Li Auto Inc. 理想汽車 （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：2015） 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，並明確表示概不會就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。 1 股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 理想汽車 董事長 李想 自願公告 2025年12月交付更新資料 於2026年1月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年12月，理想汽車交付新車 44,246輛。2025年第四季度，理想汽車交付109,194輛。截至2025年12月31日， 理想汽車歷史累計交付量為1,540,215輛。 2025年12月，理想汽車跨過150萬輛累計交付量的里程碑；理想L9、理想L7及理 想L6三款車型同步登陸埃及、哈薩克斯坦和阿塞拜疆市場，開啟橫跨中亞、高加 索地區及非洲的市場佈局；此外，本公司正式發佈理想AI眼鏡Livis，收穫用戶積 極反饋。 截至202 ...

2025年，全固态电池进入"量产前夜"，而半固态电池则已经装入高端车型。蔚来、智己、岚图等品牌，纷纷将"半固态"或"固态电解质"电池作为新车型的重 要卖点，能量密度与安全性的宣传战充斥着各大发布会。在实验室数据和部分严寒气候测试中，这些电池的安全性与低温性能数据优于传统液态电池。 然而，真正的全固态电池仍卡在工程车间里。技术路线也各有不同：硫化物路线的优势是离子电导率最高，性能潜力大，但化学性质极不稳定，对生产环境 要求极为严苛；氧化物路线则是化学稳定性好，但室温下离子电导率偏低，质地硬脆导致固-固界面接触成为世界性难题；聚合物路线的工艺成熟，但离子 电导率低、耐高温性差，性能天花板明显。 传统液态电池巨头采取了双线押注策略。一方面，宁德时代的神行电池、比亚迪的刀片电池通过结构创新，持续巩固其在主流市场的成本与性能优势。另一 方面，宁德时代与比亚迪以前所未有的力度投资固态电池研发，并通过与材料院校合作等方式，布局下一代技术专利。 外界评价中国汽车行业的技术图景，常会提及两个充满张力的瞬间：一是2020年，特斯拉以颠覆者姿态国产化，将智能电动汽车的概念植入公众的心智；二 是2025年，几乎所有炫酷的概念都看到了 ...

Q&A 小鹏汽车在 2026 年的整体定位和市场预期是什么？ 摘要 小鹏汽车预计 2026 年销量达 60 万台，国内市场增长约 10 万台，海外 市场贡献约 1.5 万台。公司预计国内汽车总量将下滑 3%左右，但新能 源车市场份额将增长 5-6 个百分点。 预计 2026 年小鹏汽车整体毛利率将提升，主要受益于大众业务的盈利 贡献。尽管补贴政策变化可能导致降价，但通过商务降本和海外销售， 有望维持毛利率稳定。全年利润预估约为 25 亿人民币，大众业务贡献 主要利润。 小鹏汽车计划明年一季度陆续上市 G7、G6 及 P7+增程车型，二、三季 度推出大众 SUV、摩纳 SUV 等四款新车型，其中三款将推出 Robotaxi 版本，预计二季度量产 Robotaxi，下半年在广州试运营。 小鹏汽车当前市值约 1,400 亿港币，预计 2026 年底市值可达 3,000 亿 港币，增长主要来源于大众与 Robotaxi 业务。公司在智能驾驶技术、 电耗控制及整车架构平台化方面具有显著优势。 预计增程式电动车（EREV）渗透率将从今年下半年的 6-10%提升至 10-15%。多家厂商将增程技术应用于更低价位车型，并搭载 ...

Core Viewpoint - The launch of the Xiaopeng X9 extended-range version is a significant step for the company, showcasing advanced technology and aiming for strong sales performance in the MPV market [1][4][6]. Group 1: Product Highlights - The Xiaopeng X9 features a pure electric range of over 450 km, supports 5C ultra-fast charging, and offers a spacious interior with three rows of electric folding seats [3][7]. - The vehicle is equipped with nine advanced technologies, earning it the title of "industrial miracle" within the company [10]. - It is the first MPV to integrate rear-wheel steering and air suspension, enhancing its space and driving dynamics [12]. Group 2: Sales and Market Strategy - The vehicle broke sales records within the first hour of its launch, with the company aiming to surpass its previous year's sales within a few days [4][6]. - Xiaopeng plans to introduce seven additional models that can operate in both pure electric and extended-range modes in the coming year, with three models expected in the first quarter [7]. Group 3: Interior and Comfort Features - The second-row central aisle has been widened to 180 mm for easier access, and the third-row seats can fold independently [19][20]. - The vehicle includes advanced seating features such as heating, ventilation, and massage functions, with the second-row seats now offering a zero-gravity mode [27]. - The interior design has been updated to a more ergonomic and luxurious feel, with a new steering wheel design and improved ambient lighting [31][33]. Group 4: Performance and Technology - The X9 is powered by a 1.5T range extender with a peak power of 85 kW and a maximum electric drive power of 210 kW, achieving a 0-100 km/h acceleration in 8 seconds [36]. - It utilizes a 63.3 kWh lithium iron phosphate battery, supporting a pure electric range of 452 km and a total range of 1600 km when combined with a 60L fuel tank [37][38]. - The vehicle features advanced noise reduction systems to enhance cabin comfort, achieving competitive noise levels for the MPV segment [44][48]. Group 5: Driving Experience - The X9's chassis employs a front double-wishbone and rear H-arm structure, allowing for a tight turning radius of 5.4 meters, making it agile in urban settings [49][50]. - The driving experience is characterized by a comfortable ride quality, although some feedback indicates that the steering feel may be too light for high-speed driving [56].

