Core Viewpoint - Chengtai Technology, a radar supplier focusing on automotive millimeter-wave radar, is preparing for an IPO in Hong Kong, aiming to become the "first stock of millimeter-wave radar" in the market [1]. Company Overview - Chengtai Technology, founded in 2016 by former Huawei employees, specializes in automotive millimeter-wave radar, providing standardized hardware and customizable software [2][29]. - The company has completed 8 rounds of financing, raising a total of 359 million RMB, with a post-financing valuation of 1.32 billion RMB [1][29]. Product Offerings - Chengtai's core products include forward and corner radars, supporting driving assistance capabilities from L0 to L2+ [2][4]. - The forward radar series for passenger vehicles includes the CTLRR-220 series, with a detection range of up to 260 meters for the upgraded version [4]. - The company is also developing a new generation of central computing radar to enhance performance and simplify hardware [8][10]. Market Position - Chengtai has become the largest supplier of forward millimeter-wave radar in China, holding a market share of 9.3% in 2024 [14]. - The company has established partnerships with over 20 automotive OEMs, with BYD being its largest customer, accounting for over 90% of its revenue in recent years [14][17]. Financial Performance - Chengtai's revenue has shown significant growth, with projections of 348 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 145.7% from 2022 [17][20]. - The gross profit margin has improved, with the gross margin for forward radar increasing from 29.7% in 2022 to 43.1% in 2024 [20]. - The company is expected to turn profitable in 2024, with an adjusted net profit of 13.95 million RMB [20]. Research and Development - Chengtai has significantly increased its R&D spending, which accounted for 80% of total revenue in 2022, decreasing to 18% in 2024 as revenue grew [21]. - The company plans to use funds raised from the IPO for R&D, equipment upgrades, market expansion, and debt repayment [23]. Industry Trends - The global millimeter-wave radar market is projected to grow from 17.8 billion RMB in 2020 to 29.1 billion RMB in 2024, with a CAGR of 13.1% [34]. - The Chinese automotive millimeter-wave radar market is expected to reach 21.6 billion RMB by 2029, driven by policy mandates and increasing adoption of advanced driver-assistance systems (ADAS) [36][38]. - Chengtai anticipates that the penetration of millimeter-wave radar will continue to increase, especially in mid-range vehicles, as costs decrease and applications expand [42].

@ . � . . @ # 4 w . 电 全系标 作者 | 王小娟 编辑 | 柴旭晨 车圈已经卷到按分钟公布订单量了。 几天之前，小米YU7用3分钟20万台的订单量点燃车圈，弄得友商们都有些急眼了。小鹏汽车董事长、CEO何小鹏在小鹏G7发布会后采访中坦言："很令人 惊讶，（小米YU7）创造了一个神话"，但随即他也强调，"我们的数据也很不错，有信心取得好成绩。" 7月3日，小鹏G7正式上市，相比预售，这一次小鹏新增了一个602长续航Max版，共分为三个三个版本：602长续航Max版、702超长续航Max版、702超长续 航Ultra版，售价分别为19.58万元、20.58万元、22.58万元。 这一起售价比特斯拉Model Y的起售价低出6.77万元，相比小米YU7也便宜了5.77万元，在同级别的SUV市场，也算是比较有竞争力。 很快，小鹏也按分钟公布了G7的订单量——9分钟大定破10000台。这一成绩放在小米YU7之前，也足以令同行惊讶，但如今，大家惊叹的阈值，已经被小 米YU7预支完了。 尽管在订单上难以复制小米，但在营销上，何小鹏还是稍稍从雷军那里学到了一些。 在发布会之前，小鹏就几番cue小米，何小鹏 ...

