Group 1 - Huawei Terminal announced the launch event for the luxury car model, the Zun Jie S800, scheduled for May 30 at 19:30 in Shenzhen, with a price range of 1 million to 1.5 million yuan [1] - The Zun Jie S800 will feature six intelligent technologies, three of which are debuting with this model, including the Tuling Longxing platform and the Huawei Star River communication system [1] - The Zun Jie S800 received 2,108 orders within 48 hours of opening pre-orders, showcasing Huawei's strong brand appeal [1] Group 2 - The year 2025 is projected to be a significant year for Hongmeng Zhixing, with a target of achieving annual sales of 1 million vehicles [2] - Hongmeng Zhixing has established partnerships with five car manufacturers, launching multiple brands under the "Jie" series, covering a range from mid to ultra-high-end vehicles [2] - The company is enhancing its competitive position in the smart electric vehicle market, influencing the industry's value system and competitive landscape [2]

（图片来源：小米汽车） 昨天，小米集团创始人雷军在小米价值观大赛后的演讲中，除了发布自研芯片，也谈到了近期小米遭遇的舆 论危机以及对小米公司未来发展的展望。 雷军称，回想四年前，我们决定造车的时候，我就一直特别担心安全问题，所以我们对于汽车的质量和安全 无比的重视。经过汽车团队这么多同事们三四年的努力，我们SU7在上市的一年多的时间里面，我觉得质量 一直是我们引以为傲的东西，我们在参与的所有的权威机构的评测里面都拿到了最高分。 雷军称三月底，一场突如其来的交通事故把这一切都击碎了。小米瞬间陷入了狂风暴雨般的质疑、批评与指 责之中，雷军和同事们一下子都懵了。雷军表示："谁也没有想到，这一场事故的影响如此之大，对我们小 米的打击也如此之大。这场交通事故，让我们意识到，公众对我们的期待和要求远超了想象。这一次的事件 让我深深的理解，小米今天的规模、影响力、社会关注度都到了非常高的地方，社会和公众要求我们去承担 一家真正的大公司行业领导者的责任。" 2024年3月28日，小米首款车小米SU7正式上市，标志着小米正式踏入智能电动汽车领域，与特斯拉、吉 利、小鹏等知名车企展开激烈角逐。小米SU7上市 4分钟大定破万，7分 ...

Core Viewpoint - The recent controversies surrounding Xiaomi's automotive division, particularly the SU7 Ultra model, have led to significant scrutiny and dissatisfaction among consumers, impacting the company's brand image and marketing strategies [1][2][3]. Group 1: Controversies and Consumer Reactions - Following the SU7 high-speed combustion incident, Xiaomi has reduced its marketing efforts, with CEO Lei Jun describing the past month as one of the most challenging periods since the company's inception [1]. - The SU7 Ultra model has faced accusations of false advertising regarding its carbon fiber dual air duct design, which was claimed to enhance aerodynamic efficiency but failed to perform as advertised during consumer tests [2]. - Xiaomi's response included an apology and a revision of the product description, but this did not quell consumer dissatisfaction, leading to hundreds of SU7 Ultra owners demanding refunds [3]. Group 2: Marketing and Regulatory Adjustments - Xiaomi has previously adjusted its marketing language, changing the naming of its driving assistance features to avoid exaggeration after facing criticism for overstating the capabilities of its smart driving functions [3]. - The company is under pressure to adopt clearer and more rigorous marketing practices, especially in light of safety standards that differ significantly between automotive and mobile device industries [4]. Group 3: Market Outlook and Financial Projections - Despite recent challenges, market analysts remain optimistic about Xiaomi's future, with Morgan Stanley predicting the company's market value could reach 2.5 trillion RMB by 2030, suggesting a potential doubling of stock price [5]. - Deutsche Bank noted that increased advertising for Xiaomi's automotive products and the upcoming launch of the YU7 model could lead to a rebound in new orders starting late May [5]. - Xiaomi's first-quarter sales of over 75,000 vehicles fell short of its ambitious target of 350,000 units by 2025, indicating that the upcoming YU7 launch will be critical for achieving this goal [5].

