“产品大年”叠加“技术兑现”，北汽新能源2026冲刺高端智能赛道

Core Insights - In 2026, the company launched a strategic technology release focused on smart mobility, showcasing significant achievements in L3 autonomous driving and L4 Robotaxi operations, while outlining its vision for a smart mobility community [1][2] - The company experienced a pivotal year in 2025, with total sales exceeding 200,000 units and a historic recovery in gross margin, indicating a transition to a new growth phase driven by technological advancements [1][4] Group 1: Technological Advancements - The company revealed a new competitive logic in the "second half of intelligentization," emphasizing an ecological development strategy to collaborate with upstream and downstream partners [2] - The company has obtained the first batch of L3 autonomous driving special license plates in China, marking a significant step from "technology validation" to "revenue generation" [2][3] - A partnership with Pony.ai has led to the mass production and trial operation of 600 Robotaxis, indicating deep integration of autonomous driving systems and manufacturing processes [3] Group 2: Market Performance - In 2025, the company achieved a total sales volume of 209,576 units, reflecting an 84% year-on-year growth, significantly outperforming the automotive market [4] - The "Extreme Fox" brand has seen sales exceed 160,000 units, achieving a doubling in sales for three consecutive years, while the "Enjoy" brand has entered the top three in the luxury market segment [4] Group 3: Financial Health - The gross margin turned positive at 1.8% in Q3 2025, with a significant reduction in annual losses by over 30%, indicating a shift from a strategy of heavy investment to a focus on sustainable profitability [4] Group 4: Future Plans - The company plans for 2026 to be a "product year," with a strategy of launching new vehicles monthly, including a luxury MPV and a high-end SUV [5] - 2026 is also designated as a year for the large-scale realization of key technologies, with plans to expand L3/L4 technology into more complex operational scenarios [6] - The company aims to leverage its unique positioning as a "new state-owned enterprise" to drive innovation and maintain competitive advantages in the smart electric vehicle market [6]