Group 1 - Lantu Automotive delivered 10,053 vehicles in June, representing an 83% year-on-year increase, and a total of 48,115 vehicles in the first half of 2025, up 58% year-on-year [2] - Despite the positive growth, Lantu's target for the year is 200,000 units, with only 24% achieved in the first half, indicating pressure for the second half [2] - The company is optimistic about meeting its annual target, as it plans to launch new products and technologies in the second half, including Lantu FREE+, a revamped Zhiyin model, and other new vehicles [2] Group 2 - The pre-sale of Lantu FREE+ began on June 24, with a starting price of 229,900 yuan, and over 5,000 orders were placed within the first hour [5] - The high demand for Lantu FREE+ is attributed to its intelligent driving capabilities, featuring Huawei's ADS 4 and HarmonyOS 5, along with a range of premium hardware and software features [5] - Following the pre-sale, store traffic increased by 210%, with an average of 60 orders per store within the first week, and 67% of the customers being under 40 years old [5] Group 3 - The brand ambassador effect has positively impacted Lantu, with increased foot traffic in stores since actor Deng Chao was appointed at the end of June [6] - Lantu FREE+ is set to be officially launched on July 12, with the final pricing to be announced, focusing on sustainable pricing strategies to ensure affordability for consumers [6]

Core Insights - The appointment of Deng Chao as the brand ambassador for Lantu has led to a significant increase in customer traffic at Lantu stores, with staff reporting a surge in orders for the Lantu FREE+ model, resulting in increased working hours [1][8] - The Lantu FREE+ model is equipped with advanced features such as Huawei's intelligent driving system and a comprehensive suite of hardware, which are key factors driving customer interest and orders [3][5] - The Lantu FREE+ has achieved impressive pre-sale numbers, with an average of 60 orders per store within the first week, and a notable demographic skew towards younger customers [8] Sales Performance - In June, Lantu achieved a total sales volume of 10,053 vehicles, marking an 83% year-on-year increase, with the Lantu Dreamer model leading sales in the MPV market [8] - The Lantu Dreamer model sold 2,420 units in the last week of June, maintaining its position as a top-selling vehicle in the market [7][8] - The overall customer traffic to Lantu stores increased by 210% due to the popularity of the FREE+ model, with 65% of visitors specifically coming to experience it [8]

Core Viewpoint - The launch of Xiaopeng Motors' AR-HUD "Chasing Light Panorama" in collaboration with Huawei marks a significant advancement in the automotive industry, integrating AI-assisted driving with augmented reality technology, indicating a potential growth surge in the AR-HUD market [2][3]. Group 1: AR-HUD Technology Development - The AR-HUD technology is evolving, addressing user demands for safety and real-time information access, as traditional displays require drivers to look away from the road [2][3]. - Current AR-HUD products face challenges such as visibility issues and user experience shortcomings, primarily due to a lack of innovation in hardware and software integration [2][3]. - Xiaopeng and Huawei's partnership aims to enhance user experience by leveraging Huawei's substantial R&D investment exceeding 10 billion yuan and Xiaopeng's AI driving algorithms [3]. Group 2: Market Trends and Growth - In 2024, the delivery of passenger cars equipped with W/AR-HUD in China reached 3.5243 million units, a year-on-year increase of 56.32%, with an installation rate of 15.38% [7]. - The market for AR-HUD is expected to grow significantly, with a projected compound annual growth rate exceeding 50% over the next three years [7]. - The adoption of AR-HUD is accelerating in mainstream consumer markets, with a notable presence in vehicles priced between 100,000 to 200,000 yuan, where the adoption rate is approximately 38% [7]. Group 3: User Experience and Feedback - User experiences with AR-HUD vary, with some expressing concerns over visibility and clarity, while others appreciate the technology's potential to enhance driving safety and convenience [8][9]. - Despite mixed reviews, the presence of AR-HUD in vehicles is becoming a selling point, particularly in high-end models, contributing to overall product competitiveness [8][9]. Group 4: Competitive Landscape - The AR-HUD market is becoming increasingly competitive, with numerous companies entering the field, leading to price wars that may impact profit margins [14]. - The technology landscape is evolving, with various companies exploring next-generation products like P-HUD and naked-eye 3D AR-HUD, intensifying competition among manufacturers [14][15]. - The supply chain for AR-HUD components is maturing, with domestic suppliers enhancing production capabilities, which is expected to lower costs and facilitate wider adoption [12].

