Automobile Manufacturers

LEAPMOTOR

Today’s Key News Recap

GOOG

GOOGL

02076

09868

09961

01024

LKNCY

09863

09888

01810

XPEV

TCOM

81024

BIDU

89888

81810

XIACY

GGLS

HTGD

HBUD

HXXD

1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

Alphabet - C

Alphabet

BOSS ZHIPIN-W

XPENG-W

TRIP.COM-S

KUAISHOU-W

Luckin Coffee

BIDU-SW

XIAOMI-W

Kanzhun

XPeng

Trip.com

KUAISHOU-WR

Baidu

BIDU-SWR

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Trip.com HK SDR 50to1

Baidu HK SDR 10to1

Xiaomi HK SDR 2to1

Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

Conference Minutes

2026 overseas sales target: 100,000 to 150,000 vehicles

Leapmotor (3Q25 Minutes): 2026 sales target of 1 million units, net profit target of 5 billion.

Financial Analysis

BEAT

01211

002594

BYDDY

BYDDF

81211

BEATW

HYDD

The significant increase in the three expenses has eroded Leapmotor's net profit.

HeartBeam

BYD COMPANY

Sensata Tech

North American Energy Par

BYD Company

BYD Company Limited

BYD COMPANY-R

HEARTBEAM INC C/WTS 31/10/2026 (TO PUR COM)

BYD HK SDR 10to1

Leapmotor: The 'leading' momentum encounters obstacles, how to break through the blood path?

Xpeng

300024

TSLA

399432

VWAGY

02015

09866

VWAPY

Achieving annual sales of one million humanoid robots by 2030 is our long-term goal.

SIASUN

Tesla

Volkswagen AG

Intelligent Vehicle

Volkswagen

LI AUTO-W

NIO-SW

ZEEKR Intelligent Tech

Li Auto

NIO Inc. USD OV

XPeng (3Q25 Minutes): Launching seven 'dual-energy' models by 2026

Leapmotor 3Q25 Quick Interpretation: Overall, Leapmotor's total revenue and gross margin performance in the third quarter were commendable, continuing to improve quarter-on-quarter and both exceeding market expectations. However, net profit fell short of expectations due to a significant quarter-on-quarter increase in the three expenses. Specifically: ① Total revenue for the third quarter was 19.45 billion, significantly exceeding the market expectation of 18.33 billion. In the third quarter, due to the mass production and delivery of the low-priced small car B01 in Leapmotor's model structure, its proportion in the model structure increased quarter-on-quarter to 18%. The overall model structure continued to sink, so the market expected the selling price per car to show a quarter-on-quarter downward trend. However, the actual selling price per car this quarter was 112,000 yuan (including estimated service and other business), continuing to rise by 6,000 yuan from the previous quarter's 106,000 yuan. This is likely due to a. The proportion of overseas sales in the model structure continued to increase quarter-on-quarter by 0.4 percentage points to 10% this quarter; b. The recognition of a carbon credit income of 250 million yuan in the third quarter; ② The gross margin from car sales increased by 0.9 percentage points quarter-on-quarter to 14.5% this quarter, mainly due to a. The recognition of pure gross margin carbon credit income this quarter; b. The release of scale effects leading to a decrease in per-car amortized costs; However, the three expenses this quarter increased significantly quarter-on-quarter, with R&amp;D expenditure rising by 1.21 billion yuan, mainly due to increased investment in super-extended range models and intelligence, while sales and management expenses also increased due to increased advertising investment for new car launches and increased sales and management personnel due to business expansion. Although the overall gross margin exceeded expectations, the significant quarter-on-quarter increase in the three expenses eroded Leapmotor's net profit, resulting in a net profit for the third quarter that fell by 0.1 billion yuan from the previous quarter's 1.6 billion yuan, below the market expectation of 2 billion yuan. $LEAPMOTOR(09863.HK)

TOPS

TSDD

The ‘chilly’ car sales business meets the ‘hot’ AI expectations

Top Ships

GraniteShares 2x Short TSLA Daily ETF

Xpeng: The “Eastern Tesla” narrative unfolds – does selling cars even matter anymore?

