百万交付之后 鸿蒙智行迎来“成长烦恼”

Core Insights - The company achieved a record of delivering one million vehicles in 43 months, marking the fastest milestone for new energy vehicle companies in China, with November deliveries reaching 81,864 units, a year-on-year increase of 89.61% [1] - The "Five Realms" matrix, consisting of multiple brands, is taking shape, with significant growth in the smart automotive ecosystem projected for 2025 [1][9] - Despite rapid growth, structural challenges are emerging within the new brands, particularly in sales adaptation and brand reputation [1][2] Brand Performance - The "Wenjie" brand remains dominant, with November sales of 51,677 units, accounting for 63% of total sales, while models M7, M8, and M9 are leading in their respective segments [2] - "Zun Jie" has surpassed the delivery volume of Porsche's Palamera in China, despite lower monthly sales of 2,000 units, indicating a strong reputation in the high-end market [2] - "Zhi Jie" has faced fluctuations in sales, with a peak of 12,000 units in November after a significant drop earlier in the year, highlighting the need for stable sales performance [2][3] Internal Challenges - The company needs to optimize product iteration and align with market demand, as evidenced by the delayed upgrades and inconsistent brand experiences across models [3][4] - "Xiang Jie" has a narrow market focus with only two models, leading to dependency on the performance of the S9T model, which has shown volatility in delivery numbers [4] - The internal resource allocation and market positioning between the "Five Realms" and the emerging "Jing" brands present challenges for ecosystem collaboration [6][9] Competitive Landscape - The rise of Huawei's "Jing" brands poses new challenges for the company's ecosystem, requiring effective resource distribution and differentiation in market positioning [6][7] - The competitive environment is intensifying, with rivals like Tesla and BYD optimizing their pricing strategies, while new entrants like Xiaomi and Zeekr accelerate product iterations [8] - The company plans to launch at least 11 new models by 2026, raising concerns about internal competition and resource coordination among multiple brands [8][9]