Market Overview - From November 1 to 9, the national retail sales of passenger cars reached 415,000 units, a year-on-year decrease of 19% compared to the same period last year, and a month-on-month decrease of 4%. Cumulative retail sales for the year reached 19.671 million units, a year-on-year increase of 7% [1][4] - During the same period, wholesale sales of passenger cars amounted to 468,000 units, a year-on-year decrease of 22%, but a month-on-month increase of 48%. Cumulative wholesale sales for the year reached 24.242 million units, a year-on-year increase of 11% [1][6] New Energy Vehicles (NEVs) - Retail sales of new energy passenger cars from November 1 to 9 totaled 265,000 units, a year-on-year decrease of 5%, but a month-on-month increase of 16%. Cumulative retail sales for the year reached 10.415 million units, a year-on-year increase of 21% [1] - Wholesale sales of new energy passenger cars during the same period reached 306,000 units, a year-on-year decrease of 3%, but a month-on-month increase of 59%. Cumulative wholesale sales for the year reached 1.236 million units, a year-on-year increase of 29% [1] Market Trends and Consumer Behavior - The average daily retail sales in the first week of November were 46,000 units, reflecting a year-on-year decrease of 19% and a month-on-month decrease of 4%. The retail market showed weak performance at the beginning of November, influenced by last year's strong market performance [4][6] - The macroeconomic environment remains stable, but the tightening of trade-in and scrapping subsidies has led to a cautious attitude among dealers, contributing to a decline in retail sales [4] Vehicle Ownership Statistics - By the end of 2024, the total number of vehicles in China reached 346 million, resulting in a per capita ownership of 219 passenger cars per 1,000 people. The number of registered drivers reached 506 million, with an annual increase of approximately 20 million [7] Second-Hand Vehicle Market - In the first nine months of 2025, the second-hand vehicle market saw a transaction volume of 14.73 million units, a year-on-year increase of 3.6%, with a transaction value of 946.2 billion yuan, an increase of 0.7% [9][10] - The second-hand vehicle market is expected to grow significantly, especially with the rise of new energy vehicles, providing consumers with lower-cost options [10] Pricing and Promotions - The promotion and price reduction strategies in the passenger car industry have returned to rationality, with a total of 156 new car models experiencing price reductions from January to October 2025. The average price reduction for new energy vehicles was 21,000 yuan, while for conventional fuel vehicles, it was 14,000 yuan [11][12] - The effectiveness of the trade-in policy has led to increased market sales and a reduction in aggressive price competition, improving the overall market environment [12]

Core Viewpoint - The collaboration between Haima Automobile and XPeng Motors has officially ended as of December 31, 2021, and there are currently no other business associations between the two companies. Haima Automobile is now focusing on the development of its own brand and expanding into the new energy vehicle sector [1]. Group 1 - Haima Automobile's partnership with XPeng Motors expired on December 31, 2021 [1] - The termination of the agreement has led to an automatic cessation of collaboration between the two companies [1] - Haima Automobile's current strategy is centered on developing its own brand and exploring opportunities in the new energy vehicle market [1]

Group 1 - The core viewpoint is that domestic sales have gradually surpassed the previous high point of 2017, and the resilience of continued growth needs to be observed, with expectations of stable domestic demand if there are still certain levels of central and local subsidies [1] - In the new energy sector, technological innovation and model iteration on the supply side are driving an increase in penetration rates, while facing a phase of pre-purchase tax policy withdrawal by the end of 2025, with expectations of double-digit growth in domestic new energy vehicle sales [1] Group 2 - For commercial vehicles, the growth space is opened up by overseas markets, with a focus on the trend of electric intelligence; the heavy truck scrapping and updating policy may continue in 2026, with domestic demand still supported, and export growth driven by strong demand in Asia, Africa, and Latin America, with an industry total expected to increase by 5% year-on-year to 1.05-1.1 million units [1] - The penetration rate of new energy heavy trucks in domestic sales is expected to reach about 30% by 2026, with L2+ level assisted driving heavy trucks achieving a breakthrough from 0 to 1, with a penetration rate expected to reach single digits by 2026 [1] Group 3 - The auto parts industry may shift growth potential from domestic to overseas markets, with a focus on trends in obtaining orders for new energy vehicle components from European automakers by 2026 [2] - The humanoid robot sector is gradually entering the mass production stage, with leading and core assets emerging, while software iteration is a key focus for future development [3] - With the improvement of regulations in the intelligent driving industry, 2026 may mark the year of mass production for L3 vehicles, which is expected to drive continuous improvement in the penetration rate of the intelligent driving industry chain [3]

