美团龙珠合伙人王新宇 整理编辑丨小龙 "我们不是钱投得太多，而是远远不够。" 在资本对具身智能赛道"估值泡沫"的争议声中，美团龙珠合伙人王新宇——这位兼具技术功底与投资 视野的 投资人，用一句掷地有声的判断，展现出了穿越周期的定力与长期主义。 2021年，王新宇牵头组建美团龙珠科技投资团队，围绕电动化与智能化两大核心主线，在新能源 车、AI大模型、具身智能等关键赛道 频频 落子。他主导投资了月之暗面、宇树科技、星海图、自变 量等一批代表未来的科技企业，持续捕捉属于这个时代的"时代品类"。 | | | | 龙珠在具身智能领域的布局 (据创业邦不完全统计) | | | | --- | --- | --- | --- | --- | --- | | 公司名称 | 成立时间 | 一句话简介 | 龙珠参与投资轮次 | 此轮次投资时间 | 融资金额 | | 宇树科技 | 2016/8/26 | 高运动性能四足机 器人研发商 | B3轮 | 2024年9月 | 1亿美元 | | 法奥机器人 | 2019/4/2 | 协作机器人研发生 产商 | B轮 | 2022年3月 | 5000万美元 | | | | | C轮 | 20 ...

2025年11月21日，博雷顿科技股份公司(01333.HK)在武汉工厂推出全新一代无驾驶室纯电动无人驾 驶专用矿卡——博雷顿9M145E，并举行新车下线仪式。作为"零碳矿山机器人第一股"，博雷顿本次发 布的车型不仅刷新了行业对无人驾驶矿卡的认知，更代表着矿山生产从传统人工驾驶向真正的无人驾驶 体系迈入大规模落地的关键阶段。在能源革命与智能化变革同步加速的背景下，这款车型的推出具有标 志性意义，被视为矿区生产方式重塑的重要拐点。 无人驾驶能力全面跃升：效率与稳定性达到新高度 伴随新车型亮相，博雷顿同步展示了其系统化绿色矿山解决方案。方案以构网型光伏、储能、充 电/换电、电动矿卡、无人驾驶系统以及智慧矿山调度平台构成能源侧与生产侧的完整闭环，使矿山在 能源成本、安全保障、生产节奏乃至减排路径上都具备可量化、可复制的优化能力。这种"能源—装备 —调度"的一体化思路，使矿企能够在投入周期、运营节奏和总成本结构上实现根本性改善，成为推动 矿山绿色转型的重要动力。 行业与技术前景：无人驾驶电动矿卡进入规模化增长期 在全球矿业正经历数字化、电动化和自动化三重变革的背景下，无人驾驶电动矿卡作为矿山核心生 产装备，正迎来从示 ...

Core Viewpoint - The launch of the Boreton 9M145E marks a significant advancement in the mining industry, transitioning from traditional manual driving to a fully autonomous system, representing a pivotal moment in the transformation of mining operations towards a zero-carbon future [1][6]. Group 1: Autonomous Driving Capabilities - The new model features Boreton's self-developed E2E end-to-end intelligent driving system, enhancing operational efficiency and stability across loading, transportation, and discharge processes, particularly in challenging conditions [3]. - Compared to traditional manual driving, autonomous vehicles demonstrate improved performance in night shifts, long distances, and complex terrains, leading to reduced operational fluctuations and increased effective production [3]. Group 2: Dedicated Platform for Autonomous Driving - Unlike traditional vehicles modified for autonomous use, the new model is designed from the ground up as a driverless platform, optimizing structure, safety, and maintenance [4]. - The removal of the driver's cabin reduces operational redundancy and enhances reliability, allowing for immediate deployment in mining operations and significantly lowering deployment costs [4]. Group 3: Systematic Green Mining Solutions - Alongside the new vehicle, Boreton introduced a comprehensive green mining solution that integrates photovoltaic networks, energy storage, charging systems, electric mining trucks, and intelligent scheduling platforms [6]. - This integrated approach enables quantifiable and replicable optimization in energy costs, safety, production rhythm, and emission reduction, driving the green transformation of mining enterprises [6]. Group 4: Industry and Technology Outlook - The global mining industry is undergoing a digital, electric, and automated transformation, with autonomous electric mining trucks poised for rapid growth as they transition from pilot projects to widespread application [7]. - The increasing penetration of photovoltaic and energy storage solutions will enhance the cost advantages of electric mining trucks, while advancements in intelligent perception and multi-modal models will improve the stability and operational capabilities of autonomous systems [7]. Group 5: Long-term Value of Boreton's Approach - Boreton's strategy is seen as more sustainable and competitive due to its dedicated driverless platform, which addresses structural limitations of traditional modifications and enhances operational scalability [8]. - The company's deep self-research in the three-electric system, thermal management, and energy replenishment allows for better synergy between electrification and automation, creating a more favorable cost curve compared to traditional fuel vehicles [8]. - Boreton's end-to-end algorithm system shortens perception and decision-making paths, improving responsiveness in extreme mining conditions, while its comprehensive solutions across energy, equipment, and scheduling enhance overall mining efficiency [8][10].