Group 1 - The 20th Straits West Coast Auto Expo was held from June 27 to June 30, showcasing over 500 new car models and emphasizing the theme "20 Years of Haixi: Leading the Automotive Ecosystem" [1][2] - The event was co-hosted by the China Machinery Industry Federation and Xiamen Exhibition Group, marking a significant collaboration in the automotive exhibition sector [2] - The expo featured a strong lineup of global automotive brands and cutting-edge technologies, including smart driving assistance and low-carbon sharing [5][6] Group 2 - The event introduced unprecedented consumer incentives, including a subsidy of up to 20,000 yuan for car purchases, aimed at stimulating automotive consumption [6] - A "Car Lottery" event was held daily, giving away one car each day to engage the public and enhance consumer participation [6] - The expo integrated various lifestyle experiences, such as whiskey tasting and creative markets, to create a vibrant social atmosphere and enhance visitor engagement [7][8]

Core Insights - The phenomenon of "lower prices leading to lower sales" for Huawei's smart driving models contradicts the market trend of "price for volume" in the automotive industry [1][3][5] Group 1: Sales Performance - The AITO M9, priced around 500,000 yuan, sold over 10,000 units in May, while the more affordable Zhijie S7, priced at 200,000 yuan, only achieved sales in the hundreds [1] - Within the Wanjie brand, the M9 leads with 64,000 units sold, followed by the M7 at 41,766 units, while the M5, the cheapest model, sold less than 20,000 units [2] - The Lantu Dreamer, priced over 350,000 yuan, sold approximately 40,000 units in six months, while the lower-priced Avita 07 sold 26,000 units, and the Deep Blue L07, priced at 163,900 yuan, only sold 16,000 units [2] Group 2: Market Dynamics - The price range of 150,000 to 300,000 yuan is highly competitive, with significant sales from rivals like BYD and Tesla, which diminishes the appeal of Huawei's smart driving technology [3][5] - Consumer willingness to pay for smart driving features has decreased, with a drop of 8 percentage points in those willing to pay extra for such features compared to the previous year [5] - The trend of "free mindset" among consumers, where they expect smart driving features to be included in the vehicle price, has been reinforced by leading brands offering these features for free [5][7] Group 3: Consumer Perception - The high optional price of 36,000 yuan for Huawei's advanced smart driving features is seen as out of touch with consumer expectations, as competitors have opted for free offerings [7][8] - Many models equipped with Huawei's smart driving system have hidden price increases, making them less attractive to price-sensitive consumers [8] - The perception of Huawei's brand as a "car" is stronger than that of "Huawei smart driving," with consumers more influenced by the brand identity than by specific technological features [12][14][17] Group 4: Brand Recognition - Wanjie models dominate sales, accounting for 82.3% of Huawei's total new car deliveries in May, with strong brand recognition linked to Huawei's overall reputation [12][14] - The disparity in sales between Wanjie and other models indicates that the "Huawei car" label is more effective than the "Huawei smart driving" label in attracting consumers [17] - The marketing strategy for Wanjie has been more cohesive, with significant involvement from Huawei in various aspects of product development and sales, enhancing its brand identity [14][16]

对于上述消息，雷峰网向魏牌方面求证，对方回应"目前不确定"。 公开资料显示，即将上市的魏牌旗舰SUV基于长城汽车新一代平台打造，长城汽车董事长魏建军称之 为"专为豪华车设计"。 " 魏牌新高端SUV车型，对标理想L9 。 " 作者丨 王瑞昊 编辑丨田哲 雷峰网独家获悉，今年三季度，长城汽车旗下高端品牌魏牌将推出一款旗舰SUV，对标理想L9。新车将搭 载元戎启行VLA模型，基于英伟达Thor-U芯片开发。 动力方面，新车或将搭载由2.0T发动机与双电机组成的插混系统，支持800V架构，纯电续航里程或超过 400公里，并支持6C倍率充电，充电5分钟可续航200公里。 车内采用"2+2+2"6座布局，瞄准家庭用户。同时，满电状态下零百加速仅4.4秒，似乎又想兼顾对动力有 需求的用户。魏牌显然希望通过这款旗舰车型，在智能化与豪华性能之间寻找平衡，打开更广阔的市场空 间。 一位内部员工告诉雷峰网，之所以先发布SUV，就是希望这款产品能像理想L9一样上市即大卖，为后续产 品积攒势能。 长城汽车 与 元戎启行 的合作，是一场战略契合的"双向选择"。 长城汽车2019年内部孵化了自动驾驶公司毫末智行，由于后者无法量产交付支持 ...

