以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业主要包括锂电池、储能、氢能与氢燃料电池、新 能源汽车、智能汽车、LED照明与显示、机器人、新材料等。 倒计时38天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 传统"金九银十"销售旺季来临，各汽车厂商季度末冲量力度加强。从GGII跟踪统计的13个汽车品牌9月新能源车销量数据来看，环比增速均为正增 长。其中，零跑突破单月销售6万、小米单月销量破4万辆，小鹏、蔚来等品牌刷新历史销量新高。 | | | | 2025年9月新能源车销量&交付量排名 | | | | | --- | --- | --- | --- | -- ...

在当前竞争白热化的国内新能源车市，多数品牌深陷价格与份额的博弈困境。在此背景下，鸿蒙智行凭 借销量与产品定价的双重领先，实现"量价齐升"的良性发展态势，表现尤为突出。 根据官方数据披露，2025年第38周，鸿蒙智行周销量13446台，位列新势力品牌Top1；同时，在年度累 计销量层面，同样位列新势力品牌榜首。 昨日，华为常务董事余承东在秋季新品发布会上宣布："截至2025年9月24日，鸿蒙智行累计交付突破93 万辆，10月底将冲击百万辆大关！" ...

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [2] Core Insights - Global light vehicle sales in June reached approximately 7.39 million units, a year-on-year increase of 2.1%, while overseas sales totaled about 4.67 million units, reflecting a year-on-year decline of 3.5% [2] - The report anticipates that overseas light vehicle sales will be approximately 54.98 million units in 2025, representing a year-on-year decrease of 0.2% [5] - The report highlights a significant decline in overseas vehicle sales, particularly in North America and Europe, while China shows a positive growth trend [5] Summary by Sections 1. Industry: Sales, Exchange Rates, Freight - Global light vehicle sales in June were approximately 7.39 million units, with overseas sales at about 4.67 million units, down 3.5% year-on-year [2] - In June, North America sold 1.55 million units (down 4.5% year-on-year), Europe sold about 1.57 million units (down 7.7% year-on-year), and China sold 2.72 million units (up 13% year-on-year) [5] - The report projects that overseas light vehicle sales will decline by 0.2% in 2025, with North America expected to see a 1.5% decrease and Europe a 2.3% decrease [5] 2. Market Competition - The report discusses the competitive landscape, noting that major automakers are facing challenges due to geopolitical tensions and economic uncertainties [5] - It highlights the performance of leading companies in the global market, with a focus on their sales shares and competitive strategies [5] 3. Automotive and Parts Company Export Situation - The report provides insights into the export performance of domestic automotive manufacturers, indicating a growing trend in exports [5] - It lists companies with significant overseas revenue contributions, emphasizing their market positions and growth potential [5]

Core Insights - In July, several new energy vehicle companies reported record delivery numbers, with Leap Motor, Xiaomi, and Xpeng achieving significant growth, while Li Auto experienced a substantial decline in deliveries [1][4]. Group 1: Market Performance - The retail market for narrow passenger cars in July reached approximately 1.85 million units, representing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1]. - The new energy vehicle market showed strong performance, with a retail penetration rate rising to 54.6% and sales reaching 1.01 million units [1]. Group 2: Company Deliveries - Leap Motor led the July sales with 50,100 units, marking a month-on-month increase of 4.4% and a year-on-year increase of 126.9%, achieving a cumulative sales of 271,800 units in the first seven months, which is 54.4% of its annual target of 500,000 units [2][3]. - Xpeng's July deliveries reached 36,700 units, a month-on-month increase of 6.1%, with a cumulative total of 233,900 units in the first seven months, leading the new energy vehicle sector with a completion rate of 66.8% [3]. - Li Auto's deliveries fell to 30,700 units in July, a month-on-month decline of 15.3% and a year-on-year decline of 39.7%, with a cumulative total of 235,000 units, reflecting a completion rate of only 36.7% of its revised annual target of 640,000 units [4][5]. Group 3: Product Developments - Leap Motor's COO indicated that the new B01 model has received over 10,000 orders, and the factory is operating at full capacity to meet the growing demand [1]. - Xiaomi's delivery exceeded 30,000 units for the first time, with a cumulative total of over 180,000 units in the first seven months, achieving a completion rate of 51.4% of its revised annual target of 350,000 units [5]. - NIO's new model, the L90, has received positive market feedback, raising expectations for future sales [7].

Core Insights - In July, several new energy vehicle companies reported record delivery numbers, with Leap Motor, Xiaomi, and Xpeng achieving significant growth, while Li Auto experienced a substantial decline in deliveries [1][3]. Market Performance - The retail market for narrow passenger cars in July reached approximately 1.85 million units, marking a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1]. - The new energy vehicle market showed strong performance, with a retail penetration rate rising to 54.6% and sales reaching 1.01 million units [1]. Company-Specific Performance - Leap Motor led the July sales with 50,100 units, reflecting a month-on-month growth of 4.4% and a year-on-year increase of 126.9%. Cumulatively, Leap Motor's sales for the first seven months reached 271,800 units, achieving 54.4% of its annual target of 500,000 units [2][3]. - Xiaopeng Motors reported a record delivery of 36,700 units in July, a month-on-month increase of 6.1% and a year-on-year increase of 229.4%. Cumulative sales for the first seven months reached 233,900 units, with a completion rate of 66.8% towards its annual target [3][4]. - Li Auto's deliveries fell to 30,700 units in July, down 15.3% month-on-month and 39.7% year-on-year, with cumulative sales for the first seven months at 235,000 units, reflecting a year-on-year decline of 2.2% [3][4]. - Xiaomi's deliveries exceeded 30,000 units for the first time in July, with cumulative sales surpassing 180,000 units in the first seven months, achieving 51.4% of its revised annual target of 350,000 units [4][5]. - NIO delivered 21,000 units in July, a month-on-month decline of 15.7%, with cumulative sales of 135,200 units for the first seven months [4][5]. - Zeekr and Lynk & Co combined sales reached 44,200 units in July, with Zeekr selling 17,000 units and Lynk & Co selling 27,000 units [5].

Group 1 - The core viewpoint is that the launch of the Leap B01 electric sedan is expected to drive sales growth for the company, with a strong initial order performance of 10,132 units within 72 hours of its release [1][3] - The company maintains a "Buy" rating, projecting revenues of 648 billion, 935 billion, and 1,130 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 9 million, 31 million, and 64 million yuan [1] - The company uses a price-to-sales (PS) method for valuation, assigning a target price of 79.85 HKD for 2025 based on a PS ratio of 1.5 times [1] Group 2 - The Leap B01 is launched with six configurations priced between 89,800 and 119,800 yuan, showcasing a competitive edge in the A-class sedan market [2] - The B01 features advanced technology, including a 650km range version powered by CATL batteries and a laser radar version equipped with Qualcomm chips [2] - The vehicle's dimensions are 4770mm in length, 1880mm in width, and 1490mm in height, with a wheelbase of 2735mm and a high space utilization rate of 86% [2] Group 3 - The company achieved a record delivery of 48,000 vehicles in June, marking a year-on-year increase of 138% and a quarter-on-quarter increase of 7% [3] - The total delivery for the first half of 2025 reached 222,000 vehicles, representing a 156% year-on-year growth, making it the top-selling brand among new forces in the automotive industry [3] - The strong demand for the 650km range version, which accounted for 70% of the initial orders, indicates a positive market reception for the B01 [3]