比亚迪方程豹，终于露出了“獠牙”

Core Insights - The rise of the Equation Leopard brand has put pressure on established players in the off-road vehicle market, such as Great Wall Tank and Beijing Off-road [1] - Equation Leopard has achieved significant sales growth, particularly with its mid-range models, while its high-end strategy still faces challenges [1] Group 1: Sales Performance - Equation Leopard has become the fourth top-selling new force brand, with a record monthly sales of 37,405 units in November 2025, marking a 20.5% month-on-month increase and a 339% year-on-year surge [2] - The brand's main models include the Leopard series (Leopard 5 and Leopard 8) and the Titanium series (Titan 3 and Titan 7), with Titan 7 contributing over 64% of the brand's sales in November [2][3] - The Titan 7 model has achieved impressive sales, with over 50,000 units delivered within 80 days of its launch, and it has consistently surpassed 20,000 monthly sales [2] Group 2: Competitive Positioning - The Titan 7 is priced competitively between 179,800 to 219,800 yuan, making it an attractive option compared to competitors like Haval H9 and Tank 400, which are priced higher [5][6] - The vehicle's design and features, including DM-i super hybrid technology and advanced driving assistance, enhance its appeal and value proposition [6][10] - The brand's strategy of offering high value at lower prices has positioned it as a disruptive force in the market, challenging established brands [6][10] Group 3: Market Strategy and Future Outlook - Equation Leopard aims to penetrate the mid-range "light off-road" market, with a focus on models priced between 150,000 to 200,000 yuan [13] - The brand's sales structure indicates that growth is primarily driven by mid-range models, with high-end models contributing less than 40% to total sales [14] - Despite the current reliance on lower-priced models, Equation Leopard has the potential to build a recognized brand value and pursue a high-end strategy supported by BYD's technological resources [14]