 展。 本集團於二零二五年年初啟動業務轉型，聚焦人工智能機器人及無人駕駛應用領 域。響應國家「人工智能+ 」機器人產品與解決方案出海的戰略號召，提倡「中國智 造，賦能全球」 ...

Core Insights - The company reported a revenue of 926 million yuan for the first three quarters of 2025, representing a year-on-year decline of 12.05% [1] - The net profit attributable to shareholders was -99.41 million yuan, an increase of 32.11% year-on-year [1] - The basic earnings per share stood at -0.20 yuan [2] Financial Performance - The gross margin for the first three quarters was 12.75%, up by 3.99 percentage points year-on-year [2] - The net margin was -9.96%, an improvement of 3.28 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was 11.91%, showing a year-on-year increase of 5.52% but a quarter-on-quarter decrease of 3.16% [2] - The net margin for Q3 was -9.01%, up 6.05% year-on-year but down 0.28 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 222 million yuan, a decrease of 4.87 million yuan year-on-year [2] - The expense ratio was 23.98%, an increase of 2.43 percentage points compared to the same period last year [2] - Sales expenses increased by 10.11% year-on-year, while management expenses decreased by 3.24%, and R&D expenses decreased by 11.99% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 65,700, a decrease of 22,700 (25.68%) from the end of the previous half [2] - The average market value per shareholder increased from 110,400 yuan to 181,300 yuan, a growth of 64.21% [2] Company Overview - Beijing Capital Online Technology Co., Ltd. was established on July 13, 2005, and listed on July 1, 2020 [3] - The company specializes in high-performance IDC services and cloud services, with revenue composition of 49.89% from cloud hosting and related services, 45.83% from IDC services, and 4.28% from other income [3] - The company belongs to the computer-IT services sector and is involved in various concept sectors including AI training and autonomous driving [3]

Core Insights - The company reported a revenue of 597 million yuan for the first three quarters of 2025, representing a year-on-year growth of 8.31% [1] - The net profit attributable to shareholders was 155 million yuan, also showing a year-on-year increase of 8.33% [1] - The basic earnings per share stood at 0.69 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 59.90%, an increase of 0.36 percentage points year-on-year [2] - The net profit margin was 26.38%, a decrease of 0.51 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 58.62%, down 1.49 percentage points year-on-year and down 2.92 percentage points quarter-on-quarter [2] - The net profit margin for Q3 was 27.50%, a decline of 0.36 percentage points year-on-year and a decrease of 0.84 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for Q3 amounted to 182 million yuan, an increase of 20.08 million yuan year-on-year [2] - The expense ratio was 30.50%, up 1.11 percentage points from the same period last year [2] - Sales expenses increased by 18.34%, management expenses rose by 0.69%, R&D expenses grew by 11.02%, and financial expenses surged by 50.79% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 17,100, a decrease of 680 from the end of the previous half-year, representing a decline of 3.82% [2] - The average market value per shareholder increased from 270,200 yuan to 336,500 yuan, reflecting a growth of 24.50% [2] Company Overview - Shenzhen Xince Standard Technology Service Co., Ltd. was established on July 20, 2000, and went public on January 27, 2021 [3] - The company specializes in reliability testing, physical and chemical testing, electromagnetic compatibility testing, and product safety testing [3] - The revenue breakdown includes 49.98% from automotive (including new energy vehicles), 27.80% from electronic and electrical product testing, and 22.22% from testing equipment [3] - The company is classified under the social services sector, specifically in professional services and testing services [3]

Core Insights - Tesla reported Q3 2025 revenue of $28.1 billion, a 12% year-over-year increase, but net profit fell 29% to $1.77 billion (non-GAAP) [1][2] - The stock price dropped nearly 5% post-earnings announcement, closing at $438.97 per share, down 0.82% [1] - CEO Elon Musk announced plans for the Optimus V3 humanoid robot launch in Q1 2026 and the rollout of Robotaxi services in 8-10 regions by year-end [1][8] Financial Performance - Q3 2025 revenue breakdown: automotive revenue at $21.2 billion (up 6%), energy generation and storage revenue at $3.42 billion (up 44%), and services and other revenue at $3.475 billion (up 25%) [2][3] - Total gross profit for Q3 was $4.997 billion, with a gross margin of 19.8% [3] - Adjusted EBITDA margin was 18.5%, with net cash from operating activities at $6.255 billion [3] Production and Delivery - Global production in Q3 was 447,400 vehicles, a 4.8% year-over-year decline, while deliveries reached 497,000 vehicles, a 7.4% increase [4][5] - Model 3 and Model Y deliveries totaled 481,100 units, up 9% year-over-year, while other models saw a 30% decline in deliveries [4][5] Market Dynamics - In China, Tesla's sales for H1 2025 were 263,400 units, down 5.4% year-over-year, but Q3 sales rebounded to 169,200 units, a 31% increase from Q2 [6] - Tesla has introduced several new models and variants in 2025 to enhance market competitiveness, including updated versions of Model Y and Model 3 [6][7] Strategic Focus - The company is shifting its focus towards AI and robotics, with significant investments in the Optimus humanoid robot and plans for a full self-driving (FSD) rollout [8][12] - Tesla aims to have FSD approved in various international markets, including China and Europe, while continuing to enhance its autonomous driving capabilities [13]

