8月20日，针对媒体报道的关于中国一汽拟收购零跑汽车10%股权一事，中国一汽方面回应《中国经营 报》记者称，集团相关部门反馈表示"尚不知情"。 有媒体援引知情人士消息称，中国一汽的确有意向入股零跑汽车，初步拟收购约10%的股份，目前相关 方案已在中国一汽内部推进中。 若收购最终落地，将成为央企"国家队"与新势力车企在资本层面的首个深度绑定案例。 相对于其他汽车集团，中国一汽在新能源领域的话语权和存在感更弱。记者注意到，2024年中国一汽实 现销量320万辆，但新能源汽车销量仅33.9万辆，占比为10.6%，低于长安集团的27%和东风集团的 34%，也未能跑赢全国40.9%的市场渗透率。 现阶段，新能源汽车赛道拼杀激烈。麦肯锡在今年1月底发布的一份报告中指出，目前汽车产业这场淘 汰赛即将进入读秒阶段：无法在一两年内推出合格智能电动汽车的车企，将在淘汰赛中"折戟"。残酷的 市场竞争倒逼汽车央企必须加快转型脚步。 国务院国资委方面对汽车央企新能源汽车转型的关注也对中国一汽施加了一定的压力。2024年3月，国 务院国资委主任张玉卓在第十四届全国人大二次会议首场"部长通道"集中采访活动上"喊话"中国一汽、 东风汽车和长 ...

Core Viewpoint - The Chinese automotive industry is currently experiencing a "Darwinian" competition, where survival of the fittest is paramount, yet some new entrants have found their evolutionary path to success despite the challenges faced by established players like Mercedes-Benz, which reported a 56% decline in net profit year-on-year [2][5]. Group 1: Performance of New Entrants - The "growth trio" of new energy vehicle companies—Li Auto, Xpeng, and Xiaomi—have emerged as the top performers in terms of sales and growth rates in the first half of the year [5]. - These companies have the highest completion rates for their annual sales targets, indicating strong operational efficiency [5]. Group 2: Healthy Growth Amid Price Wars - The commonality among the "growth trio" is achieving "healthy growth," characterized by simultaneous increases in sales volume and gross margin [7]. - This success can be attributed to two main factors: strong economies of scale and precise market trend understanding [8]. Group 3: Economies of Scale - The automotive industry benefits from economies of scale, which help to dilute costs and enhance profits [10]. - For instance, Li Auto's Q2 sales surged by 53% quarter-on-quarter, reaching 134,000 units, contributing to a stable gross margin of 13.6% [13]. - Xpeng and Xiaomi also benefited from increased sales, with Xpeng's Q2 sales rising by 10% and Xiaomi's SU7 model achieving over 100,000 units in cumulative sales within four months [13]. Group 4: Enhancing Per Vehicle Value - The "growth trio" has improved per-vehicle value through various strategies, driving gross margin growth [14]. - Li Auto focuses on cost control through vertical integration, allowing it to maintain gross margin despite lower average vehicle prices [14]. - Xpeng's gross margin increased to 14.3% due to a shift in product mix towards higher-end models [14]. - Xiaomi's gross margin benefited from the strong sales of its higher-priced SU7 Ultra model [14]. Group 5: Market Precision and Emotional Value - Xiaomi's YU7 model achieved remarkable pre-order success, highlighting the importance of brand power and emotional value in the Chinese automotive market [16][20]. - The user demographic for YU7 shows a preference for aesthetics and brand identity, with a significant portion of buyers being young and affluent [25]. - The "growth trio" recognizes the shift towards emotional value, with each company adapting its strategies to resonate with consumer sentiments [21]. Group 6: Global Expansion Strategies - As domestic competition intensifies, the "growth trio" is looking to global markets for growth opportunities [22]. - Li Auto has established a joint venture with Stellantis, rapidly expanding its overseas presence with over 600 stores, primarily in Europe [26]. - Xpeng is adopting a flexible approach, establishing direct sales in Europe while partnering with local firms in Southeast Asia for assembly [26]. - Xiaomi aims to enter the European market by 2027, indicating its commitment to global expansion [27]. Group 7: Conclusion - The innovative models and strategic foresight demonstrated by the "growth trio" suggest they have the potential to define the future of the automotive industry [29]. - The competitive landscape indicates that traditional players may need to reconsider their strategies as Chinese companies leverage their hard-earned competitive advantages on a global scale [29].

