Core Viewpoint - The downfall of Haomo Zhixing, a smart driving supplier, is attributed to its inability to scale production and adapt to technological changes, leading to a significant reduction in workforce and halted operations [1][2][15]. Group 1: Company Background and Initial Success - Haomo Zhixing was incubated by Great Wall Motors in 2019 and initially thrived as a smart driving technology provider, securing production orders primarily from Great Wall [1][16]. - The company expanded rapidly, with its workforce growing from around 300 employees to nearly 800 at its peak, focusing on smart driving technology for various vehicle models [1][3]. Group 2: Challenges and Decline - By the end of 2023, Haomo faced a critical turning point when Great Wall Motors shifted to another supplier, Yuanrong Qixing, for its new model, the Wei brand Blue Mountain, due to delays in Haomo's technology [2][6]. - Despite having contracts with several automakers, including Hyundai, Toyota, and BMW, Haomo was not the sole supplier for these companies, limiting its market position [5][14]. Group 3: Technological and Strategic Missteps - Haomo's reliance on Qualcomm chips limited its competitiveness in the high-performance smart driving market, as its AI computing power was insufficient compared to competitors using NVIDIA platforms [7][8]. - The company's focus on a "no-map" driving solution failed to address critical edge cases, leading to production challenges and a lack of effective deployment in urban environments [9][10]. Group 4: Financial Struggles and Future Prospects - Haomo's financial health deteriorated as it struggled to convert its technology into cash flow, leading to a halt in its planned IPO and a significant drop in valuation from $1 billion to approximately $90 million [14][15]. - The company faced a critical need for external funding to survive, but its strong ties to Great Wall Motors limited its ability to attract new strategic partnerships [12][16].

Market Overview - The shared economy sector declined by 0.55% on November 27, with Shijie Holdings leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Individual Stock Performance - Shanghai Phoenix (600679) closed at 14.05, up 3.01% with a trading volume of 169,100 shares and a turnover of 237 million yuan [1] - Xilong Health (002105) closed at 7.25, up 1.97% with a trading volume of 134,200 shares and a turnover of 96.89 million yuan [1] - Other notable gainers include Jiawei New Energy (300317) at 3.94 (+1.81%) and New Day Co. (603787) at 13.93 (+1.16%) [1] Decliners - Shijie Holdings (002285) closed at 2.75, down 3.51% with a trading volume of 1,864,100 shares and a turnover of 516 million yuan [2] - Haikou Group (603069) closed at 24.39, down 3.29% with a trading volume of 85,400 shares and a turnover of 211 million yuan [2] - Other significant decliners include Hemei Group (002356) at 4.04 (-2.42%) and Zhejiang Wenhu (600986) at 9.76 (-2.30%) [2] Capital Flow Analysis - The shared economy sector experienced a net outflow of 501 million yuan from main funds, while retail investors saw a net inflow of 445 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Shanghai Phoenix (600679) and Hezhong Sijuan (002383) [3] - Main funds showed significant net inflows in stocks such as Zhejiang Wenhu (600986) and SAIC Motor (600104) [3]

Core Viewpoint - The decline of Haomo Zhixing, a prominent player in the intelligent driving sector, highlights the harsh realities of market competition and the consequences of insufficient technological capabilities [4][31][34] Company Overview - Haomo Zhixing, once valued over $1 billion and backed by Great Wall Motors, has faced significant operational challenges, culminating in a company-wide shutdown [4][6][31] - The company has seen a drastic reduction in workforce, from over 600 employees at its peak to fewer than 300, alongside unpaid year-end bonuses [8][10] Operational Challenges - A recent notice indicated that all employees were to stop working, with no clear timeline for resumption, reflecting the company's dire situation [4][6] - The company has struggled with product performance and failed to keep pace with competitors in the intelligent driving market, leading to its current state of inactivity [6][10][31] Market Position and Competition - The intelligent driving industry is characterized by fierce competition, with many companies rapidly advancing their technologies, leaving Haomo Zhixing behind [6][14][34] - Haomo Zhixing's reliance on high-precision mapping has hindered its ability to adapt to the industry's shift towards lighter mapping and perception-based technologies [17][34] Financial Backing and Investment - The company has undergone several funding rounds, raising nearly 2 billion RMB, but these efforts have not been sufficient to reverse its declining fortunes [19][34] - Despite securing investments, the lack of a diverse customer base, primarily relying on Great Wall Motors, has limited its growth potential [21][24] Future Outlook - The company's inability to innovate and respond to market demands has led to its downfall, serving as a cautionary tale for other intelligent driving suppliers [31][34] - The intelligent driving sector is expected to continue evolving, with many companies moving towards self-developed systems, further marginalizing third-party suppliers like Haomo Zhixing [32][34]