Core Viewpoint - NIO's founder and CEO, Li Bin, expressed a desire to have made different strategic decisions in the past, particularly regarding the company's approach to profitability in the Chinese market [1] Group 1: Company Insights - Li Bin emphasized the importance of considering costs when discussing the appeal of electric vehicles, highlighting factors such as usage costs and maintenance costs [1] - The company acknowledges that its chosen path will involve both losses and gains, indicating a balanced view of the challenges and opportunities in the electric vehicle market [1]

Core Viewpoint - Xiaopeng Motors (09868) has seen a nearly 4% decline in stock price, accumulating a 20% drop this week, attributed to market competition and slowing sales growth despite the recent launch of the X9 extended-range model [1] Group 1: Stock Performance - As of the latest update, Xiaopeng Motors' stock is down 3.73%, trading at HKD 78.8, with a trading volume of HKD 880 million [1] - The stock has experienced a cumulative decline of 20% this week [1] Group 2: New Product Launch - On November 20, Xiaopeng officially launched the X9 extended-range version, priced between CNY 309,800 and CNY 329,800, with two models differing mainly in driving assistance capabilities [1] - The new model incorporates "Xiaopeng Kunpeng Super Extended Range Technology," utilizing an 800V high-voltage platform and 5C fast charging technology [1] Group 3: Analyst Insights - Goldman Sachs reported that Xiaopeng's Q3 performance met expectations, but the Q4 revenue guidance is likely to fall short due to slowing sales growth and increased market competition [1] - Despite short-term sales momentum being relatively mild and limited new model releases, Xiaopeng is expected to outperform peers in seasonal performance in Q1 next year, with plans to launch three extended-range electric vehicle versions (G6, G7, P7+) [1] - Management comments on pre-order data for the X9 suggest that orders for the extended-range version may be three times higher than those for the pure electric version [1]

Group 1 - The core viewpoint of the article indicates that while XPeng Motors' Q3 performance met expectations, the Q4 revenue guidance is expected to fall short due to slowing sales growth and increased market competition, leading to a 10% drop in stock price post-earnings announcement [1] - Goldman Sachs raised XPeng's 12-month target price for US shares from $24 to $25 and for Hong Kong shares from HKD 94 to HKD 96, maintaining a "Buy" rating [1] - Despite short-term sales momentum being moderate and limited new model releases, XPeng is expected to outperform peers in Q1 next year due to the launch of three extended-range electric vehicle models, with orders for these models potentially three times higher than for pure electric vehicles [1] Group 2 - Following the Q3 results, Goldman Sachs revised XPeng's profit forecasts for 2025 to 2027, adjusting expected losses and profits due to higher R&D expenses, with losses projected at RMB 800 million and profits at RMB 2.8 billion and RMB 3.3 billion respectively [2] - The forecast for changes in working capital was also adjusted, with projections for accounts payable increasing due to a reduction in payable days [2]

Core Viewpoint - The company aims to become a globally recognized embodied intelligence company, integrating humanoid robots with the automotive industry as its "third growth curve" following AI and globalization [1][2]. Group 1: Financial Performance - In Q3 2025, the company reported revenue of 20.38 billion, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [4]. - The net loss for Q3 was 380 million, reduced from 480 million in Q2 and 1.81 billion in the same period last year [4]. - The overall gross margin reached a new high of 20.1%, up 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [4]. - The company expects to achieve breakeven in Q4, with projected deliveries of 125,000 to 132,000 vehicles and revenue between 21.5 billion and 23 billion, representing year-on-year growth of 33.5% to 42.8% [7]. Group 2: Product Strategy and Market Position - The company plans to launch 7 new models next year, including 4 dual-energy vehicles, to enhance its market presence in the extended-range electric vehicle segment [10][11]. - The MONA M03 currently accounts for 40% of the company's sales, indicating a reliance that poses risks if market competition intensifies [5]. - The extended-range electric vehicle market is experiencing a decline, with wholesale sales down 1.9% year-on-year in October, and a continuous drop in market share since June [12][13]. Group 3: Research and Development Focus - R&D expenses reached 2.43 billion in Q3, a year-on-year increase of 48.7% and a quarter-on-quarter increase of 10.1% [6]. - The company is committed to humanoid robot development, with plans to mass-produce self-developed humanoid robots by the end of 2026, targeting annual sales of over 1 million units by 2030 [8][9]. - The company faces challenges in ensuring technological reliability, supply chain maturity, and scenario validation for its robot products [9].

