从弥补产品短板，到布局长线竞争。 文 丨 魏冰 编辑 丨 龚方毅 尽管去年车机端理想同学的战略优先级下降，但管理层对理想同学的整体规划是使其功能更强大、应 用更灵活。现在，理想汽车的 AI 战略落地，主要看两个产品："理想同学" 怎么变，以及智能辅助驾 驶怎么跑。 理想汽车每年举办两次闭门战略会，讨论公司未来的战略方向与落地节奏。去年 10 月，理想在北京 雁栖湖凯宾斯基酒店举行秋季战略会，董事长李想、高管及各业务负责人共百余人参会。美团创始 人、理想汽车董事王兴也参与了此次会议。 会 后 理 想 调 整 了 AI 相 关 业 务 的 优 先 级 ， 如 将 车 机 端 理 想 同 学 从 最 高 优 先 级 （ IP0 ） 降 至 最 低 （IP2），并再次强调智能辅助驾驶（当时内部仍称 "智能驾驶"）业务的战略地位。手机端理想同学 的开发并未受影响。 根据一位接近理想人士的转述，王兴也在会上提出对理想同学的看法，大意是大模型与车机端理想同 学的结合，并不能真正发挥人工智能的潜力。 战略会结束的两个月后，理想汽车连续三天推出 "2024 理想 AI Talk"，近半年没有公开露面的李想现 身， 系统分享了他 ...

减少整⻋企业和零部件企业之间的博弈。 文 丨 郭瑞婵 编辑 丨 龚方毅 上汽集团内部的整合行动延伸至旗下零部件体系。我们获悉，上汽正按照 "上车身" 与 "下车 身" 将零部件企业整合为两大主体，"上车身" 以延锋为主，"下车身" 则是筹备中的新底盘公 司。 据我们了解，具体的整合形式还没有完全定下来，可以明确的是整合行动围绕整零协同展开。 一位接近上汽的知情人士告诉我们，"上车身" 的范围囊括车身、内外饰与智能座舱，整合不一 定是以组织合并的形式，但一定会在项目沟通上做更密切的连接，超越普通的甲乙方关系。一 位延锋的员工也表示，"零部件这块整体合作"，去年策划的项目已经在按照这个思路推进。 至于 "下车身"，我们了解到，新底盘公司将由上海汇众、联创汽车电子及其子公司创时智驾、擎度科 技等整合而来。 针对以上信息，我们已向上汽集团进行求证，但截至发稿前未能获得确认。 新底盘公司的第一次曝光是在 4 月，当时有媒体报道称，上汽将整合旗下几家零部件子公司组建新的 智能底盘架构公司，并预计今年 6 月完成，新底盘公司的负责人为原上汽集团研发总院院长芦勇，他 上个月卸任研发总院院长一职，调往上海汇众。 - FIN - ...

Core Viewpoint - Xiaopeng Motors has shown improvement in gross margin and a reduction in net loss, positioning itself for greater challenges in the second half of the year [1] Financial Performance - In Q1, Xiaopeng's net loss narrowed to 660 million yuan, a decrease of over 50% year-on-year and quarter-on-quarter, with free cash flow exceeding 3 billion yuan [2] - The overall gross margin reached 15.6%, an increase of 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter; the automotive gross margin was 10.5%, marking a continuous increase for seven consecutive quarters [2] - Despite a quarter-on-quarter revenue decline of 290 million yuan to 15.81 billion yuan, the new vehicle delivery volume increased by 2,500 units to 94,000 units, with the lower-priced MONA M03 accounting for 50.1% of deliveries [2] Revenue Composition - Service revenue, which has a gross margin exceeding 66%, accounted for less than 10% of Xiaopeng's total revenue but contributed nearly 40% of the gross margin, primarily from technology development services related to collaborations with Volkswagen Group [3] Future Outlook - Xiaopeng anticipates continued growth in Q2, with expected deliveries between 102,000 and 108,000 units and revenue projected to be between 17.5 billion and 18.7 billion yuan, representing a year-on-year growth of approximately 115.7% to 130.5% [4] - The company aims for over 100% growth in annual sales and plans to achieve profitability in Q4 while maintaining a scalable free cash flow [4] Competitive Landscape - Xiaopeng faces increasing competition from new entrants like Xiaomi and Li Auto, as well as traditional automakers such as Toyota, Honda, and Volkswagen, who are accelerating their new product launches [5] - The company is transitioning from full-stack self-research to a matrix-style integrated research and development approach to enhance its technological capabilities for long-term competitive success [5]

