10月2日，东风集团旗下高端新能源品牌岚图汽车正式向香港联交所递交上市申请，并披露招股书。这 标志着其自今年8月官宣上市、9月完成股改更名后，赴港上市进入实质性阶段。 秦轩辕、秦生、鞠桦、冯长军、丁绍斌退出董事行列，付炳锋、蒋焘、胡晓、廖显志、辛定华、杨勇六 人新增为董事。 根据招股书披露，岚图在销量、营业收入及毛利率等关键指标上均呈现持续增长态势，向外界展示了一 家具有央企背景的高端智慧新能源汽车品牌的实力。根据招股书，岚图营业收入从2022年的约60.5亿 元，增长至2023年的约127.5亿元、2024年的约193.6亿元，复合年增速达到78.9%。2025年前七个月， 公司实现收入157.8亿元，同比增长90.2%。 销量拉升驱动营收持续增长。2022年至2024年期间，岚图销量从1.9万辆快速增长至超8万辆，复合年增 长率达到103.2%，在中国高端新能源汽车品牌中增速位列前三。10月1日，岚图公布最新交付数据显 示，9月岚图交付新车15224辆，1—9月累计同比增长85%。 值得关注的是，岚图的自我造血能力持续提升。岚图的毛利率从2022年的8.3%，一路升至2024年的 21%，并在2025年前 ...

智通财经APP获悉，据港交所10月2日披露，岚图汽车科技股份有限公司 (简称"岚图汽车")向港交所主板提交上市申请，中金公司为其独家保荐人。据招股 书，岚图汽车是东风公司旗下高端智慧新能源品牌。 2022年 2023年 2024年 (人民幣千元) (未 收入................ 6.051.754 12.749.380 19.360.642 8 銷售成本 ... .. .. .. .. .. .. (5,549,126) (10,936,045) (15,295,147) (6. 毛利 ............. 502.628 1.813.335 4.065.495 1. 其他收入及收益 ... ... 214.429 322.929 1.001.987 銷售費用 ... ... ... ....... (1.840.755) (2,862,027) (3.750.822) (1. 管理費用 ... ... ... ... ... ... (285.511) (457,054) (633,702) ( 金融資產減值損失 ... ... (1,076) (13,137) (924) 研發費用 .. ...

Core Viewpoint - LYNK & CO aims to establish its brand as a representative term for a specific demographic, promoting a counter-narrative to the intense competition in the automotive industry, exemplified by the launch of the new LYNK 08 EM-P model [1][20]. Group 1: Product Overview - The LYNK 08 EM-P, positioned as a "family luxury intelligent hybrid SUV," has gained trust from nearly 150,000 families since its launch two years ago, emphasizing user needs as its primary driving force [3][4]. - The new model offers four variants with prices ranging from 159,800 to 212,800 yuan, along with eight limited-time benefits to enhance customer appeal [3][5]. Group 2: Design and Aesthetics - The LYNK 08 EM-P features a new design language inspired by urban skylines, enhancing its luxury feel with a new front grille and the longest light strip in its class [7]. - The vehicle is available in six color options, including three new shades, catering to diverse aesthetic preferences [7][8]. Group 3: Interior and Comfort - The interior of the LYNK 08 EM-P includes a spacious design with 35 storage compartments and a rear trunk capacity of 545 liters, expandable to 1,277 liters [10]. - The vehicle is equipped with high-quality Nappa leather seats and advanced comfort features, ensuring a luxurious experience for all passengers [10][11]. Group 4: Technology and Connectivity - The LYNK 08 EM-P incorporates advanced technology, including a Qualcomm Snapdragon 8295 chip and a new intelligent cockpit system, enhancing user interaction and connectivity [13]. - The vehicle supports multiple smartphone ecosystems and offers entertainment features, making it suitable for family outings [13]. Group 5: Safety Features - The LYNK 08 EM-P boasts a comprehensive safety profile, achieving a five-star rating from Euro NCAP and featuring advanced active safety systems [19][21]. - The model includes 38 driver assistance functions, ensuring a high level of safety and convenience for users [15][19]. Group 6: Performance and Efficiency - The LYNK 08 EM-P is powered by a highly efficient 1.5T hybrid engine, offering a combined range of over 1,400 kilometers and low fuel consumption [17]. - The vehicle features multiple driving modes and advanced suspension systems, enhancing driving comfort and performance [17].

