Xin Lang Cai Jing·2026-02-04 12:25Core Viewpoint - The company reported a significant adjustment in wholesale sales for January 2025, with total sales of 210,000 units, reflecting a year-on-year decrease of 30% and a month-on-month decrease of 50% [3][13]. Sales Performance - January wholesale sales totaled 210,000 units, with a breakdown of 178,000 units from the Dynasty and Ocean series, 22,000 units from the Fangcheng Leopard, 6,000 units from Tengshi, and 413 units from Yangwang [3][13]. - Overseas sales reached approximately 100,000 units, showing a year-on-year increase of 51% but a month-on-month decrease of 25% [3][13]. - The company aims to control terminal inventory and production rhythm, as the demand remains low despite the implementation of trade-in policies and new energy vehicle tax incentives [3][13]. Market Conditions - The market is concerned about the negative impact of demand and cost pressures, particularly after policy rollbacks led to poor terminal demand and rising raw material prices [4][14]. - The company has demonstrated resilience through its vertically integrated business model, which helped it navigate raw material price increases in 2021-2022, enhancing per-unit profitability through economies of scale [4][14]. Future Outlook - The company anticipates a new product cycle to gradually commence after the Chinese New Year in February 2026, necessitating the clearance of old vehicle inventory before new launches [3][13]. - As the penetration rate of new energy vehicles slows, the market is expected to transition from rapid growth to high-quality growth, with the company positioned to leverage its scale advantages and adaptability to improve operational quality [4][14]. Production and Supply Chain - Recent fluctuations in upstream raw materials such as lithium carbonate, aluminum, and copper may impact production schedules [3][13]. - The company reported lithium battery shipments of 20.2 GWh, reflecting a year-on-year increase of 30% but a month-on-month decrease of 26% [6][16].