雷军最新发声。 1月10日，小米创始人、董事长兼CEO雷军在微博发文称："特斯拉确实强，但并非不可战胜！"雷军表示，看了易车网销量排行榜，令他自豪的 是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车。"小米YU7，上市仅6个月时间，销量和Model Y有差距。我相信，假以时日，YU7也能一 较高下！ " 此外，雷军还在直播中透露，小米SU7正式发布仅仅1年9个月时间，交付超过了36万辆车，月均超过1.7万辆。 综合自：雷军微博 责编：万健祎 校对： 刘榕枝 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 此前，雷军在今年首场直播中表示，小米汽车去年全年交付量超过41万辆，另据小米汽车公布的数据，去年12月，小米汽车交付量突破了5万 辆。对于2026年的交付目标，雷军定为55万辆。 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 刚刚！格陵兰岛各政党领导人联合声明！ 丨 ...

"特斯拉确实强，但并非不可战胜！" 雷军的底气，来自小米SU7实打实的市场表现。作为小米汽车的首款车型，SU7自上市以来，就以其出 色的产品力和品质赢得了市场的认可。 1月10日，雷军在社交媒体上的一句话，如同一颗投入湖面的巨石，瞬间激起了整个汽车行业的千层 浪。 他直接晒出了易车网的销量排行榜，并自豪地宣布："小米SU7是迄今为止唯一击败Model 3的同档纯电 轿车！"这一宣言，标志着小米正式向全球新能源汽车的标杆发起了正面挑战。 | 4 | 星愿 | 36147辆 | | --- | --- | --- | | J 1 | | | | 5 | 钛7 | 34086辆 | | 47 | | | | റ | 问界M7 | 29368辆 | | 14 | | | | 7 | 宏光MINIEV | 29365辆 | | 1 e | | | | 8 | Model 3 | 27969辆 | | 41 | | | | 9 | 海狮06 | 24380辆 | | 42 | | | | 10 | 轩逸 | 23964辆 | | 1 e | | 头会 @数码八叔 | | の営在 | | 买新车 上易车 | | 2025年 ...

------------------------------ 在 1 月 3 日的拆车直播中， 雷军手中的"手卡"几乎没有离手，生怕自己再说错什么话，引起二次 传播 。 过去一年，小米汽车累计交付超过 41 万辆，雷军对这份答卷非常满意。但与之相对的，却是舆论 环境的变化——小字营销、 7000 法务、 200 公里瞬间刹停等争议话题，把小米汽车推到了风口 浪尖。 以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 作者： 邱鑫浩 来源： 邱处机 雷军变得更加谨慎了。 相比之前的意气风发，在这次直播中，雷军的语气不时流露出疲惫与无奈，"我觉得骂小米确实有 流量，但是一定要客观，不要故意抹黑，故意断章取义，这样干是违法行为。" 造车的苦，雷军算是尝到了一种。 01 直播拆车 "有博主说小米的第一辆车用料扎实是因为怕被拆，第二辆车就不一定了。"雷军提到。 为了回应质疑，雷军将新年首场直播变成了汽车拆解实验室，想用行动证明小米的用料水准并未降 低。 他的语气中带着些许无奈："估计今天这个拆车直播之后会有更多的博主来拆我们的车，我都欢 迎， 我特别希望大家能说一些公道话，不要为了流量去故意夸大，故意找茬 ...

