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14.9%的毛利率,让零跑触发“第二跳”
Sou Hu Cai Jing· 2025-05-21 06:19
过去一年,中国新能源汽车市场陷入惨烈的价格战,头部品牌纷纷降价应战,很多汽车品牌不惜牺牲短期利润求交付,部分车企甚至因资金链 紧张而停摆。在这种环境下,很多车企的毛利率显著下滑,甚至转为负值。 5月19日,零跑公布2025年第一季度财报: 营收突破百亿大关至100.2亿元,同比增长187.1%;毛利率跃升至14.9%,同比大幅提升;交付量达到87,552辆,增速位列新势力第一。尽管仍 录得1.3亿元净亏损,但经营性现金流已转正,整体经营质量显著提升。 在众多亮眼指标中,"14.9%毛利率"成为最值得行业深读的数据。因为在当前这个"靠价格抢份额、靠规模赌未来"的市场语境中,高毛利率已 经不是一个简单的财务数据,也不是车企能够轻松达成的常态,它还代表着一种能力,是技术积累、品牌认知、成本控制、供应链效率与组织 战略协同的综合体现。 正如业内所言,在新汽车纷纷寻求"活下去"的今天,零跑已悄然站上了通往盈利的新起点上。更重要的是,以此为基础,零跑在未来的道路上 只会变得更好。 毛利率高达14.9%,跻身行业第一梯队 据了解,在新能源汽车市场的队列中,特斯拉此前的毛利率在18%左右,但受全球降价拖累,一季度已将至15% ...
心智观察所:玄戒是“魔戒”?别低估小米识别“战略陷阱”的能力
Guan Cha Zhe Wang· 2025-05-21 05:59
Core Viewpoint - Xiaomi has made significant progress in developing its self-researched mobile processor, the "Xuanjie O1," which is seen as a crucial step in the company's technological advancement amidst increasing competition in the high-tech sector, particularly from the U.S. [1][2] Group 1: Development and Investment - Xiaomi has invested over 13.5 billion RMB in the development of the Xuanjie O1 processor over the past four years, with a projected investment of over 6 billion RMB for this year [2] - The research team for the Xuanjie O1 has grown to over 2,500 members [2] Group 2: Technical Specifications - The Xuanjie O1 features a 10-core architecture, including 2 super-large cores at 3.9GHz, 4 large cores at 3.4GHz, 2 medium cores at 1.89GHz, and 2 small cores at 1.8GHz, along with an Immortalis-G925 GPU [4] - Xiaomi will continue to use Qualcomm's Snapdragon 8 series processors in its high-end smartphones, indicating a dual-sourcing strategy [4][6] Group 3: Market Position and Strategy - The Xuanjie O1 is positioned as a significant player among self-researched processors below 5nm, with Xiaomi planning to use it in its high-end devices like the Xiaomi 15s Pro and the Xiaomi Pad 7 Ultra [9] - Xiaomi's approach contrasts with competitors like Samsung, which has been cautious in deploying its own Exynos processors in flagship devices [9] Group 4: Industry Context and Perception - There is skepticism regarding Xiaomi's reliance on public IPs for the Xuanjie O1, with some critics suggesting it undermines the company's self-research efforts [4][6] - The narrative surrounding the "magic ring" theory, which implies dependency on external partners, is viewed as a misinterpretation of the competitive landscape and the advancements made by Chinese tech companies [6]
智能辅助驾驶竞速与暗战:万亿市值谁领衔,技术功能哪家强?
