本报告导读： 25Q2 毛利率创历史新高，经营质量持续优化 小鹏汽车-W(9868) ——小鹏汽车 2025 年二季度业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | [当前价格 Table_CurPrice] (港元)： | 80.45 | | 潘若婵(研究助理) | 021-23154145 | panruochan@gtht.com | S0880125042232 | | | 小鹏汽车 25Q2 毛利率创历史新高，净亏损同环比收窄。考虑到公司产品迭代加速， "一车双能"新车周期开启，智能化属性突出，维持"增持"评级。 投资要点： | 财务摘要(百万人民币) | 202 ...

Core Insights - GAC Group and Huawei are advancing their collaboration through the Huawang Automotive project, aiming to penetrate the high-end smart electric vehicle market [1][2] - The establishment of Huawang Automotive is a strategic move, with GAC Group holding 100% ownership and Huawei not currently holding any equity [1][2] - A new management model will be implemented to enhance efficiency and shorten product development cycles, with clear division of responsibilities between GAC and Huawei [2] Company Developments - GAC Group has invested 1.5 billion yuan to establish Huawang Automotive, which will integrate GAC's manufacturing capabilities with Huawei's smart technology [1] - The new company plans to launch two models, a sedan and an SUV, targeting the 300,000 yuan market segment, with a focus on smart features [2] - Huawang Automotive has initiated a city channel recruitment plan, prioritizing major cities and employing a "1+N" channel model for distribution [3][4] Sales and Marketing Strategy - The sales responsibility will be managed by a new team within the joint venture, differing from Huawei's previous sales model [3] - Huawang Automotive aims to leverage Huawei's innovative marketing strategies while maintaining GAC's traditional sales management characteristics [4] - Specific requirements for dealership recruitment include experience with luxury or mainstream electric vehicle brands and adequate resources in prime automotive locations [3][4]

【#曝广汽华为合作首车明年推出#，已开启渠道招商】据报道，广汽牵手华为合作的华望汽车，已经开 始渠道招商。 多名渠道方面知情人士表示，其渠道招商目前已启动意向填报，首批覆盖 40 个城市，主要采取代理制 模式，有别于鸿蒙智行网络，是另外建的品牌销售渠道。 "首批每个城市可能预计会选 1-2 家合作伙伴合作，后续有第二批等，但需等首批招募结束后。"前述一 名消息人士表示，厂家方面也会提供补贴（如建店补贴、租金补贴等），但具体补贴系数尚未确定。 多名消息人士表示，华望汽车首款车型预计将于明年年中上市。"按照目前的规划，可能大概明年 Q2 能有车上市。"前述消息人士透露，目前规划了两款车，一款是中大型轿车，另一款是中大型 SUV，动 力版本均涵盖纯电和增程。从时间轴规划来看，轿车会先推出。 由广汽集团投资 15 亿元设立的新公司华望汽车技术有限公司于 3 月 18 日正式成立，将创建独立高端汽 车新品牌。据广汽集团介绍，华望汽车作为广汽集团与华为战略合作的重要载体，打造面向 30 万元级 高端市场的创新产品。目前，公司正稳步推进团队建设与产品研发工作，首款车型预计将于 2026 年面 世。 广汽集团称，华望汽车将在 ...

Core Viewpoint - China Changan Automobile Group has recently transitioned into an independent state-owned enterprise, leading to numerous strategic cooperation opportunities with major corporations in the ICT and automotive sectors [1][4][5]. Group 1: Strategic Partnerships - China Changan is committed to a dual operation model of autonomy and cooperation, enhancing partnerships with global automakers like Ford and ICT companies such as Huawei and Tencent [4]. - The collaboration with Huawei is deepening, with a significant team of nearly 1,000 people working together on product development and marketing strategies for the next generation of vehicles [4][5]. - A strategic partnership has been established with Haier Group, focusing on areas such as vehicle-home integration and global brand marketing [5]. Group 2: Sales and Revenue Goals - For the first half of the year, China Changan reported a total revenue of 146.9 billion yuan and vehicle sales of 1.355 million units, with a notable 49.1% year-on-year increase in new energy vehicle sales [5][6]. - The company aims to achieve a total sales target of 3 million vehicles by 2025, with new energy vehicle sales projected to reach 1 million units [5][6]. - The internal sales target for the second half of the year is set at 1.65 million units, with an emphasis on exceeding this goal [6]. Group 3: Product Development and Market Expansion - Several new products are set to launch in the second half of the year, including models from Avita Technology and other brands under China Changan [9]. - The company is focusing on expanding its presence in overseas markets, having completed personnel arrangements for five major regions [9]. - China Changan's long-term strategy includes achieving 5 million total vehicle sales by 2030, with over 60% being new energy vehicles and more than 30% from overseas markets [9].

