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 2025年9月及第三季度交付更新資料 本公司創下月度及季度交付量新高紀錄 於2025年10月1日 － 全球智能電動汽車市場的先驅及領跑者蔚來集團（紐交所： NIO；港交所：9866；新交所：NIO）（「蔚來」或「本公司」）宣佈其於2025年9月及 第三季度的交付結果。 本公司於2025年9月交付34,749輛汽車，創下月度新紀錄，同比增長64.1%。有 關交付包括本公司旗下蔚來品牌的高端智能電動汽車13,728輛，本公司樂道品 牌的家庭智能電動汽車15,246輛，以及本公司螢火蟲品牌的智能電動高端小車 5,775 ...

Core Insights - NIO achieved a significant milestone in September 2025, delivering 34,749 vehicles, marking a 64% year-on-year increase, with cumulative deliveries reaching 872,785 units [1] - The company's success is attributed to its deep understanding of the smart electric vehicle industry, focusing on technology, product planning, and product definition [1] - NIO's high R&D investment, totaling over 60 billion yuan over ten years, has begun to yield substantial returns in 2025 [2] Delivery Performance - In September 2025, NIO delivered 34,749 new vehicles, with 13,728 from the NIO brand, 15,246 from the Ladao brand, and 5,775 from the Firefly brand [1] - Cumulative deliveries include 762,176 from the NIO brand, 90,279 from the Ladao brand, and 20,330 from the Firefly brand [1] Technological Advancements - NIO's R&D focus on the "new three key components"—intelligent driving chips, full-domain operating systems, and intelligent chassis—has established a technological moat [2] - The launch of the world's first mass-produced 5nm intelligent driving chip, "Shenji NX9031," signifies a major industry milestone, enhancing NIO's competitive edge [2] Infrastructure Development - NIO has established over 8,200 battery swap stations, creating a robust network that alleviates charging anxiety for users [3] - The successful deployment of the Ladao L60 and the new ES8 showcases the effectiveness of NIO's energy replenishment system [3] Market Positioning - The Ladao L90 and the new ES8 have successfully penetrated the large three-row SUV market, traditionally dominated by fuel vehicles, demonstrating NIO's strong market presence [4][5] - The Ladao L90 achieved over 20,000 deliveries within 60 days of launch, indicating strong consumer demand and effective product positioning [4] Future Outlook - NIO aims to increase production capacity for the new ES8 to 10,000 units by October and 15,000 units by December, with an overall monthly production target of 25,000 units [5] - The successful launch of these flagship models signals a shift in consumer acceptance of electric vehicles, particularly in the large SUV segment [6][7]

Core Insights - NIO delivered 34,749 new vehicles in September 2025, marking a 64% year-on-year increase, with cumulative deliveries reaching 872,785 units [1] - The company's success is attributed to its deep understanding of the smart electric vehicle industry and a commitment to long-term investment in technology, product planning, and user demand adjustments [1][2] - NIO's high R&D investment, exceeding 60 billion yuan over ten years, has begun to yield significant returns in 2025, particularly with the introduction of its "new three key components" for smart electric vehicles [2] Group 1: Delivery and Market Performance - NIO's brands delivered 13,728 units under the NIO brand, 15,246 units under the Ladao brand, and 5,775 units under the Firefly brand in September 2025 [1] - The successful launch of the Ladao L90 and the new ES8 has significantly impacted the large three-row SUV market, demonstrating strong market demand and product acceptance [4][5] - The Ladao L90 achieved over 10,000 deliveries in its first month and surpassed 20,000 units in 60 days, indicating its strong market appeal [4] Group 2: Technological Advancements - NIO's R&D efforts have led to the development of the world's first mass-produced 5nm smart driving chip, the "Shenji NX9031," which enhances computational power and positions NIO favorably in the smart driving technology landscape [2] - The integration of self-developed hardware and software has improved user experience and safety in smart driving, contributing to NIO's competitive edge [2] Group 3: Infrastructure and User Experience - NIO has established over 8,200 battery swap stations across China, significantly enhancing user convenience and alleviating range anxiety for electric vehicle users [3] - The successful implementation of a comprehensive energy replenishment network has become a strong sales driver and brand moat for NIO, facilitating rapid market acceptance of new products [3] Group 4: Future Growth and Market Trends - NIO is entering a new growth cycle, with expectations of increased production capacity for the Ladao L90 and new ES8, aiming for a monthly production of 25,000 units by Q4 [5][7] - The market for large three-row electric SUVs is evolving, with NIO's dual flagship models indicating a shift towards electric vehicles in a segment traditionally dominated by fuel and range-extended vehicles [6][7]