智通财经APP获悉，2025年11月21日，博雷顿科技股份公司（01333）在武汉工厂推出全新一代无驾驶室纯电动无人驾驶专用矿卡——博雷顿9M145E，并举 行新车下线仪式。作为"零碳矿山机器人第一股"，博雷顿本次发布的车型不仅刷新了行业对无人驾驶矿卡的认知，更代表着矿山生产从传统人工驾驶向真正 的无人驾驶体系迈入大规模落地的关键阶段。在能源革命与智能化变革同步加速的背景下，这款车型的推出具有标志性意义，被视为矿区生产方式重塑的重 要拐点。 无人驾驶能力全面跃升：效率与稳定性达到新高度 新车型搭载博雷顿自研的 E2E 端到端智驾系统，通过多维感知融合、智能路径规划以及基于多模态矿山大模型的实时决策，使车辆在装载、运输、排放等 全流程作业中呈现出高度一致的作业效率与稳定性。相比传统人工驾驶，无人驾驶车辆在夜班、长距离、复杂路况等场景下的表现更加均衡，能够显著降低 作业波动，提升单位时间内的有效生产量。在多矿区的长期运行中，博雷顿无人驾驶车辆在稼动率、周转效率和安全性方面均表现突出，验证了其大规模商 业化应用的可行性。 行业与技术前景：无人驾驶电动矿卡进入规模化增长期 在全球矿业正经历数字化、电动化和自动化三重变 ...

Core Insights - The 2025 Guangzhou International Auto Show highlights significant changes in the Chinese automotive market, particularly in the areas of electric vehicles (EVs), competition among brands, and technological advancements [2] Group 1: Changes in Market Dynamics - The proportion of new energy vehicles (NEVs) at the auto show increased from 43.7% to 58%, indicating a shift towards electric vehicles as the majority [3] - In the first ten months of 2025, the domestic passenger car market saw a total sales volume of 19.256 million units, a year-on-year increase of 8.0%, with NEVs selling 10.15 million units, up 21.9% [6] - The penetration rate of NEVs reached 40.9% in 2024, with October 2025 marking the first month where the penetration rate exceeded 50% [6] Group 2: Absence of Foreign Brands - Over ten mainstream foreign brands were absent from the auto show, reflecting a decline in their market share and competitiveness in the face of rising domestic brands [7] - Import car sales dropped by 32% in the first nine months of 2025, with total imports expected to be only 700,000 units for the year, a 12% decrease [8] Group 3: Rise of Domestic Brands and New Players - Domestic brands and new entrants like BYD and Leap Motor are gaining significant market share, with Leap Motor's sales increasing by 105.3% year-on-year [9][13] - Huawei has established itself as a key player in the automotive sector, with over 100,000 units sold in collaboration with various car manufacturers [12] Group 4: Technological Advancements and Consumer Trends - The competition among new energy vehicles has intensified, with advanced driving technologies becoming more accessible to consumers, as seen in the pricing of high-end features [16] - Hybrid technology is gaining traction as a practical choice for many brands, reflecting a shift in consumer preferences towards cost-effective and advanced technology [16]

