Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]

Core Viewpoint - Xiaopeng Motors ranks first among new energy vehicle brands in China, achieving significant year-on-year growth in delivery volumes [2][3]. Group 1: Xiaopeng Motors - In February 2025, Xiaopeng Motors delivered 30,453 vehicles, representing a year-on-year increase of 570% and a month-on-month increase of 0.3% [3][5]. - Xiaopeng Motors has maintained a delivery volume exceeding 30,000 units for four consecutive months, with the MONA M03 model delivering over 15,000 units for three consecutive months [5]. - Cumulatively, Xiaopeng Motors delivered 60,803 vehicles from January to February 2025, marking a year-on-year growth of 375% [5]. Group 2: Other New Energy Vehicle Brands - Li Auto delivered 26,263 vehicles in February 2025, showing a year-on-year increase of 29.7% but a month-on-month decrease of 12.2% [8]. - Leap Motor achieved a delivery volume of 25,287 vehicles in February 2025, with a year-on-year increase of 285% and a month-on-month increase of 0.5% [9]. - Hongmeng Zhixing delivered 21,517 vehicles in February 2025, maintaining the highest average transaction price among Chinese automotive brands [10]. - GAC Aion sold 20,863 vehicles in February 2025, reflecting a year-on-year increase of 25% and a month-on-month increase of 45% [11]. - Xiaomi Motors delivered over 20,000 units in February 2025, continuing a five-month streak of deliveries exceeding 20,000 units [15]. - Deep Blue delivered 18,738 vehicles in February 2025, with a year-on-year increase of 87.5% but a month-on-month decrease of 23.8% [16]. - Zeekr delivered 14,039 vehicles in February 2025, showing a year-on-year increase of 86.9% and a month-on-month increase of 17.6% [19]. - NIO delivered 13,192 vehicles in February 2025, with a year-on-year increase of 62.2% [21]. - Lantu delivered 8,013 vehicles in February 2025, marking a year-on-year increase of 152% [22]. - Zhiji delivered 1,732 vehicles in February 2025, experiencing a year-on-year decrease of 67.4% [23].

Group 1 - The core point of the article is that Leap Motor has officially announced its continued sponsorship of Zhejiang FC for the 2025 season, reinforcing its commitment to the partnership [1] - Leap Motor will serve as the exclusive naming partner on the front of the match jerseys for the Zhejiang Green Town team, which competes in the Chinese Super League and the FA Cup [1]

以下文章来源于中国企业家杂志 ，作者王文彤 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 从BBA到造车新势力 。 作者 | 王文彤 来源 | 中国企业家杂志 （ID：iceo-com-cn） 结束一天的工作回到家后，张增威还不能换下工作时的西装。2月1 3日晚上，等待他的还 有一小时的"硬仗"——新款宝马X3即将在第二天上市，他需要再直播一小时，为新车上 市预热。直播中，张增威熟练地跟客户互动，让大家猜测新款宝马X3的价格，也会时不 时提醒感兴趣的客户留下信息。 张增威是宝马北区的一名销售冠军，2024年他一个人销售2 5 5台宝马，其中大约有三分 之一的成交是来自直播。 跟张增威类似，奔驰销售王慧也开始学习直播技巧，打算之后开直播获取更多客源。 BBA销售们提高对社交平台的重视、花样百出地寻找客源，源于BBA的市场处境变化。 2 0 24年，BBA在华销量均有下降。据公开数据，BMW及MINI品牌在华合计销量为 7 1 .45万辆，同比下降约1 3%；奔驰在华销量为7 1 . 3 9万辆，同比下降约7%；奥迪在华销 量为64.94万辆汽车，同比下降约11%。 除了通过社交平台拓宽获客渠道，一些BBA ...