Overall Market - The overall market for passenger vehicles in China includes ICE, BEV, and PHEV, with a total production of 2,949,257 units and retail sales of 2,250,157 units in the first ten months of 2025 [4][6][7]. - The market share of new energy vehicles (NEV) has increased significantly, with NEV accounting for 41.0% of the total market in terms of production and 43.2% in retail sales [7][8]. New Energy Market - The new energy vehicle market has shown robust growth, with a production of 1,652,312 units and retail sales of 1,282,267 units in the first ten months of 2025, reflecting a year-on-year increase of 19.5% in production [4][6][9]. - The penetration rate of NEVs in the overall market reached 52.7% in 2025, indicating a strong trend towards electrification [9][11]. Export Market - The export of new energy vehicles has also seen growth, with a total of 1,865,675 units exported in the first ten months of 2025, marking a 70.5% increase compared to the previous year [14][20]. - The share of NEVs in the export market reached 35.8% in 2025, showcasing the increasing global demand for Chinese electric vehicles [14][16]. Manufacturer Performance - BYD remains the leading manufacturer in the new energy vehicle segment, with wholesale sales of 436,856 units in October 2025, despite a year-on-year decline of 12.7% [20][21]. - Other notable manufacturers include Geely and SAIC-GM-Wuling, with significant increases in their respective sales figures, indicating a competitive landscape in the NEV market [20][21]. Segment Analysis - In the first ten months of 2025, the retail sales of NEVs were dominated by SUVs, followed by sedans and MPVs, reflecting consumer preferences in the market [24][25]. - The overall market for fuel vehicles has seen a decline, with a 9.2% decrease in retail sales, contrasting with the growth in the NEV segment [24][25].

Group 1 - Zhangjiagang Great Wall Motor R&D Co., Ltd. has obtained a patent for a manual unlocking structure for the rear door, indicating innovation in vehicle rear door technology [1] - The patent, with authorization number CN223593955U, was applied for on December 2024, showcasing the company's ongoing commitment to research and development [1] - The manual unlocking structure simplifies operation by allowing the unlocking of the rear door without disassembling components, addressing potential issues of component loss [1] Group 2 - Zhangjiagang Great Wall Motor R&D Co., Ltd. was established in 2021 and is located in Suzhou, focusing on research and experimental development [2] - The company has a registered capital of 45 million RMB and has participated in two bidding projects, indicating active engagement in the market [2] - The company holds 498 patent records and has four administrative licenses, reflecting its strong emphasis on innovation and compliance [2]

Group 1 - The recruitment event "Youth Dream Pursuit and Collaborative Progress" was held on November 26, 2023, attracting over 1,000 university students and featuring 52 quality companies from various sectors including biomedicine, intelligent manufacturing, new energy, and new materials [2][4] - The participating companies offered nearly 500 quality job positions, with the highest monthly salary reaching 20,000 yuan. Approximately 340 initial employment intentions were reached during the event [2][4] - An online "live job fair" was conducted simultaneously, featuring companies such as Taizhou Kubao Refrigeration Equipment Manufacturing Co., Ltd. and Wuxi KFC Co., Ltd., which provided insights into their core advantages, job requirements, and career development paths [2] Group 2 - The Taizhou Medical High-tech Zone (Gaogang District) aims to build a "Talent Special Zone" to promote high-quality employment for college graduates, optimizing the employment service ecosystem through specialized recruitment events and talent subsidies [4] - The district plans to continue supporting young talents with policies and services, contributing to high-quality development and creating opportunities for youth to pursue their dreams [4]

Core Viewpoint - Great Wall Motor (GWM) is planning to establish its first car manufacturing plant in Europe, aiming to produce 300,000 vehicles annually by 2029, in response to declining sales in the region [1][2]. Group 1: Manufacturing Plans - GWM is evaluating several potential locations for the new facility, including Spain and Hungary [1][2]. - The company has not provided a formal update on its European manufacturing plans since 2023 [2]. - Labour and logistics costs are significant factors in determining the site for the new plant, as components will initially be transported to Europe for assembly [2][3]. Group 2: Market Context - Chinese vehicle manufacturers, including GWM, are expanding internationally due to intense price competition in the domestic market caused by excess capacity [4]. - GWM faces challenges in Europe, including higher import duties on electric vehicles and competition from established global brands and other Chinese manufacturers like BYD [4][5]. Group 3: Future Goals - GWM aims to sell one million vehicles annually outside China by 2030 [5]. - The new European factory will produce a range of vehicles, including internal combustion engine models and fully electric cars [6]. - GWM is preparing to launch new products, such as a multi-powertrain version of the Ora 5 compact SUV, expected to be introduced in mid-2026 [6].

