<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ ¹æ®ç¬¬ä¸ä¸æµ·è¯å¸2025å¹´9æ8æ¥åå¸çæ¥åï¼å ³äºçæ³æ±½è½¦ï¼LI.O/2015.HKï¼çæ ¸å¿å 容æ»ç»å¦ä¸ï¼</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="MNUqTAt9zO" data-dir-key="MNUqTAt9zO"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãæ ¸å¿ä¸ç»©ä¸è´¢å¡è¡¨ç°ï¼2025Q2ï¼</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">交ä»ä¸æ¶å ¥</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">交ä»éè¶ 11ä¸è¾ï¼ç´¯è®¡è¾¾136ä¸è¾ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ»è¥æ¶30.2亿å ï¼åæ¯â4.5%ï¼ç¯æ¯âï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">车è¾éå®æ¶å ¥28.9亿å ï¼åæ¯â7%ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åå©æ¶¦1.1亿å ï¼åæ¯â0.4%ï¼ç¯æ¯â9.6%ï¼ </span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ¬ä¸æ¯å©</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">éå®ææ¬20.42亿å ï¼åæ¯â5%ï¼ï¼ææ¬æ§å¶æ¾æ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¯å©ç18.7%ï¼åæ¯â1.1pctï¼ç¯æ¯â1.8pctï¼ï¼å产åç»æè°æ´å½±å </span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç°éæµä¸å¨å¤</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç»è¥æ´»å¨ç°éæµ29.4亿å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">èªç±ç°éæµ-3.8亿å ï¼å æ¯ä»19亿å ç¸å ³æ¬¾é¡¹ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç°éå¨å¤106.9亿å </span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="a8OOdcF3oI" data-dir-key="a8OOdcF3oI"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äºã产åä¸ææ¯å级</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ°ååå¸ä¸äº¤ä»</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çæ³i8</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼7æåºåå¸ï¼8æ交ä»ï¼ç®æ 9æåºäº¤ä»8000-10000å° </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çæ³i6</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å®ä½ä¸å¤§å纯çµSUVï¼9æä¸å¸ï¼ä¸»æ空é´ãé¿ç»èªåè¿å¨å±æ§ </span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æºæ §é©¾é©¶çªç ´</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å ¨ç³»ADMax车åå级</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">VLAæºè½è¾ å©é©¾é©¶ç³»ç»</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼9æèµ·ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¼åè¡è½¦å¹³é¡ºæ§ãèªå¨æ³è½¦åè¿ç¨å¬å¤åè½ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åºäº"ä¸ç模å"æå10åç®åï¼ç®æ 2å¹´å å®ç°10åäºäººç±»é©¾é©¶çå®å ¨æ§è½ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">11ææç»æ¨éæ´æ° </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å¸å±VR大模ååçæ³å¤§æ¨¡åï¼9æåå¸æ°æ¶ææå交äºè½å </span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å çµç½ç»å»ºè®¾</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">建æä¸å½è½¦ä¼æå¤§è¶ å ç½ç»ï¼3100+ç«ï¼è¦ç260åï¼ </span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="Wqpq42-pUo" data-dir-key="Wqpq42-pUo"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãæªæ¥è´¢å¡é¢æµï¼2025E-2027Eï¼</span></span></strong></span></span></h3><table><tbody><tr style=""><th style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ææ </span></span></span></span></p></th><th style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2025E</span></span></span></span></p></th><th style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2026E</span></span></span></span></p></th><th style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2027E</span></span></span></span></p></th></tr><tr style=""><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éé</span></span></strong></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">41.5ä¸è¾</span></span></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">68ä¸è¾</span></span></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">82ä¸è¾</span></span></span></span></p></td></tr><tr style=""><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶å ¥</span></span></strong></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">1148亿å </span></span></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">1681亿å </span></span></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">1939亿å </span></span></span></span></p></td></tr><tr style=""><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½æ¯åå©æ¶¦</span></span></strong></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">49亿å *</span></span></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">80亿å </span></span></span></span></p></td><td style="max-width: 213.5px;min-width: 213.5px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">112亿</span></span></span></span></p></td></tr></tbody></table><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="F1XGz3lbZk" data-dir-key="F1XGz3lbZk"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åãæèµè¯çº§ä¸ä¼°å¼</span></span></strong></span></span></h3><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼28.02ç¾å ï¼ç¾è¡ï¼/114.70港å ï¼æ¸¯è¡ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç°ä»·ç©ºé´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è¾24.0ç¾å /94.0港å </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸æ¶¨16.7%/22.0%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" 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