Summary of Leap Motor Conference Call Company Overview - **Company**: Leap Motor - **Industry**: Automotive, specifically electric vehicles (EVs) Key Points and Arguments - **Market Performance**: Leap Motor has shown significant growth since its establishment in 2015, with the T03 model launched in 2020 marking a turning point in sales. The company is now among the top new force brands in terms of sales, with upcoming models CC11, C01, 410, and 416 expected to further enhance its market position [3][4] - **Revenue Growth**: Leap Motor's revenue increased from a few hundred million in 2019 to 16.7 billion in 2023, with a forecast of at least 30.5 billion for 2024. The first three quarters of 2024 saw revenues of 18.7 billion, with Q4 expected to exceed 12 billion due to subsidy policies, marking the first quarter of profitability [4][5] - **Gross Margin Improvement**: The company's gross margin has improved, with an average of 4.87% in the first three quarters of 2024, rising to over 8% in Q3. The overall gross margin for the year is expected to exceed 8% [4][5] - **Sales Model**: Leap Motor primarily uses a dealer model, which allows for rapid expansion of its sales network despite potential management challenges. This model has helped the company quickly capture market share [7][9] - **International Expansion**: The company is actively expanding into international markets, particularly Europe, through a partnership with Stellantis, which provides support in local market adaptation and channel development [6][11] - **Sales Projections**: For 2025, Leap Motor aims for domestic sales of 420,000 units and international sales of 60,000 to 80,000 units, totaling 500,000 units. By 2026, the overall sales target approaches 1 million units [4][25] - **Revenue Forecast**: Expected revenues for 2024, 2025, and 2026 are projected at 31.4 billion, 56.1 billion, and 81.4 billion respectively, with a break-even point anticipated in 2025 and a net profit of 2.4 billion expected in 2026 [4][26] Additional Important Insights - **Product Line and Development**: Leap Motor plans to introduce a series of high-cost performance B-series models to replace some microcar demand, ensuring a robust revenue structure. The company has a production capacity of 800,000 vehicles annually with new factories in Jinhua and Hangzhou [5][8] - **Competitive Landscape**: Leap Motor's competitive edge lies in its strong product capabilities, high cost performance, and advanced technology integration, including electronic architecture and battery integration [10][12] - **Challenges and Opportunities**: While the dealer model presents challenges in profit margins due to dealer incentives, it also allows for a low-cost strategy and effective inventory management. The company is well-positioned to leverage the growing demand for economical vehicles in Europe, especially given the high energy prices [9][19] - **Consumer Preferences**: European consumers show a strong preference for small cars, with a significant market for A-class vehicles. Leap Motor's strategy to offer competitive pricing in this segment could tap into a potential market space of 3 million units annually [15][16] This summary encapsulates the key insights from the conference call regarding Leap Motor's current status, future projections, and strategic initiatives in the automotive industry.

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 41.14 HKD, indicating a potential upside from the current price of 35.35 HKD [4]. Core Insights - The company is positioned to benefit from a new vehicle cycle and scale effects in the domestic market, with a high self-manufacturing rate of core components at 70%, enhancing cost control and product competitiveness [1][2]. - The partnership with Stellantis is expected to accelerate international expansion, particularly in the European market, where the company aims to offer affordable electric vehicles [2][3]. - Financial forecasts indicate a positive trajectory, with expectations of achieving profitability by Q4 2024 and a gross margin of no less than 8% in 2024 [1][4]. Summary by Sections Domestic Business - The company has a strong self-research advantage, with a self-manufacturing rate of 70% for core technologies, covering various aspects such as vehicle architecture, electronic architecture, batteries, and intelligent driving [1][14]. - The product lineup targets the 50,000 to 200,000 RMB market, with models like C01, C11, T03, C16, and C10, showcasing a rich and expandable matrix [1][18]. - Financial improvements are anticipated, with projections of revenues reaching 316 billion, 550 billion, and 840 billion RMB from 2024 to 2026, respectively [4][23]. International Business - The collaboration with Stellantis, which invested 1.5 billion euros for a 20% stake, aims to establish a joint venture named "Leapmotor International" to handle overseas operations [2][26]. - The partnership is designed to leverage Stellantis's extensive distribution channels in Europe, enhancing the company's market penetration [3][31]. Product Strategy - The company plans to launch new models, including the B series targeting the 100,000 to 150,000 RMB market and the D series for the 200,000 to 300,000 RMB segment, further diversifying its offerings [1][21]. - The C10 and T03 models are set to be launched in Europe in September 2024, with competitive pricing aimed at capturing market share [3][22]. Financial Projections - The report forecasts a steady increase in delivery volumes driven by new models, with expectations of a significant leap from gross margin to net margin [4][23]. - The current market valuation is below the industry average, suggesting substantial room for valuation improvement as the company transitions to a more favorable financial position [4][23].

倒计时18天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 活动主题： 聚集新 技术 探索新工艺 零跑汽车又一电池包项目落地！ 2月8日消息，零跑新能源汽车电池包项目在浙江湖州吴兴举行开工仪式。 项目总投资15亿元，占地178亩，拟建设8条车载动力电池产线（模组产线和PACK产线）、4 条电源生产线。 建成后将形成年产38.4万套车载电池、72万套电源的生产能力，达产后年销售收入约64亿元。 据了解，零跑已在浙江湖州进行深度布局，尤其是在2024年，零跑与湖州多次签约合作。 比如在当年5月，零跑新能源汽车关键零部件项目就率先落地，项目总投资约13.5亿元，拟新建 热泵压缩机产线、电子水泵产线和车载电子电力控制器产线，年产680万套新能源汽车关键零 部件。 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 同年10月，零跑又携手湖州签约4个产业项目、1个战略合作项目，总投资约40亿元。其中签约 的4个产业项目分别为：新能源汽车电池包生产制造基地、汽车电装模组生产基地、汽车车灯 生产基地和新能源汽 ...

