中经记者 石英婧 上海报道 11月21日，零跑汽车于2025广州国际车展正式揭幕全新A平台首款车型——零跑A10，标志着零跑补齐 A、B、C、D四大系列矩阵的最后一块拼图，正式进入主流细分市场全覆盖的新阶段。作为一款定 位"智能精品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超 长续航、高通8295P+8650双旗舰芯片、车位到车位全场景智能辅助、油冷电驱、88.1%空间得房率等越 享配置，打破10万级市场"智能妥协、续航焦虑、空间必挤"的行业困局，为主流家庭及追求品质的用户 提供全场景不将就的出行解决方案。新车同步开启盲订，并计划于2026年上半年开启交付。 《中国经营报》记者了解到，零跑汽车2025年第三季度财报显示，公司净利润持续为正，达1.5亿元， 已连续实现季度盈利。实现营业收入194.5亿元，较2024年同期增长97.3%；毛利率为14.5%，同比大幅 提升；同时，零跑汽车在手资金充裕达339.2亿元，并保持正向经营现金流与自由现金流。自今年3月以 来，零跑已连续8个月稳居中国新势力品牌月销冠军，10月更是突破7万辆，再次刷新中国新势力月销新 高。 ...

Core Insights - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking its continuous quarterly profitability and leading the sales among new energy vehicle brands in China with over 170,000 vehicle deliveries, a 101.8% increase year-on-year [1] - The company achieved a revenue of 19.45 billion yuan, reflecting a 97.3% year-on-year growth, with a gross margin of 14.5%, significantly improved compared to the previous year [1] - Leap Motor has a strong cash position of 33.92 billion yuan and maintains positive operating and free cash flows [1] Product Launches and Sales Performance - The C11 model has sold approximately 300,000 units since its launch in 2021, with a monthly sales record of over 11,000 units in October following its refreshed release in July [1] - The B01 model, positioned as a high-quality smart sedan, has also seen monthly sales exceeding 10,000 units since its launch in July [1] - Leap Motor has completed its product lineup with the introduction of the A, B, C, and D series, enhancing its diversified product matrix [2] International Expansion - In Q3, Leap Motor exported 17,397 vehicles, with a total of 37,772 units exported from January to September 2025, achieving significant market presence in Europe [2] - The company established over 700 sales and service outlets across approximately 30 international markets, with more than 650 in Europe [2] - Leap Motor officially entered the South American market with the launch of the C10 and B10 models in Brazil, and plans to accelerate local projects in Malaysia and Europe by 2026 [3]

Core Insights - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking continuous quarterly profitability and a significant growth in vehicle deliveries and revenue compared to the previous year [1] - The company achieved a total vehicle delivery of 173,852 units, a 101.8% increase year-on-year, and generated operating revenue of 19.45 billion yuan, up 97.3% from the same period last year [1] - Leap Motor has maintained a strong cash position with 33.92 billion yuan in hand and positive operating and free cash flow [1] Group 1: Product Performance - The C11 model has sold approximately 300,000 units since its launch in 2021, becoming a phenomenon in the SUV market, with a monthly sales record of over 11,000 units in October [1] - The B01 model, positioned as a high-quality smart sedan, has consistently sold over 10,000 units monthly since its launch in July [2] - The D19 model, launched as the flagship of the D platform, aims to bring high-end technology experiences to the 300,000 yuan market [2] Group 2: International Expansion - Leap Motor exported 17,397 units in Q3, with a total of 37,772 units exported from January to September 2025, showing strong performance in European markets [2][3] - The company has established over 700 sales and service outlets across approximately 30 international markets, with more than 650 in Europe [3] - Leap Motor plans to accelerate its global localization strategy in 2026, starting with Malaysia and then expanding to Europe [3] Group 3: Technological Innovation - The company launched its new flagship D platform on October 16, introducing several industry-first technologies [3] - Leap Motor's sales service network has expanded to cover 292 cities, with a total of 866 sales outlets and 493 service centers [3]

Core Insights - Seres has officially listed on the Hong Kong Stock Exchange, achieving two industry records: the largest IPO of a Chinese automotive company to date and the largest automotive IPO globally since 2025 [1] - This milestone signifies a critical breakthrough in Seres' strategy for international capitalization and brand elevation, serving as an important benchmark for the globalization of China's new energy vehicle industry [1] Financial Performance - The global public offering on the Hong Kong Stock Exchange involved 108.6 million shares, with an oversubscription rate of 133 times, raising over 170 billion HKD in financing [2] - The participation of 22 cornerstone investors, including notable institutions like Chongqing Industry Mother Fund and Schroders, indicates strong market confidence in Seres' long-term value and high-end strategy [2] Strategic Focus - Approximately 70% of the raised funds will be allocated to technology research and development, while 20% will be used for diversified new marketing channels, overseas sales, and charging network services, reflecting a "technology-driven, global layout" development approach [2] - The establishment of an "A+H" dual capital platform not only broadens financing channels but also provides a more robust capital support system for the company's globalization efforts [2] Industry Trends - The timing of Seres' IPO and its market performance reflect deeper trends in the industry, including a shift from quantity accumulation to quality breakthroughs in China's new energy vehicle sector [3] - The capital market is increasingly valuing companies with clear technological pathways and high-end capabilities, indicating a transition of "Chinese manufacturing" from following to competing and even leading in the global automotive landscape [3] - The records set by Seres symbolize a microcosm of the transformation and upgrading of the Chinese automotive industry, foreshadowing significant changes in the competitive landscape of the global new energy vehicle market [3]