Core Viewpoint - The article discusses Xiaomi's recent developments in the electric vehicle sector, highlighting both the successes and challenges faced by the company, particularly in terms of production capacity and product quality [5][10][29]. Group 1: Xiaomi's Automotive Business Performance - Xiaomi's automotive revenue reached 213 billion yuan in Q2 2025, marking a 234% year-on-year increase [15][18]. - The number of new vehicle deliveries in Q2 2025 was 81,302, a significant rise from 27,307 in the same period last year, representing a growth of 197.7% [16][19]. - The average selling price (ASP) of Xiaomi vehicles increased from 228,644 yuan to 253,662 yuan, attributed to the launch of the higher-priced SU7 Ultra [18][20]. - Xiaomi's gross margin for its automotive segment rose to 26.4% in Q2 2025, indicating improvements in cost control and product competitiveness [20][21]. Group 2: Production Capacity Challenges - Despite positive financial indicators, Xiaomi faces significant challenges in production capacity, with delivery times for the SU7 and YU7 models extending to 35-48 weeks [25][26]. - The long delivery times may lead to potential customers reconsidering their purchase decisions, especially as competitors offer quicker delivery options [25][26]. - Analysts suggest that Xiaomi's production issues stem from rapid expansion and the need for further optimization of its new manufacturing facilities [26][28]. Group 3: Quality Concerns and Recalls - Xiaomi initiated a recall of over 110,000 SU7 vehicles due to software issues that could increase collision risks, highlighting ongoing quality control challenges [29][30]. - Customer complaints regarding product quality, including reports of vehicles being sold as "test cars," have raised concerns about Xiaomi's manufacturing standards [30][33]. - The article notes that while Xiaomi's marketing efforts have been effective, they must ensure that product quality aligns with consumer expectations to maintain brand reputation [39].

Core Points - Avita Technology (Chongqing) Co., Ltd. has officially changed its name to Avita Technology (Chongqing) Co., Ltd. on September 29, 2025, and has undergone a shareholder change with the exit of Hefei Guojing Venture Capital Partnership and the entry of the National Green Development Fund as a new shareholder [2][3] - The company is focused on developing a new intelligent electric vehicle technology platform called CHN, which integrates capabilities from Changan Automobile, Huawei, and CATL [4] - Avita plans to launch 17 new models by 2030, targeting a global sales volume of 800,000 units by 2030 and 1.5 million units by 2035 [4] Company Changes - The company has transitioned from a limited liability company to a joint-stock company as of September 29, 2025 [3] - The office address has been updated to No. 101, Building 11, Zizhu Road, Kangmei Street, Liangjiang New Area, Chongqing [2] - Wang Hui has been appointed as the new chairman, responsible for strategic planning and global business expansion [4] Market Strategy - Avita's product range will focus on price segments between 250,000 to 700,000 yuan, with plans to introduce a flagship model priced at one million yuan by 2026 [4] - The company aims to achieve annual revenue of 100 billion yuan by 2027 through a sales target of 400,000 units globally [4] - The company is preparing for an IPO application to the Hong Kong Stock Exchange in the fourth quarter of 2025, with plans to complete the listing by the second quarter of 2026 [4]

Core Viewpoint - Saisir plans to increase its dividend distribution and has announced a cash dividend of 3.1 yuan per 10 shares for the first half of 2025, reflecting a commitment to enhance shareholder returns [3][4]. Financial Performance - For the first half of 2025, Saisir reported a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year increase of 81.03% [5]. - The company's R&D investment reached 5.198 billion yuan, up 154.9% compared to the previous year [5]. - The proposed cash dividend totals 506 million yuan, which constitutes 17.22% of the net profit attributable to shareholders for the same period [4]. Business Strategy - Saisir is focusing on the smart electric vehicle sector, with significant sales growth from its models, the Aito M9 and Aito M8, which became market leaders in their respective price segments [5]. - The company has seen a substantial increase in sales volume in the second quarter of 2025, attributed to the launch of new products [5]. Investment Activity - Saisir's wholly-owned subsidiary plans to acquire a 10% stake in Huawei's subsidiary, Yiwang, for 11.5 billion yuan, with the transaction's third payment condition already met [5][6]. - Yiwang aims to create a diversified platform for electric and intelligent vehicles, collaborating with various automotive companies [6].

