Group 1 - The company Shanghai Huayi Technology Group Co., Ltd. is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness [1] - The issuance details are currently under discussion with relevant intermediaries, and the specific plan has not yet been determined [1] - The issuance and listing will require approval from the company's board and shareholders, as well as regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1]

Core Viewpoint - The collision test conducted by China Automotive Engineering Research Institute (China Auto Research) on the Li Auto i8 has sparked significant discussion online, particularly regarding the methodology and implications of the test results [1] Group 1: Test Details - The collision test was performed on June 27, 2025, at the Sino-German Intelligent Connected Vehicle Testing Base in Sichuan, focusing solely on the safety of the Li Auto i8 vehicle [1] - The test involved a randomly purchased second-hand truck as a mobile barrier, with the truck's weight set to 8 tons after modifications [1] - The collision speeds were set at 60±2 km/h for the Li Auto i8 and 40±2 km/h for the mobile barrier truck [1] Group 2: Test Outcomes - Post-collision, the passenger compartment of the Li Auto i8 showed no significant deformation, with airbags deploying normally and no leakage or fire from the battery pack [1] - The mobile barrier truck's cabin structure remained intact, with no significant deformation, and the doors were operable after the collision [1] Group 3: Industry Response - China Auto Research has not released any test data, reports, or video materials related to the collision test prior to this statement and has not made any official comments on the incident [1] - The organization calls for objective and rational discourse from the industry, media, and public to maintain a healthy industry ecosystem and a clear online environment [1] - China Auto Research emphasizes its commitment to scientific rigor and objectivity in conducting evaluations and welcomes supervision from all sectors of society [1]

Core Viewpoint - The crash test of the Li Auto i8 conducted by China Automotive Research (中国汽研) is a non-standard vehicle-to-vehicle collision test aimed solely at verifying the safety of the Li i8, without evaluating the safety performance of other brands' vehicles [1][2]. Group 1 - The test was designed based on typical traffic accident scenarios on ordinary roads, using a second-hand truck as a movable barrier vehicle [1][2]. - China Automotive Research has not released any test data, reports, or images on any platform prior to the statement, and has not made any official response regarding the incident [2]. - The organization emphasizes the importance of objective and rational discourse among the industry, media, and public to maintain a clear online environment and will pursue legal action against malicious interpretations and misleading communications [1][2]. Group 2 - As a state-owned enterprise and a first-class national research institute, China Automotive Research adheres to a scientific and rigorous approach, maintaining a fair and objective stance in its testing activities [2]. - The organization is committed to providing professional and reliable technical services to empower the Chinese automotive industry towards higher quality development [2].

Core Viewpoint - The collision test of the Li Auto i8 conducted by China Automotive Engineering Research Institute (China Automotive Research) is solely to verify the vehicle's safety and does not involve safety performance evaluations of other brands [2][5][6] Group 1: Test Details - The test was conducted on June 27, 2025, at the Sino-German Intelligent Connected Vehicle Sichuan Test Base [5] - The test vehicle was the Li Auto i8, and a second-hand truck was used as a mobile barrier [5][6] - The collision speeds were set at 60±2 km/h for the Li Auto i8 and 40±2 km/h for the mobile barrier [6] Group 2: Test Results - Post-collision, the passenger compartment of the Li Auto i8 showed no significant deformation, airbags deployed normally, and there were no leaks or fires from the battery pack [6] - The mobile barrier truck maintained structural integrity, with no significant deformation in the driver's cabin, and the doors could be opened normally after the collision [6] Group 3: Industry Response - China Automotive Research has not published any test data, reports, or images related to this event prior to the statement [6] - The organization calls for objective and rational discourse from the industry, media, and public to maintain a clear online environment [6] - China Automotive Research emphasizes its commitment to scientific rigor and objectivity in conducting evaluations and welcomes supervision from all sectors of society [6]

