来源：市场资讯 （来源：车联新生态） 10月6日，吉利汽车控股有限公司（下称"吉利汽车"）发布公告宣布，拟实施一项最高金额达23亿港元 股份回购计划，该计划在获得香港联交所批准后，将通过自动化机制在公开市场分批回购。根据计划， 回购完成后，回购的股份将予以注销，且在回购完成后的30日内将不再发行新股。据了解，本次回购资 金来自吉利汽车现有的资本及现金储备。 | | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期累計 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | (部) | (部) | (%) | (部) | (部) | (%) | | 吉利 | 221.966 | 154,813 | 43 | 1.785.117 | 1,151,214 | રેર | | 其中:织河 | 120,868 | 52,311 | 131 | 874,985 | 286,276 | 206 | | 極氨 | 18,257 | 21,333 | -14 | 143.600 | 142,873 | 1 | | 領克 | 32,902 | 25,80 ...

Core Insights - The sales of the FAW Bestune brand reached 137,217 units from January to September this year, representing a year-on-year increase of 39.3%, with new energy vehicle sales soaring by 164.5% to 117,203 units [1][2] - The company has implemented a three-pronged strategy for transformation, focusing on reform, technology, and positioning to enhance its competitiveness in the increasingly fierce Chinese automotive market [2][3] Group 1: Sales Performance - In September, Bestune achieved a record monthly sales of 18,880 units, with new energy vehicle sales hitting 16,217 units, marking the highest monthly sales in nearly a decade [1] - The total sales for 2023 are projected to exceed 120,000 units, reflecting a 59.4% year-on-year growth, with expectations to surpass 150,000 units in 2024, achieving the best performance in ten years [2][3] Group 2: Strategic Initiatives - The company has undergone significant reforms, including a capital increase of 5 billion yuan, which has improved operational efficiency and resource allocation, while also moving towards a "de-administrative" decision-making process [2][6] - Bestune has invested over 10 billion yuan in the past three years to develop a comprehensive technology framework covering platforms, powertrains, cabins, and intelligent driving, collaborating with leading partners like Huawei and CATL [2][3] Group 3: Product Development - The launch of the Bestune Xiaoma, an A00-class pure electric vehicle, has been successful, with monthly sales consistently exceeding those of the new Bestune Yuyi series [6][9] - The Yuyi series, including the Yuyi 03 and Yuyi 07, has faced challenges in sales performance, with the Yuyi 03 showing some initial success but still struggling to reach significant market penetration [6][9] Group 4: Financial Overview - Over the past five years, Bestune has incurred losses totaling approximately 18 billion yuan, with net profits for 2022, 2023, and 2024 projected at -2.097 billion, -2.958 billion, and -4.347 billion yuan respectively [9][10] - A recent capital increase of 8.55 billion yuan from various investors, including major companies like China Telecom, aims to support the company's ongoing transformation and product development efforts [9][10]

Core Insights - The sales of the FAW Bestune brand reached 137,217 units from January to September this year, marking a year-on-year increase of 39.3%, with new energy vehicle sales at 117,203 units, up 164.5% [2] - In September alone, Bestune sold 18,880 vehicles, with new energy sales hitting 16,217 units, achieving the highest monthly sales in nearly a decade [2] - The historical sales of the Bestune brand have surpassed 2 million units [2] Group 1: Transformation Strategies - The first strategy involves reforming the governance structure to enhance operational efficiency and decision-making speed, supported by a capital increase of 5 billion yuan, which has improved resource allocation [3] - The second strategy focuses on technology, with significant investment in R&D leading to the development of the Yu Yi series, which incorporates self-developed technologies across various dimensions [4][5] - The third strategy is about positioning, targeting a younger demographic with the "Joy Pai" user service brand, which aims to create emotional connections with users through community-oriented services [5][6] Group 2: Product Performance and Market Position - The Yu Yi series is positioned as "high-quality new energy vehicles affordable for every household," aligning with consumer demands for cost-effective options [6] - Despite the overall sales increase, the Yu Yi series has faced challenges, with the Yu Yi 03 and Yu Yi 07 struggling to achieve significant sales compared to the Bestune Pony, which has consistently outperformed them [7] - To address these challenges, Bestune launched the Yu Yi 03 and Yu Yi 07 Enjoy Edition, focusing on value-for-money propositions to boost sales [7][8] Group 3: Future Plans - Bestune plans to launch six new models over the next two years, aiming to build a comprehensive product matrix covering A0 to B-class markets and various powertrain options [8]