Core Viewpoint - Company Saisir (601127) plans to distribute a cash dividend of 3.1 yuan per 10 shares to A-share shareholders, amounting to a total of 506 million yuan, which represents 17.22% of the net profit for the first half of 2025 [2][4]. Financial Performance - In the first half of 2025, Saisir achieved a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year increase of 81.03% [4]. - The company's R&D investment reached 5.198 billion yuan, reflecting a significant year-on-year growth of 154.9% [4]. Product and Market Development - Saisir is focusing on the smart electric vehicle sector, with the models Wanjie M9 and Wanjie M8 becoming sales champions in the 500,000 yuan and 400,000 yuan market segments, respectively [4]. - The launch of new products in the second quarter of 2025 led to a substantial increase in sales compared to the first quarter, contributing to improved gross margins and overall profitability [4]. Strategic Transactions - Saisir's wholly-owned subsidiary plans to acquire a 10% stake in the company Yingwang from Huawei for 11.5 billion yuan, with the third payment of 3.45 billion yuan already completed [4]. - Yingwang was established as a subsidiary of Huawei's automotive business unit, aiming to create a diversified platform for electric and intelligent vehicles [4][5].

Core Viewpoint - Company Saisir (601127) plans to distribute a cash dividend of 3.1 yuan per 10 shares to A-share shareholders, amounting to a total of 506 million yuan, which represents 17.22% of the net profit for the first half of 2025 [2][4]. Financial Performance - In the first half of 2025, Saisir achieved a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year increase of 81.03% [4]. - The company's R&D investment reached 5.198 billion yuan, reflecting a significant year-on-year growth of 154.9% [4]. Product and Market Development - Saisir focuses on the smart electric vehicle sector, with the models Wanjie M9 and Wanjie M8 becoming sales champions in the 500,000 yuan and 400,000 yuan market segments, respectively [5]. - The launch of new products in the second quarter of 2025 led to a substantial increase in sales compared to the first quarter, contributing to improved gross margins and overall profitability [5]. Strategic Transactions - Saisir's wholly-owned subsidiary plans to acquire a 10% stake in Huawei's subsidiary, Yiwang, for 11.5 billion yuan, with the third payment of 3.45 billion yuan already completed [5]. - Yiwang, established in January 2024, aims to create a diversified platform for electric and intelligent vehicles, inviting collaboration from various automotive companies [5][6].

Core Viewpoint - The annual speech by Lei Jun focused on Xiaomi's automotive ambitions and the challenges faced in the electric vehicle (EV) sector, highlighting the company's significant investments in both automotive and chip manufacturing [2][3][5]. Group 1: Automotive Business Performance - Xiaomi's automotive revenue reached 21.3 billion yuan in Q2 2025, marking a 234% year-on-year increase, with vehicle deliveries hitting 81,302 units, a 197.7% increase from the previous year [8][10]. - The average selling price (ASP) and production capacity improvements contributed to the revenue growth, with the gross margin for Xiaomi's automotive segment rising to 26.4% in Q2 2025 [12][16]. - Xiaomi aims to achieve single-quarter profitability in its automotive business in the second half of the year, with a target of delivering 350,000 vehicles by year-end [16][18]. Group 2: Challenges in Production and Delivery - Xiaomi faces significant challenges with long delivery times for its vehicles, with the SU7 and YU7 models having delivery timelines extending up to 48 weeks, which is considerably longer than competitors like BYD and Tesla [20][22]. - The company is reportedly expanding its workforce to address production capacity issues, as the current delivery delays could lead to customer dissatisfaction and potential cancellations [22][24]. - Analysts suggest that Xiaomi's rapid growth in the automotive sector may have outpaced its operational capabilities, leading to production and quality control challenges [35][36]. Group 3: Quality Concerns and Market Perception - Recent quality issues, including a recall of over 110,000 SU7 vehicles for software upgrades, have raised concerns about Xiaomi's product reliability and quality control [5][30]. - Complaints from customers regarding vehicle performance and quality have surfaced, indicating a potential backlash against the brand if these issues are not addressed promptly [30][31]. - The company's marketing strategies, while effective in generating interest, may have led to unrealistic customer expectations, which could harm brand reputation if not managed carefully [36][37].

Group 1 - The China Securities Intelligent Electric Vehicle Index increased by 2.2%, while the National Securities Robotics Industry Index rose by 1.9% [1] - The China Securities Consumer Electronics Theme Index saw a rise of 1.0%, and the China Securities Internet of Things Theme Index increased by 0.5% [1] - The robot ETF managed by E Fund (159530) experienced a net subscription of nearly 600 million units in half a day, with a total net inflow of approximately 900 million yuan over the past five trading days [1] Group 2 - The Internet of Things ETF managed by E Fund tracks the China Securities Internet of Things Theme Index, which focuses on companies involved in information collection, transmission, and IoT applications [4] - The rolling price-to-earnings ratio of the Internet of Things Index is 33.5 times, with a valuation percentile of 52.2% since its inception in 2015 [4]