Core Viewpoint - The collision test of the Li Auto i8 conducted by China Automotive Engineering Research Institute (China Automotive Research) is aimed solely at verifying the vehicle's safety and does not involve safety performance evaluations of other brands [1][7]. Group 1: Test Details - The test was conducted on June 27, 2025, at the Sino-German Intelligent Connected Vehicle Sichuan Test Base [7]. - The test involved a Li Auto i8 and a second-hand truck, which was used as a movable barrier, selected based on its curb weight [7][8]. - The collision speeds were set at 60±2 km/h for the Li Auto i8 and 40±2 km/h for the movable barrier truck [8]. Group 2: Test Results - Post-collision, the passenger compartment of the Li Auto i8 showed no significant deformation, airbags deployed normally, and there were no leaks or fires from the battery pack [8]. - The movable barrier truck's driver cabin remained structurally intact, with no significant deformation, and the doors could be opened normally after the collision [8]. Group 3: Industry Response - China Automotive Research emphasizes the importance of objective and rational discourse within the industry and media to maintain a clear online environment [1][4]. - The organization reserves the right to pursue legal action against malicious interpretations and misleading communications regarding the test [1][4].

Core Viewpoint - China Automotive Research (中国汽研) issued a statement regarding the significant public reaction to the collision test video of Li Auto's i8, clarifying that the test was solely to verify the safety of the i8 and did not evaluate the safety performance of other brands [1][3] Group 1 - The collision test involved the i8 at a speed of 60±2 km/h, with a moving barrier vehicle approaching at 40±2 km/h [3] - Post-test observations indicated no significant deformation of the passenger compartment, airbags deployed normally, and no leakage or fire from the battery pack [3] - China Automotive Research has not released any test data, reports, or images related to this event on any platform prior to the statement [1][3] Group 2 - The organization emphasizes the importance of objective and rational discourse among the industry, media, and public to maintain a healthy industry ecosystem and a clear online environment [1][3] - As a state-owned enterprise and a national research institution, China Automotive Research commits to conducting tests with scientific rigor and impartiality, while accepting supervision from all sectors of society [3] - The organization plans to continue providing professional and reliable technical services to empower the Chinese automotive industry towards higher quality development [3]

Group 1: Standards and Regulations - The recent public notice regarding the proposed mandatory national standard for "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems" is expected to be released in the near future [2][3] - Existing mandatory national standards in the intelligent connected vehicle sector focus on basic safety, including GB 44495-2024, GB 44496-2024, and GB 44497-2024 [3] Group 2: Business Relationships and Revenue - The business relationship between the company and the China Automotive Technology and Research Center (CATARC) is defined as a client-supplier relationship, with CATARC accounting for approximately 18% of the company's annual revenue in 2024 [3][4] - The commercial vehicle segment currently represents about 10% of the company's revenue, with potential for growth driven by internal capabilities and external market demand [4][5] Group 3: Operational Efficiency - There is potential to improve the utilization rate of the company's first-phase testing facility through refined management practices, including optimizing road scheduling and staggered testing arrangements [6] - The second-phase testing facility in the Yangtze River Delta has completed 85.04% of its budgeted investment and is expected to incur fixed operating costs of approximately 45 million yuan this year [9] Group 4: Market Demand and Growth - The company experienced rapid revenue growth in the first quarter, attributed to increased industry demand for R&D testing as the automotive sector transitions to smart and electric vehicles [7] - The expansion of testing demand is supported by new policies and market needs, particularly in emerging markets such as the Middle East and Southeast Asia [5] Group 5: Pricing and Competition - The company employs a differentiated pricing strategy based on client needs and business scale, with testing fees ranging from millions to tens of millions of yuan depending on the vehicle and testing requirements [10] - Competitive pricing pressures may arise, but the company aims to maintain its value proposition through quality service rather than engaging in price wars [10] Group 6: Corporate Governance and Management - The State-owned Assets Supervision and Administration Commission (SASAC) evaluates the company's market value management based on multiple indicators, including stock price growth and cash dividend ratios [11][12] - The company plans to expand its workforce to approximately 110 employees by the end of the year, aligning recruitment with operational needs [12]

