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]

Core Viewpoint - CATL is recognized as a leading company in the battery industry, often referred to as "Ning Wang" in the capital market, due to its ability to turn market concepts into reality. The company recently completed a secondary listing in Hong Kong, raising approximately 45 billion USD, and its market capitalization reached 1.41 trillion HKD, surpassing BYD in momentum [2][3]. Group 1: Company Performance and Market Position - CATL's revenue for Q1 2025 was 847 billion CNY, with a net profit of approximately 140 billion CNY, achieving a record net profit margin of 17.6% [7]. - The company held over 50% market share in China and over 30% globally in 2021, with its largest customer, Tesla, experiencing a 50% annual sales growth at that time [8]. - Despite facing challenges, CATL's global market share continues to grow, with one in three electric vehicles worldwide equipped with CATL batteries [8][11]. Group 2: Strategic Challenges and Competitive Landscape - CATL has faced criticism for its pricing power, with some automakers feeling squeezed by its dominant position. The company has maintained high profit margins, often above 20%, while competitors engage in price wars [18][22]. - The shift in the market towards lower-cost lithium iron phosphate batteries has posed challenges for CATL, which has historically focused on higher-end battery technologies [28]. - The competition from BYD has intensified, particularly in the under 200,000 CNY electric vehicle market, where BYD's sales growth has outpaced CATL's [25]. Group 3: Future Growth and Innovation - CATL is exploring new business avenues, including battery swapping and the development of solid-state batteries, which are seen as crucial for the company's long-term growth [40][46]. - The company has committed to significant R&D investments, with over 700 billion CNY spent in the past decade, aiming to maintain its technological edge [45]. - CATL's leadership emphasizes the importance of continuous improvement and innovation to transition from a leading company to a great company, with a focus on becoming a key player in the global energy landscape [42][44].

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].

Core Viewpoint - After more than two years of adjustments, BYD's intelligent business structure has entered a relatively stable phase, reflecting the company's strategic focus on intelligent driving and related technologies [2][3]. Group 1: Organizational Changes - Recent personnel changes at BYD's intelligent business unit highlight the company's strategic decisions and investments in intelligent driving, with key figures like Liao Jie and Tang Minxin leaving their positions [3][5]. - Liao Jie, who joined BYD in August 2023, was involved in the self-research of intelligent driving algorithms and has now returned to Horizon Robotics [3][5]. - The restructuring has led to a clearer division of responsibilities within the intelligent business unit, with a focus on integrating intelligent driving and cockpit functions under single management [6]. Group 2: Strategic Focus on Intelligent Driving - BYD has elevated intelligent driving to one of its core strategies, with significant investments and rapid recruitment aimed at catching up in the market [5][6]. - The company has formed two major self-research teams, "Tianxuan" and "Tianlang," which were later consolidated into a single team to streamline operations [5][6]. - The integration of intelligent driving and cockpit management is seen as a way to reduce costs and improve efficiency, aligning with the trend of combining these functionalities into a single computing chip [6]. Group 3: Technological Development and Market Position - BYD is focused on the self-research and mass production of the "Tianshen Zhi Yan B" platform, which aims to implement advanced driving features at a lower cost by replacing supplier solutions with in-house developments [6]. - The company has successfully validated this strategy with the "Tianshen Zhi Yan C" platform, demonstrating its capability to integrate advanced features into more affordable vehicle models [6]. - Unlike other emerging car manufacturers, BYD, as the world's top-selling new energy vehicle company, balances its desire for technological leadership with cost and return considerations, setting a sales target of 5.5 million vehicles for the year [6].