拔剑四顾心茫然。 编辑 丨 王姗姗 从代表中国制造产业先进生产力的维度，宁德时代是一个偶像级的企业。在资本市场上，中国的股民 称它为 "宁王"，因为宁德时代几乎是第一个把资本市场炒作的概念变为现实的公司。 5 月 20 日，宁德时代在港交所挂牌完成二次上市，募资规模达到 353 亿港元（约合 45 亿美元）。宁 德时代股价盘中一度涨超 18% ，市值达 1.41 万亿港元，势头压过与它在 A 股市场一直被拿来 PK 的 比亚迪。 港股市场上一次目睹此等规模的 IPO 还是 2021 年上市的快手。从交表至挂牌，宁德仅用了三个月， 速度之快在近年港股 IPO 案例中非常少见。 在新能源汽车业内，宁德时代过往因 "霸道" 而不乏争议。客户都知道很难与宁德议价，电池供不应求 时，甚至需提前支付保证金才能提货，这令一些车企自嘲，造车是在给宁德时代 "打工"。车企集体陷 入价格战的当下，宁德时代也没有全面降价让利，反而继续认为只要能为客户提供最好的电池，就是 帮助对方卖好车、提升竞争力。 文 丨 李梓楠 制图 丨 黄帧昕 好公司往往有执念。宁德时代一直相信技术的力量并坚守制造业 "一分钱一分货" 的基本原则。秉承这 种 ...

Core Viewpoint - The article discusses the evolution and challenges of hidden door handles in the automotive industry, highlighting their aesthetic appeal and the associated safety concerns that have led to regulatory scrutiny [3][4][5]. Group 1: Product Innovation and Market Trends - Hidden door handles were initially designed for aesthetics and aerodynamics, becoming more common in mainstream vehicles due to technological advancements and cost reductions [4][5]. - Tesla played a significant role in popularizing hidden door handles with the Model S, which integrated this design to enhance the vehicle's technological appeal and performance [5][6]. - The adoption of hidden door handles has increased, with approximately 60% of the top 100 new energy vehicles in China featuring this design [15]. Group 2: Safety and Regulatory Concerns - Recent issues with hidden door handles include problems such as hand pinching, freezing in winter, and sensor failures, prompting regulatory bodies to intervene [5][6]. - The Ministry of Industry and Information Technology in China proposed new safety standards for automotive door handles, addressing concerns about strength, control logic risks, and emergency escape scenarios [6][15]. - The complexity of hidden door handles increases the potential for failure, especially in emergency situations where traditional mechanical systems may be more reliable [13][15]. Group 3: Cost and Engineering Challenges - The implementation of hidden door handles significantly increases vehicle weight and costs, with estimates suggesting a 7-8 kg increase and BOM costs that can be 4-7 times higher than traditional systems [14][15]. - Some manufacturers are adopting hybrid designs, such as semi-hidden handles, to balance aesthetics and functionality while mitigating risks associated with fully electronic systems [14][15]. - The lack of unified industry standards for hidden door handles raises concerns about safety and reliability, as different manufacturers may have varying levels of quality and emergency features [16][17]. Group 4: Future Developments and Innovations - Suppliers are developing safer hidden door handle solutions, including mechanical systems that do not rely on electrical power, ensuring functionality in emergencies [20][21]. - The automotive industry is urged to prioritize safety and quality over cost-cutting measures, as the current trend of focusing on price may lead to increased risks in product reliability [27].