Core Insights - The collaboration between China Automotive Engineering Research Institute (China Automotive Research) and EU Green NCAP marks the launch of the world's first automotive testing capability benchmarking and recognition project between China and Europe, providing strong technical support for Chinese automotive exports [2] Group 1 - The project focuses on green testing technologies related to vehicle energy consumption, charging, and emissions, aiming to establish mutual trust and recognition in green testing technology between China and Europe [2] - The initiative will enable Chinese laboratories to conduct preliminary tests based on EU Green NCAP protocols, ensuring robust capability support [2] Group 2 - The partnership has evolved since 2020, with China Automotive Research monitoring the developments of EU Green NCAP and deepening understanding through multiple technical exchanges in 2023 [3] - The signing of a memorandum of cooperation in Belgium and the establishment of a regular communication mechanism between the two testing systems signify a substantial advancement in their collaboration [3] - The five-party agreement is expected to enhance the quality of development in China's automotive industry towards green and international standards, positioning Chinese laboratory testing capabilities among the top tier globally [3]

Group 1 - The East China headquarters project of China Automotive Research is in the final acceptance stage, with a 90% equipment procurement rate and 50% of the equipment already delivered for installation and debugging, expected to be fully completed and put into trial operation by the end of 2025 [2] - The project includes four major R&D centers focused on new energy vehicle testing, intelligent connected vehicle testing, electronic communication and software testing, and specialized parts and materials testing, enhancing the company's capabilities in intelligent, connected, electric, and low-carbon services [2] - The project aims to provide localized one-stop services for enterprises in East China, including standard formulation, common technology research, and third-party testing R&D services, becoming a public service platform for the development of the intelligent connected new energy vehicle industry in the region [2] Group 2 - The Southern (Shaoguan) Intelligent Connected New Energy Vehicle Testing Center, co-invested by China Automotive Research and China Quality Certification Center, is currently under construction, with an overall completion rate of 80%, expected to be completed and put into trial operation by the end of 2025 [2] - The Hydrogen Energy Quality Inspection and Testing Center has officially commenced operations in January 2024, running smoothly, and includes multiple laboratories for hydrogen vehicles, fuel cells, and powertrains [3] - The Hydrogen National Testing Center has established a testing system covering hydrogen vehicles, systems, and components, providing detection services for hydrogen fuel cell vehicles, key components, and hydrogen quality, encompassing the entire hydrogen energy industry chain [3]

站在长三角（盐城）智能网联汽车试验场的调度指挥中心观景台上，一连串清脆的刹车从多功能柔性广场传来，几辆汽车正从三个方向驶向广场中心并实 现会车。另一侧的城市场景模拟区，工作人员紧锣密鼓布置着骑自行车的"假人"，为下一轮测试做准备，不远处呼啸而过的"飞行汽车"正进行着模拟风阻 测试。走进智能网联复杂环境多维模拟平台，暴雨和闪电在工作人员的指令下如约而至，远处的红绿灯在滂沱雨幕中渐渐模糊，这是在测试智能网联汽车 在低能见度下的传感、决策等能力…… 未来交通参与者的小型社会！ 包揽多个"首创"的智驾测试平台 2020年11月，中汽股份投资15亿元，布局建设长三角（盐城）智能网联汽车试验场（以下简称"试验场"或"二期项目"），这是中汽股份继综合汽车试验场 （或称"一期项目"）后在盐城建设的第二个项目。2024年7月16日，项目正式启动运营。试验场占地面积约4000亩，建设有8条专用于智能网联汽车的测试 道路、3.2万平方米的试验室以及配套的油电氢醇四合一综合能源中心，能够涵盖智能网联汽车及自动驾驶能力测试的绝大多数场景需求，同时满足重型 商用车主要测试能力，并兼顾飞行汽车和低空飞行器的测试能力。 "在二期项目建成之前 ...