Core Viewpoint - Huawei's executive director Yu Chengdong showcased the new car model, the Xiangjie S9T, emphasizing its performance and aesthetics during a test drive in Inner Mongolia, with the vehicle set to launch in September [1] Group 1: Product Features - The Xiangjie S9T is designed as a travel vehicle, highlighting "high aesthetics, large space, and greater intelligence" [1] - The exterior design features a new "Universe Star" logo and a unique "Fairy Green" paint, with a spacious interior due to its short front overhang and long rear overhang [1] - The rear of the vehicle includes a new through-type starry tail light, enhancing its recognizability [1] Group 2: Powertrain Options - The Xiangjie S9T will offer both pure electric and range-extended versions, with the range-extended version available in 37 kWh and 53.4 kWh battery packs [1] - The pure electric version is equipped with a 100 kWh battery pack, achieving a maximum CLTC comprehensive range of 801 kilometers [1] - The range-extended version can reach a maximum CLTC pure electric range of 354 kilometers and a total range of 1305 kilometers [1] Group 3: Intelligent Features - The vehicle is equipped with advanced sensing capabilities, including one 192-line laser radar and three solid-state laser radars, along with three distributed 4D millimeter-wave radars [2] - Additional smart features include a smart electric door, intelligent electronic side mirrors, and Huawei's million-pixel smart headlights [2] Group 4: Market Position and Future Plans - The Xiangjie brand is a collaboration between Huawei and BAIC, with the first model, the Xiangjie S9, positioned as an executive luxury sedan [2] - As of June 2025, the Xiangjie S9 has delivered 4,154 units, leading in the market segment of new energy vehicles priced above 300,000 yuan [2] - The Xiangjie S9T is expected to be priced around 400,000 yuan, based on the current pricing of the Xiangjie S9, which ranges from 309,800 to 449,800 yuan [2]

Core Viewpoint - The launch of Xiaopeng's new electric SUV model G7 highlights the competitive landscape in China's electric SUV market, particularly against Tesla's Model Y, which remains a benchmark for high-end electric SUVs in the country [2][3]. Group 1: Market Competition - Xiaopeng's CEO, He Xiaopeng, noted the intense competition in the electric SUV market priced above 200,000 yuan, with Model Y being a significant reference point for many domestic brands [2]. - In the first half of 2023, Tesla's Model Y delivered 127,800 units in China from January to May, with June sales reaching 61,000 units, marking a 59% month-on-month increase and a 3.7% year-on-year increase [2]. - The competitive landscape is set to intensify with at least seven new SUV models entering the market in the second half of 2023, all targeting the price range of Model Y [3]. Group 2: Product Development and Features - Xiaopeng's G7 is positioned in the 200,000 to 300,000 yuan price range, with a starting price of 190,000 yuan, which is approximately 60,000 yuan lower than the starting price of the 2025 Model Y [3]. - The G7 is claimed to be the world's first L3-level AI computing power vehicle, featuring three self-developed Turing AI chips, achieving an effective computing power of 2,250 TOPS, which is 3 to 28 times that of industry flagship models [4]. Group 3: Company Performance - Xiaopeng achieved a delivery volume of over 190,000 units in the first half of 2023, making it the only new car manufacturer to exceed half of its annual sales target [4]. - He Xiaopeng summarized the company's strategy with three keywords: "competition, intelligent driving, and emotional connection," emphasizing the importance of technology, service, and quality without engaging in price wars [4]. Group 4: Stock Market Reaction - Following the news, Xiaopeng's stock on the Hong Kong market experienced a significant decline of 6.56% [5].

Core Viewpoint - MG brand is fully committed to transforming into a new energy vehicle (NEV) company, aiming to blend its legacy of driving passion with the advancements in electric and intelligent technologies [1][12] Group 1: Strategic Transformation - MG is entering a product launch phase over the next two years, with 13 new models including pure electric, plug-in hybrid, and range-extended vehicles set to be released [3] - The new MG4, upgraded MG5 2026, and MG Cyberster 2026 are highlighted as key models in this strategic shift [3][12] Group 2: Technological Integration - The brand is focusing on smart technology integration, partnering with OPPO to create a connected car ecosystem that enhances user experience through seamless smartphone integration [6] - The MG4 will be the first model to feature this new intelligent system, aiming to set a benchmark in smart interaction within the mainstream electric vehicle market [6] Group 3: Product Highlights - The MG5 2026 model is positioned as a competitive A-class sports sedan, starting at a price of 59,900 yuan, featuring a powerful 1.5T engine and advanced audio systems [8] - The Cyberster 2026, priced between 319,800 and 359,800 yuan, boasts ten upgrades including enhanced comfort features and improved driving dynamics, targeting the enjoyment of driving [10]