Core Insights - Deep Blue Automotive has accumulated over 7.8 billion yuan in financing but continues to face negative net assets and a debt-to-asset ratio of 114.3% [1][3] - The company is seeking to raise funds through a capital increase project, with a target of no more than 20% new shareholder ownership, aimed at enhancing R&D in electric and intelligent vehicle technologies [1][4] - Despite a significant increase in vehicle deliveries, the company has reported substantial financial losses, with cumulative losses exceeding 12.5 billion yuan since its inception [3][4] Financial Performance - In the first ten months of 2025, Deep Blue Automotive reported revenues of 39.8 billion yuan and a net loss of 1.03 billion yuan [3] - Projected revenues for 2022-2024 are 15.68 billion yuan, 26.93 billion yuan, and 37.22 billion yuan, with net losses of 3.2 billion yuan, 3.11 billion yuan, and 1.57 billion yuan respectively, totaling nearly 8 billion yuan in losses over three years [3] Market Position and Competition - The company has seen a year-on-year delivery increase of over 60%, with a target of 360,000 units for the year, but still has about 90,000 units to go to meet this goal [1][2] - Deep Blue Automotive's sales strategy focuses on youth-oriented and cost-effective models, but faces intense competition in the same price range from other new energy vehicles [2][4] - The presence of a competing brand, Avita, which offers higher-end models with advanced technology, highlights the overlapping product positioning within the parent company, Changan Automobile [3][4] Strategic Challenges - The company must address issues of profitability and unclear brand positioning amidst increasing competition in the electric vehicle sector [4] - While the upcoming capital increase may provide temporary financial relief, a sustainable path to profitability is essential for long-term survival in the competitive landscape [4]

Core Viewpoint - Xiaomi Group's stock price has experienced a significant decline, prompting the company's founder, Lei Jun, to take measures to support the stock price through share buybacks and personal stock purchases [2][4]. Group 1: Stock Performance and Actions - Xiaomi's stock price has dropped by 40.4% from its historical high of 61.45 HKD on June 27 to a low of 36.62 HKD [2]. - On November 24, Lei Jun purchased 2.6 million shares at approximately 38.58 HKD each, increasing his ownership to 23.26% [2]. - Prior to Lei Jun's purchase, Xiaomi had repurchased 21.5 million shares for a total of 8.11 billion HKD (approximately 7.4 billion RMB) at prices around 37.61 HKD and 37.92 HKD [2]. Group 2: Fund Activity and Market Sentiment - The number of public funds heavily invested in Xiaomi surged from 90 to 130 in Q2 2024, reaching a peak of 487 by Q2 2025 [5][6]. - However, by Q3 2025, the number of funds holding Xiaomi shares plummeted to 266, indicating a nearly 50% reduction in just one quarter [6]. - Notable fund managers, including Xie Zhiyu and Li Xiaoxing, significantly reduced their holdings in Xiaomi during Q3 2025, with several funds dropping Xiaomi from their top ten holdings [7][9]. Group 3: Future Outlook and Challenges - Xiaomi faces critical challenges, including safety controversies surrounding its automotive division and rising memory costs impacting its smartphone business [4]. - Fund managers expressed concerns about declining profitability in the electric vehicle sector, which may affect investor sentiment towards Xiaomi [9][10].

Core Viewpoint - Avita Technology has submitted its listing application to the Hong Kong Stock Exchange after accumulating losses exceeding 10 billion yuan, seeking to leverage the capital market for survival [3][4]. Financial Performance - Avita's cumulative losses over three and a half years have reached 11.312 billion yuan, with revenues for 2022, 2023, 2024, and the first half of 2025 reported as 28 million yuan, 5.645 billion yuan, 15.195 billion yuan, and 12.208 billion yuan respectively, indicating explosive growth [3][4]. - Despite revenue growth, the company has not escaped its loss-making situation, with pre-tax losses of 2.016 billion yuan, 3.693 billion yuan, 4.018 billion yuan, and 1.585 billion yuan for the years 2022 to 2025 H1 [4]. Debt and Liquidity - As of June 30, 2025, Avita's debt-to-asset ratio stood at 76.2%, with a current ratio of 0.8 and a quick ratio of 0.7, indicating pressure on short-term debt repayment capabilities [5]. - Cash and cash equivalents decreased from 19.323 billion yuan at the end of 2024 to 13.483 billion yuan, with current liabilities at 21.947 billion yuan and current assets at 16.705 billion yuan, resulting in a net current liability of 5.242 billion yuan [5]. Supplier Dependency - The company relies heavily on suppliers for critical raw materials, components, software, and services, which poses operational risks [6][7]. - In the reporting period, procurement from five major suppliers accounted for 97.2%, 88.4%, 65.3%, and 47.8% of total procurement, with the largest single supplier accounting for 19.2% in the first half of 2025 [5]. Market Position and Competition - Avita's cumulative sales for the first ten months of 2025 reached 104,200 units, achieving only 47.38% of its annual target of 220,000 units [9]. - The competitive landscape for new energy vehicles is intensifying, with a report indicating that only 15 out of 129 brands will maintain financial viability by 2030 [9]. - Avita's sales ranking fluctuated between 35th and 51st among all brands, with its main model, Avita 07, achieving a peak monthly sales of 7,684 units in October 2024 [9][10]. Strategic Partnerships - Avita emphasizes its long-standing and deep collaboration with Huawei, projecting the launch of 17 products by 2030 [10]. - However, with Huawei expanding its partnerships with other automakers, Avita faces challenges in establishing a differentiated competitive edge [11].

