Investment Rating - The investment rating for Li Auto-W (02015) has been downgraded from "Buy" to "Neutral" by Goldman Sachs [1] Core Insights - Li Auto's Q4 2025 performance met expectations, but the guidance for Q1 2026 and the full year is below expectations in terms of sales and gross margin [1] - Goldman Sachs has lowered the target price for Li Auto from HKD 93 to HKD 74, anticipating a continuous expansion of net losses over the next two quarters due to weak sales growth and pressure on vehicle gross margins [1] - The decline in performance is attributed to a lack of new model launches, rising raw material and memory costs, and an increased proportion of low-margin models [1] Sales and Margin Forecasts - Sales forecasts for 2026 to 2028 have been reduced by 5% to 22%, based on management's lower-than-expected sales guidance for 2026 and a slowdown in the launch of refreshed models [1] - Gross margin forecasts have been adjusted downwards by 0.4 to 1.0 percentage points, reflecting the lower-than-expected guidance for Q1 2026 and the full year, along with decreased sales and revenue [1] - Consequently, net profit forecasts have been cut by 21% to 34% [1]

Core Viewpoint - Goldman Sachs released a report indicating that Li Auto-W (02015) reported Q4 2025 results in line with expectations, but the guidance for Q1 2026 and the full year is below expectations, leading to a target price reduction from HKD 93 to HKD 74 and a rating downgrade from "Buy" to "Neutral" [1] Group 1: Financial Performance - Li Auto's Q4 2025 performance met expectations, but the guidance for Q1 2026 and the full year is disappointing [1] - Goldman Sachs anticipates that Li Auto will experience two consecutive quarters of expanded net losses due to weak sales growth and pressure on vehicle gross margins [1] Group 2: Sales and Margin Forecasts - Sales forecasts for 2026 have been reduced by 5% to 22%, based on management's lower-than-expected sales guidance and a slowdown in the launch of refreshed models [1] - Gross margin forecasts have been lowered by 0.4 to 1.0 percentage points due to the disappointing guidance for Q1 2026 and the full year, along with reduced sales and revenue [1] Group 3: Profitability Adjustments - Net profit forecasts have been cut by 21% to 34% as a result of the revised sales and margin expectations [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依賴 該等內容而引致的任何損失承擔任何責任。 註： 其中：新能源銷量35,739輛，出口銷量116,725輛。 請注意，本公告所披露之數字均屬未經審核，尚未經本公司核數師確認，並可能 須予調整及最終確認。股東及潛在投資者務請於本集團財務業績公佈後審慎查閱。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 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） （股份代號：9973） 未經審核之二零二六年二月銷量 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 （「董事會」）欣然宣佈，本集團於二零二六年二月的五大品牌總銷量為146,173輛 汽車，較去年同期減少約14.8%。詳細如下： | | | | | 去年同期 | | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累 ...

Core Viewpoint - The automotive sector is experiencing a collective decline in stock prices, attributed to a decrease in vehicle sales in January, despite a slight increase in new energy vehicle sales [1] Group 1: Stock Performance - Li Auto-W (02015) fell by 4.11%, trading at HKD 68.9 [1] - Xpeng Motors-W (09868) decreased by 3.59%, trading at HKD 68.55 [1] - Great Wall Motors (601633) (02333) dropped by 2.68%, trading at HKD 13.05 [1] - GAC Group (601238) (02238) declined by 2.11%, trading at HKD 3.72 [1] Group 2: Sales Data - In January, China's overall vehicle sales decreased by 3.2% year-on-year, while new energy vehicle sales saw a marginal increase of 0.1% [1] - According to the China Passenger Car Association, wholesale sales of new energy passenger vehicles fell by 3.3% year-on-year, and retail sales dropped by 20.0% [1] Group 3: Market Outlook - According to Qunyi Securities (Hong Kong), the decline in January vehicle sales is primarily due to demand being pulled forward at the end of the previous year [1] - The automotive market is expected to recover as automakers launch new models and new rounds of purchase subsidies are distributed after the Spring Festival [1] Group 4: Tesla's Strategy - Tesla China announced a new round of financial incentives for vehicle purchases, offering low-interest loans across all models until March 31 [1] - Key models such as Model 3, Model Y, and Model Y L can opt for a 5-year interest-free loan, interpreted as a form of "indirect price reduction" to boost terminal sales [1]

Core Insights - In January 2026, the total automobile sales of the top fifteen groups reached 2.192 million units, representing a year-on-year decline of 3.8% and accounting for 93.4% of total automobile sales, a decrease of 0.6 percentage points compared to the same period last year [2][4]. Group Performance - The top three companies in terms of sales were SAIC, Geely, and FAW, with a combined market share of 38.5%. SAIC led with sales of 320,000 units, a month-on-month decrease of 17.3% but a year-on-year increase of 24.5%, holding a market share of 13.6%. Geely sold 309,000 units, with a month-on-month increase of 1.9% and a year-on-year increase of 5.2%, capturing 13.2% of the market. FAW sold 275,000 units, experiencing a month-on-month decline of 25.2% and a year-on-year decline of 3.0%, with a market share of 11.7% [2][3][4]. Additional Company Insights - Notably, FAW's January sales data included figures from Leap Motor, which reported a total delivery of 32,059 units in January, reflecting a year-on-year growth of 27% [2]. - BYD and Chery ranked fourth and fifth, respectively. BYD's sales were 210,000 units, down 50.0% month-on-month and 30.1% year-on-year, with a market share of 9.0%. Chery sold 200,000 units, with a month-on-month decline of 18.2% and a year-on-year decline of 10.7%, holding an 8.5% market share [4][5]. Market Concentration - The top five companies accounted for 56% of the market, while the top ten companies held 83.6% of the market share. The sixth to tenth positions included Dongfeng with 189,000 units sold, a month-on-month decline of 29.6% but a year-on-year increase of 31.8%, and a market share of 8.0% [4][5]. - The bottom five of the top fifteen included Tesla with 69,000 units sold, a month-on-month decline of 28.9% but a year-on-year increase of 9.3%, holding a market share of 2.9% [5].