受新订单减少影响，小米股价5月以来累计下跌约9%。 据追风交易台消息，5月13日，德意志银行分析师Bin Wang发布研报称，小米股价的回调为投资者提供了良好的买入机会。 报告认为，小米订单下降是由短期因素造成的，比如负面事件以及潜在的购车者观望情绪等，预计从5月底开始，随着小米增加更多的汽车广告以及即将 发布的SUV车型"YU7"，小米的新订单量将开始增加。 报告指出，周交付量下降主要受劳动节假期影响，而非需求问题。考虑到约21万台的订单积压，近期交付下滑更多是供应问题而非需求问题。 德银预计，未来两个月内有四大关键催化剂可能推动股价反弹，包括2025年Q1财报、自研手机芯片发布、投资者日活动以及新SUV车型YU7上市。 四大积极催化剂，助力股价回升 德银认为，在未来两个月内，小米将有四个积极的催化剂： 一是一季度业绩报告。报告预计，小米2025年一季度销售额将同比增长9%，达到75869辆， "智能电动汽车及其他新业务"的毛利率将环比增长至22%。 因此，德银预计小米电动汽车业务的净亏损将同比下降87%，环比下降57%，约为3亿元人民币；一季度总收入将持平，约为1090亿元人民币，毛利率为 230亿元人民 ...

对此，公司已依法提起民事诉讼，要求其立即停止侵权行为，并赔偿人民币1000万的经济与商誉损失。对其他传谣抹黑的网络用户与自媒体，我 们保留追究其法律责任的权利。 每经编辑｜张锦河 5月13日下午，阿维塔科技法务部发布声明称，昨天，自媒体"苏黎世贝勒爷"在其发布的所谓道歉视频中，断章取义，偷换概念，将阿维塔风阻直 播测试的量产车说为原型车，蓄意制造舆论混淆，进一步误导公众对测试结果和公司产品的认知，对公司品牌形象造成进一步侵害。 据大河报，5月2日，汽车博主"苏黎世贝勒爷"发布实测视频。视频中，阿维塔12的风阻系数实测值高达0.28Cd，与其官方宣称的0.21Cd相差 33%，甚至接近20年前帕萨特B5等燃油车的水平。 5月3日，阿维塔科技法务部发文称，此信息完全失实，阿维塔旗下产品技术参数均以官方发布为准。 5月9日晚，阿维塔官微公布风阻系数测试结果："中国汽研权威机构实测，公证处现场公证，央视直播，阿维塔12风洞测试结果：120kph测试风 速下风阻系数Cd:0.217。" 5月12日，阿维塔科技法务部发布律师函，要求博主删除所发布的针对阿维塔12汽车空气动力学的风阻系数测试不实言论的全网全部文章及视频 等 ...

Core Viewpoint - The 2025 NIO ES6 model is set to officially launch on May 16, 2025, following the start of pre-orders on May 10, 2025 [1]. Group 1: Vehicle Features - The new ES6 features a 15.6-inch AMOLED central control screen, a 19.4-inch W-HUD, and an 8-megapixel streaming media rearview mirror, enhancing the driving experience [3]. - Interior optimizations include increased storage space in the center console, a dual cooling wireless charging area for phones, and a covered cup holder, improving practicality [4]. - The powertrain remains a dual-motor setup, with a front asynchronous motor producing 150 kW and a rear silicon carbide permanent magnet synchronous motor producing 210 kW, resulting in a total system power of 490 horsepower and peak torque of 700 N·m [4]. Group 2: Battery and Range - The new ES6 offers three battery configurations: 75 kWh, 100 kWh, and 150 kWh, with CLTC ranges of 500 km, 625 km, and 930 km respectively, catering to long-distance driving needs [8]. - Consumers who complete their orders by June 30, 2025, will receive five years of free battery swap rights, 240 free battery swap vouchers, and 10,000 NIO points as part of the purchase incentives [8]. Group 3: Design and Market Position - The exterior design of the new ES6 has been refined, particularly in the headlight area, significantly enhancing the vehicle's visual recognition [10]. - With the launch of the new model, NIO aims to maintain a significant position in the smart electric vehicle market [10].

