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 ...

| 投资要点 | | --- | 公告要点： 公司发布2024年年报及2025一季度报，业绩符合我们预期。2024实现营收55.41亿元，同比 +18.46%，归母净利润-5.5亿元，扣非归母净利润-6.18亿元。2025Q1实现营收13.28亿元，同比 +49.34%，环比-50.0%,实现归母净利润-1.2亿元，同环比亏损缩窄，实现扣非归母净利润-1.34 亿元，同环比亏损缩窄。 新业务新客户不断突破，多项汽车电子产品放量在即： 分业务看，2024年电子产品业务收入为44.06亿元，同比+28.89%，研发服务及解决方案业务收 入为10.60亿元，同比-14.02%，高级别智能驾驶整体解决方案业务收入为0.65亿元，同比 +431.57%。1）新产品，2024年公司基本完成整车电控产品的全覆盖布局，形成"分布式电控单 品—域控产品—L4集成平台"短中长期结合的产品模式，并实现量产落地。2）自研软件，主要 软件系列产品INTEWORK、ModelBase、OrienLink均实现了客户群体的扩大与应用，涵盖红 旗、比亚迪、蔚来、长安、重汽、零跑、百度阿波罗、极氪、广汽等客户。3）国际化，公司 在马来西亚的工 ...

证券研究报告·公司点评报告·软件开发 经纬恒润-W（688326） 2024 年报及 2025 一季度报点评：降本增效 收入释放，业绩拐点将至 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,678 | 5,541 | 7,149 | 8,044 | 9,291 | | 同比（%） | 16.30 | 18.46 | 29.02 | 12.51 | 15.50 | | 归母净利润（百万元） | (217.26) | (550.32) | 22.84 | 174.20 | 265.70 | | 同比（%） | (192.17) | (153.30) | 104.15 | 662.57 | 52.53 | | EPS-最新摊薄（元/股） | (1.81) | (4.59) | 0.19 | 1.45 | 2.21 | | P/E（现价&最新摊薄） | (42.51) | (16.78) | 404.33 | 53 ...

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]

Core Insights - SAIC Motor Corporation reported a significant recovery in its operating performance in Q1 2025, with total vehicle sales reaching 945,000 units, a year-on-year increase of 13.3%, and total revenue of 140.86 billion yuan, with a net profit attributable to shareholders of 3.02 billion yuan, up 11.4% year-on-year [1][2] - The company achieved a remarkable milestone by delivering 1.368 million new energy vehicles and 1.082 million vehicles in overseas markets in 2024, making it the only Chinese automotive group to sell over one million units in both new energy and overseas markets for three consecutive years [1][3] Sales Recovery: Dual Engines of Self-owned and New Energy - The rebound in sales is attributed to the company's deep reform efforts and internal business integration, which have allowed it to seize market opportunities effectively [2][6] - In Q1 2025, the sales of SAIC's self-owned brands, including SAIC Passenger Cars, SAIC Maxus, and SAIC-GM-Wuling, contributed significantly to overall growth, with SAIC Passenger Cars selling 163,000 units (up 0.77%), SAIC Maxus 51,800 units (up 7.57%), and SAIC-GM-Wuling 353,000 units (up 57.58%) [2][8] - The new energy vehicle segment also saw substantial growth, with sales reaching 272,900 units in Q1 2025, a year-on-year increase of 29.89%, significantly outpacing the overall market growth [2][3] Market Trends and Strategic Initiatives - The rise of self-owned brands and new energy vehicles aligns with broader trends in the Chinese automotive market, where self-owned brands captured 62.7% of the domestic retail market share in March 2025, up 7.7 percentage points year-on-year, and new energy vehicles achieved a retail penetration rate of 51.1%, up 8.7 percentage points [3][5] - SAIC's overseas strategy, termed "Glocal Strategy," aims to create a localized ecosystem while expanding globally, shifting focus from mere scale expansion to value creation [5][15] Internal Reforms and Brand Revitalization - The company's internal restructuring has led to the integration of core self-owned businesses, enhancing resource concentration and operational efficiency [8][6] - SAIC is focusing on brand rejuvenation across its self-owned brands, including the high-end, intelligent IM brand, the youthful MG brand, and the locally-focused Roewe brand, each targeting different market segments [9][10] Collaborative Growth and Cross-industry Partnerships - SAIC is leveraging collaborative synergies with established partners like Volkswagen and General Motors, as well as tech companies like Huawei and OPPO, to enhance its technological capabilities and market offerings [10][13] - The company plans to launch multiple new models tailored for the Chinese market through its joint ventures, including 18 new models from SAIC Volkswagen by 2030 [12][15] Conclusion - Through internal reforms, a robust technological foundation, and strategic partnerships, SAIC is solidifying its leadership position in the domestic market while paving the way for future global expansion [15]