持续两年多的调整后，比亚迪智能化业务架构进入相对稳定阶段。 文 丨 司雯雯 编辑 丨 龚方毅 人事变动最直接地体现着比亚迪最受关注的智能化业务的每一次决策、路线和投入：2 年前， 智能辅助驾驶首次成为比亚迪核心战略，多位外部技术人才密集加入、寻求新机会。自研业务 从内部赛马到合并，管理职位出现又被缩减。最近，在一系列调整后，比亚迪智能化业务组织 架构相对稳定——由此又伴随着新的人事变化。 我们独家获悉，比亚迪为辅助驾驶引入的技术人才之一廖杰已于 2025 年春节后离职。他 2023 年 8 月前后加入比亚迪新技术院，参与智能辅助驾驶算法自研，曾任总监岗位。加入比亚迪 前，廖杰是地平线的智能驾驶研发总监。现在他将回地平线担任原职位。 舱驾一体是新的技术趋势，将辅助驾驶和智能座舱功能集成于一颗计算芯片以提升体验、降低成本。 一位主机厂管理层曾告诉我们，在实现同一水平的功能基础上，舱驾一体模式可节约上千元。 不过，比亚迪智能化团队眼下更要紧的任务是实现天神之眼 B 平台方案的自研、量产，这一方案包括 1 颗或 2 颗激光雷达，可实现基于端到端的城市领航功能，主要应用于比亚迪、腾势 20 万元左右车 型。 用自研方案 ...

协同的美好与执行的复杂。 除了桂生悦，参会的高管还包括吉利控股集团 CEO 李东辉、极氪科技集团 CEO 安聪慧、吉利汽车集 团 CEO 淦家阅、吉利汽车集团 CFO 戴永。吉利汽车创始人、吉利控股集团董事长李书福没有参加。 "一个吉利" 加速成形 极氪一定会回归吉利 一周前，吉利汽车控股（吉利汽车上市主体）向极氪发出非约束性报价函，初步表达将极氪私有化的 意向。 尽管吉利控股董事长李书福当时已经说，此举是进一步落实《台州宣言》，提升资源利用效 率、深化品牌协同的重要步骤，但部分市场人士认为，吉利汽车最终是否会私有化极氪，仍存在一定 变数。 文 丨 司雯雯 赵宇 编辑 丨 龚方毅 "面对激烈的市场竞争和日益复杂的市场环境，吉利汽车只有改变过去品牌 '小而散、散而乱' 的现 象，进行深度整合，把公司的资源凝聚成一个拳头，我们才有可能取得胜利。"5 月 15 日下午， 吉利 汽车控股有限公司行政总裁桂生悦在公司今年一季度业绩会上说。 今年一季度，吉利的销量、营收和利润均有所增长。其中，新车销量 70.4 万辆，同比增长 48%；营 收 725 亿元，同比增加 25%；归母净利润 56.7 亿元，同比增幅达 264 ...

以下文章来源于晚点对话 ，作者程曼祺 晚点对话 . 这不是一次轻装上阵的重新出发。作为上一批 "AI 四小龙" 的创始人之一，印奇带着太多过去的经验 与挫折：从年少成名、高歌猛进、被资本追捧，再到公司被美国制裁、两次上市遇阻、苦寻商业化未 果——他完整经历了上一轮 AI 周期的起落。 最一手的商业访谈，最真实的企业家思考。 千里科技董事长 印奇 "按大的体系阵营算，届时（赢家）不超过 4 个。" 文 丨 程曼祺 编辑 丨 宋玮 今年 37 岁的印奇，已经 AI 创业 14 年。他刚渡过了至暗时刻。 半年多前，印奇在 2011 年创立的旷视科技已卡在科创板上市流程超过 3 年。很多人都在等靴子落 地：这个昔日的 "AI 天才少年" 将如何收场？ 一个意外转机此时出现，印奇在去年 7 月入股上市公司力帆科技， 后于去年底出任力帆科技董事长 。今年 2 月，力帆正式更名千里科技。 千里背后原有两大股东——吉利集团和地方政府。股权结构调整后，千里的新目标是聚焦 "AI + 车"， 成为汽车智能化头部供应商。这延续了旷视未能实现的商业闭环：做与硬件终端结合的 AI，让 AI 走 向 Robotics。 印奇说，他仍在追 ...