Core Viewpoint - Geely Auto aims to consolidate its brands and resources to enhance competitiveness in a challenging market environment, as stated by CEO Gui Shengyue during the Q1 earnings call [2]. Financial Performance - In Q1, Geely's new car sales reached 704,000 units, a year-on-year increase of 48% - Revenue was 72.5 billion yuan, up 25% year-on-year - Net profit attributable to shareholders was 5.67 billion yuan, with a significant year-on-year growth of 264% [2]. Strategic Moves - Geely announced plans to acquire the remaining shares of its U.S.-listed subsidiary, Zeekr, aiming for full privatization and delisting from the NYSE [2][4]. - The privatization process involves several stages, including negotiations on merger terms and a shareholder meeting for approval [5]. Management Changes - Following the merger, key management changes include: - Gan Jiayue will become CEO of Geely Auto Group, expanding his responsibilities - An Conghui will take over as CEO of Geely Holding Group - Li Donghui will transition to Vice Chairman of Geely Holding Group [6]. Cost Reduction Goals - Post-merger, Geely aims to achieve a cost reduction target of over 15% in R&D, management, and marketing [8]. - The company plans to save at least 900 million yuan in R&D expenses in Q2 compared to the previous year [8]. Integration Challenges - The integration of Zeekr into Geely's structure raises questions about resource allocation and operational efficiency, especially given the different incentive mechanisms of the two companies [12][13]. - The complexity of integrating various brands and ensuring effective collaboration remains a significant challenge for Geely [12][13]. Market Positioning - After the merger, Zeekr will be positioned as a global luxury technology brand, while Lynk & Co will focus on the global high-end new energy market [12]. - The consolidation aims to enhance operational efficiency and reduce redundant investments across Geely's extensive brand portfolio [12]. Future Outlook - Geely's management believes that the merger will facilitate better internal collaboration among its brands, potentially leading to improved performance and market competitiveness [10][11]. - However, uncertainties remain regarding how the integration will affect Zeekr's strategic importance and operational independence [11].

Core Viewpoint - The article discusses the transformation of Qianli Technology under the leadership of CEO Yin Qi, focusing on the integration of AI and automotive technology, aiming to create a sustainable business model that emphasizes the importance of a commercial loop in the AI industry [4][22]. Group 1: Company Transformation - Yin Qi transitioned from the founder of Megvii to the chairman of Qianli Technology, which was previously known as Lifan Technology, with a strategic focus on "AI + Vehicle" [4][5]. - The restructuring aims to leverage existing partnerships with major stakeholders like Geely Group and local governments to enhance Qianli's position in the automotive intelligence supply chain [4][22]. - The company is shifting its focus from pure AI research to practical applications in robotics and automotive technology, emphasizing the need for a commercial model to support technological advancements [4][18]. Group 2: Market Dynamics - The AI industry is experiencing a shift where the focus is moving from pure technology development to creating practical applications that can generate revenue [4][14]. - Yin Qi believes that the future of AI lies in integrating large models with real-world applications, particularly in the automotive sector, where data-driven solutions will be crucial [14][38]. - The competitive landscape is expected to consolidate, with only a few key players emerging as leaders in the AI and automotive integration space [3][38]. Group 3: Strategic Insights - Yin Qi emphasizes the importance of a sustainable business model, stating that without a solid commercial loop, technological advancements cannot be maintained [18][17]. - The company aims to create a dual strategy focusing on both hardware and software integration, which is seen as essential for long-term success in the AI and automotive sectors [22][29]. - Yin Qi's experience highlights the necessity of adapting business strategies based on market conditions and the importance of maintaining a balance between innovation and practical application [4][31].

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].

一季度净利润转好，但考验还未结束。 文 丨 郭瑞婵 归母净利润和扣非归母净利润分别为 30.23 亿元和 28.5 亿元，同比增长 11.4% 和 34.4%。 其中销量增长但收入下滑，主要是因为平均售价较低的上汽通用五菱贡献了集团最多的销量增量。今 年前三个月，上汽通用五菱销售 35.3 万辆车、同比增长 57.58%。同期高利润的合资品牌销量持续下 滑：上汽通用下滑 2%、上汽大众下滑 8%。 自主品牌表现分化。上汽乘用车整体销量只微增 0.77%，在国内自主品牌整体强势崛起的背景下，这 一表现相对平淡，未能有效弥补合资品牌下滑带来的营收缺口。 在这种情况下，当前的利润改善很大程度上是依靠成本和费用端的 "节流" 实现的。一季度上汽销售费 用、管理费用和研发费用分别减少 5.45%、7.14% 和 1.76%，占收入比重也低于去年同期。此外，上 汽经营端的利息收入以及股票和基金等投资，合计带来了超过 18 亿元的账面收益。 十年前上汽早早提出包含电动化、智能网联化的 "新四化" 理论。为了跟进软件定义汽车的大趋势， 2019 年就谋划组建软件中心即后来的零束科技，培育全栈自研的软件能力，在电动化的过程中， ...