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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 未經審核之二零二五年十月銷量 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本公司於二零二五年十月的五大品牌總銷量為263,466輛汽車，較去年同期 增長約2%。詳細如下： | | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | （輛） | （輛） | (%) | （輛） | 累計（輛） | (%) | | 奇瑞 | 169,696 | 165,289 | 3% | 1,377,558 | 1,278,830 | 8% | | 星途 | 9,494 | 16,594 | -43% | 97,445 | 112,540 ...

Core Viewpoint - Li Auto's stock experienced a decline following a fire incident involving one of its vehicles, raising concerns about safety and impacting investor sentiment [1] Group 1: Incident Report - A Li Auto Mega vehicle caught fire while driving in Shanghai's Xuhui District on October 23, resulting in the vehicle being completely burned [1] - Li Auto confirmed that all passengers safely exited the vehicle and stated that they are cooperating with the fire department's investigation [1] Group 2: Delivery Data - In September, Li Auto delivered 33,951 vehicles, marking a year-on-year decrease of 36.8%, continuing a trend of four consecutive months of declining deliveries [1] Group 3: Analyst Ratings and Forecasts - HSBC Research maintained a "Buy" rating for Li Auto, citing strong performance of the newly launched Li Auto i6 electric SUV, which is expected to significantly boost sales in Q4 [1] - However, HSBC adjusted its sales forecasts for 2025 to 2027 down by 22% to 31%, and subsequently lowered its profit forecasts by 55%, 42%, and 31% for the same period [1]

Core Insights - The top ten MPV manufacturers in China sold 681,000 units from January to September, accounting for 77.5% of total MPV sales [1] Group 1: Sales Performance - Among the top ten manufacturers, GAC Trumpchi experienced a decline in sales compared to the same period last year, while other companies showed varying degrees of growth [1]

Core Insights - NIO's stock price increased by 1.46% to $6.94 in pre-market trading, reflecting positive market sentiment following recent delivery updates [1][2] - The company achieved over 10,000 vehicle deliveries in the week of October 13-19, with significant contributions from its sub-brands, marking a notable production capacity increase of 50% compared to the previous month [1] Delivery Performance - NIO delivered over 4,000 vehicles, while its sub-brands, Ladao and Firefly, contributed over 5,000 and 1,500 deliveries respectively [1] - The L90 model achieved a record weekly delivery of over 3,500 units, indicating strong demand and operational efficiency [1] Financial Metrics - As of October 22, NIO's closing price was $6.84, with a pre-market price of $6.94 [2] - The stock experienced a trading volume of approximately 52.45 million shares, with a market capitalization of $16.918 billion [2] - The stock's 52-week high and low were $8.02 and $3.02 respectively, indicating significant volatility in its trading history [2]

Core Insights - The top ten automotive companies in China sold a total of 20.431 million vehicles from January to September 2025, accounting for 83.9% of the total automotive sales [1] Group 1: Company Performance - Dongfeng Motor Corporation and GAC Group experienced a decline in sales compared to the same period last year [1] - Other companies in the top ten list showed varying degrees of sales growth [1]

Core Insights - The China Automobile Industry Association reported that in the first three quarters of this year, automobile production and sales reached 24.33 million and 24.36 million units, representing year-on-year growth of 13.3% and 12.9% respectively [1] - In September, automobile production and sales were 3.276 million and 3.226 million units, showing month-on-month growth of 16.4% and 12.9%, and year-on-year growth of 17.1% and 14.9% respectively [1] Production and Sales Data - Total automobile production for the first three quarters was 24.33 million units, with a year-on-year increase of 13.3% [1] - Total automobile sales for the first three quarters reached 24.36 million units, reflecting a year-on-year growth of 12.9% [1] - In September, production was 3.276 million units, marking a month-on-month increase of 16.4% [1] - September sales were 3.226 million units, with a month-on-month growth of 12.9% [1] - Year-on-year production growth in September was 17.1% and sales growth was 14.9% [1]

Core Viewpoint - Changan Automobile reported a total sales volume of 2,066,075 vehicles for the period from January to September 2025, with overseas sales accounting for 465,305 vehicles [1] Summary by Category Sales Performance - Total vehicle sales for Changan Automobile reached 2,066,075 units from January to September 2025 [1] - Overseas sales contributed 465,305 units to the total sales figure [1]