Core Viewpoint - Avita Technology is seeking to differentiate itself in the competitive electric vehicle market while facing significant financial losses and challenges in maintaining its unique position due to increasing competition and partnerships with other automakers [1][6]. Financial Performance - Avita has reported a cumulative loss of 11.31 billion yuan over three and a half years [2]. - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are 28 million yuan, 5.645 billion yuan, 15.195 billion yuan, and 12.208 billion yuan, respectively, indicating explosive growth [2]. - Despite revenue growth, the company has not escaped losses, with pre-tax losses of 2.016 billion yuan, 3.693 billion yuan, and 4.018 billion yuan for 2022, 2023, and 2024, respectively, and a reduced loss of 1.585 billion yuan in the first half of 2025 [3]. Debt and Liquidity - As of June 30, 2025, Avita's debt-to-asset ratio stands at 76.2%, with a current ratio of 0.8 and a quick ratio of 0.7, indicating pressure on short-term debt repayment capabilities [4]. - Cash and cash equivalents decreased from 19.323 billion yuan at the end of 2024 to 13.483 billion yuan [4]. - The company relies heavily on a few suppliers, with procurement from the top five suppliers accounting for 97.2%, 88.4%, 65.3%, and 47.8% of total procurement over the reporting period [4]. Market Position and Competition - Avita's sales performance has been underwhelming, with cumulative sales of 104,200 vehicles in the first ten months of 2025, achieving only 47.38% of its annual target of 220,000 vehicles [6]. - The company ranks approximately 40th to 50th in overall brand sales, with its best-selling model, Avita 07, achieving a sales peak of 7,684 units in October 2024 [7]. - The competitive landscape is intensifying, with a report indicating that only 15 out of 129 electric vehicle brands will remain financially viable by 2030 [6]. Strategic Partnerships - Avita emphasizes its long-standing and deep collaboration with Huawei, which is seen as a key differentiator in its market strategy [7]. - The company plans to launch 17 products in collaboration with Huawei by 2030, highlighting the importance of this partnership in its future growth [7].

Core Viewpoint - The launch of the Li Auto i6 has shown strong sales performance, with a focus on market comparison against competitors like Tesla and Xiaomi, highlighting the i6's advantages in configuration and pricing [1][3]. Group 1: Sales Performance and User Demographics - The i6 has a delivery cycle of 13-16 weeks, with no significant drop in customer traffic observed [3]. - The user base is predominantly younger, mainly from the 90s and 00s generations, attracted by reasonable pricing and substantial initial sales benefits [3]. - Customers appreciate features like air suspension and NVIDIA chips, which were previously exclusive to higher-end models [3]. Group 2: Competitive Analysis - Users primarily compare the i6 with Tesla and Xiaomi, noting that the i6 offers higher configurations at a lower price, along with advantages in range and space [3]. - Some customers still prefer Tesla for its brand reputation and shorter waiting times, while others choose Xiaomi for its aesthetics [3]. - The i6 has received some complaints regarding its low chassis and non-electric front trunk, but overall customer satisfaction remains high [3]. Group 3: Impact on Competitors - The i6's success has notably affected models like the Zhijie R7 and Aito M7, with the R7 being favored for its design and value [5]. - There has been a noticeable shift of customers from the Xiaomi YU7 to the i6, driven by tax incentives and long wait times for deliveries [8]. - The i6's entry into the market has created competitive pressure on other brands, particularly NIO and Tesla, as it captures a significant share of the same price segment [8][13]. Group 4: Market Environment and Future Outlook - The main competitors for the i6 include Xiaomi YU7, Li Auto's own L6/L7/i8, Aito M7, and NIO ES6, with the most significant impact expected on Li Auto's own models [10]. - The market for large electric SUVs is growing, with many buyers transitioning from hybrid or extended-range vehicles to fully electric options [10]. - The i6's competitive pricing and brand reputation are expected to maintain its strong market position, despite the presence of established competitors [10].