证券研究报告 涛涛车业 (301345 CH) Q3 净利符合预告，单季利润率新高 2025 年 10 月 23 日│中国内地 汽车零部件 涛涛车业发布三季报：Q3 实现营收 10.60 亿元（yoy+27.73%，qoq-1.35%）， 归母净利 2.64 亿元（yoy+121.44%，qoq+3.25%），位于业绩预增公告区 间中枢（2.4-2.8 亿元）。2025 年 Q1-Q3 实现营收 27.73 亿元（yoy+24.89%）， 归母净利 6.07 亿元（yoy+101.27%），扣非净利 6.02 亿元（yoy+104.14%）。 维持"买入"评级。 Q3 营收同比高增，盈利能力进一步提升 25Q3 公司营业收入延续同比高增趋势，主要系高尔夫球车产品海外需求持 续旺盛、渠道网络优势显现。在海外产能支持下，关税波动对公司盈利能力 有限，25Q3 公司毛利率同比+9.1pct，环比+4.4pct 至 46.05%，同环比提 升系高附加值的高尔夫球车营收占比提升所致。25Q3 公司期间费率控制得 当，销售费率为 7.3%，同比-1.0pct，环比+0.3pct；管理费率为 4.7%，同 比+1.01pc ...

Core Viewpoint - Baidu is set to launch a significant step in its autonomous taxi service by partnering with Swiss Post subsidiary PostBus to conduct road tests for its Robotaxi service in Switzerland starting in December 2023, aiming for a fully driverless service by 2027 [1] Group 1: Company Developments - Baidu's stock rose by 2.11% to $119.5 ahead of the market opening [1] - The collaboration with PostBus will facilitate the deployment of Baidu's Apollo Go autonomous taxi service in regions such as St. Gallen, Appenzell Outer Rhodes, and Appenzell Inner Rhodes in eastern Switzerland [1] - Initial testing will involve safety personnel accompanying the autonomous vehicles, with a transition to fully driverless testing expected by the end of 2026 [1] Group 2: Industry Impact - This initiative marks Baidu's most substantial effort to introduce its autonomous taxi services to public roads in Europe to date [1]

Group 1 - Neolix, a leading Chinese autonomous delivery company, has completed over $500 million in Pre-IPO financing and is initiating its IPO process in Hong Kong, with participation from notable investors including Tencent and Gaocheng Capital [1] - Founded in 2018, Neolix specializes in the research and manufacturing of L4 autonomous commercial vehicles, focusing on logistics applications and has launched models X3, X6, and X12 for urban delivery [1] - The company has achieved significant cost reductions for clients, exceeding 50%, and has developed a proprietary L4 autonomous driving system capable of operating at 50 kph on public roads [1] Group 2 - As of December 2024, Neolix has obtained public road rights in 93 regions and cities across 11 provinces in China, making it the largest autonomous delivery fleet globally with over 2,400 vehicles delivered [1] - Neolix has filed over 1,200 patents, positioning itself among the top in technological accumulation in the industry [1] - On October 14, Neolix entered a strategic partnership with K2 Group, a state-owned AI technology company in the UAE, to accelerate the application of autonomous driving technology in the Middle East [2] - Neolix celebrated the delivery of its 10,000th vehicle in September 2023, becoming the first company in the autonomous delivery sector to reach this milestone [2]

据悉，目前新石器已累计交付L4自动驾驶车辆超1万台车，成为全球第一家破万台的L4级车队；单月交 付车辆突破2000台，成为全球首家单月突破2000台的自动驾驶公司；在青岛市部署车辆突破1200台，协 助其成为全球无人驾驶车辆最多的城市；X3和X6车型累计交付数均突破4000台，成为行业中唯一实现 多爆款（大规模交付SKU）批量交付的公司。（文猛） 责任编辑：江钰涵 新石器创始人兼CEO余恩源表示，本轮融资将帮助夯实提升新石器在无人城配领域的技术实力和市场竞 争力，进一步加速无人车规模化商业应用的步伐，以满足持续增长的国内外城配市场的旺盛需求。"我 们坚信无人配送是未来城市物流的关键一环，新石器将持续打造这支蚂蚁雄兵，继续深耕视觉算法和调 度引擎，为客户提供安全高效的无人驾驶解决方案。目标是用无人驾驶赋能更广泛的城配场景，让无人 车成为新一代城配生产力工具，推动城配物流行业提升效率和数字化升级。" 新浪科技讯 10月23日下午消息，L4级无人城配解决方案提供商——新石器公司（Neolix）今日宣布完 成逾6亿美元D轮融资，本轮融资由阿联酋磊石资本（Stone Venture）领投，并由高成投资、信宸资本 （中信 ...