Core Viewpoint - Great Wall Motors is planning to establish its first automotive factory in Europe, aiming for an annual production capacity of 300,000 vehicles by 2029 [1][3]. Group 1: Expansion Plans - Great Wall Motors is actively seeking locations for its European factory, with Spain and Hungary as potential sites [1]. - The company has set a target to sell 1 million vehicles overseas by 2030, necessitating an accelerated expansion into the European market [3]. Group 2: Market Considerations - Labor and logistics costs are key factors in the site selection process for the new factory, as initial operations will require transporting components to the target market for assembly [1]. - The company is closely monitoring EU industrial policies, particularly changes in the investment environment and tariffs, to ensure the long-term viability of its investment in Europe [3]. Group 3: Current Operations and Challenges - Great Wall Motors currently operates overseas factories in Russia, Thailand, and Brazil [3]. - Despite a record overseas sales projection of 453,000 vehicles in 2024, the registration of its new energy brand Ora in Europe has seen a significant decline of 41%, with only 3,706 new registrations [3].

Core Viewpoint - The pickup truck market in China is experiencing steady growth, with significant increases in both domestic sales and exports, particularly in the electric pickup segment, indicating a shift towards electrification and diversification in consumer preferences [2][3][7]. Pickup Truck Sales - In October 2025, the pickup truck market sold 48,000 units, a year-on-year increase of 12% and a month-on-month increase of 5.5%, maintaining a mid-high level compared to the past five years [2][7]. - From January to October 2025, total sales reached 481,000 units, up 11.4% year-on-year [2]. - The production figures for October 2025 were also strong, with 48,000 units produced, reflecting a 12.3% year-on-year increase [2]. Export Performance - In October 2025, China exported 26,800 pickup trucks, marking a 27% year-on-year increase and a 22% month-on-month increase, with exports accounting for 56% of total sales in October [3][9]. - For the first ten months of 2025, exports totaled 236,000 units, a 19% increase compared to the previous year [3][9]. New Energy Pickup Trucks - The new energy pickup truck segment saw remarkable growth, with October 2025 sales reaching 5,700 units, a 138% year-on-year increase and a 31% month-on-month increase [3][11]. - Cumulatively, from January to October 2025, new energy pickup truck sales reached 59,000 units, representing a 382% increase [3][11]. Regional Market Dynamics - The primary demand for pickup trucks is concentrated in the Southwest and Northwest regions, which accounted for 48% of total demand in October 2025 [14][27]. - The market in the Northwest is particularly strong due to increased economic activity and rainfall, while the Eastern regions have shown a decline [14][27]. Competitive Landscape - Great Wall Motors continues to dominate the pickup truck market, holding nearly 50% of the domestic market share, with strong performances from Changan Automobile and Zhengzhou Nissan [20][23]. - The competitive landscape is evolving, with traditional manufacturers like SAIC Maxus and Jianghuai Automobile also showing strong export performance [20][25]. Monthly Sales Trends - The pickup truck market is characterized by seasonal fluctuations, with sales typically increasing after the Spring Festival and declining during the mid-year months [6][7]. - The overall market remains stable, with export growth contributing significantly to the performance of the pickup truck segment [7][9].

Core Viewpoint - The sudden suspension of operations at Haomo Zhixing has left its employees in uncertainty, with the company failing to pay salaries and provide a clear plan for resuming work, raising concerns about its financial stability and future prospects [3][4][6]. Company Overview - Haomo Zhixing, founded in November 2019, is a smart driving startup backed by prominent investors including Great Wall Motors and Hillhouse Capital, having raised over 1.6 billion RMB across seven funding rounds [4][6]. - At its peak, the company was valued at 7.8 billion RMB and was listed as a unicorn in the 2024 Hurun Global Unicorn List [4]. Operational Challenges - The company announced a complete work stoppage starting November 24, with no prior warning to employees, leading to confusion about the status of the company [3][4]. - Employees have not received their October salaries, and there is no severance plan in place, contributing to a sense of anxiety among the workforce [3][4]. Financial Situation - Haomo Zhixing has been facing financial difficulties, with reports indicating it has been in a cash-strapped situation for some time [6]. - The company has incurred significant investment losses, with a reported 396 million RMB in cumulative investment losses as of June 2025 [6]. - It has also delayed payments to suppliers, including a 113,500 RMB debt to Great Wall Motors [6]. Employee Dynamics - The workforce has shrunk from over 1,000 employees at its peak to only 243 currently enrolled in social insurance [6]. - The company has shown little recruitment activity in 2025, with only five job postings since June [5][6]. Strategic Shifts - Haomo Zhixing's primary focus has been on urban navigation assistance driving products, which are technically challenging and face stiff competition in the smart driving sector [9][11]. - The company has lost significant business from its main partner, Great Wall Motors, which has shifted to other suppliers for smart driving solutions [12][14]. Market Position - Despite early efforts in the unmanned logistics vehicle sector, Haomo Zhixing has struggled to establish a strong market presence and has not capitalized on opportunities in the rapidly growing sector [23][26]. - The company has not effectively differentiated itself in the competitive landscape of smart driving technology, leading to concerns about its long-term viability [23][26].