Group 1 - NIO has established an independent entity for its self-developed chip business, similar to Huawei's HiSilicon [1][5] - The new company, Anhui Shenji Technology, was registered with a capital of 10 million RMB, and its legal representative is Bai Jian, who is also the vice president overseeing hardware at NIO [2][5] - The self-developed chip, named Shenji NX9031, has achieved a production capacity exceeding 1000 TOPS, making it the most powerful chip in mass production in the industry [10][13] Group 2 - NIO's chip development began in 2021, with Zhang Danyu as the direct responsible person, who has a background in Huawei's HiSilicon [8][10] - The company has invested significantly in chip development, with estimates suggesting that the investment could build 1000 battery swap stations, indicating a potential valuation in the tens of billions [15] - NIO is also looking to introduce strategic investors for the independent chip entity while retaining control, aiming to alleviate financial burdens and enhance operational efficiency [18][19] Group 3 - In addition to the chip business, NIO is negotiating equity transactions related to its battery swap stations with CATL, which has ambitious plans for battery swap infrastructure [19] - NIO's vehicle sales have shown improvement, with a total of 47,131 vehicles sold in April and May, surpassing the first quarter's sales [21] - The company is drawing parallels with Amazon's growth trajectory, emphasizing its long-term investment in technology and the potential for diverse revenue streams [23][24]

Core Viewpoint - The automotive industry is entering a new era of chip self-research and high computing power, driven by the need for advanced autonomous driving capabilities, particularly L3 level automation, as exemplified by companies like Xiaopeng and NIO [6][39][60]. Group 1: Chip Development and Competition - The competition for automotive computing power began around 2021, initiated by NVIDIA's Orin-X chip, which boasts a computing power of 254 TOPS, significantly surpassing Mobileye's Q5H and Tesla's HW3.0 [1][6]. - Companies like NIO have adopted multiple Orin-X chips, achieving over 1000 TOPS in computing power [3]. - The automotive computing power has fluctuated between 80 to 1000 TOPS over the past four years, but a new phase has emerged in 2023 with the introduction of self-developed chips [5][34]. Group 2: Self-Developed Chips and Industry Trends - Xiaopeng's self-developed 5nm chip, NX9031, is expected to reach 2000 TOPS with two chips in the ET9 model, while the Xiaopeng G7 features three self-developed Turing AI chips, achieving 2200 TOPS [6][39]. - The trend of automakers developing their own chips is gaining momentum, similar to Tesla's earlier journey, as companies seek to overcome the limitations of the "black box" model previously used with suppliers like Mobileye [9][30]. - The emergence of domestic chip companies like Horizon and Black Sesame Intelligence is diversifying the market, with many automakers now developing their own chips that can compete with NVIDIA's flagship products [35][38]. Group 3: The Shift to L3 Autonomous Driving - The automotive industry is approaching the L3 autonomous driving era, with Xiaopeng defining its G7 as the "world's first L3 level AI car" [39]. - The effective computing power required for L3 autonomous driving has been clarified by Xiaopeng at 2200 TOPS, indicating a significant leap from L2 systems [43][55]. - The transition to L3 involves not only technological advancements but also a shift in liability, as vehicles may be held accountable for accidents, increasing pressure on automakers to refine their technologies [56][58]. Group 4: Challenges in Chip Development - The journey of self-developing chips is fraught with challenges, including architectural issues and the risk of costly failures during the chip manufacturing process [62][64]. - Companies must also ensure that their chips meet stringent automotive safety standards, which can extend the validation period significantly [69]. - The need for large-scale production to recoup development costs is critical, with estimates suggesting that around 1 million units may be necessary for profitability [71].