Core Viewpoint - Li Auto reported a year-on-year decrease of 24.44% in new vehicle deliveries for December 2025, with a total of 44,200 units delivered [1]. Group 1: Delivery Performance - In Q4 2025, Li Auto delivered a total of 109,200 vehicles [1]. - As of December 31, 2025, the cumulative delivery volume reached 1.5402 million vehicles [1]. - December 2025 marked a significant milestone as Li Auto surpassed the cumulative delivery of 1.5 million vehicles [1]. Group 2: Market Expansion - Li Auto launched three models, the Li L9, Li L7, and Li L6, in Egypt, Kazakhstan, and Azerbaijan, expanding its market presence across Central Asia, the Caucasus region, and Africa [1]. Group 3: Infrastructure Development - As of December 31, 2025, Li Auto operated 548 retail centers across 159 cities [1]. - The company had established 561 after-sales service and authorized repair centers, covering 224 cities [1]. - Li Auto has deployed 3,907 supercharging stations with a total of 21,651 charging piles nationwide [1]. Group 4: Product Launch - The company officially launched the Li AI glasses, Livis, which received positive user feedback [1].

Group 1 - The National Development and Reform Commission and the Ministry of Finance announced a policy for large-scale equipment updates and consumer goods replacement starting in 2026, focusing on various sectors including old residential areas, safety equipment, and consumer infrastructure [1] - The policy includes subsidies for replacing old cars and household appliances, specifically targeting six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, as well as expanding subsidies for digital and smart products [1] Group 2 - The Ministry of Finance and the State Taxation Administration issued a notice regarding the value-added tax policy for individuals selling residential properties, effective January 1, 2026, with a 3% tax rate for properties held for less than two years and exemption for those held for two years or more [2] Group 3 - For housing provident fund loans issued before May 8, 2025, the interest rates will be reduced by 0.25 percentage points starting January 1, 2026, with new rates set at 2.1% for loans under five years and 2.6% for loans over five years for first-time buyers [4] Group 4 - A joint notice from the National Development and Reform Commission, the Ministry of Education, and the Ministry of Finance outlines the kindergarten fee policy effective January 1, 2026, detailing the types of fees that can be charged and the pricing mechanisms for different types of kindergartens [6] Group 5 - The Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology announced a continuation and optimization of the vehicle purchase tax exemption policy for new energy vehicles, effective from January 1, 2026, with a tax reduction of up to 15,000 yuan per vehicle [7]

智通财经APP讯，VALA(02051)发布公告，于2025年12月，本集团与重庆瑞驰汽车实业有限公司"瑞驰 汽车"联合设计的国内首款原厂斜升顶六座新能源智慧宿营车—vala home，已向首批车主开启交付。随 着vala home的成功交付，本集团已实现两款针对不同客群及不同价格区间的宿营车产品布局。本集团 正携手瑞驰汽车着力提升生产产能及交付体系，为vala系列车型的车主提供更好的产品与服务体验。 于2025年第四季度期间，本集团向订购客户批量交付vala汽车90辆。其中包括本集团的宿营车型vala pro 交付60辆，vala home交付30辆。 本集团正着力选择热衷vala生活方式、乐于分享的优质vala车主加入vala共创人队伍。截至2025年12月31 日，本集团已成功招募436名优质共创人，透过他们使用vala的亲身体验，及在各社交平台及线下的影 响力，推广和销售vala汽车。随着共创人不断加入和交付数量逐步增加，vala的移动门店模式已初步形 成规模，并将vala展示给更多向往vala生活方式的潜在客户。 鉴于共创人体系规模持续扩张，为满足潜在客户对于vala汽车体验日益提升的多元化需求，除 ...

人民财讯1月1日电，2026年1月1日，随着德钦梅里雪山蔚来换电站正式上线，蔚来滇藏换电路线正式贯 通。蔚来滇藏换电路线始于云南昆明，全长超2700公里，沿途19座换电站串联起大理、丽江等重要旅游 城市，平均每142公里就有一座换电站。云南用户可经由昆明全程换电抵达珠峰大本营，全国用户可依 托超3670座蔚来换电站，全程换电直达珠峰大本营。 ...

Core Viewpoint - Seven companies in the A-share market have collectively announced optimistic performance forecasts for 2025, with expected year-on-year profit growth exceeding 300% for some, indicating strong recovery in specific industries and the ability of companies to navigate through cycles via product upgrades, cost control, and strategic mergers and acquisitions [1][4]. Group 1: Company Performance Highlights - Transfar Zhilian is expected to achieve a net profit of 6.5 billion to 7 billion yuan, representing a year-on-year increase of 256.07% to 361.57%, driven by high-margin product focus and strategic asset optimization [3][4]. - Tianci Materials anticipates a net profit of 11 billion to 16 billion yuan, with a growth of 127.31% to 230.63%, primarily due to the expanding demand for lithium-ion battery materials in the electric vehicle and energy storage markets [4][7]. - Guangku Technology forecasts a net profit increase of 152% to 172%, attributed to continuous investment in new product development and successful market expansion [4]. Group 2: Industry Trends and Drivers - The performance of companies related to the lithium battery supply chain has significantly improved, reflecting a recovery in both downstream demand and upstream material prices [6][7]. - Salt Lake Co. expects a net profit of 8.29 billion to 8.89 billion yuan, with a year-on-year increase of 77.78% to 90.65%, driven by rising market prices for its main product, potassium chloride [7]. - The overall recovery in the lithium battery industry is characterized by strong end-market demand driving growth in midstream battery manufacturing and material production, which in turn supports upstream resource extraction and processing [7]. Group 3: Additional Company Insights - Shougang Co. has achieved growth through a commitment to high-end product transformation and cost reduction, enhancing profitability despite market challenges [5]. - Kidswant has implemented a "three expansion" strategy and accelerated its franchise model, particularly in lower-tier markets, resulting in over 50% growth [5]. - Huazhong Steel is expected to achieve positive net profit growth despite facing a one-time environmental tax payment of over 657 million yuan, showcasing its operational resilience through cost control and ongoing transformation efforts [5].