Core Viewpoint - China FAW Group responded to rumors regarding the acquisition of a 10% stake in Leap Motor, stating that relevant departments are not aware of such developments [1] Group 1 - China FAW Group has addressed the circulating news about acquiring a stake in Leap Motor [1] - The company emphasized that feedback from relevant departments indicates a lack of awareness regarding the acquisition [1]

8月20日，有媒体援引知情人士消息称，中国一汽正谋划入股零跑汽车，拟成为其战略股东。据透露，一汽计划初步要约收购零跑约10%的股份，且该方案 已在一汽内部相关部门流转推进。 针对这一消息，经济观察报记者分别向中国一汽和零跑汽车求证。中国一汽表示，集团相关部门反馈表示"尚不知情"；截至发稿，零跑汽车未予回复。 此前，中国一汽与零跑汽车互动频繁、合作紧密。今年3月3日，双方签署《战略合作谅解备忘录》，战略合作涵盖两大维度：一是研发技术合作，双方充分 发挥各自在研发领域的技术积累，共同开展新能源乘用车联合开发及零部件合作，通过技术融合提升产品竞争力；二是资本合作探讨，双方进一步探讨深化 资本合作的可行性，以实现全产业链资源协同。 当月，中国一汽电子招标采购交易平台显示，红旗品牌G117产品整车联合开发及平台许可费技术采购成交，成交方为浙江零跑科技股份有限公司。零跑汽 车当时回应称，这是双方联合开发车型逐步落地的进展。若此次中国一汽入股零跑成真，则意味着双方深化资本合作也进入落地实施阶段。 作为汽车央企集团，中国一汽在新能源汽车转型过程中面临较大压力。数据显示，2024年，一汽新能源汽车销量为33.9万辆，同比增长4 ...

| 上汽集团 | | | 0 2 | | | | 一汽解放@ | | | LNi | () | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600104 沪股通 L1 | | | | | 000800 融 深股通 L1 ~ | | | | | | | | 19.80 今开 18.03 最高 19.80 最低 | | | | 17.98 | 7.54 | 今开 | 7.07 最高 | | 7.78 最低 | | 7.03 | | 100 14- V 1.79% 总手 206.9万 金额 10.00% | | | | 39.65亿 | 换手 2.91% 总手 0 47 6.65% | | | | 143.0万 金额 | | 10.83亿 | | 总值 2292亿 流值 2292亿 市盈利() 18.95 | | | | 更多 | 总值 371.1亿 流值 371.0亿 市盈利0 319.29 | | | | | | 中学 | | CD 中报预披露:于2025-08-29披露2025年中报 | | | | . ...

Group 1 - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares to become a strategic shareholder [1] - Leap Motor has declined to comment on the matter, while China FAW Group stated that they are not aware of the situation according to relevant department feedback [2] - In March 2023, China FAW Group and Leap Motor signed a strategic cooperation memorandum, focusing on joint development of new energy passenger vehicles and component collaboration [3] Group 2 - The strategic cooperation aims to leverage both companies' technological strengths to enhance product competitiveness and explore the feasibility of deepening capital cooperation [3] - Following the memorandum, a joint development project for the Hongqi brand G117 vehicle has been initiated, with Leap Motor as the technology procurement party [3] - Leap Motor's financial report indicates that the first collaborative vehicle project with China FAW Group has been launched, with further capital cooperation discussions planned [3]