Core Insights - The launch of the fifth-generation Emgrand marks a new development stage for Geely's classic model, showcasing advancements in both design and technology [3][5] - The Emgrand family has achieved cumulative sales of over 4 million units in 16 years, reflecting the rise and evolution of Chinese independent brands in the sedan market [2][5] Product Development - The fifth-generation Emgrand is available in four configurations, priced between 65,900 to 82,900 yuan, and features a new design with a front face consisting of 12 vertical grille bars [3] - The vehicle dimensions are 4815×1885×1480 mm with a wheelbase of 2755 mm, offering a high cabin space utilization rate of 85.1% and the largest rear headroom in its class at 970 mm [3] - It offers two powertrain options: a 1.5TD engine with 133 kW and 290 N·m torque, achieving 0-100 km/h in 7.9 seconds and a fuel consumption of 5.95 L/100 km [3] Technological Advancements - The fifth-generation Emgrand is equipped with the Flyme Auto intelligent cockpit system and a 14.6-inch central control screen, with high-end models optionally featuring L2-level assisted driving capabilities [3][4] - Geely has positioned the Emgrand as a technology pioneer within its lineup, having introduced features like 4G connectivity and advanced driver assistance systems in previous generations [4] Market Positioning - The Emgrand faces significant competition from both traditional joint venture brands like Nissan and Volkswagen, as well as emerging players in the new energy vehicle sector, such as BYD [3][4] - The A-segment sedan market is shifting from price competition to a comprehensive evaluation of space, safety, intelligence, and operating costs, necessitating the Emgrand to maintain its existing customer base while exploring new market opportunities [4] Global Perspective - Despite the rise of electric vehicles, fuel-powered cars still hold a 70% market share globally, with the Emgrand being sold in 25 countries and achieving top sales in markets like Saudi Arabia and the Philippines [4]

Core Viewpoint - BYD is actively expanding its global presence in the electric vehicle market, showcasing significant sales growth and robust financial performance while addressing challenges in international trade and local market adaptation [2][5]. Group 1: Overseas Market - BYD reported a 135% year-on-year increase in overseas passenger car and pickup sales, totaling 785,000 units from January to October [2] - The global passenger car market is valued at 80 million units, with an electric vehicle penetration rate of only 20% expected in 2024, indicating substantial market potential [2] - The company is focusing on understanding local cultures and consumer demands to enhance its international market strategy [2] Group 2: Overseas Production Capacity - BYD has established production facilities in Thailand, Uzbekistan, and Brazil, with a combined design capacity exceeding 300,000 units per year [3] - The company is planning additional factories in Hungary, Malaysia, and Cambodia, continuing its global production expansion [3] - The strategy emphasizes a blend of internationalization and localization to support the green transformation of the automotive industry [3] Group 3: R&D Strength - BYD is enhancing its core technology capabilities in electrification, including advancements in blade batteries, CTB body integration, and megawatt fast-charging technology [4] - The "Heavenly Eye" intelligent driving system, launched in February, aims to democratize advanced driving features, leveraging over 130 million kilometers of driving data for rapid iteration [4] - The company positions itself as a leader in the global electrification process through continuous technological innovation [4] Group 4: Financial Performance - In the first three quarters of 2025, BYD reported total revenue of approximately 566.3 billion yuan, with a net profit attributable to shareholders of 23.3 billion yuan [5] - The company achieved cumulative sales of 3.26 million new energy vehicles, marking an 18.6% year-on-year increase and solidifying its position as the global sales leader [5] - As of the end of Q3, BYD's cash and cash equivalents exceeded 175.2 billion yuan, indicating strong cash flow management to support rapid business growth [5]

