纯电市场拐点已至

Core Viewpoint - The transition from rapid growth to high-quality development in the electric vehicle market is marked by a shift in technology choices and market dynamics, with a focus on user value as the ultimate goal [1][3]. Group 1: Market Dynamics - The rise of range-extended and plug-in hybrid vehicles was a temporary solution due to inadequate charging infrastructure, but the market is now shifting towards pure electric vehicles, particularly in the large three-row SUV segment [3][4]. - In 2025, retail sales of range-extended vehicles fell by 7.7% year-on-year, marking four consecutive months of decline, while wholesale sales of pure electric vehicles reached 1.02 million units, a 31.6% increase year-on-year, accounting for 62.9% of the new energy vehicle market [4]. Group 2: Company Strategy - The company has focused on two main areas over the past 11 years: continuous investment in pure electric technology research and development, and the enhancement of charging and battery swap infrastructure [5]. - The company has developed a comprehensive technology system with 12 full-stack technologies, significantly reducing R&D costs per model, and has launched flagship models with advanced features, achieving notable sales milestones [5][6]. Group 3: Infrastructure Development - As of November 2025, the company has established 3,662 battery swap stations globally, covering over 80% of users' residential or office locations within a 3-kilometer radius [6]. - The company has initiated the "Charging Partner" program, collaborating with various local governments and enterprises to build nearly 200 charging and battery swap stations [6]. Group 4: Future Goals - The company aims to have over 10,000 charging and battery swap stations by 2030 and plans to maintain a growth rate of 40%-50% annually while deepening its market presence in China and expanding globally [8]. - In 2024, the company delivered 221,900 new vehicles, a 38.7% increase year-on-year, and continued to achieve record delivery numbers into 2025, with a total of 124,807 vehicles delivered in Q4 2025, a 71.7% increase year-on-year [7].