Bei Ke Cai Jing· 2025-05-21 04:11
Core Insights - The intelligent driving industry is undergoing rapid transformation driven by advancements in technology such as chips, lidar, AI algorithms, and vehicle-road collaboration, leading to the commercialization of smart assisted driving [1][2] - By 2025, the competition in the smart assisted driving sector will not only be about technical parameters but also about market positioning and strategic partnerships among companies [1][2] - The total number of companies involved in smart assisted driving in China has exceeded 1,000, with at least 300 listed companies in A-shares, Hong Kong, and US markets [1][3] Market Capitalization and Competition - As of May 14, 2025, the top five companies in A-shares related to smart assisted driving by market capitalization are BYD (1.11 trillion yuan), Seres (213.4 billion yuan), SAIC Motor (192.2 billion yuan), Great Wall Motors (172.9 billion yuan), and Zhongji Xuchuang [4] - The competition among the second-tier companies is intensifying, with market capitalizations of Seres, SAIC, and Great Wall Motors closely clustered within a few billion yuan [4][7] - In the US market, companies like Xpeng and Li Auto are also competing closely in terms of market capitalization [4] Sales Performance - BYD leads the global market in new energy vehicle sales, achieving 4.272 million units sold in 2024, a year-on-year increase of 41.26%, which provides a strong data foundation for its assisted driving development [8][9] - The competition for BYD is not only among domestic manufacturers but also with Tesla, with BYD adopting a strategy of making smart assisted driving technology accessible to lower-priced vehicles [9] Ecosystem and Development Strategies - The smart assisted driving technology is rapidly evolving, with companies pursuing either full-stack self-research or collaborative approaches to differentiate their solutions [12][19] - BYD and Xpeng are examples of companies that are leading in self-research, while Huawei is noted for its collaborative "friend circle" model, partnering with multiple automakers [13][19] - Momenta stands out in the supply chain with a broad customer base, collaborating with seven of the top ten global automakers and over 130 production models [21] Supply Chain Dynamics - The competition among supply chain companies is characterized by a wide range of partnerships and diverse customer types, with companies striving to expand their client base [21] - In the lidar sector, companies like Hesai and RoboSense are engaged in fierce competition, with plans to significantly reduce prices to make lidar technology more accessible [21][24] - The chip sector is also highly competitive, with domestic companies striving to replace established players like Mobileye in the L2 market [24] Industry Challenges and Future Outlook - The commercialization of L3 and higher-level autonomous driving technologies faces regulatory hurdles, with no clear guidelines on liability and road regulations yet established [26][27] - Despite the challenges, the intelligent driving industry in China is on a growth trajectory, with companies like BYD and Huawei leading the way in making assisted driving technology more accessible [28] - The ultimate goal of the industry remains to surpass human driving capabilities in terms of safety and efficiency [28]
昨夜今晨:格力前秘书孟羽童或与董明珠再度联手直播 联想自研芯片曝光
Sou Hu Cai Jing· 2025-05-21 01:44
2025年5月21日 星期三 驱动中国昨夜今晨 格力前秘书孟羽童或重返公司直播 有消息称,格力电器前秘书孟羽童可能与董明珠一同参与公司的直播活动。对此,格力方面表示具体情 况尚在确认中。孟羽童于20日下午通过个人社交平台分享了她与董明珠的聊天记录,并提到"时隔两 年,终于收到了来自前老板的微信"。格力电器官方账号也在该帖文下留言:"欢迎回家吃饭"。 联想自研芯片规格曝光 根据数码博主@数码闲聊站的消息,联想正在开发一款名为"SS1101"的自研芯片。该芯片采用了十核 CPU架构,配备高性能GPU,单核GeekBench 6跑分超过2000,多核得分突破6700,性能接近天玑8400 水平。 美的前副总裁殷必彤加盟海信集团担任新职务 雷军:小米玄戒O1芯片进入量产阶段 小米集团董事长雷军宣布,小米自主研发设计的3nm旗舰芯片——玄戒O1已开始大规模量产。这款芯片 将搭载于高端手机小米15s Pro和超高端OLED平板小米平板7 Ultra上。高通CEO安蒙指出,尽管小米推 出了自研芯片,但高通仍是其重要的芯片供应商。 零跑汽车创始人朱江明回应身故谣言 零跑汽车创始人兼董事长朱江明针对近期关于他去世的不实传言进行 ...
关于小米造芯这件事,我们只说三个点
3 6 Ke· 2025-05-21 00:20
Core Viewpoint - Xiaomi is advancing its chip development with the upcoming launch of the "玄戒O1" chip, which will utilize second-generation 3nm process technology, marking a significant step in its self-developed chip journey [4][22]. Group 1: Chip Development History - Xiaomi began its chip development journey with the "澎湃S1" in 2014 and transitioned to various self-developed "小芯片" until 2017 [1]. - In 2021, Xiaomi re-initiated the development of a SoC "大芯片" [4]. Group 2: Industry Reactions - The announcement of the "玄戒O1" has sparked widespread discussion and analysis across social media platforms, with various opinions on its performance and pricing emerging [6]. - Some skepticism exists regarding the authenticity of the chip's self-developed status, particularly concerning its architecture and components [9][12]. Group 3: Architecture and Self-Development Debate - Critics argue that the use of ARM architecture in the "玄戒O1" undermines its classification as a self-developed chip [9]. - The article counters that many successful chip manufacturers, including MediaTek and Unisoc, also utilize public ARM architectures, suggesting that using such architectures does not negate self-development claims [11][12]. Group 4: Advanced Process Technology - The "玄戒O1" will employ advanced 3nm process technology, which has raised questions about why Xiaomi can access this technology while others cannot [22][25]. - Current U.S. regulations do impose restrictions on chip manufacturing, but they are conditional and do not outright ban the use of advanced processes for certain chip types [26][28]. Group 5: Investment and R&D Costs - Xiaomi's total investment in chip development is reported to be 135 billion yuan, which raises questions when compared to OPPO's previous 500 billion yuan investment that did not yield similar results [33][35]. - The article highlights that the cost of developing advanced chips can vary significantly, and the reported R&D costs of other companies, such as MediaTek, suggest that Xiaomi's investment may be sufficient for successful chip development [37][39].