Group 1 - Huawang Automotive Technology (Guangzhou) Co., Ltd. is conducting large-scale recruitment across various fields including R&D, technology, product, sales, and finance, with over 100 positions available [1][4] - The company was officially registered on March 18, with a registered capital of 1.5 billion RMB, and is led by the deputy general manager of GAC Group, He Xianqing [1][3] - Huawang Automotive is the GH project company that GAC Group announced plans to invest in, with a total investment of 1.5 billion RMB, aiming to collaborate deeply with Huawei to create a new automotive brand [3][6] Group 2 - The new brand will target high-end customers in the 300,000 RMB price range, with product definitions and positioning primarily led by Huawei, while GAC Group provides support [3][4] - Recruitment in the R&D sector is a key focus, with 40 specific engineering positions related to battery management systems, thermal management, electric drive systems, and more [4][6] - The first product from Huawang Automotive is expected to be launched in 2026, with the timeline to be announced by the Huawang team in the future [6]

Financial Results Overview - Total revenue for Q3 2023 is projected at 171.0 million, a decrease of 7.2% year-over-year [1] - Gross profit for Q3 2023 is expected to be 12.8 million, with a gross profit margin (GPM) of 7.5% [1] - Operating profit is forecasted at -66.3 million, with an operating profit margin (OPM) of -38.8% [1] - Auto revenue is anticipated to be 154.4 million, with deliveries expected to reach 50,045 units [1] Management Commentary - Q2 2023 deliveries are projected between 72,000 and 75,000 units, driven by the launch of new models [2] - The new ES6 and EC6 models were launched on May 16, 2023, with deliveries starting on May 20, 2023 [3] - The ET9 flagship sedan has outperformed competitors in the high-end market, surpassing sales of BMW 7 Series and Audi A8 [5] Product Performance - The ONVO brand is experiencing increased demand, with the flagship SUV L90 set to launch in Q3 2023 [6] - The Firefly model began deliveries in late April, targeting both Chinese and European markets [7] Technological Advancements - The NX9031 system has been deployed in models like ES6 and ET5, enhancing competitiveness with the Sky OS and intelligent TSE systems [8] - An upgrade to the NWM system is expected to improve driving and parking functionalities [9] Sales Network Expansion - The company operates 184 NIO centers and 461 NIO spaces in China, with a service network covering 391 service centers [10] - Globally, there are 3,408 battery swap stations and over 26,000 charging points [11] - The company has entered 15+ core international markets, with plans to launch the Firefly global model in Q3 2023 [12] Future Outlook - The company plans to launch several key models in the second half of the year, with an acceleration in delivery volumes starting in Q3 2023 [13] - The goal is to achieve a monthly delivery target of 25,000 units by Q4 2023, with a projected gross margin exceeding 20% [15]

Core Insights - The article highlights the decline of the Roewe brand, which has seen a significant drop in sales, with only 3,000 units sold in April 2025, distancing itself from competitors in the same market segment [1] - The brand's high-end positioning has become unsustainable, leading to a blurred brand image and a loss of consumer interest [3][10] Brand History and Market Position - Roewe was established in 2006 with a focus on mid-to-high-end vehicles, initially attracting attention with models like the Roewe 750 and 550 due to their design and features [3] - Despite early efforts, Roewe struggled to compete with established joint venture brands, resulting in limited market acceptance for its products [4] Competitive Challenges - During the period from 2006 to 2014, Roewe's brand influence and product quality could not match that of joint venture competitors, leading to poor market performance [4] - The Roewe 750, launched at a price of 231,800 yuan, was positioned higher than competitors like the Toyota Camry and Honda Accord, but failed to gain traction due to low brand recognition and consumer trust in domestic brands [4] Product Strategy and Market Response - The launch of the Roewe RX5 in 2016 marked a turning point, as it was well-received in the compact SUV market, but subsequent models like the RX3 and RX8 faced challenges in positioning and pricing [6] - The RX8's pricing strategy was criticized for being misaligned with market expectations, leading to a decline in competitiveness against rivals like Haval H9 [6] Transformation and Strategic Issues - Roewe's attempts to pivot towards new energy vehicles have been inconsistent, lacking a clear strategic direction, which has hindered its ability to capitalize on market trends [8] - The brand's early investments in new energy were largely symbolic, and attempts to enter the market with models like MARVEL X were unsuccessful due to inadequate product strength and high pricing [8] Technological Advancements and Market Position - Roewe initially had an advantage in smart technology with the RX5's YunOS system, but failed to keep pace with competitors in developing advanced smart features [10] - The brand's hesitance in adopting a clear technological strategy has resulted in a loss of competitive edge in the rapidly evolving automotive landscape [10] Industry Context and Future Outlook - The challenges faced by Roewe are reflective of broader industry trends, including increased competition and the rise of new energy vehicles, which have pressured traditional fuel vehicle markets [11] - To regain its market position, Roewe must redefine its brand strategy, enhance product competitiveness, and improve marketing and customer service efforts [12]