Market Expansion and Performance - BYD has significantly increased its market share in key overseas markets such as Europe, Southeast Asia, and Latin America, with notable sales growth in Singapore and Hong Kong, and a substantial increase in the UK market [1] - In the first ten months of this year, BYD's overseas sales of passenger cars and pickups reached 785,000 units, representing a year-on-year growth of 135% [2] - The global passenger car market is approximately 80 million units annually, with an electric vehicle penetration rate of only 20% in 2024, indicating vast market potential [1] Production Capacity and Global Strategy - BYD has established a presence in over 110 countries and regions across six continents, with announced production facilities in Thailand, Uzbekistan, and Brazil, totaling a designed capacity of over 300,000 units per year [3] - Future production plans include facilities in Hungary, Malaysia, and Cambodia, as part of BYD's strategy to integrate internationalization and localization [3] Technological Advancements - BYD is a leader in electric vehicle technology, focusing on core technologies such as battery systems and intelligent driving, with significant investments in R&D [4] - The company has developed advanced technologies like the blade battery and CTB (cell-to-body) integration, enhancing battery safety and energy density [4] Financial Performance - For the first three quarters of 2025, BYD reported total revenue of approximately 566.3 billion yuan and a net profit attributable to shareholders of 23.3 billion yuan, with cumulative sales of 3.26 million electric vehicles, a year-on-year increase of 18.6% [6] - As of September 30, 2025, BYD's cash and cash equivalents exceeded 175.2 billion yuan, providing strong financial support for business expansion [7] Cash Flow Management - BYD emphasizes effective cash flow management and collaboration with supply chain partners, maintaining a low turnover period for accounts payable and enhancing operational efficiency [8]

Core Viewpoint - FAW Toyota aims to enhance its competitiveness in the fields of intelligence, electrification, and premium offerings with the launch of the upgraded IT'S TiME 3.0 technology brand and new vehicle models [2][6] Group 1: Technology and Product Launch - FAW Toyota held a product launch event in Guangzhou, introducing the upgraded IT'S TiME 3.0 technology brand along with three new models: the all-new intelligent hybrid Corolla, the new bZ3 electric vehicle, and the all-new RAV4 [2] - The IT'S TiME technology brand has evolved to its 3.0 stage, focusing on smart driving through a dual approach of "in-house development + open collaboration" [3] - The Toyota Pilot intelligent driving assistance system is based on the TSS safety system 4.0, enhancing its ability to predict and respond to complex driving scenarios [3] Group 2: Vehicle Specifications and Features - The all-new RAV4 features significant upgrades in design, intelligence, and power, with a global cumulative sales of over 15 million units [4] - The RAV4 offers two intelligent hybrid versions (2.0L and 2.5L) and a 2.0L gasoline version, achieving a fuel consumption of 3.99 liters per 100 kilometers and a range exceeding 1400 kilometers [5] - The new Corolla hybrid version has an improved wheelbase and body length, with a fuel consumption as low as 4.13 liters per 100 kilometers [5] Group 3: Strategic Direction - FAW Toyota is responding to diverse market demands by adopting multiple technology routes, transitioning from hybrid to pure electric vehicles and from sedans to SUVs [6]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7] Core Views - Geely Automobile reported a revenue of 239.48 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.4%. Total sales reached 2.17 million vehicles, up 45.7% year-on-year, with a core net profit attributable to shareholders of 10.62 billion yuan, an increase of 59% year-on-year [2][4] - The new platform has empowered Geely to enter a new product era, with the GEA architecture supporting a new vehicle cycle. The brands Zeekr, Lynk & Co, and Galaxy are all performing well, and the transition to new energy vehicles is progressing smoothly, leading to increased profitability [2][8] - The company’s strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The intelligent driving strategy is accelerating the enhancement of driving capabilities, indicating significant profit elasticity in the new vehicle cycle [2][8] Summary by Sections Financial Performance - In Q3 2025, Geely achieved a revenue of 89.19 billion yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%. Total sales for Q3 were 761,000 vehicles, with significant growth in the Galaxy and Lynk & Co brands [8] - The Q3 net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59.3%, with a single vehicle profit of 5,000 yuan, up 11.8% year-on-year [8] Brand Performance - In Q3, Zeekr and Lynk & Co combined sales reached 140,000 vehicles, with total revenue of 31.56 billion yuan, reflecting a year-on-year increase of 9.1%. However, both brands reported a net loss of 460 million yuan for the quarter [8] Strategic Initiatives - Geely plans to launch 10 new energy models in 2025, with significant focus on electric and intelligent vehicles. The new models will feature advanced driving assistance systems, enhancing the company's competitive edge in the market [8] - The company is focusing on brand strategy, with a strong emphasis on electrification and intelligence, supported by a robust new vehicle cycle [8]