格隆汇9月22日丨蔚来-SW(09866.HK)公告，公司宣布2025年9月20日在中国杭州举办的2025蔚来日(NIO Day 2025)有关信息。 今年NIO Day 2025活动外场"G318川藏换电路线长卷"完整亮相，展开一条独一无二的加电风景线。此 外，今年NIODay外场市集用户摊位售卖所得全部款项将捐赠至浙江省慈善联合总会，蔚来用户公益基 金会将按比例配捐，并参与跟进公益项目进展，帮助更多有需要的群体。 本届NIO Day上，蔚来宣布智能电动行政旗舰——ET9地平线特别版正式上市，将于2025年9月底开启交 付。ET9地平线特别版双色车身设计，灵感源自蔚来Logo寓意，上半部分承载天空与愿景，下半部分锚 定大地与行动，天地双色完美交融，大气磅礴。集旗舰美学、精湛工艺与顶尖科技于一体，ET9地平线 特别版是融汇天地美的设计旗舰、技术旗舰、行政旗舰，为拥有个性审美和格调品位、敢于突破传统束 缚的创新引领者们而来，致敬他们的"敢想，有为"。 NIO Day2025上，蔚来宣布全场景科技旗舰SUV——全新ES8正式上市。蔚来ES8是中国纯电大三排 SUV的开创者，全新ES8是首款完成了三代迭代的智能电动 ...

Core Viewpoint - Buick's new high-end electric sub-brand "Zhijing" faces challenges in the competitive market for mid-to-large range electric vehicles priced between 200,000 to 300,000 yuan, as the success of joint venture brands in this segment remains limited [2][3]. Group 1: Market Dynamics - The current market reality indicates that joint venture brands must offer higher cost-performance ratios than domestic brands to succeed [2]. - Traditional luxury brands have struggled in the high-end electric vehicle market, with sales of models like the BMW i3 and Mercedes-Benz electric vehicles remaining low compared to more competitively priced offerings from joint venture brands [3]. - The Buick GL8 plug-in hybrid has emerged as a notable exception, ranking third in sales among joint venture electric vehicles in August, with retail sales of 5,490 units, surpassing its fuel-powered counterpart [3]. Group 2: Strategic Shifts - Joint venture brands have shifted their strategies from a "high-end" approach to offering high cost-performance electric vehicles, often at lower prices than domestic brands, leading to the emergence of popular models like the Nissan N7 and Guangfeng Bozhi 3X [3]. - Buick's decision to launch a high-end sub-brand is supported by a fully localized development approach and improved collaboration between joint venture partners, allowing for greater autonomy in product development [4]. Group 3: Product and Brand Perception - The perception of a brand as "generic" is fundamentally tied to the product itself, emphasizing the importance of product strength alongside cost-performance and emotional value in driving market success [5]. - The pricing strategy for the Buick Zhijing L7 is critical, as it must balance market impact with the positioning of a high-end electric brand, a challenge faced by many luxury brands today [5].

Core Viewpoint - Buick's high-end new energy sub-brand "Zhijing" launched its first mass-produced model L7, targeting the competitive price range of 200,000 to 300,000 yuan [1][4][9] Group 1: Product Launch and Features - The Zhijing L7 features advanced technologies including laser radar, Momenta R6 flying wheel model, Qualcomm 8775 chip, and a "super range extender" system [1][4] - The vehicle is positioned as a flagship range-extended sedan, differentiating itself from the mainstream market trend of range-extended SUVs [8][12] - The L7 achieves 0-100 km/h acceleration in 5.9 seconds and maintains performance even in low battery conditions, with noise levels controlled to below 0.5 decibels during engine engagement [10][11] Group 2: Strategic Positioning - Buick aims to avoid the common strategy of "price for volume" by positioning itself in the high-end segment, emphasizing long-term brand value over short-term sales [7][9] - The company has a clear product planning capability that aligns with market demands, focusing on a differentiated approach rather than following competitors [7][9] Group 3: Market Insights and Future Plans - Buick plans to launch five new energy vehicles in the next eight months, covering various categories including sedans, SUVs, and MPVs [4] - The company has gained increased trust and autonomy from its headquarters, allowing for more localized decision-making and product development [6][7] Group 4: Technological Collaboration - Buick's collaboration with Momenta has led to the development of advanced driving assistance systems, enhancing the vehicle's safety and driving experience [11] - The integration of self-developed technologies and a focus on user feedback have been pivotal in refining the L7's features and performance [10][11]

Core Viewpoint - The article discusses the challenges faced by joint venture high-end electric vehicle brands in China, emphasizing the need for competitive pricing and value propositions to succeed in a market dominated by cost-effective options. Group 1: Market Dynamics - Joint venture brands initially adopted a "high-end" market strategy but have shifted to offering high-value electric vehicles in response to market challenges [2] - The current market reality indicates that joint venture brands must offer better value than domestic brands to achieve sales success [1] - Sales data shows that popular models from joint venture brands, such as the Nissan N7 and Guangfeng Bozhi 3X, have emerged, while traditional luxury electric vehicles struggle with low sales figures [2] Group 2: Product Development and Strategy - Buick's introduction of the high-end sub-brand "Zhijing" is driven by a recognition of past shortcomings and a commitment to 100% local development for the Chinese market [3] - Enhanced communication and cooperation between joint venture partners have facilitated product launches, with foreign partners granting more autonomy to local teams [3] Group 3: Consumer Perception and Product Value - Consumer perception of a brand as "generic" is fundamentally linked to product quality, highlighting the importance of product strength alongside pricing and emotional value [4] - The success of the Buick Zhijing L7 hinges on its pricing strategy, which must balance market impact and the positioning of a high-end electric vehicle brand [4]