Core Viewpoint - The Chinese electric vehicle (EV) market has seen significant growth in the first half of 2025, with Geely Automotive becoming the second-largest in new energy sales and Leap Motor achieving the highest sales among new forces. Both companies have surpassed one million units in cumulative sales, indicating a demand increase of approximately 100 GWh for battery supply [2][3]. Group 1: Market Dynamics - The growth in the EV market is largely driven by government policies promoting vehicle trade-ins, alongside a trend of "consumption downgrade," where lower-priced models are becoming the main sales drivers [2]. - Geely's new energy brand "Galaxy" has achieved over one million cumulative sales within 24 months, with a remarkable 232% year-on-year growth in the first half of 2025, selling 548,000 units [2]. - Leap Motor delivered over 220,000 units in the first half of 2025, surpassing competitors like Ideal and Xiaopeng, and has raised its delivery guidance for 2025 to between 580,000 and 650,000 units [2]. Group 2: Battery Supply Challenges - Geely is facing a battery supply shortage due to its rapid expansion, prompting the company to seek additional capacity from external suppliers [3]. - The establishment of the independent "Jiyao Tongxing" battery group aims to consolidate Geely's battery operations and enhance efficiency, with a target of achieving 70 GWh capacity by 2027 [3]. - Geely plans to adopt a "self-supply + external procurement" strategy, with an expected increase in self-supplied battery cells to 30% over the next two years [3]. Group 3: Leap Motor's Strategy - Leap Motor achieved a record gross margin of 14.1% in the first half of 2025, attributed to economies of scale and cost control [4]. - The company's strategy focuses on "full self-research" and decentralized procurement, allowing it to save costs and enhance bargaining power by sourcing battery cells from multiple suppliers [5]. - Leap Motor has begun supplying self-developed battery packs to over five new energy commercial vehicle clients, indicating a shift towards monetizing its battery technology [5]. Group 4: Opportunities for Battery Suppliers - The anticipated demand for 100 GWh of batteries presents both opportunities and challenges for battery suppliers, with CATL remaining a preferred choice but not the only option [5]. - Suppliers need to demonstrate stable performance, compatibility with vehicle models, and sufficient capacity to meet delivery timelines to secure orders [6].

Group 1 - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares to become a strategic shareholder [1] - The proposal is currently being circulated within relevant departments of FAW [1] - Leap Motor has declined to comment on the matter, stating "no comment" regarding the potential collaboration on new vehicle models or brand creation [1]

Group 1 - The core point of the article is that China FAW Group is planning to acquire approximately 10% of Leap Motor's shares to become a strategic shareholder [1] - Leap Motor has declined to comment on the news regarding the potential investment from China FAW Group [1] - There is currently no information from Leap Motor regarding the development of new models under a different brand in collaboration with China FAW Group [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company focuses on self-research to create cost advantages, resulting in an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. For Q2 2025, revenue reached 14.23 billion CNY, with a gross margin of 13.6% and a net profit attributable to shareholders of 160 million CNY. The domestic new car cycle is expected to drive continuous sales growth, while collaboration with Stellantis opens up global sales opportunities [2][4][6]. Summary by Sections Company Performance - In Q2 2025, the company achieved a sales volume of 134,000 units, representing a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2%. Revenue for the same period was 14.23 billion CNY, up 165.5% year-on-year and 42.0% quarter-on-quarter. The average revenue per vehicle was 106,000 CNY, with a year-on-year increase of 6,000 CNY [6]. Profitability - The gross margin for Q2 2025 was 13.6%, an increase of 10.9 percentage points year-on-year, while it decreased by 1.2 percentage points quarter-on-quarter. The improvement in gross margin was attributed to scale effects, cost reduction, product structure optimization, and income from other businesses. The net profit attributable to shareholders was 160 million CNY, marking a turnaround from loss, with a profit margin of 1.1% [6]. Future Outlook - The company is expected to sell 620,000, 910,000, and 1,210,000 vehicles in 2025, 2026, and 2027, respectively. The company plans to launch 2-3 new products globally each year, with the B10 and B01 already launched in 2025. The company aims to achieve localized manufacturing in Europe by 2026 [4][6].