鸿蒙智行走到十字路口

Core Viewpoint - Harmony Intelligent Mobility Alliance (HIMA) achieved a record monthly sales of 52,747 vehicles in June 2025, regaining its position as the top-selling new energy vehicle brand among emerging automakers [2][4]. Group 1: Structural Growth - The sales growth of HIMA is primarily driven by the Wanjie series, which accounted for approximately 85% of total sales in June, with 44,700 units sold [4][5]. - The Wanjie M8, launched three months prior, saw sales soar to 21,200 units, while the flagship Wanjie M9 sold 13,700 units, together contributing over 60% of HIMA's total sales [5]. - The Wanjie series is positioned as a premium offering, with the M9 dominating the 500,000 RMB SUV market and the M7 appealing to family users with a price range of 250,000 to 300,000 RMB [5]. Group 2: Comprehensive Coverage Issues - HIMA's product lineup now spans price ranges from 150,000 to 800,000 RMB, covering four vehicle categories: family, sports, executive, and ultra-luxury [8][10]. - The strategy of having multiple series based on product positioning rather than price may lead to internal competition, particularly in the 250,000 to 350,000 RMB range [11][12]. - The introduction of the new model, Shangjie H5, priced between 150,000 and 250,000 RMB, aims to clarify the brand's market segmentation and address potential overlaps in product offerings [12]. Group 3: Sales Network Restructuring - Starting August 2024, HIMA will implement a dual sales channel for the Wanjie models, allowing independent and Huawei channels to coexist [16]. - The decision to decentralize sales is based on the successful sales performance of Wanjie post-network separation, which did not negatively impact overall sales [17]. - This restructuring is seen as a power reallocation between Huawei and its partner automakers, potentially leading to more flexible and customized sales approaches in the future [17].