中国汽车质量网 小米SU7作为小米公司进入汽车市场的标志性产品，自上市以来就承载着众多期待。但此次质量榜上所 反映出的问题却令人大跌眼镜。有报道指出，在参与评比的小米SU7相关投诉案例中，存在一些与实际 产品质量无关的因素，例如用户误操作导致事故以及因提车延迟而产生的纠纷等。这些非质量问题可能 对最终得分产生了影响。 对于这一情况，部分忠实米粉表示强烈不满，并质疑榜单的公正性及样本量是否足够大到能够代表整体 车主的真实体验。他们认为单凭几个特例便将整个系列车型定性为"质量差"是不公平的做法。与此同 时，也有声音呼吁社会各界应更加理性看待此类排名，毕竟车辆好坏还需结合个人需求和使用习惯来判 断。 截至目前，针对此次争议事件，小米官方尚未作出正式回应。不过，在社交媒体平台上已经可以看到不 少SU7车主分享自己用车经历的声音。其中不乏正面评价，如称赞其智能化程度高、驾驶体验良好等。 同时也有用户提到希望厂家能够尽快解决现存的一些小毛病，以提升整体满意度。 （原标题：小米SU7质量榜垫底遭质疑） 近日，中国汽车质量网发布的一份汽车质量榜单引起了广泛关注。在该榜单上，小米旗下的首款电动汽 车SU7的质量评分垫底，这一结 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which met expectations, indicating a potential recovery in profitability driven by new product launches and reduced R&D expenses [2][4]. Financial Performance - In 2024, the company achieved revenue of 5.541 billion yuan, a year-on-year increase of 18.46%, with a net loss attributable to shareholders of 550 million yuan and a non-recurring net loss of 618 million yuan. For Q1 2025, revenue was 1.328 billion yuan, up 49.34% year-on-year but down 50% quarter-on-quarter, with a net loss of 120 million yuan, showing a narrowing of losses [2][4]. Business Segments - The electronic products segment generated revenue of 4.406 billion yuan in 2024, up 28.89% year-on-year, while the R&D services and solutions segment saw a decline of 14.02% to 1.060 billion yuan. The high-level intelligent driving solutions segment experienced significant growth, with revenue increasing by 431.57% to 65 million yuan [3]. New Product Development - The company completed its full coverage of vehicle electronic control products in 2024, establishing a product model that integrates distributed electronic control units, domain control products, and L4 integrated platforms. This development is expected to lead to mass production [3]. International Expansion - The company has established a factory in Malaysia, which is now operational and increasing its shipment volume. It continues to secure contracts with several international OEMs and Tier 1 suppliers, including Stellantis and Scania [3]. R&D Expenses and Profitability Outlook - R&D expenses grew by 7.3% year-on-year in 2024, but the R&D expense ratio decreased by 2 percentage points. The company anticipates that prior R&D investments will start contributing to revenue, potentially leading to a recovery in profitability [4]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 7.15 billion yuan for 2025 and 8.04 billion yuan for 2026, with expected growth rates of 29% and 13%, respectively. The net profit forecasts for 2025 and 2026 have been adjusted downwards to 2.3 million yuan and 17.4 million yuan, respectively. The company retains a "buy" rating due to the anticipated ramp-up of new electronic products [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience a turning point in performance as revenue is released, with a focus on cost reduction and efficiency improvement [1] - The company achieved a revenue of 5.541 billion yuan in 2024, representing a year-on-year increase of 18.46%, while the net profit attributable to the parent company was a loss of 550.32 million yuan [1] - The first quarter of 2025 saw a revenue of 1.328 billion yuan, a year-on-year increase of 49.34% [1] - New business and customer breakthroughs are anticipated, with multiple automotive electronic products set to ramp up production [1] Financial Summary - Revenue projections for 2025 and 2026 are 7.149 billion yuan and 8.044 billion yuan, respectively, with expected year-on-year growth rates of 29% and 12.51% [1] - The net profit attributable to the parent company is forecasted to be 22.84 million yuan in 2025, with significant growth expected in subsequent years [1] - The company's gross margin for 2024 is projected at 21.5%, with a gradual improvement expected in the following years [1][8] - Research and development expenses are expected to grow at a slower pace, contributing positively to profitability [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience a turning point in performance as revenue is released, with a projected revenue increase of 18.46% year-on-year for 2024, reaching 5.541 billion yuan [1][7] - The company has made significant breakthroughs in new businesses and clients, with electronic product revenue expected to grow by 28.89% year-on-year in 2024 [7] - The company has completed the layout of its vehicle electronic control products and is set to achieve mass production [7] Financial Summary - Total revenue for 2023 is reported at 4.678 billion yuan, with projections of 5.541 billion yuan for 2024, 7.149 billion yuan for 2025, and 9.291 billion yuan for 2027, reflecting a compound annual growth rate of 29.02% from 2024 to 2025 [1][8] - The net profit attributable to the parent company is expected to turn positive in 2025, with a forecast of 22.84 million yuan, following a loss of 550.32 million yuan in 2024 [1][8] - The company's earnings per share (EPS) is projected to improve from -4.59 yuan in 2024 to 2.21 yuan in 2027 [1][8] Business Performance - The company has seen a significant increase in revenue from its high-level intelligent driving solutions, which grew by 431.57% year-on-year [7] - The company's R&D expenses have shown a slowdown in growth, with a year-on-year increase of only 7.3% in 2024, indicating improved cost management [7] - The gross profit margin is expected to stabilize around 21.51% in 2024, with a gradual improvement anticipated in subsequent years [8]