Core Viewpoint - Geely is shifting its strategy from a multi-brand approach to a more integrated model, focusing on resource consolidation and technological synergy to enhance competitiveness in a challenging automotive market [2][3]. Group 1: Brand and Structural Changes - In 2014, Geely decided to cancel three sub-brands to concentrate sales resources and meet the strong demand from Chinese consumers [2]. - On May 7, Geely announced plans to acquire all issued shares of Zeekr Technology for approximately $6.5 billion, making Zeekr a wholly-owned subsidiary and consolidating its passenger car brands under Geely [2][3]. - This marks the largest adjustment in Geely's passenger vehicle system, aiming to reduce internal competition and streamline management across brands [2][3]. Group 2: Technological Integration and Cost Reduction - Following the release of the "Taizhou Declaration" in September, Geely has undertaken several integrations to minimize redundant investments and promote technology sharing, such as opening Zeekr's advanced driver assistance system to Geely's brands [3]. - Geely's passenger vehicle segment plans to collaborate deeply in areas like vehicle architecture, electronic architecture, advanced driving, smart cockpits, and power batteries [3][4]. - The battery business is identified as the most complex area of strategic integration, with the establishment of a new battery industry group named "Jiyao Tongxing" [4]. Group 3: Battery Business Strategy - Geely is reorganizing its battery-related R&D and manufacturing resources through equity acquisitions, aiming for a platform-based approach to unify R&D, procurement, and manufacturing [4]. - The existing battery brands, "Shendun Short Blade" and "Jinzhuan," will be integrated into "Jinzhuan Battery Cell," offering three versions: super fast charging, high energy density, and super hybrid [4]. - Geely aims to increase the supply ratio of Jiyao Tongxing to 30% within two years while maintaining long-term collaborations with suppliers like CATL and Sunwoda [4].

Core Viewpoint - The article emphasizes the importance of integrity and quality in business operations, highlighting the shared values between Wei Jianjun and Yu Donglai, particularly in opposing price wars and focusing on long-term development rather than short-term gains [2][3]. Group 1: Support for Yu Donglai and Integrity in Business - Wei Jianjun publicly supported Yu Donglai and his company, Pang Donglai, advocating for a business model based on honesty and transparency [2][3]. - Pang Donglai faced criticism from a blogger regarding the quality of their jade products, leading to a public defense and legal action from the company [1][3]. - The sales data from Pang Donglai indicated a total of 4,177 jade items sold from January to April, generating nearly 30 million yuan with an average gross margin of no more than 20% [1]. Group 2: Long-term Strategy and Quality Focus - Wei Jianjun's approach to business emphasizes quality over blind expansion, aligning with Yu Donglai's philosophy of maintaining integrity in operations [4][6]. - Long-term investments in research and development have allowed Great Wall Motors to maintain a strong position in the market without succumbing to competitive pressures [5][6]. - The company has consistently focused on specific market segments, such as SUVs, which has led to significant sales success, exemplified by the Haval H6 model [5]. Group 3: Corporate Culture and Leadership - Great Wall Motors fosters a culture of transparency and accountability, with regular self-reflection meetings to address issues and improve operations [9]. - Wei Jianjun's leadership style is characterized by a hands-on approach, actively engaging in key projects and maintaining close communication with teams [7][8]. - The company has a clear stance against unethical practices, emphasizing the importance of maintaining order and rules within the industry [8][9].