Core Points - The stock price of Hanchuan Intelligent dropped by 2.02% on October 23, trading at 14.58 CNY per share with a market capitalization of 2.564 billion CNY [1] - Year-to-date, the stock has increased by 33.03%, but has seen a decline of 1.75% over the last five trading days and 8.65% over the last twenty days [1] - Hanchuan Intelligent's main business involves the research, design, production, sales, and service of intelligent manufacturing equipment in sectors such as automotive electronics, healthcare, and new energy batteries, with 93.48% of revenue coming from intelligent manufacturing equipment and systems [1] Financial Performance - As of June 30, Hanchuan Intelligent reported a revenue of 379 million CNY for the first half of 2025, a decrease of 10.06% year-on-year, while net profit attributable to shareholders was 22.935 million CNY, an increase of 118.20% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 63.718 million CNY, with 15.992 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 8.70% to 9,466, while the average number of circulating shares per person decreased by 8.01% to 18,580 shares [2] - Among the top ten circulating shareholders, Huaxia CSI Robot ETF holds 2.756 million shares, an increase of 49.48% compared to the previous period [3]

Core Insights - Tesla reported a 12% year-over-year increase in total revenue for Q3 2025, reaching $28.1 billion, with free cash flow hitting a record $4 billion, marking a historic high for both metrics [1] - Elon Musk emphasized Tesla's leadership in real-world artificial intelligence, citing the company's capabilities in AI, electromechanical engineering, and scalable production [1] AI, Autonomous Driving, and Humanoid Robots - Musk stated that the large-scale advancement of autonomous driving and Robotaxi services will fundamentally change transportation, potentially leading to a world without poverty [2] - Tesla has expanded its Robotaxi service three times since its launch in Austin, with plans to operate in Nevada, Florida, and Arizona by the end of the year [2] - The Robotaxi service has accumulated over 250,000 miles (400,000 km) in Austin and over 1 million miles (1.6 million km) in the Bay Area [2] - The Robotaxi iOS app is now available for download in the U.S. and Canada, allowing users to join a waiting list [2] - Tesla plans to eliminate safety drivers for Robotaxi in the coming months, with expectations to operate in 8 to 10 urban areas by the end of 2025 [2] - Tesla began rolling out the Smart Assist Driving V14 in October 2025, enhancing the FSD model's capabilities [3] - The company is developing a Lite version of Smart Assist Driving for vehicles equipped with HW3.0 hardware [3] - Tesla's real-world simulator for training Smart Assist Driving significantly enhances AI performance through realistic video generation [3] - 12% of Tesla users globally are paying for Smart Assist Driving, with over 9.6 billion kilometers driven using the system [3] - Tesla's Q3 2025 vehicle safety report indicates that vehicles with Smart Assist Driving are nine times safer than regular vehicles [3] - The Cybercab Tesla is set to begin production in Q2 2026, and the third-generation humanoid robot will be released in Q1 2026 [3] Electric Vehicles and Services - In Q3 2025, Tesla produced approximately 447,000 electric vehicles and delivered 497,000, both record highs [7] - Tesla's Shanghai Gigafactory remains a key export hub, with over 90,000 deliveries in September and a 25% quarter-over-quarter increase in sales in China [7] - The Model Y has become the best-selling SUV in China, with nearly 170,000 units sold in Q3, a 31% increase [7] - Tesla achieved record delivery numbers in several Asia-Pacific markets, with South Korea becoming the third-largest market after the U.S. and China [7] - In Europe, the Model Y has been the best-selling vehicle in Norway, Switzerland, and Iceland, and has topped sales charts in Finland and the Netherlands [7] - The Texas Gigafactory has produced its 500,000th vehicle [8] - Tesla has installed over 3,500 new Supercharger stations globally, increasing the charging network by 18% year-over-year [8] - The new V4 Supercharger stations offer three times the power density of V3 stations, providing up to 500 kW of charging power [8] Energy Storage - Tesla's energy storage product installations reached a record 12.5 GWh in Q3 2025, driven by the Shanghai Supercharger factory's output and Powerwall installations [14] - The new Megablock industrial storage product simplifies deployment and reduces complexity for utility-scale projects [14] - The fourth-generation Megapack is in planning, designed to output approximately 35 kV without requiring a dedicated substation [14] - The demand for energy products is increasing due to the growth of the AI industry, with large enterprises recognizing the benefits of Megapack products [14] - Tesla is launching a new solar + Powerwall rental program to provide predictable energy costs for customers, further driving demand for home energy products [14]