Market Overview - In October 2023, the retail sales of passenger cars in China reached 2.387 million units, a year-on-year increase of 6% and a month-on-month increase of 7%. Cumulatively, retail sales for the year reached 19.395 million units, up 9% year-on-year [1][5] - Wholesale sales of passenger cars in October 2023 totaled 2.922 million units, representing a 7% year-on-year increase and a 4% month-on-month increase. Year-to-date wholesale sales reached 23.769 million units, up 12% year-on-year [1][9] New Energy Vehicle (NEV) Market - Retail sales of new energy vehicles in October 2023 reached 1.4 million units, a year-on-year increase of 17% and a month-on-month increase of 8%. Year-to-date retail sales of NEVs reached 10.27 million units, up 23% year-on-year [1][2] - The penetration rate of new energy vehicles in the retail market was 58.7%, while the wholesale penetration rate was 55.2% in October 2023 [2] Production Trends - In October 2023, the production of pure fuel light vehicles was 839,000 units, a year-on-year increase of 6% but a month-on-month decrease of 7%. The production of hybrid and plug-in hybrid vehicles totaled 526,000 units, down 6% year-on-year but up 13% month-on-month [2] Weekly Sales Performance - The average daily retail sales of passenger cars varied throughout October, with the first week seeing a decline of 18% year-on-year, while the fifth week experienced a significant increase of 47% year-on-year [4][5] Market Dynamics - The traditional peak season of "Golden September and Silver October" was affected by the Mid-Autumn Festival, leading to fluctuations in monthly sales. The tightening of subsidies in some regions also contributed to weaker retail performance in October [6] - The upcoming expiration of the vehicle purchase tax exemption policy is expected to maintain high consumer enthusiasm for car purchases [6] Global Market Share - In September 2025, global vehicle sales reached 8.55 million units, with China accounting for 38% of the market share, reflecting a 2 percentage point increase from the previous year [10] - From January to September 2025, China's vehicle sales reached 24.32 million units, a 13% increase year-on-year, solidifying its position as the most dynamic market globally [10] New Energy Vehicle Global Share - In the first nine months of 2025, China accounted for 68% of the global increase in new energy vehicles, highlighting its dominance in the sector [11]

Core Insights - BYD achieved a record high in sales for October, with a total of 441,706 vehicles sold, marking the highest monthly sales figure for the year [1] - Cumulatively, from January to October 2025, BYD has sold 3,701,852 vehicles, with over 14.2 million of these being new energy vehicles [1] Summary by Categories - **Sales Performance** - October sales reached 441,706 vehicles, setting a new annual record [1] - Total sales from January to October 2025 stand at 3,701,852 vehicles [1] - **New Energy Vehicles** - Cumulative sales of new energy vehicles exceed 14.2 million [1]

Core Insights - Xiaopeng Motors reported a record high monthly delivery of 42,013 vehicles in October 2025, marking a year-on-year increase of 76% and a month-on-month increase of 1% [1] - Cumulatively, Xiaopeng Motors delivered 355,209 vehicles from January to October 2025, representing a significant year-on-year growth of 190% [1] Delivery Performance - October 2025 deliveries reached 42,013 units, the highest monthly figure in the company's history [1] - The company has achieved over 40,000 deliveries for two consecutive months [1] Year-to-Date Performance - From January to October 2025, total deliveries amounted to 355,209 units [1] - This figure reflects a substantial increase of 190% compared to the same period last year [1]

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 Ningbo Physis Technology Co., Ltd. 寧波菲仕技術股份有限公司 (the "Company") (A joint stock company incorporated in the People's ...