作为首发亮相的智能大空间旗舰SUV，乐道L90以5145毫米的车长和3110毫米的轴距塑造出30万级SUV市场中少有的"大尺寸"架构，结合240升的电动智能前 备舱与"6人10箱"收纳空间设计，打破传统大三排车型"人货难两全"的困境。值得注意的是，该容量已成中国目前量产车前备舱最大水平，同时配合高效的 36项集成设计，体现出蔚来在空间利用和工程冗余方面的研发深度。从防夹、生命体监测，到PP材质防霉防水的易清洁设计，L90从用户实际出行场景出 发，重新定义家庭用车的空间体验边界。 THE FEMALES M er ● r - 18 1 ONVO ■ 来 | 下 乐道 1 乐道L90 r 北京商报讯（记者 刘晓梦）在近日开幕的2025上海车展上，乐道汽车以"双车阵容"重磅亮相，向外界释放其在智能电动汽车赛道加速布局的明确信号。 在"家庭场景"细分赛道中，乐道携旗舰级SUV乐道L90与中型SUV乐道L60亮相展台。 作为中型家庭智能电动SUV，L60自上市以来持续跻身20万级纯电SUV市场销量前三位。在产品力上，L60搭载900伏高压架构系统，并实现"5人5箱"的越级 装载空间，以及百公里能耗仅12.1度的高能效表 ...

Summary of Conference Call Records Industry Overview - The automotive industry in China has experienced a counter-cyclical growth of 3.6%, reaching 30.09 million units, amidst intensified competition and challenges such as the slowdown of electric vehicle transitions by European and American automakers, and global trade conflicts [1] - The company is focusing on steady growth and performance improvement while flexibly adjusting its European business strategy in response to changing industry conditions [1] Financial Performance - The company reported a revenue of approximately 55.9 billion yuan, with an overall gross margin increase of 1.8 percentage points to 16.2% compared to the same period last year [1] - Operating cash flow increased to about 4.6 billion yuan, maintaining a high level, although a one-time restructuring cost of 550 million yuan impacted profit margins [1] Business Segment Performance - The automotive safety business showed significant improvement, with the automotive electronics segment generating a revenue of 16.6 billion yuan and the automotive safety segment achieving approximately 38.6 billion yuan in revenue [2] - The Chinese region led growth with a 6.7% increase in revenue to 14 billion yuan, while overseas revenue decreased by 1.8% to 41.4 billion yuan [2] Cost Management Strategies - The company is implementing several cost improvement measures globally, including optimizing the supply chain, enhancing regional management capabilities, and increasing automation in high-cost regions [3] - Specific actions include relocating production capacity from high-cost countries to optimal cost countries, particularly in Southeast Asia and China [3] Strategic Adjustments in Europe - The company has adjusted its strategy for the European automotive market, including the reduction of approximately 600 R&D personnel and the closure of several factories to streamline operations [4] - Although these adjustments have incurred restructuring costs, they are expected to enhance long-term efficiency and competitiveness [4] Cash Flow Management - Investment cash outflows have decreased due to better control over capital expenditures, while financing cash outflows increased due to the acquisition of minority stakes in the automotive safety division and a cash dividend plan [5] R&D and Innovation - The company is maintaining high R&D investments in smart electric vehicles and adjusting the structure of domestic and international R&D personnel to improve efficiency [6] - New orders related to electric vehicles exceeded 46 billion yuan, with a significant portion coming from domestic brands and new forces in the automotive sector [8] Market Expansion and Collaboration - The company is actively targeting emerging market demands and enhancing collaboration with domestic brands, particularly in the smart electric vehicle sector [7] - Collaborations with leading smart driving algorithm companies and the development of advanced driving assistance systems are underway [9] Future Outlook - The company plans to continue its strategic upgrades in smart and electric vehicle sectors, strengthen its market position in China, and enhance global resource integration [14] - The focus will be on expanding the product line in intelligent driving, smart cockpit solutions, and energy management systems for electric vehicles [11][12] Conclusion - The company is navigating a complex automotive landscape with strategic adjustments, cost management, and a focus on innovation to capitalize on growth opportunities in the smart electric vehicle market while maintaining operational efficiency and profitability [1][4][14]

Core Viewpoint - The company is positioned to benefit from the growth of the domestic new energy vehicle industry and communication technology iterations, with a significant increase in domestic sales revenue share projected by 2024 [2] Group 1: Company Performance and Strategy - The company's sales revenue from domestic markets is expected to rise from 57.25% in 2021 to 65.3% in 2024, while the export share will decrease to 34.7%, with less than 5% of revenue coming from products directly or indirectly exported to the U.S. [2] - The company anticipates that its performance in 2025 will not be significantly impacted by U.S. tariff increases, as PCB costs are low in the overall BOM and past tariffs were borne by U.S. customers [2] - The company plans to focus on the "smart electric vehicle + major customers + new industries" strategy for growth in 2025, aiming to consolidate its core automotive electronics market and expand into smart driving and smart cockpit sectors [2] Group 2: Industry Outlook - According to Prismark's forecast, the global PCB market value is expected to reach $94.661 billion by 2029, representing a 28.68% increase from 2024, indicating a positive long-term trend for the industry [2] Group 3: Shareholder Concerns - In response to concerns regarding major shareholder reductions, the company clarified that the 2.98 million shares sold through block trading in the last quarter of the previous year complied with relevant regulations, and the buyer is not subject to a six-month lock-up period [2] - The company has completed a share buyback of 30 million yuan by March 2025 and will consider new strategies for stock price stabilization as needed [2]