Core Insights - BYD announced the global debut of the K-EV BYDRACCO, tailored for the Japanese market, at the 2025 Tokyo Motor Show on October 29, and introduced its first plug-in hybrid model, the Sea Lion 06 DM-i, in Japan [1] - In May, BYD entered the top ten of imported car brands in Japan, with monthly registrations surpassing 400 units for the first time [1] - BYD has established 66 sales points in Japan, with a steadily expanding distribution network [1] - In October, BYD's overseas sales of passenger cars and pickups reached 83,524 units, marking a year-on-year increase of 155.5%, with cumulative sales from January to October totaling 785,103 units [1] - The company is leveraging its advanced technology and reliable products to accelerate its global expansion, with a presence in over 110 countries and regions across six continents [1] Market Strategy - BYD is implementing a dual strategy of "pure electric + hybrid" to enhance its product offerings in international markets [1] - The company aims to expand its product line, improve overseas production capacity and sales networks, and build a global supply chain [1] - BYD's global strategy is characterized by a strong focus on new energy technology and product strength, positioning itself for significant growth on the world stage [1]

Core Viewpoint - BYD is set to launch a new pure electric K-Car model named "RACCO" at the 2025 Tokyo Motor Show, targeting the Japanese market, which presents a significant opportunity as K-Cars account for 35%-40% of new car sales in Japan, yet pure electric models only represent 2.1% of that market [2][3]. Group 1: Market Entry and Strategy - BYD plans to officially enter the Japanese market in the summer of 2026, aiming to capitalize on the transition of the K-Car market towards electric vehicles [2]. - The company has been active in Japan since 2001 but only entered the passenger car market in July 2022, indicating a long-term commitment to the region [2]. - BYD has sold a total of 7,123 vehicles in Japan over three years, which reflects a growing recognition and acceptance among Japanese consumers [3]. Group 2: Competitive Landscape - Suzuki's president expressed concerns about BYD's entry into the K-Car market, acknowledging the potential threat posed by the Chinese automaker as Japanese consumers become more open to Chinese products [2]. - BYD's response emphasizes that its primary competition in Japan will be other imported brands rather than local Japanese manufacturers, aiming to provide more choices for consumers [2]. Group 3: Global Expansion and Performance - BYD's overseas sales reached 701,600 units in the first three quarters of 2025, marking a 132% year-on-year increase, significantly surpassing the total overseas sales for 2024 [7]. - The company has established a presence in 117 countries and regions, focusing on key market breakthroughs and global network expansion [8]. - The competitive advantage of BYD in the global market is attributed to its comprehensive supply chain in the new energy sector, with production costs significantly lower than those in Europe [4].

Core Insights - The establishment of the China New Energy Vehicle Research Institute in Hong Kong aims to leverage the city's unique advantages to facilitate the high-quality development and globalization of the new energy vehicle industry [1][2] - The research institute will focus on three core functions: key technology and standard research, empowering industry expansion overseas, and international communication and brand building [2][3] - The research institute's operational model of "R&D + Empowerment + Communication" is expected to enhance innovation in the Guangdong-Hong Kong-Macao Greater Bay Area and position Hong Kong as a pivotal hub for Chinese automotive companies [3] Group 1: Establishment and Purpose - The China New Energy Vehicle Research Institute has been established to support the transition from "product output" to "value output" in the new energy vehicle sector [1] - Hong Kong's mature capital market and globally recognized certification services are seen as key advantages for the research institute [1] Group 2: Core Functions - The first core function focuses on research in critical technologies and standards, including hydrogen applications and lifecycle carbon management, with plans to publish a "China New Energy Vehicle Globalization Technology White Paper" [2] - The second function aims to empower industry expansion by providing customized solutions for overseas markets, leveraging Hong Kong's legal system and certification advantages [2] - The third function involves international communication and brand building, utilizing platforms like the Hong Kong International Automotive and Supply Chain Expo to promote technology exchange [2] Group 3: Market Context - The research institute's establishment addresses the gap for a specialized comprehensive research organization for new energy vehicles in Hong Kong [3] - The Chinese new energy vehicle sector has seen a significant increase in exports, with a year-on-year growth of 89.4% from January to September 2025, although challenges remain in high-end market recognition [2]