Core Viewpoint - Seres Group, a Chinese new energy vehicle maker, is seeking to raise HK$13.18 billion ($1.7 billion) through a secondary listing in Hong Kong, with trading expected to begin on November 5 [1][2]. Company Overview - Seres Group is a technology-focused enterprise involved in the research, development, manufacturing, sales, and services of new energy vehicles and key components, tracing its origins back to 1986 in springs and shock absorbers [2][3]. - The company entered vehicle manufacturing in 2003 through a joint venture with Dongfeng Motor and shifted to the NEV segment in 2016 [3]. Financial Performance - In 2024, Seres reported a significant revenue increase to 145.1 billion yuan ($20.37 billion) from 35.8 billion yuan [5]. - The company transitioned from a net loss of 2.4 billion yuan in 2023 to a net profit of 5.9 billion yuan for the full year 2024, with continued momentum into 2025, achieving a net profit of 2.9 billion yuan for the six months ended June 30, 2025 [6]. Use of Proceeds - Approximately 70% of the proceeds from the listing will be allocated to advancing the research and development pipeline, supporting product innovation, technology upgrades, and long-term competitiveness [4]. - About 20% will be directed towards expanding and diversifying the go-to-market footprint, including new marketing channels, overseas sales initiatives, and charging network services [4]. - The remaining 10% will be reserved for working capital and general corporate purposes [4]. Strategic Partnerships - Seres is building an open ecosystem through long-term supplier partnerships, including collaborations with Huawei and Contemporary Amperex Technology, with Huawei providing intelligent cockpit and driving-assistance systems [3][4].

Company Overview - Seres Group, a Chinese new energy vehicle maker, has filed for an initial public offering (IPO) in Hong Kong, aiming to raise HK$13.18 billion (US$1.7 billion) [1] - The company plans to use the majority of the IPO proceeds for technological research and development and to expand its international market presence [4] IPO Details - Seres plans to sell 100.2 million shares with a capped offer price of HK$131.50 per share, expecting the stock to debut on November 5 [2] - Retail investors can subscribe to shares from October 30 to October 31, with allocation results announced on November 4 [3] - The company may issue an additional 15.03 million shares under an overallotment option, which could increase to 17.28 million shares if the offer size adjustment option is fully exercised [5] Strategic Partnerships - Seres positions itself as a technology company, developing and manufacturing new energy vehicles and core components, with partnerships including Huawei Technologies and Contemporary Amperex Technology [4] - Huawei supplies intelligent cockpit and driving-assistance systems to Seres, contributing to its technological capabilities [4] Investor Interest - Cornerstone investors for the IPO include British asset manager Schroders, South Korean investment bank Mirae Asset Securities, Huatai Capital Investment, and Zhejiang Sanhua Intelligent Controls, committing to US$826.47 million worth of shares [6] Market Context - There is a trend of global funds returning to support mainland Chinese companies' IPOs in Hong Kong, indicating renewed investor interest in the region [7]

Core Insights - The data released by the Hunan Automobile Association indicates a significant increase in new car registrations in September 2023, with a total of 63,733 vehicles registered, marking a 29.21% increase from August. Among these, 31,225 were new energy vehicles (NEVs), reflecting a 28.16% rise [1][3]. Group 1: Overall Market Performance - Hunan's new car registration volume in September reached 63,733 units, with NEVs accounting for 31,225 units, resulting in a penetration rate of 48.99% for NEVs in the province, nearing the national average [3]. - Changsha led the province with 28,906 new car registrations and 15,717 NEVs, significantly outpacing other cities [3]. Group 2: City-Level Performance - The top three cities for new car registrations in September were Changsha, Zhuzhou, and Hengyang, with respective figures of 28,906, 3,976, and 3,668 units [3]. - Notably, Yueyang achieved a NEV penetration rate of 52.65%, making it one of the two cities in Hunan with over 50% penetration, alongside Changsha [3]. Group 3: Brand and Model Insights - In the fuel vehicle segment, brands like Toyota, Honda, Nissan, and Volkswagen continue to dominate, with Japanese brands showing a clear advantage [4]. - The Wuling Hongguang MINI topped the NEV registration list with 1,524 units, indicating strong consumer preference for this compact model [4][5]. - BYD had seven models in the top 16, all priced under 100,000 yuan, highlighting the brand's focus on affordable vehicles while indicating a need for improvement in higher-value segments [4]. Group 4: Emerging Trends - Xiaomi's YU7 and SU7 models gained traction, with YU7 surpassing SU7 in registrations, reflecting the brand's expanding production capacity despite recent safety concerns affecting its reputation [9]. - The introduction of the Cao Cao 60 model, with 280 registrations, suggests a potential shift in the ride-hailing market, challenging established brands like BYD and Aion [9].