Group 1 - Lantu Automotive officially submitted its listing application to the Hong Kong Stock Exchange on October 2, aiming for an introduction listing, marking a significant step in the transformation of state-owned enterprises in the automotive industry's new energy sector [1] - Lantu is a high-end smart new energy brand under Dongfeng Motor Corporation, recognized for its comprehensive product matrix and rapid patent growth within the new energy vehicle sector [1] - From 2022 to 2024, Lantu's sales are projected to rank among the top in China's high-end new energy vehicle industry, with a compound annual growth rate (CAGR) of 103.2%, placing it in the top three for sales growth among high-end new energy brands in China [1] Group 2 - Lantu Automotive achieved revenues of 6.05 billion yuan, 12.75 billion yuan, 19.36 billion yuan, and 15.78 billion yuan for the years 2022, 2023, 2024, and the first seven months of 2025, respectively, with a CAGR of 78.9% from 2022 to 2024, indicating healthy and sustainable operations [2] - The gross margin increased from 8.3% in 2022 to 21.0% in 2024, ranking second in the new energy vehicle industry, with the company achieving its first quarterly profit in Q4 2024 and profitability in the first seven months of 2025, showcasing strong operational resilience and growth potential [2] - Lantu plans to launch 1 to 3 new models annually, aiming to have 6 to 9 models by the end of 2026, with a retail network expanding to 1,000 locations across over 200 cities in China, while also targeting markets in Europe, the Middle East, and Central Asia to enhance global competitiveness [2]

大和此前研报指出，在吉利汽车公布上半年业绩后，更新对其估值模型。该行目前预测吉利汽车在2025 至2027年将实现300万至380万辆的销售量，较原预期的190万至230万辆有所上调，并看好吉利成功的新 能源车转型，预期2025至2027年更多的增长将来自海外扩张。 消息面上，9月29日晚，极氪9X正式上市，共推出Max、Ultra、Hyper、曜黑四个版型，官方零售价 46.59万至59.99万元起，超级置换权益后限时售价45.59万至58.99万元起。根据披露数据显示，新车上市 13分钟，大定突破1万辆。 吉利汽车(00175)午后涨超4%，截至发稿，涨4.03%，报19.38港元，成交额16.2亿港元。 ...

"卖新能源车不赚钱"。这个前几年的汽车市场上一直流传的观点，现在还是这样吗？ 9月，各大车企陆续发布了上半年财报，盈利状况已经和前几年大相径庭。 过去，新能源车一直被质疑"卖一辆亏一辆"，"烧钱换市场"。但从今年上半年的财报数据来看，所有新能源占比超过50%的车企，无一例外都实现了利润 增长。 在我们统计的15家企业中，净利润实现增长的分别是比亚迪、赛力斯、理想、小鹏、蔚来、零跑、北汽蓝谷。而这几家全部都是新能源车企。 | | | | | 2025年上半年主要上市车企业绩情况 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 品牌 | 营收(亿元) | 同比变动 | 净利润(亿元) | 同比变动 | 上半年销量(万辆) | 同比变动 | 新能源渗透举 | | 比亚迪 | 3713 | 23.30% | 155.1 | 13.79% | 214.6 | 33.04% | 100% | | 上汽集团 | 2996 | 5.23% | 60.18 | -9.21% | 205.3 | 12.40% | 31.47% | | 吉利汽车 | 1503 ...