设 计 / 赵昊然 事情缘于一次编辑部选题会上，聊起哪家车企更有资格当选年度车企，没想到记者编辑说出的答案 相当分散，各说各理。 这让我们对这个几乎年年做、自己都几乎失去兴趣的话题又重新好奇起来。是的，选题年年做，还 有很多媒体年年评奖，但它依旧是令人好奇的——谁是最能代表2024年中国汽车的那一个？ 每位记者编辑都有自己心目中的答案，我们把这个名单放出来，附上记者认为的理由，欢迎文末投 票，选出读者心目中的年度车企。 因为记者编辑人数有限，这是一份范围不大的候选名单，它们是：吉利、小米、奇瑞、理想、赛力 斯、小鹏、零跑，候选理由如下。 吉利：全方位进化 撰 文 / 编辑部 优秀的业绩表现是年度车企的必要条件，但不能只有业绩，还需考虑在技术创新、战略布局、企业 治理、商业伦理等层面的努力和成绩。 综合所有维度，吉利可以说是各方面最均衡的选手。 业绩方面，吉利汽车2024全年总销量2176567辆，同比增长超32%，超额完成全年销量200万目标， 创历史新高。 新能源汽车销量888235辆，同比增长92%，超额完成全年销量目标。其中新锐品牌吉利银河全年销 量494440辆，同比增长约80%。 银河2024年上市 ...

【江苏前锦】 新能源、新材料实验中心正式对外启用! 、新材料联合实验室 (小试、中试服务) (小试实验室、中试产线建设) 实验室位于江苏宣兴经济技术开发区,面积1500㎡,由江苏前锦炉业设备有限公司牵头, 联合直兴精新粉体设备科技有限公司、无锡晨颖机械科技有限公司、无锡福安粉体设备有限公 旬,宏晓智能装备科技江苏有限公司、驭纳智造(江苏)新能源装备有限公司等主机厂家,携手清 华大学、中南大学、厦门大学等科研院校共同组建, 实验室拥有专业目经验丰富的设备操作人员、各类材料工艺人员,配备研磨,干燥、烧 结、混合、高温包覆、融合改性、机械粉碎、气流粉碎等前后端成套设备,并配备专业的制氮系 统、硅烷气体及氧化性气体,可为锂(钠)正负极材料、固态电解质材料、氢燃料电池、半导体 材料、石壁烯材料、碳纤维、硬纳米管,稀土、磁性材料、催化剂、电子粉体材料、先进陶瓷 靶材等新材料行业提供小试、中试服务及小试、中试产线成套建设。 实验室将充分发挥高校的科研优势和联盟企业的实践经验,实现产学研的完美结合。未来 将持续投入资源,不断优化升级装备,拓展实验领域,相信在各方的共同努力下,实验室将成为 科研转化成果的摇篮,为推动新能源、新 ...

零跑要做汽车界的优衣库——不是性价比，而是高品价比。 2024 年的车市印证了车企 CEO 们 "淘汰赛开启" 的残酷预言，价格战中，增长的代价越来越高。零跑是少 有的规模和利润同时增长的公司：2024 年内，零跑的月销量从年初的 1 万多涨至年尾的 4 万多，2024 年 四季度净利润转正，成为理想汽车后第二家盈利的新势力。 这个进程也超出零跑管理层此前的预期。他们原本预计要到一年后才能完成单季度利润转正目标：零跑的 产品集中在大众市场，这里对手最多、最强，是比亚迪、吉利等大车企的市场腹地。 成立 9 年，零跑过去并不太被注意，直到 2024 年的销量大幅增长，同行、对手开始试图拆解它的增长诀 窍。一些人很快发现，作为一家创业公司，零跑的增长来源于明确和克制：集中在大众市场，集中研发资 源，围绕一个目标，没有分散发力，以 "成本 + 效率" 模式做透一片市场并发挥规模优势。 启发来自 2023 年——或者说是教训，2021 年、2022 年，C01、C11 接连交付，销量表现却不好，2022 年，零跑销量共计 11.1 万辆，其中微型车 T03 占比超过 55%。第二年，特斯拉开年就打起价格战，零跑 1 月 ...