Group 1 - BYD's high-end electric vehicle brand, Yangwang, has launched the new model U8L Ding Shi Edition, priced starting at 1.28 million yuan, with deliveries set to begin at the end of September [2] - The U8L Ding Shi Edition emphasizes "safety" as the core of luxury, differentiating itself from traditional luxury brands that rely on material and brand premium [2] - The vehicle features a full aluminum chassis developed according to global five-star safety standards, enhancing durability and corrosion resistance [2] Group 2 - The U8L Ding Shi Edition is designed to meet the needs of its primary customer base, which consists of nearly 80% entrepreneurs who value both business efficiency and personal comfort [3] - The model reflects a cultural expression of Chinese luxury and represents the understanding and choices of the entrepreneurial group regarding modern transportation [3]

Core Viewpoint - The company, Seres, is experiencing significant growth in profitability and market presence in the high-end electric vehicle sector, with a notable increase in net profit and sales volume, positioning itself as a leading player in the industry [1][3][7]. Financial Performance - In the first half of 2025, Seres reported a net profit of 2.941 billion yuan, representing an 81.03% year-on-year increase, with a gross margin of 28.93%, up nearly 4 percentage points [1][3]. - The company's revenue in the second quarter saw a remarkable 126% increase compared to the first quarter, driven by a 115.49% rise in sales volume [1][3]. Product Strategy - Seres has established a product matrix with four main models (M5, M7, M8, M9) targeting the mainstream market price range of 200,000 to 500,000 yuan, which has contributed to both revenue and profit growth [3][4]. - The company is not engaging in price wars but is focusing on a multi-dimensional strategic layout and a continuous product launch strategy to enhance profitability [4][5]. Market Position - The Wanjie M9 has disrupted the foreign luxury car market, achieving over 220,000 deliveries and becoming the best-selling model in the 500,000 yuan luxury car segment [5][7]. - Seres has been recognized for its brand value, ranking 92nd in the Top Brand 2025 China Brand 500 list with a brand value of 175.523 billion yuan [8]. Research and Development - The company significantly increased its R&D investment to 5.198 billion yuan in the first half of 2025, a 154.9% year-on-year increase, with R&D personnel making up 36% of the total workforce [5][8]. - Seres has developed a series of technological innovations, including the Magic Cube technology platform and the Super Factory, which enhance production efficiency and product quality [5][4]. Market Outlook - Analysts from nearly 40 brokerage firms have given Seres a "buy" rating, indicating strong confidence in its growth potential in the high-end market [8]. - The company is expected to continue its upward trajectory with the launch of new models in the second half of the year, further boosting sales [8].

Core Viewpoint - The article highlights the strong performance and growth potential of Seres in the high-end electric vehicle market, showcasing its profitability and strategic positioning amidst a competitive landscape in the automotive industry [1][2][9]. Financial Performance - In 2025, Seres achieved a net profit of 2.941 billion yuan, representing a year-on-year increase of 81.03% [1] - The gross profit margin improved by nearly 4 percentage points to 28.93% [1] - Research and development investment surged by 154.9% year-on-year, exceeding 5 billion yuan [1] - In Q2 2025, Seres experienced a 115.49% increase in sales compared to Q1, with revenue soaring by 126% in the same period [1][6] Product Strategy - Seres has established a product matrix with four main models (M5, M7, M8, M9) targeting the mainstream market price range of 200,000 to 500,000 yuan [6] - The company focuses on a high-end product strategy, avoiding price wars and instead launching multiple new models to maintain market vitality [6][9] - The M9 model has become a leader in the high-end market, breaking the monopoly of foreign luxury car brands, with over 220,000 units delivered by August 2025 [7][9] Innovation and R&D - Seres has significantly increased its R&D workforce, with 6,984 employees dedicated to innovation, accounting for 36% of the total workforce [7] - The company has developed several technological advancements, including the Seres Magic Cube technology platform and the Seres Super Factory, enhancing production efficiency and quality [7][9] Market Recognition - Seres is recognized as one of the few profitable electric vehicle companies, achieving a revenue of 145.7 billion yuan and a profit of 5.9 billion yuan in 2024 [9] - The company ranked 169th in the 2025 Fortune China 500 list, marking a significant rise of 235 positions [9][10] - Seres has received "buy" ratings from nearly 40 brokerage firms, indicating strong market confidence in its growth potential [10]