i8 vs. ES8,小鹏做增程,蔚小理无法回避的竞争
汽车商业评论· 2025-05-20 23:34
还差10天便进入6月,蔚小理年初规划的新品近乎发布了一半。 | 公司 | 产品规划 | 合计 | | --- | --- | --- | | 高 | 蔚来: ET9 | 9 款 | | | 4 款煥新 (ET5/ET5T、ES6、EC6) | | | | 1 款新车(细节尚未披露) | | | | 乐道: 1 款大五座 SUV | 车型 | | | 1 款 6-7 座中大型 SUV (L90) | | | | 萤火虫:1 款车型 | | | 小鹏 | G6 煥新 | 7 款 | | | G9 煥新 | | | | 全新 G7 | | | | 煥新 P7i | 车型 | | | Mona M03 Max 版 | | | | 新款 P7 | | | | 款增程车型(细节尚未披露) | | | 理想 | L 系列智驾焕新 | 至少 5 款车 | | | Mega Home 版 | | | | 全新 18 | 理 | | | 全新 i6 | | 撰 文 / 张 霖郁 设 计 / s h e l l y 2025年,蔚来共规划了9款车型,蔚来品牌旗下6款,其中ET9、ES6和EC6焕新版已发布完成;乐 道旗下两款,L9 ...
被造谣去世!朱江明下场回应:零跑和我都很好
Nan Fang Du Shi Bao· 2025-05-20 09:49
Core Viewpoint - The founder and chairman of Leap Motor, Zhu Jiangming, addressed rumors about his death, emphasizing the importance of a healthy online discourse for entrepreneurs to work effectively [2] Group 1: Company Performance - Leap Motor delivered 87,552 vehicles in Q1, representing a year-on-year increase of 162.1% [3] - The company achieved revenue of 10.02 billion yuan in Q1, a year-on-year growth of 187.1% [4] - Leap Motor's gross margin reached a historical high of 14.9%, attributed to increased sales, cost management, and product mix optimization [4] Group 2: Strategic Partnerships - Leap Motor has formed strategic partnerships with major companies like FAW Group and Stellantis, enhancing its capabilities in electric vehicle development and global expansion [4] - The joint venture "Leap International" has established over 500 sales and after-sales service outlets in 23 international markets, with more than 90% located in Europe [5] Group 3: Financial Health - The company reported a loss attributable to equity holders of 130 million yuan, a significant year-on-year reduction, although a slight increase was noted compared to the previous quarter [5] - Leap Motor's cash and cash equivalents totaled 25.7 billion yuan as of March 31, 2025, indicating a strong financial position [6] Group 4: Research and Development - Leap Motor has maintained a full-stack self-research approach, achieving significant efficiency in R&D and capital utilization [6] - The company plans to invest 800 million yuan in intelligent driving technology by 2025, with upcoming features set to launch in late 2025 and early 2026 [6]
零跑交出最好一季报“成绩单”:营收超百亿 毛利率创历史新高
零跑汽车交出了公司成立以来的最好一季报"成绩单"。 5月19日,零跑汽车(09863.HK)在港交所披露2025年第一季度未经审核财务业绩的公告。公告显示,报告期内,零跑汽车收入为100.2亿元,同比增长 187.1%。主要原因是公司销量同比增长162.1%;产品组合优化,单车收入同比增长4.9%。 据悉,今年一季度,零跑汽车销量87552辆,是2025年一季度销量同比增速最快的新势力汽车品牌。其中,第一季度零跑C系列交付67812辆,占总销量的 77.5%,较2024年同期占销量比例增长了5.7个百分点。截至2025年4月9日,零跑汽车达成累计交付超70万辆的里程碑。 "公司凭借合作伙伴优势,能更好获取信息和制定策略,坚信走出去到当地市场,本地化是海外出海必由之路,零跑汽车与合作伙伴在海外本地化布局上正 不断加速。"零跑汽车创始人、董事长朱江明强调,Stellantis集团为零跑汽车产品进入国际市场及后续的服务保障提供了有力支持。双方的合作是从渠道网 络、售后服务、汽车金融到物流及零部件赋能等方面展开的全方位合作。 同时,零跑国际成立初期,零跑汽车对其的主要期许并不在营收方面,而是希望将资金投入市场开拓,加 ...