Core Viewpoint - The automotive industry is facing intense competition in the current market, with companies setting higher sales targets than the previous year, leading to potential overproduction and inventory issues [4][5]. Group 1: Sales Targets and Performance - Many automotive companies have set ambitious sales targets for 2025, but achieving these targets is challenging given the current market conditions [5]. - Among the companies analyzed, only XPeng has exceeded a 75% completion rate of its sales target, attributed to its conservative initial target setting [8]. - Companies like SAIC, Geely, BYD, and Xiaomi have also achieved over 70% completion rates [9]. Group 2: Market Trends and Consumer Behavior - The fourth quarter is critical for sales, especially with the upcoming tax incentives, prompting companies to accelerate new vehicle launches [5][12]. - Data from the "TQ Auto Flow" platform indicates a decline in foot traffic to dealerships during the National Day holiday compared to previous years, suggesting a potential decrease in consumer interest [14][16]. - The foot traffic data shows that some dealerships experienced lower visitor numbers than expected, with many consumers opting for travel instead of car shopping [14][19]. Group 3: Company-Specific Insights - For FAW Toyota, the main markets are Guangdong, Shandong, Jiangsu, and Zhejiang, with a notable decline in foot traffic during the holiday period [17][19]. - GAC Toyota's sales are also concentrated in similar regions, with a strong performance from hybrid and electric models, which accounted for about 50% of their total sales [22]. - Both FAW and SAIC Volkswagen reported lower foot traffic during the holiday compared to 2024, indicating challenges ahead for 2025 [24][30]. Group 4: New Energy Vehicle (NEV) Trends - NIO, XPeng, and Li Auto are experiencing growth in brand recognition and sales, with NIO achieving a total delivery of 201,000 vehicles by Q3 2025 [46]. - XPeng reported a significant year-on-year increase in deliveries, reaching 313,000 vehicles, but faces pressure on profitability and cost management [49]. - Li Auto's performance is lagging behind its ambitious target of 640,000 vehicles, with production delays affecting new models [51]. Group 5: Future Outlook - The competition in the NEV market is expected to intensify as traditional automakers introduce new models, potentially leading to price wars and increased mergers and acquisitions [54].

Core Viewpoint - The article discusses an incident where BYD's security team allegedly impersonated Geely's Zeekr team to obtain sensitive information about a cybersecurity product, raising questions about corporate ethics and competition in the automotive industry [4][5][11]. Group 1: Incident Overview - BYD's security team posed as members of Geely's Zeekr team to request information about DefenseWeaver, an AI-driven automotive cybersecurity analysis software [4]. - The impersonators initiated contact through official channels, conducted a detailed online meeting, and subsequently went silent after obtaining information [4][5]. - After the incident, BYD representatives provided vague explanations and did not acknowledge any wrongdoing [4]. Group 2: Industry Context - The incident reflects a competitive environment in the Chinese automotive sector, where companies may resort to unethical practices to gain technological advantages [11][12]. - BYD reported significant financial growth, with a revenue of 777.1 billion yuan and a net profit of 40.25 billion yuan in 2024, suggesting that the company has resources for legitimate R&D [11]. - The competitive landscape has intensified, with Geely's sales increasing by 126% in the first half of 2025, indicating a shrinking market share for BYD [14]. Group 3: Ethical Concerns - The article raises critical questions about BYD's corporate culture and the ethical standards expected of its employees [17]. - Comments from industry insiders suggest that such behavior may stem from internal pressures to innovate and compete effectively [11][12]. - The incident has sparked discussions about the need for suppliers to protect their intellectual property in a highly competitive market [12][17].