Group 1 - Xiaomi Group's founder and CEO Lei Jun announced the discontinuation of the first-generation SU7, while ensuring that maintenance and repair services will continue to be provided for over 10 years with sufficient spare parts and supplier production capacity [1] - As of April 3, 2024, Xiaomi has delivered over 600,000 vehicles, with the new generation SU7 display vehicles already available in stores [3] - In January, the Xiaomi YU7 achieved sales of 37,869 units, ranking first in the national passenger car retail sales chart, despite a month-on-month decline compared to December [3] Group 2 - According to the China Passenger Car Association, the wholesale sales of the Xiaomi YU7 in January were 37,869 units, placing it among the top models in the market [4] - The overall retail sales of passenger cars in January reached 1.544 million units, representing a year-on-year decline of 13.9%, with domestic brands experiencing a 18% drop [4] - The market is expected to face challenges in February, with predictions indicating it may reach an absolute low point for the year due to limited effective production and sales time [4]

Group 1 - Xiaomi's founder Lei Jun announced the discontinuation of the first-generation SU7, but the company will continue to provide maintenance and repair services for it, ensuring at least 10 years of parts availability [1] - As of April 3, 2024, Xiaomi has delivered over 600,000 vehicles, with the new generation SU7 display models now available in stores [4] - In January, Xiaomi's YU7 model sold 37,869 units, ranking first in the national retail sales of passenger vehicles, despite a month-on-month decline compared to December [4] Group 2 - In January, the overall retail sales of passenger vehicles in China reached 1.544 million units, a year-on-year decrease of 13.9%, with domestic brands experiencing an 18% decline [7] - The wholesale sales data for January indicated that 17 models exceeded 20,000 units, with BYD Song leading at 42,227 units, followed closely by other brands including Xiaomi's YU7 [7] - The market is expected to face challenges in February, with predictions indicating it may reach an absolute low point for the year due to limited effective production and sales time [7]

Core Viewpoint - BYD's stock price has rebounded, surpassing HKD 100, with a market capitalization of HKD 903.5 billion, following a report from Citigroup that highlights inventory and sales trends in the Chinese market [1]. Group 1: Stock Performance - On February 11, BYD's shares rose over 4% during trading, marking a five-day consecutive increase [1]. - The stock price recovery has nearly offset previous declines, bringing it back to the HKD 100 level [1]. Group 2: Inventory and Sales Analysis - Citigroup estimates that BYD's absolute inventory in the domestic market will decrease by 1.2% month-on-month to 387,000 units by the end of January 2026 [1]. - However, retail sales for January are expected to fall short of expectations, with a projected month-on-month decline of 65% [1]. - The relative inventory days, based on January's retail sales, are estimated to rise from 1.2 months at the end of December 2025 to 3.4 months [1]. Group 3: Future Outlook - The key variables for BYD's future performance will be the new products and pricing strategies set to launch in late February and early March [1]. - Citigroup has assigned a "Buy" rating for BYD, with a target price of HKD 174 [1]. Group 4: International Sales Performance - In January, BYD sold 2,629 new vehicles in Germany, a significant increase of 1,018.7% compared to 235 units sold in the same month last year [1]. - This sales figure is more than double the 1,301 vehicles registered by Tesla in Germany during the same period [1].

Core Viewpoint - BYD's stock price has rebounded over 4% during trading, achieving a five-day consecutive increase and returning to the HKD 100 mark, with a total market capitalization of HKD 903.5 billion [1] Group 1: Inventory and Sales Analysis - Citigroup's report estimates that BYD's absolute inventory in the domestic market will decrease by 1.2% month-on-month to 387,000 units by the end of January 2026 [1] - The report anticipates that retail sales for January may not meet expectations, with an estimated month-on-month decline of 65%, leading to an increase in relative inventory days from 1.2 months at the end of December 2025 to 3.4 months [1] - Key future variables for BYD will be the new products and pricing strategies to be launched in late February and early March [1] Group 2: Market Performance - On February 4, data from the German Federal Motor Transport Authority indicated that BYD sold 2,629 new vehicles in Germany in January, a significant increase from 235 units in the same month last year, representing a year-on-year growth of 1018.7% [1] - This sales figure is more than double that of Tesla, which registered 1,301 vehicles in the same period [1] Group 3: Analyst Rating - Citigroup has assigned a "Buy" rating for BYD, with a target price set at HKD 174 [1]

Summary of Key Points Core Viewpoint - Changan Automobile reported a significant decline in sales for January 2026, with total sales dropping by 51.14% year-on-year, indicating potential challenges in the market and operational performance [1][3]. Sales Performance - Total sales for Changan Automobile in January 2026 were 134,701 units, down from 275,700 units in the same month last year, reflecting a decrease of 51.14% [1][3]. - The sales of Changan's self-owned brands were 100,110 units, which is a 58.46% decline compared to 240,972 units in January 2025 [1][3]. - New energy vehicle sales reached 36,621 units, marking a 45.74% decrease from 67,487 units in the previous year [1][3]. Production Data - The production figures for Changan Automobile in January 2026 were 164,576 units, which is a 9.18% decrease from 181,212 units in January 2025 [3]. - The production of self-owned brands was 131,909 units, down 7.61% from 142,776 units year-on-year [3]. - New energy vehicle production increased by 13.28% to 53,098 units compared to 46,874 units in the same month last year [3].