零跑(09863)2025年Q1业绩超预期:毛利率创新高,市值近乎翻倍
智通财经网· 2025-05-20 08:26
Core Viewpoint - The company, Leap Motor, reported exceptional Q1 2025 financial results, achieving a revenue of 10.02 billion yuan, a year-on-year increase of 187.1%, and a significant reduction in net loss to 130 million yuan, outperforming market expectations of over 500 million yuan in losses [1] Financial Performance - Revenue reached 10.02 billion yuan, marking a 187.1% year-on-year growth [1] - Gross margin improved to a historical high of 14.9% [1] - Net loss narrowed to 130 million yuan, significantly better than the expected loss of over 500 million yuan [1] - Positive operating cash flow of 340 million yuan for the quarter, with a total of 8.471 billion yuan for the year 2024 [1] - Cash and cash equivalents totaled 25.7 billion yuan as of March 2025 [1] Market Position and Sales - The company delivered approximately 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%, solidifying its position as the leading new force in the automotive sector [2] - The C series accounted for 67,812 units delivered, representing 77.5% of total sales, with a 4.9% increase in single-vehicle revenue [2] - In April, total deliveries reached 41,039 units, a 173% year-on-year increase, making it the only new force brand to surpass 40,000 units in monthly sales [5] Product Development and Innovation - The launch of the B10 model in April has seen over 10,000 units delivered, contributing to the sales growth [2] - The company introduced the LEAP 3.5 technology architecture, enhancing its smart driving capabilities and integrating advanced hardware [5][6] - The B10 is the first model to feature the LEAP 3.5 architecture, making it a competitive product in the 120,000 yuan price range [5] International Expansion - The company has expanded its market presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America [9][10] - The C10 model was launched in Europe in January 2025, with deliveries starting in March 2025 [9] - Plans for local assembly in Malaysia for the C10 model are set to begin by the end of 2025 [10] Investor Sentiment - The company's strong performance has attracted positive market sentiment, with significant share purchases by the founder and CEO, totaling over 3 billion HKD [12] - Investment banks have raised their target prices for the company, with Citigroup increasing its target from 50.1 HKD to 74.2 HKD [12]
业绩狂奔!零跑离全年盈利还有多远?
Jin Rong Jie· 2025-05-20 07:20
Core Viewpoint - Leap Motor's Q1 2025 financial report shows significant revenue growth, with a strong increase in vehicle sales and improved profitability metrics, indicating a positive outlook for the company despite mixed market reactions [2][4][8]. Financial Performance - Leap Motor's Q1 revenue reached 10.02 billion RMB, a year-on-year increase of 187.1% [2]. - Vehicle sales in Q1 totaled 87,552 units, up 162.1% year-on-year, with the C series models contributing 77.5% of total sales [4]. - Gross margin improved to 14.9%, a significant increase of 13.5 percentage points year-on-year [4]. - The net loss for Q1 was 130 million RMB, a substantial reduction from a loss of 1.01 billion RMB in the same period last year [4]. Market Reaction - The stock price of Leap Motor experienced volatility, initially rising over 5.46% before closing with a modest gain of 0.72% at 62.65 HKD per share [3]. Product Development - Leap Motor's CEO announced that over 65% of core components are now self-developed, enhancing cost efficiency [5]. - The new LEAP 3.5 technology architecture was launched, with the B series models expected to achieve greater commercial success than the C series [5]. International Expansion - Leap Motor exported 13,632 vehicles from January to April 2025, leading among new energy vehicle brands in export volume [6]. - The company has established over 500 international outlets, with plans for local assembly in Malaysia and manufacturing in Europe by 2026 [6]. Analyst Outlook - Haitong International forecasts domestic and overseas sales of 593,000 and 82,000 units respectively for 2025 [7]. - Analysts from Credit Lyonnais and Bank of America have raised their sales forecasts for Leap Motor, anticipating a total of 550,000 units sold in 2025 [8].