| 投资者关系活动 | √特定对象调研 分析师会议 □ | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | 现场参观 □ | | | 其他 □ | | 参与单位名称及 | 招商证券 王琪 | | 人员姓名 | 松山创业投资 吴德有 | | | 广州灏达投资 资香莲 | | | 熊蔚 | | 时间 | 2025 年 12 月 18 日（周四） 下午 10:00~11:30 | | 地点 | 公司会议室 | | 上市公司接待人 | 1.董事会秘书 陶张 | | 员姓名 | 2.证券事务代表 罗志泳 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次调研活动中提出的问题进行了回复： | | | 1.贵司定增募投项目进展如何？ | | | 答：公司向特定对象发行股票募投项目——"德联汽车新材 | | | 料胶粘剂研发和制造项目"已顺利完成建设任务，于 2025 年 9 | | 投资者关系活动 | 月 30 日前正式达到预定可使用状态，并于 10 月份启动小批量生 | | 主要内容介绍 | 产。作为公司响应汽车胶粘剂市 ...

Core Viewpoint - The recall of 11,411 units of the Li Auto MEGA electric vehicle is expected to cost the company around 2 billion yuan due to a fire incident caused by inadequate corrosion resistance of the coolant used in the vehicle's cooling system [2][3]. Group 1: Incident Overview - A fire incident involving a Li Auto MEGA occurred in Shanghai, leading to significant consumer panic regarding electric vehicle safety [2]. - The company announced a recall for the 2024 MEGA models produced between February 18, 2024, and December 27, 2024, to replace the coolant and address potential battery overheating issues [2][3]. Group 2: Technical Details - The coolant used in the 2024 MEGA is a low-conductivity type, which was intended to meet insulation design requirements but has shown insufficient corrosion resistance compared to traditional coolants [3][7]. - The low-conductivity coolant is a newer solution, costing approximately 10 yuan per liter, and is designed to prevent issues like foaming and stratification that can occur with traditional coolants [8][9]. Group 3: Industry Implications - The incident raises concerns about the validation processes for coolant and cooling system components within the automotive industry, particularly for new energy vehicles [11][12]. - The rapid corrosion of the cooling plates in the MEGA, which typically should last over a decade, has prompted scrutiny of both the vehicle manufacturer and the battery supplier regarding their testing and validation protocols [10][16]. Group 4: Future Considerations - Following the incident, Li Auto has established a dedicated materials laboratory to enhance research in basic materials, fluids, and chemicals, indicating a shift in focus towards the underlying material science in automotive safety [23]. - Other companies using the same battery technology, such as Xiaomi Auto, are also conducting urgent reviews of their cooling systems to prevent similar issues [20].

Core Viewpoint - The incident involving the Ideal MEGA electric vehicle, which caught fire due to a cooling liquid issue, has raised significant concerns in the industry and among consumers, leading to a recall of over 11,000 vehicles and an estimated cost of 2 billion yuan for the company [2][4][18]. Group 1: Incident Overview - On October 23, an Ideal MEGA electric vehicle caught fire in Shanghai after a malfunction related to its cooling system [1]. - The fire was attributed to insufficient corrosion resistance of the cooling liquid, which led to leakage and potential thermal runaway of the battery [2][3]. - Ideal announced a recall of 11,411 MEGA vehicles produced between February 18, 2024, and December 27, 2024, to replace the cooling liquid and affected components [2][3]. Group 2: Technical Details - The MEGA is Ideal's first pure electric model, launched in March 2024, priced at 550,000 yuan, featuring CATL's first-generation Kirin battery with ultra-fast charging capabilities [3]. - The cooling liquid used in the 2024 MEGA was a low-conductivity type, intended to meet insulation design requirements, but it failed to provide adequate corrosion resistance [3][9]. - The corrosion issue arose within just over a year of the vehicle's launch, which is unusual for such components that typically have a lifespan exceeding 15 years [13][18]. Group 3: Industry Implications - The incident has prompted other manufacturers, such as Xiaomi Automotive, to conduct urgent inspections of their cooling systems and battery structures [26]. - The industry is now questioning the verification processes for cooling liquids and the materials used in electric vehicle components, highlighting a potential oversight in testing protocols [15][17]. - The shift to low-conductivity cooling liquids, while aimed at improving safety, has revealed vulnerabilities that need to be addressed through more rigorous testing and validation [11][12][19].