Core Viewpoint - The domestic futures market for rubber has experienced a significant decline, with the main contract for No. 20 rubber futures closing at 12,100.00 yuan/ton, down 2.18% [1] Market Data Summary - As of September 30, the Shanghai Futures Exchange reported 42,034 tons of No. 20 rubber futures warehouse receipts, a decrease of 403 tons from the previous trading day [2] - The Osaka Exchange indicated that as of September 20, 2025, the rubber (RSS) inventory in designated warehouses was 3,015 tons, down 202 tons from 3,217 tons as of September 10 [2] - LMC Automotive's latest report shows that the seasonally adjusted annualized sales of global light vehicles in August 2025 were slightly above 94 million units, remaining stable compared to the previous month [2] - The European Automobile Manufacturers Association reported a 5.3% increase in EU passenger car market sales in August 2025, totaling 677,786 units [2] Institutional Perspectives - Ningzheng Futures anticipates strong expectations for future production increases, while downstream tire manufacturers have completed pre-holiday inventory replenishment, leading to weak market trading. The overall situation indicates low inventory and weak demand for rubber [3] - Hualian Futures notes that expectations for increased volume during peak season and weak oil prices are pressuring the market, alongside increasing macro trade frictions. The impact of typhoons was less than expected, leading to a depletion of positive effects. The current price level has not significantly affected rubber tapping enthusiasm, and the premium of rubber glue over cup rubber is at a very low level, indicating no major supply issues [3] - From January to August this year, imports of natural and synthetic rubber increased by approximately 19%, but the growth rate slowed to 7.8% in August. Qingdao dry rubber inventory continues to show a slight decline, while the difficulty of inventory reduction remains high. The inventory of styrene-butadiene traders is recovering significantly, while factory inventory has decreased substantially [3] - On the demand side, the domestic real estate sector continues to drag down rubber demand, with July data remaining weak. However, the commencement of large-scale infrastructure projects is expected to benefit heavy truck demand in the long term, with heavy truck sales improving by approximately 35% year-on-year in August [3] - The operating rate of all-steel tires remained stable week-on-week, while the inventory is balanced and below levels of previous years. The operating rate of semi-steel tires rebounded after a decline, with inventory at high levels [3] - The current recommendation is to remain cautious and observe market conditions [3]

Core Insights - The launch of the Li Auto i6, priced at 249,800 yuan, is seen as a critical move for the company after three months of declining sales, with a promotional price of 239,800 yuan during the initial sales period [1][2] - The i6 has garnered significant attention, with over 100,000 users expressing interest prior to its launch, indicating strong market demand [1][3] - The company aims to deliver 45,000 to 50,000 units of the i6 by the end of the year, with production ramping up in the coming months [2][5] Product Details - The i6 features a range of 720 km, a length of 4.95 meters, and a wheelbase of 3 meters, surpassing the Tesla Model Y in size while being 13,700 yuan cheaper [1][6] - The vehicle comes standard with rear-wheel drive, air suspension, VLA, and a refrigerator [1] Sales Strategy - Li Auto has adopted a new sales strategy by skipping the pre-order phase and allowing customers a 7-day window to decide on their purchase after the launch [1][4] - The company has set a target to sell 9,000 to 10,000 units of the i6 monthly after stabilizing its sales [5][10] Production Capacity - The production plan for the i6 includes 7,000 units available in September, with an increase to 13,000 units in October, and projections of 23,000 and 25,000 units in November and December, respectively [2][5] - The company is facing supply chain challenges but is actively seeking to increase production capacity [2][10] Market Positioning - The decision to focus on the i6 and i8 models reflects a strategic shift in response to market demand, with the company eliminating the i7 model to streamline its offerings [6][10] - The company aims to capture a larger market share in the electric vehicle segment by targeting a broader consumer base with the i6 and i8 [10]

Core Viewpoint - The traditional car manufacturers are perceived as safe and reliable, while new players offer more intelligent and enjoyable vehicles, but still need to improve on safety and reliability [1] Group 1: Quality Issues - Audi A6L owners have reported frequent door lock malfunctions, with some experiencing multiple failures within a month, leading to safety concerns [2][3] - Affected customers have expressed frustration over the quality control of Audi, stating that they feel burdened by the need for frequent repairs and potential out-of-pocket expenses after warranty expiration [5][6] - The door lock issues are not isolated incidents, as multiple owners across various provinces have reported similar problems, indicating a potential systemic issue with the vehicle's design [9] Group 2: Impact on Brand Reputation - The increase in complaints regarding door locks is likely to damage Audi's reputation, which could negatively affect sales as word-of-mouth spreads among consumers [9] - Audi has faced a decline in sales, with a reported 12.5% drop in 2024, marking a significant downturn in performance and customer satisfaction [13] - Social media feedback from Audi owners reflects a growing dissatisfaction, with many stating they would not consider purchasing Audi vehicles again due to ongoing quality issues [13] Group 3: Recall and Regulatory Aspects - Audi has conducted multiple recalls, including one affecting over 100,000 vehicles due to software issues that could compromise safety [11] - Since 2024, Audi has issued eight recalls related to various quality concerns, including issues with the A6L model, highlighting ongoing challenges in maintaining product reliability [13] - Experts suggest that affected customers should utilize consumer protection laws to seek remedies, although not all issues may qualify for a recall under current regulations [9]