市场分析认为，面对激烈的市场竞争，极氪能够实现逆势增长，源于极氪在2025年一系列积极的变化， 尤其用户沟通方面更加积极坦诚和透明，包括提前发布产品改款预告、推出阳光服务公约、引入用户监 督机制等，一系列举措引发市场积正向反馈，用户口碑持续向好。 新华财经北京1月1日电极氪汽车1日公布数据显示，2025年12月交付新车30267台，月销首次超过3万 台，创历史新高，同比增长11.3%，环比增长4.9%。2025全年极氪总计交付224133台，较2024年实现同 比增长，持续引领中国高端豪华新能源汽车市场，全球累计交付近65万台。其中，旗舰SUV极氪9X作 为年度现象级爆款，继11月成为50万以上大型 SUV销冠后，12月交付首破10000台。 （文章来源：新华财经） ...

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 ...

Group 1 - In 2025, Xpeng Motors achieved a total delivery of 429,445 vehicles, marking a year-on-year increase of 126% [2] - In December 2025, Xpeng delivered 37,508 vehicles, achieving both month-on-month and year-on-year growth [2] - The Xpeng X9, the company's flagship model, delivered 5,424 units in December, setting a record for the highest monthly deliveries, with a month-on-month increase of 68% and a year-on-year increase of 289% [2] Group 2 - Xpeng's overseas market deliveries reached 45,008 units in 2025, reflecting a year-on-year growth of 96% [2] - By the end of December 2025, Xpeng had established a presence in 60 countries and regions globally [2] - Xpeng initiated a localization production project in Malaysia in December 2025, marking its third localization project worldwide [2] Group 3 - In 2025, Xpeng's self-operated charging network saw significant growth, adding over 1,100 new stations, surpassing 3,000 stations by January 1, 2026 [3] - A joint paper by Xpeng and Peking University's National Key Laboratory of Multimedia Information Processing was accepted at AAAI 2026, focusing on an efficient visual token pruning framework for end-to-end autonomous driving [3] - The second-generation VLA model from Xpeng is set to be launched in the first quarter of 2026, initially available in Ultra models, with the 2026 P7+ and G7 also featuring the new technology [3]

Core Insights - Li Auto delivered 44,246 vehicles in December 2025, with a total of 109,194 vehicles delivered in Q4 2025, and a cumulative delivery of 1,540,215 vehicles as of December 31, 2025 [2] Group 1: Business Milestones - Li Auto became the first new force brand in China to surpass 1.5 million cumulative deliveries [2] - The company launched its main models, Li L9, Li L7, and Li L6, in Egypt, Kazakhstan, and Azerbaijan, marking its expansion into key markets across Central Asia, the Caucasus, and Africa [2] - The company officially released the Livis AI glasses, receiving positive feedback from users due to its advanced technology and practical experience [2] Group 2: Future Outlook - The CEO expressed gratitude to users and partners, emphasizing a focus on value creation and enhancing user experience in 2026 [2] Group 3: Infrastructure Development - As of December 31, 2025, Li Auto had established 548 retail centers covering 159 cities, and 561 after-sales service and authorized repair centers covering 224 cities [2] - The company has deployed 3,907 Li Supercharging stations with a total of 21,651 charging piles across the country [2]

Core Insights - NIO achieved a record delivery of 326,028 vehicles in 2025, marking a 46.9% year-on-year increase, with December alone contributing 48,135 vehicles, a 54.6% increase year-on-year [2] - The company reported significant growth across its brands, with NIO brand deliveries reaching 67,433 units in Q4, a 27.8% increase, while the other brands, Ladao and Firefly, saw even higher growth rates [2][3] Delivery Performance - In 2025, NIO brand delivered 178,806 vehicles, Ladao delivered 107,808 vehicles, and Firefly delivered 39,414 vehicles, contributing to a total cumulative delivery of 997,592 vehicles [3] - The new ES8 model achieved a remarkable delivery milestone of 22,256 units in December, setting a record for vehicles priced above 400,000 yuan [3] Battery Swap Network Development - NIO's battery swap network achieved a significant milestone with the completion of the Yunnan-Tibet route, featuring 19 battery swap stations along a 2,700 km stretch [4] - The company plans to add over 4,200 long-range battery packs in January, enhancing the user experience for NIO and Ladao customers [4] Policy Benefits - Starting January 1, 2026, the vehicle purchase tax policy will shift from exemption to a 50% reduction, benefiting users of battery swap models [4]