Financial Performance - Group revenue reached RMB 113.1 billion, a YoY increase of 22.3%[11] - Gross profit margin increased to 22.9%, up 2.5 percentage points YoY[11] - Adjusted net profit reached RMB 11.3 billion, a significant YoY increase of 80.9%[11] - Smart EV, AI and other new initiatives revenue reached RMB 29.0 billion, a substantial YoY increase of 199.2%[11] Smartphone and AIoT Business - Global smartphone shipments ranked among the top 3 for 21 consecutive quarters, with a market share of 13.6%[14] - Premium smartphone sales in Chinese Mainland increased to 24.1% of total smartphone units sold, a YoY increase of 4.1 percentage points[14] - IoT and lifestyle products revenue reached RMB 27.6 billion, up 5.6% YoY[85] Smart EV Initiatives - Delivered 108,796 Smart Electric Vehicles, representing a YoY increase of 173.4%[18] - Smart EV sales revenue reached RMB 28.3 billion, up 197.9% YoY[89] User Growth and AI - Global MAU reached 741.7 million[21] - Number of connected devices reached 1,035.5 million[26] R&D Investment - R&D expenses reached RMB 9.1 billion in Q3 2025[31]

Core Insights - Xiaomi Group reported a third-quarter revenue of 113.1 billion yuan, representing a year-on-year growth of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan in revenue [1] - The adjusted net profit reached 11.3 billion yuan, a significant increase of 80.9% year-on-year, achieving a historical high [1] - Revenue from the smart electric vehicle and AI innovation business segment amounted to 29 billion yuan, with a year-on-year increase of over 199% [1] - Specifically, the revenue from smart electric vehicles was 28.3 billion yuan, and for the first time, the smart electric vehicle and AI innovation business segment achieved a positive operating profit of 700 million yuan in a single quarter [1]

Core Points - SAIC Group's high-end electric brand, IM Motors, has officially launched its flagship six-seat SUV, the IM LS9, with pricing starting at 322,800 yuan for the 52 Ultra version and 352,800 yuan for the 66 Ultra version equipped with a 66 kWh battery [1] Group 1: Product Features - The IM LS9 features the Lingxi Digital Chassis 3.0 and a bi-directional 24-degree smart four-wheel steering system, achieving a turning radius of 4.95 meters, comparable to that of compact cars [3] - The vehicle is equipped with an 800V architecture and a dual-motor vector all-wheel drive system, enabling a 0-100 km/h acceleration in the 4-second range, with a CLTC pure electric range of 402 kilometers and a comprehensive range of 1,508 kilometers, while maintaining a low energy consumption of 2.81 liters per 100 kilometers [3] Group 2: Intelligent Technology - The IM LS9 is equipped with 520-line ultra-vision lidar and NVIDIA Thor chips, supporting L3-level perception capabilities for L2-level assisted driving, capable of recognizing traffic gesture commands, and includes advanced safety features such as super-sensitive AEB and AES lateral emergency avoidance [5] - The vehicle introduces an AI Agent service assistant for various scenarios, including parking payment and food ordering, along with features like "Rainy Night Mode 2.0" and a one-button privacy function to enhance safety and privacy [5] Group 3: Interior Comfort - The IM LS9 boasts an 86% high "usable area" design, featuring three zero-gravity seats that can switch between a boudoir chair and a super-sized bed mode [7] - It includes a Danish B&O sound system, 4D mechanical massage seats, and a smart heating system for exceptional audio-visual and comfort experiences, complemented by a fresh air system and outdoor luxury package to enhance outdoor living comfort [7]