09988

MSFT

NVDA

01179

AAPL

00175

OpenAI

89988

HBBD

BABA

HTHT

80175

GELHY

1117 | Dolphin Research Focus: 🐬 Stocks 1. $BABA-W(09988.HK) $Alibaba(BABA.US) Alibaba announced that its personal AI assistant, Qwen APP, has officially started public testing, with simultaneous launches on the web and PC, and is available for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to be integrated into various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands...

BABA-W

Microsoft

NVIDIA

HWORLD-S

Apple

GEELY AUTO

BABA-WR

Alibaba HK SDR 5to1

Alibaba

H World

GEELY AUTO-R

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Alibaba Qianwen App Goes Viral on Launch Day;Google Gemini 3.0 May Arrive This Week | Today's Important News Recap

禾赛科技

02525

HSAI

00388

MOMO

PONY

02026

02618

09618

80388

HKXCY

89618

HJDD

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

HESAI-W

Hesai

HKEX

Hello

Pony AI

PONY-W

JD LOGISTICS

JD-SW

Renaissance Ipo

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

JD-SWR

JD HK SDR 10to1

JD.com

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

SSNGY

SFTBY

9984

SOBKY

AMZN

SOXS

SOXL

SOXX

CP00062

TSLL

The following are the minutes of the ARM FY2026 Q2 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled &#34;ARM: With SoftBank as a Backer, the 'Hot Commodity' in the AI Chain?&#34;.1. $Arm(ARM.US) Key Financial Data ReviewOverall Performance: Second-quarter revenue reached $1.14 billion, up 34% year-on-year, surpassing the $1 billion mark for three consecutive quarters.Segment Revenue: Royalty income (patent usage fees) hit a record high of $620 million, up 21% year-on-year, primarily driven by growth in all major markets including data centers, smartphones, automotive, and IoT...

Samsung Electronics 

SoftBank

SoftBank Group Corp.

Amazon

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

Direxion Daily TSLA Bull 2X Shares

ARM (Minutes): All new computing power is based on Arm architecture

CATL

00386

300750

03750

600028

HCCD

The following are the Minutes of the 3Q25 earnings call of CATL organized by Dolphin Research. For the earnings interpretation, please refer to &#34;Full Capacity Expansion! Has the King of Ning Finally Made It?&#34; 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Management Statements 1. Domestic Capacity: Jining, Shandong (only Jining base...)

SINOPEC CORP

Pros

Sinopec Corp.

CATL HK SDR 30to1

CATL (Minutes): Demand is strong, profitability does not rely on price increases

Leapmotor Unveils Shanghai Design Center

CICC Maintains Overweight Rating on Zero Run Auto

Leapmotor to Hold Extraordinary General Meeting to Vote on Several Resolutions

Several New Energy Car Makers Achieve Record Sales During 'Golden September and Silver October'

Leapmotor and FAW Group's Joint Project to Go into Mass Production Next Year

Leapmotor Revises Procurement and Sales Agreement and Signs New Purchase Agreement for Supporting Products

Leapmotor Completes Localization Project in Malaysia and Introduces C10 Model in First Half of the Year

Zero Run's Vice President Says Overseas Orders for November Will Exceed 15,000 Vehicles

ZILIAN Auto reports Q3 2025 net profit of 150 million yuan

Leapmotor Announces Ahead of Schedule Completion of 2025 Sales Target and Reveals 2026 Plan

Zilao Automobile Wholly-Subsidiaries Beijing Ling'ai Intelligent Technology Co., Ltd.

Leapmotor achieves 2025 sales target ahead of schedule

Leopard Technology's Senior Vice President Cao Li Reveals the Teaser of the Compact SUV Model A10

Leapmotor Plans to Launch Lafa 5 Electric Hatchback Ultra Version

Piper Sandler Assigns Buy Rating to ZeroRun Technology H Shares with a Target Price of HKD 69