Group 1 - The Buick Zhijing L7 was officially launched on September 28, with five models priced between 173,900 to 219,900 yuan, and a limited-time price of 169,900 to 215,900 yuan until October 31 [1] - The Zhijing L7 features dimensions of 5032mm in length, 1952mm in width, and 1500mm in height, with a wheelbase of 3000mm, surpassing the current Buick Regal [2] - The vehicle is equipped with the "True Dragon" range extension system, which includes a 1.5T hybrid engine, a rear-mounted permanent magnet synchronous motor, and a high-performance battery, achieving a pure electric range of 302km and a comprehensive range exceeding 1400km [2] Group 2 - Buick is facing challenges in the new energy era, with sales figures showing a decline in the GL8 model, which dropped from 126,800 units in 2022 to 64,700 units in 2024 [3] - The market for new energy vehicles in China has seen a significant shift, with sales accounting for 52.2% in August 2025, indicating a need for Buick to strengthen its presence in the new energy segment [4] - The launch of the Zhijing L7 represents Buick's ambition to re-establish itself in the market through technological integration [5]

Core Viewpoint - Buick's high-end new energy sub-brand "Zhijing" has launched its first mass-produced model, Zhijing L7, with a price range of 169,900 to 219,900 yuan, signaling a strong commitment to transformation in the competitive automotive market [1][2]. Group 1: Product Launch and Market Positioning - The launch of Zhijing L7 just five months after the brand's debut reflects Buick's urgency to adapt and establish its position in the new energy vehicle market [1][4]. - The pricing strategy for Zhijing L7 was determined through intense internal discussions, aiming to set a new benchmark for high configuration and cost-effectiveness in the B-class car segment [2][4]. - Zhijing L7 targets the 200,000 yuan market segment, emphasizing that high-end positioning requires a precise understanding of consumer needs rather than just high prices [1][4]. Group 2: Technological Innovations - Zhijing L7 is positioned in the relatively untapped extended-range sedan market, leveraging Buick's technical foundation to address consumer demand [4][5]. - The vehicle features the "Zhenlong" extended-range system, providing 302 km of pure electric range and 1,420 km of comprehensive range, with minimal performance loss in low battery conditions [5]. - Buick has partnered with Momenta to enhance its intelligent driving capabilities, making Zhijing L7 the first model equipped with the Momenta R6 flying model, which includes advanced features for urban driving scenarios [5][6]. Group 3: Strategic Vision and Future Plans - The rapid development from brand launch to product release within five months showcases Buick's commitment to innovation and product optimization in the new energy sector [7]. - Over the next eight months, the Zhijing brand plans to introduce five new energy vehicles across various categories, indicating a comprehensive product strategy [7]. - The success of the Zhijing brand will serve as a test case for joint venture brands in the new energy era, aiming to effectively combine global automotive expertise with local innovation [7][8].

Group 1: Industry Overview - The automotive dealership industry is undergoing significant transformation due to the decline in traditional fuel vehicle sales and the rise of electric vehicles (EVs) [3][4] - The top 100 dealerships in China are projected to see a 2.5% decrease in total revenue to 1.7213 trillion yuan in 2024, with a 6.7% reduction in asset investment [3] - The penetration rate of new energy vehicles among the top dealerships reached 23%, a year-on-year increase of 31.1%, with total new energy vehicle sales reaching 15.02 million units, up 30.9% year-on-year [3] Group 2: Company Strategies - Jiangsu Wanbang Jinzhixing Automotive Investment Co., the parent company of Star Charging, has leveraged its existing dealership network to enhance its charging infrastructure business [6][8] - Yongda Group has established a new company, Juhui Battery Technology, focusing on intelligent battery maintenance equipment, addressing key pain points in battery health management [11][12] - Hunan Dezong Automotive Sales Service Co. reported a 299.92% increase in revenue from its vehicle recycling and dismantling business, indicating a strategic pivot towards battery recycling and circular economy projects [15][17] Group 3: Financial Performance - The financial performance of listed automotive dealers in Hong Kong shows that 8 out of 9 companies experienced a year-on-year revenue decline, with only 3 achieving profitability [4] - Yongda Group's Juhui Electric Technology has serviced over 15,000 vehicles, achieving a customer satisfaction rate of over 99% [13] - Dezong Automotive's revenue from vehicle recycling reached 45.665 million yuan, with a gross margin of 9.46%, reflecting significant growth potential in this segment [17] Group 4: Future Outlook - The automotive dealership industry is expected to face ongoing challenges, with over 52.6% of dealers reporting losses in the first half of 2025, indicating a worsening survival situation [3][4] - Companies like Changxin Automotive Group are investing heavily in battery manufacturing, with plans to establish a large-scale lithium battery production base, aiming for an annual industrial output exceeding 100 billion yuan [20][21] - The competitive landscape for battery manufacturing is intensifying, with new entrants like Chunan New Energy aiming to establish themselves alongside established players like CATL and BYD [21][22]

