Major Developments: Montage Technology (06809) will conduct its share offering from January 30 to February 4, with an expected listing date of February 9. Axera (00600) will conduct its share offering from January 30 to February 5, with an expected listing date of February 10. Lexin Outdoor (02720) will conduct its share offering from January 31 to February 5, having introduced Horizon Ventures and Huangshan Dejun to subscribe to HKD 1.3 billion worth of shares offered. Dongpeng Beverage (09980) set its final offer price at HKD 248 per share. Zhonghui Biology-B (02627) received approval from the National Medical Products Administration for the market application of its trivalent influenza virus subunit vaccine. CMS Pharma (00867) received approval for the market authorization application of its innovative drug, Ruxolitinib Phosphate Cream, in China, making it the first and only targeted therapy approved for vitiligo treatment in the country. SSY Group (02005) obtained a drug production registration approval from the National Medical Products Administration for its Propafenone Hydrochloride Injection. Chalco (02600) plans to jointly acquire a 68.6% stake in Brazilian aluminum company with Rio Tinto and will launch a mandatory offer. Yankuang Energy (01171) plans to transfer a 100% equity stake in Inner Mongolia Xintai Coal via a public listing. PATEO (02889) plans to collaborate with Ping An Property & Casualty Insurance to restructure the smart mobility insurance ecosystem. JINGJI New Energy (01783) entered into a strategic framework agreement with Tianqi Grand for lithium battery recycling, dismantling, black mass processing, and precious metal extraction in Hong Kong. Yuegangwan Holding (01396)'s subsidiary, Hongce Data, introduced Futian Capital as a strategic investor subscribing for a 40% equity stake, injecting strong momentum for the high-quality development of its AI business. CHINA MOBILE (00941) announced an adjustment to the applicable scope of the VAT category for telecommunications services. CHINA UNICOM (00762) announced an adjustment to the applicable scope of the VAT category for telecommunications services. CHINA TELECOM (00728) announced an adjustment to the applicable scope of the VAT category for telecommunications services.

Operating Performance: BYD Company (01211) reported January new energy vehicle sales of approximately 210,000 units. Geely Automobile (00175) reported total January vehicle sales of 270,200 units, a year-on-year increase of about 1%. Chery Automobile (09973) reported total January sales across its five major brands of 191,500 vehicles, a year-on-year decrease of approximately 10.7%. Seres (09927) reported total January vehicle sales of 45,900 units, a year-on-year surge of 104.85%. Great Wall Motor (02333) reported January vehicle sales of approximately 90,300 units, a year-on-year increase of 11.59%. Li Auto (02015) delivered 27,668 new vehicles in January, a year-on-year decrease of 7.5%. NIO (09866) delivered 27,182 vehicles in January, a year-on-year increase of 96.1%. GAC GROUP (02238) reported January vehicle sales of 116,600 units, a year-on-year increase of 18.47%. Great Wall Motor (02333) released its 2025 performance forecast, reporting attributable net profit of RMB 9.912 billion, a year-on-year decrease of 21.71%. Shandong Gold (01787) expects to achieve a 2025 net profit attributable to shareholders of approximately RMB 4.6 billion to RMB 4.9 billion, representing a year-on-year increase of 56% to 66%. SF Intra-City (09699) issued a profit alert, expecting its 2025 net profit attributable to shareholders to increase by no less than 80% year-on-year. China International Capital Corporation (03908) issued a profit alert, expecting a net profit attributable to shareholders of RMB 8.542 billion to RMB 10.535 billion, a year-on-year increase of 50% to 85%. China Shenhua (01088) expects its 2025 net profit to decrease year-on-year. Datang Power (00991) issued a profit alert, expecting a 2025 net profit of approximately RMB 6.8 billion to RMB 7.8 billion, a year-on-year increase of about 51% to 73%. China Southern Airlines (01055) issued a profit alert, expecting a 2025 net profit attributable to shareholders of RMB 800 million to RMB 1 billion, turning a profit year-on-year. Air China (00753) issued a profit warning, expecting a 2025 net loss attributable to shareholders of approximately RMB 1.3 billion to RMB 1.9 billion. China Eastern Airlines (00670) issued a profit warning, expecting a 2025 net loss attributable to shareholders of approximately RMB 1.3 billion to RMB 1.8 billion. GAC GROUP (02238) expects a 2025 net loss attributable to shareholders of RMB 8 billion to RMB 9 billion. Angang Steel (00347) issued a profit warning, expecting a 2025 net loss attributable to shareholders of approximately RMB 4.077 billion, narrowing by 42.75% year-on-year. Junshi Biosciences (01877) issued a profit warning, expecting a 2025 net loss attributable to shareholders of approximately RMB 873 million, with the loss narrowing by about 31.85% year-on-year.