Core Viewpoint - Seres Group is on the verge of becoming the first luxury new energy vehicle company to be listed in both A-share and H-share markets, having passed the listing hearing on October 13, 2023 [2] Group 1: Company Strategy and Product Development - Seres plans to issue up to 331 million ordinary shares, with 70% of the funds allocated for R&D, 20% for diversified marketing channels, overseas sales, and charging network services, and the remaining 10% for working capital [2] - The company has transitioned from its initial focus on springs and shock absorbers to fully embracing the new energy vehicle sector since 2016, establishing a solid foundation for future growth [2] - A strategic partnership with Huawei in 2021 led to the launch of the high-end smart electric vehicle brand AITO Wenjie, positioning the company in the high-end market [2] - The product lineup includes models M5, M7, M9, and M8, with prices ranging from 200,000 to 500,000 yuan, creating a comprehensive high-end product system [2] Group 2: Sales Performance and Market Position - In the first half of 2025, Seres sold a total of 198,600 vehicles, with the Wenjie brand delivering 147,000 units and an average transaction price exceeding 400,000 yuan [3] - The Wenjie M9 model delivered 62,000 units, while the M8 model delivered 35,000 units in the same period [3] - For the full year of 2024, the Wenjie M7 delivered 200,000 units, and the M9 delivered 150,000 units, achieving the top sales position in the 500,000 yuan luxury car market [3] Group 3: R&D and Financial Performance - As of June 30, 2025, Seres had 6,984 R&D personnel, a 26.6% increase year-on-year, accounting for 36% of the total workforce [4] - R&D investment grew by 154.9% year-on-year, with expenditures increasing from 1.949 billion yuan in 2021 to 7.053 billion yuan in 2024, reflecting a commitment to technological innovation [4] - In 2024, the company achieved a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, and a net profit of 5.946 billion yuan, marking a successful turnaround [5] - For the first half of 2025, revenue reached 62.402 billion yuan, with a net profit of 2.941 billion yuan, an 81.03% increase year-on-year [5] Group 4: Capital Strategy and International Expansion - The dual listing strategy aims to enhance financing channels, with funds primarily directed towards R&D, marketing, overseas expansion, and charging network services [6] - The company reported overseas revenues of 3.922 billion yuan, 4.976 billion yuan, and 4.211 billion yuan from 2022 to 2024, indicating a focus on international market growth [6] - The IPO proceeds will allocate 20% to overseas sales and charging network services, emphasizing the commitment to international market expansion [6] Group 5: Financial Structure and Market Challenges - As of 2024, Seres had total assets of 94.364 billion yuan and total liabilities of 82.458 billion yuan, resulting in a high debt ratio of 87.38% [7] - The recent 5 billion yuan strategic investment and the upcoming H-share listing are expected to improve the company's capital structure and cash flow [7] - The company has diversified ownership, with major shareholders including Chongqing Sokon Holding Co., Ltd. and Dongfeng Motor Corporation [7] - The competitive landscape in the new energy vehicle sector is intensifying, and Seres must balance growth expectations with maintaining brand premium and profitability [9]

Core Insights - BYD's Seagull has been recognized in TIME magazine's 2025 Best Inventions list in the transportation category, highlighting its global brand recognition and successful market penetration [1] Company Performance - BYD has achieved significant milestones with the Seagull model, including reaching the production milestone of 1 million units in June 2023 and entering 15 European markets this year [1] - The Seagull has consistently topped the A00 segment sales charts for 2023 and 2024, and it has also secured the overall sedan market sales champion for 2024 [1] - The Seagull became the fastest electric vehicle to reach cumulative sales of 1 million units globally, achieving this in just 27 months since its launch in April 2023 [1] Industry Impact - The recognition of BYD's Seagull in TIME magazine serves as a testament to the innovation and global influence of BYD, as well as a strong indicator of the ongoing advancements and high-quality development within the Chinese electric vehicle sector [1]

Core Viewpoint - The delivery of BYD's 14 millionth electric vehicle in Brazil symbolizes a significant milestone in the global electric vehicle industry and highlights the collaboration between Chinese technology and Brazilian industrial aspirations [1][5]. Group 1: Company Achievements - BYD's 14 millionth electric vehicle was officially launched in Brazil, marking a historic moment for the company [1]. - The Brazilian factory represents BYD's first electric vehicle manufacturing facility outside Asia, with a total investment of 5.5 billion reais (approximately 1 billion euros) and an expected annual production of 150,000 electric vehicles [4]. - BYD has achieved a remarkable 92.16% market share in Brazil's pure electric vehicle market from January to May 2025, becoming the most popular automotive brand among local consumers [4]. Group 2: Investment and Economic Impact - The establishment of the factory is expected to create over 5,000 direct jobs, serving as a new engine for local economic growth and BYD's global expansion strategy [4]. - In the first eight months of this year, China's automobile exports reached 4.292 million units, a year-on-year increase of 13.7%, with electric vehicle exports growing by 87.3% [5]. Group 3: Technological and Strategic Significance - BYD's development philosophy emphasizes "technology as king and innovation as the foundation," with R&D investments consistently exceeding net profits, reaching 54.2 billion yuan in 2024, a 36% increase year-on-year [2]. - The collaboration between Brazilian President Lula and BYD's founder Wang Chuanfu reflects a shared vision of using technology to transform national destinies and achieve industrial sovereignty [3][4].