Group 1 - Volvo XC70 launched with a limited price range of 269,900 to 349,900 yuan, featuring four models [1][4] - The vehicle dimensions are 4815/1890/1650mm with a wheelbase of 2895mm, positioning it as a mid-size plug-in hybrid SUV [3] - The interior design follows a minimalist Scandinavian style, equipped with advanced features such as a 92-inch AR-HUD and a 1180W Harman Kardon sound system [7] - The powertrain includes a 120kW 1.5T engine combined with an electric motor, offering a maximum power of 234kW for the two-wheel drive version and 340kW for the four-wheel drive version, with electric ranges of 116km and 212km respectively [9] Group 2 - Buick's new model, the Buick Zhijing L7, launched with a price range of 173,900 to 219,900 yuan, offering five models [10][4] - The vehicle dimensions are 5032/1952/1500mm with a wheelbase of 3000mm, categorized as a mid-large plug-in hybrid sedan [12] - The interior features a luxurious design with a three-screen setup and advanced driver assistance technologies [14] - The powertrain includes a 1.5T range extender with a maximum power of 115kW and an electric motor with 252kW, achieving a 0-100km/h acceleration in 5.9 seconds [16] Group 3 - Tengshi N8L has begun pre-sales with a price range of 319,800 to 349,800 yuan, offering two models [3][24] - The vehicle dimensions are 5200/1999/1820mm with a wheelbase of 3075mm, classified as a mid-large SUV [19] - The interior design emphasizes technology and luxury, featuring multiple screens and high-end audio systems [21] - The powertrain includes a 2.0T engine with a maximum power of 152kW and a three-motor system with 560kW, achieving a 0-100km/h time of 3.9 seconds [23] Group 4 - Geely Galaxy Xingyao 6 has started pre-sales with a price range of 85,800 to 118,800 yuan, offering five models [4][26] - The vehicle dimensions are 4806/1886/1490mm with a wheelbase of 2756mm, positioned as a compact plug-in hybrid sedan [26] - The interior maintains a classic design with modern technology, including a 7nm chip and advanced driver assistance features [28] - The powertrain features a 1.5L engine with a maximum power of 82kW, offering different battery options for varying electric ranges [30] Group 5 - Smart's new model, Smart Qiling 5 EHD, has begun pre-sales starting at 189,900 yuan [31][32] - The vehicle dimensions are 4705/1920/1710mm with a wheelbase of 2900mm, maintaining the design of the current model [35] - The interior design continues the existing style with a focus on geometric elements and layered materials [38] - The powertrain includes a 1.5T engine with a maximum power of 120kW, offering various battery capacities for different electric ranges [40] Group 6 - Beijing Hyundai announced an 8 billion yuan investment to enhance local R&D and accelerate the transition to new energy vehicles [4][42] - The investment aims to improve local supply chains and develop 20 new products over the next 4-5 years, focusing on electric vehicles post-2027 [42]