Core Viewpoint - The launch of the IM LS9 aims to reshape the market for large six-seat SUVs priced around 300,000 yuan, featuring advanced technology and premium configurations [2][9]. Group 1: Product Features - The IM LS9 is available in two versions: the 52 Ultra version priced at 322,800 yuan and the 66 Ultra version at 352,800 yuan, with a focus on a "full series Ultra" configuration strategy [2]. - It features a unique dual-direction 24° smart four-wheel steering system, achieving a turning radius of only 4.95 meters, providing maneuverability comparable to smaller vehicles despite its length exceeding 5 meters [2]. - The vehicle is equipped with an 800V architecture and dual-motor vector four-wheel drive, delivering a maximum output of 390 kW and 670 N·m, enabling acceleration from 0 to 100 km/h in under 4 seconds [4]. Group 2: Technology and Innovation - The IM LS9 incorporates the Lingxi Digital Chassis 3.0, Stellar Super Range Extender system, and L3-level intelligent driving hardware, achieving multiple breakthroughs in performance and comfort [2]. - It features 520-line ultra-vision lidar and the Nvidia Thor chip, supporting L3-level perception capabilities, along with advanced driver assistance systems developed in collaboration with Momenta [6]. - The vehicle's Stellar Super Range Extender technology addresses the performance degradation issues of traditional range-extended electric vehicles, maintaining stable output in extreme conditions [4]. Group 3: Interior and Comfort - The interior design boasts an 86% space utilization rate, with all three rows of seats supporting zero-gravity mode and convertible layouts for enhanced comfort [6]. - The IM LS9 includes a high-end Danish B&O audio system and 4D mechanical massage seats, with massage intensity seven times that of pneumatic systems [6]. - A unique outdoor luxury package is available, providing 24-hour water access for cleaning after outdoor activities [6]. Group 4: Market Positioning - The IM LS9 aims to carve out a new niche in the competitive market dominated by models like the Ideal L9 and AITO M9, with a product strategy of "entry-level is peak" [9]. - The vehicle offers over 150 premium features as standard, including four-wheel steering and advanced safety technologies, with limited-time free upgrades available during the launch period [8].

Core Viewpoint - Xpeng Motors (09868.HK) experienced a significant stock surge of nearly 18%, closing at HKD 108.5, with a market capitalization of HKD 202.2 billion, surpassing Geely Automobile (00175.HK) at HKD 183.3 billion, driven by the unexpected release of new products in artificial intelligence, robotics, and extended-range vehicles [2][3] Group 1: Stock Performance and Market Reaction - The surge in Xpeng's stock is attributed to the optimistic market sentiment surrounding its new product launches, particularly in robotics and AI applications [3][4] - Xpeng's recent announcements, including the second-generation VLA model, Robotaxi, and humanoid robots, have garnered significant attention and investor interest, contributing to the stock price increase [3][4] - Despite the positive market reaction, Xpeng's valuation is still primarily based on its AI narrative, with its sales volume significantly lower than competitors like Geely, which sold 307,100 vehicles in October compared to Xpeng's 42,000 [6][7] Group 2: Future Prospects and Challenges - Analysts remain optimistic about Xpeng's future, highlighting the potential for new electric and extended-range models to address range anxiety in colder regions and enhance competitiveness in overseas markets [5] - The company's valuation has not fully accounted for its advancements in AI and robotics, which could lead to significant valuation increases if these technologies are successfully commercialized [5][6] - Upcoming third-quarter earnings on November 17 are anticipated to reveal whether sales growth translates into improved gross margins and positive cash flow, with uncertainties surrounding these metrics [5][6] Group 3: Industry Context and Competitive Landscape - The AI and robotics sectors are expected to enhance efficiency and reduce costs across various industries, including manufacturing and services, as technology advances [4][5] - Xpeng's recent performance stands out in a generally subdued domestic automotive market, where many new energy vehicle manufacturers are facing sales pressures [4][6] - The competitive landscape is intensifying, with Xpeng's new products facing challenges from established players and new entrants in the high-end market, necessitating a focus on maintaining competitive advantages [7][8]