Core Viewpoint - The article discusses the evolution of electric vehicles (EVs) and critiques the design choices made by automakers, particularly the shift towards touchscreens and hidden door handles, which may compromise safety and user experience [5][22][45]. Group 1: Evolution of Electric Vehicles - Electric vehicles have transformed from being seen as niche products to becoming mainstream, overcoming initial skepticism regarding range and charging efficiency [5]. - The introduction of Tesla's Model S in 2012 marked a significant turning point in the automotive industry, establishing a new standard for smart electric vehicles [8][9]. Group 2: Design Trends and Critiques - Tesla's design philosophy emphasizes minimalism, reducing mechanical components in favor of sleek, touch-based interfaces, which has influenced many other automakers [9][12]. - The trend of integrating large touchscreens and eliminating physical buttons has led to usability challenges, particularly in critical functions like defrosting and door operation [11][30][31]. Group 3: Safety and Usability Concerns - The shift to touchscreens and hidden door handles raises significant safety concerns, as these designs can distract drivers and complicate emergency situations [40][41]. - Regulatory bodies are beginning to respond to these concerns, with new guidelines requiring physical buttons for certain functions to ensure safety [42][43]. Group 4: Future Directions - The automotive industry may move towards a hybrid approach, combining touchscreens with essential physical buttons to balance innovation with safety and usability [45]. - The article suggests that while the design of electric vehicles is evolving, practical solutions like heat-resistant films for glass roofs are still necessary to enhance user comfort [46].

Core Viewpoint - The electric vehicle (EV) industry has evolved significantly over the past decade, overcoming initial skepticism regarding range and charging efficiency, but it has also introduced design elements that may complicate user experience, such as glass roofs, touchscreens, and hidden door handles [1][2][4]. Group 1: Evolution of Electric Vehicles - The launch of the Tesla Model S in 2012 marked the beginning of the smart electric vehicle era, receiving accolades for its innovative design [2][3]. - Tesla's design philosophy emphasizes the removal of mechanical components in favor of a sleek, intelligent interface, aiming for a futuristic automotive experience [2][4]. Group 2: Industry Trends and Challenges - Many automakers have adopted Tesla's design elements, leading to a trend where physical buttons are minimized, and touchscreens dominate vehicle controls [5][6]. - New entrants in the market are pushing for "zero buttons, all touchscreen" interfaces, which can complicate user interactions, especially in critical situations [7][9]. Group 3: User Experience and Safety Concerns - The shift to touchscreens and hidden door handles has raised concerns about usability, particularly in emergency situations where traditional controls may be more intuitive [19][30]. - The automotive industry has historically prioritized safety in user interactions, but the current trend may compromise this principle by prioritizing aesthetics and convenience over safety [30][31]. Group 4: Regulatory Responses - Regulatory bodies are beginning to respond to these design trends, with new safety requirements that may limit the use of hidden door handles and emphasize the need for physical buttons for critical functions [31][34]. - The European New Car Assessment Programme (E-NCAP) and China's Ministry of Industry and Information Technology are both advocating for a return to more traditional controls to ensure safety [31][34]. Group 5: Future Directions - The industry may move towards a hybrid model that combines touchscreens with essential physical buttons to balance safety and modern design [37]. - As technology advances, there is potential for improved user interfaces that maintain safety while offering the benefits of modern design elements [37].

Core Viewpoint - The article discusses the evolution and challenges of electric vehicles (EVs), highlighting the shift from traditional mechanical components to modern design elements like glass roofs, touchscreens, and hidden door handles, while raising concerns about safety and usability [3][5][26]. Group 1: Evolution of Electric Vehicles - The introduction of the Tesla Model S in 2012 marked a significant turning point in the electric vehicle industry, being recognized as a groundbreaking invention [8][10]. - Tesla's design philosophy aimed to eliminate mechanical components in favor of a sleek, minimalist aesthetic, which has influenced many automakers [9][12]. - The trend of integrating large touchscreens and hidden door handles has become prevalent, often at the expense of user-friendliness and safety [13][23]. Group 2: User Experience and Safety Concerns - The shift to touchscreens and hidden controls has led to usability issues, with drivers struggling to locate essential functions quickly, especially in emergencies [35][45]. - The article emphasizes that the automotive industry has historically prioritized safety, but recent trends may compromise this principle by prioritizing aesthetics over functionality [44][55]. - Regulatory bodies are beginning to respond to these concerns, with new safety requirements for physical buttons and controls being proposed [47][48]. Group 3: Future Directions - The article suggests a potential shift towards a hybrid approach, combining touchscreens with essential physical buttons to enhance safety and usability [56][57]. - It anticipates that by 2027, a balanced integration of technology and traditional controls will likely emerge, addressing both design and safety needs [58][59].

Core Viewpoint - Leapmotor has launched the pre-sale of its new model, the Leapmotor Lafa5, targeting the Gen Z market with a focus on high-quality and high-configuration features, priced between 105,800 to 131,800 yuan [1][2]. Group 1: Product Launch and Market Positioning - The Leapmotor Lafa5 is positioned as a high-performance sports coupe, built on the LEAP3.5 technology architecture, and aims to cater to urban youth seeking self-expression through their vehicles [1][2]. - The official launch of the Lafa5 is scheduled for November 28, with plans for gradual global market entry by 2026 [2]. - Leapmotor has achieved over 1 million cumulative deliveries, with nearly 470,000 new cars delivered from January to October 2025, leading the new energy vehicle segment for eight consecutive months [2]. Group 2: Design and Specifications - The Lafa5 features a body width of 1,880 mm, a 61.4° front windshield angle, and a short front and rear overhang design, creating a dynamic coupe silhouette [2]. - The vehicle includes frameless doors and a sleek design with high-gloss black glass trim, enhancing its modern aesthetic [2]. Group 3: Performance and Technology - The Lafa5 is equipped with a 160 kW rear-mounted electric drive, achieving 0-100 km/h acceleration in 6.4 seconds, with a fivefold improvement in power response speed due to innovative chip integration technology [3]. - The vehicle offers a CLTC range of 605 km and can charge from 30% to 80% in just 18 minutes [4]. - The smart cockpit features a 14.6-inch floating 2.5K HD central display and an 8.8-inch LCD instrument panel, powered by the Qualcomm 8295P chip and Leapmotor OS 4.0 Plus for an immersive user experience [4]. Group 4: Variants and Future Plans - Leapmotor is also launching the Lafa5 Ultra version, which will offer enhanced aesthetics and performance, with deliveries expected in the second quarter of 2026 in mainland China [5].

Core Viewpoint - The article highlights the financial distress of Hezhong New Energy, the parent company of Nezha Auto, indicating significant legal and financial challenges, including a total execution amount exceeding 25.91 million yuan and ongoing bankruptcy restructuring efforts [1][3][8]. Group 1: Legal and Financial Issues - Hezhong New Energy has recently been listed as a defendant in a legal case with an execution amount exceeding 25.26 million yuan, filed by the Beihai Maritime Court on November 4 [1]. - The total amount of executions against Hezhong New Energy is approximately 25.91 million yuan [3]. - The company faces multiple risk factors, including consumption restrictions, administrative penalties, and equity freezes [4]. Group 2: Company Background and Financial Performance - Hezhong New Energy was established in October 2014, with total investments exceeding 10 billion yuan and a workforce of over 7,000 employees, holding more than 3,500 patents [8]. - Nezha Auto, launched in 2018, is a smart electric vehicle brand under Hezhong New Energy [8]. - The company reported net losses of 4.84 billion yuan, 6.666 billion yuan, and 6.867 billion yuan for the years 2021 to 2023, totaling over 18.3 billion yuan in losses [8]. - On June 12, the Jiaxing Intermediate People's Court accepted the bankruptcy reorganization case of Hezhong New Energy, appointing multiple law firms as joint administrators [8].

Core Viewpoint - NIO-SW (09866) achieved a record monthly delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The October 2025 deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end smart electric cars under the Firefly brand [1] - Cumulative vehicle deliveries reached 913,182 units as of October 31, 2025 [1] Product Highlights - The flagship SUV, Lada L90, set a new delivery record in October 2025, maintaining strong growth since its official launch at the end of July 2025, with monthly deliveries exceeding 10,000 units for three consecutive months [1] - The L90 is positioned to lead the large SUV market into the electric era due to its industry-leading status and exceptional product competitiveness [1]

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倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （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：9866） 自願公告 關於蔚來 蔚來是全球智能電動汽車市場的先驅及領跑者。成立於2014年11月，蔚來致力 於共創可持續和更美好的未來，實現「Blue Sky Coming」的使命。蔚來的願景是 成為技術與體驗領先的用戶企業。蔚來設計、開發、製造及銷售智能電動汽車， 推動新一代核心技術的創新。蔚來通過持續的技術突破及創新、極致的產 ...