近日，极氪官方宣布，正式启动"千里浩瀚H7辅助驾驶软硬件系统更换"众筹计划，面向中国地区超7万辆搭载激光雷达的2024款极氪001与极氪009车 主，提供辅助驾驶系统更换通道。 据悉，这已不是极氪第一次为用户体验进行大规模投入。2022年，极氪曾投入超3亿元为极氪001老车主免费升级8155芯片。本次面对更复杂的跨代际升 级，极氪通过众筹模式，既将选择权交还给用户，又通过承担全部开发成本和大部分硬件成本，显著降低用户负担。本次众筹行动也是极氪今年下半年以来 一系列服务用户的积极举措之一，24小时全场景免费道路救援，三电终身质保与流量终身免费等等，展现了极氪向"用户型企业"深度转型的决心。 当电动化渗透率不断攀升、市场竞争从"抢增量"转向"稳存量"，车企与用户的关系，也需要从"交易触点"走向"价值共同体"。极氪在技术迭代中不抛弃 老用户、在商业效率外彰显品牌温度的路径，为行业树立了一个新样本。 根据极氪官方的公告显示，此次众筹活动时间从2025年11月24日12:00至2025年12月24日12:00。符合条件的车主可通过极氪App参与，为车辆升级至基 于NVIDIA DRIVE Thor-U平台研发的千里浩瀚 ...

Core Viewpoint - The company is undergoing a brand transformation to become a user-centric enterprise, focusing on leading technology and a complete ecosystem to achieve its goal of becoming a global leader in light commercial vehicles [1][3][7] Brand Transformation - The launch of the new logo "Zhonghui" symbolizes the company's global strategy, emphasizing technology and ecology as dual driving forces, with a core philosophy of user-centricity [3] - The brand vision is to become the "global leader in light commercial vehicles," while the mission is to create a user-oriented enterprise through advanced technology and a complete ecosystem [3] Strategic Foundations - The company has established four brand pillars: 1. "Global Dato" with products sold in over 100 countries and regions 2. "Quality Dato" supported by Industry 4.0 factories and safety certifications 3. "Technology Dato" leveraging self-developed technologies 4. "Ecological Dato" through initiatives like the Lingju ecosystem and Xingti plan [3][4] Technological Advancements - The company unveiled the first industry-developed autonomous passenger and cargo vehicles, Danao RoboVAN and RoboBUS, which redefine future commercial mobility with intelligent solutions [4] - These vehicles are based on the SAIC L4 technology platform and trained on over 20 billion kilometers of real data, featuring innovative technologies that ensure safety and operational efficiency [4][6] Strategic Partnerships - The company deepened its collaboration with CATL to integrate smart driving, fast charging, and battery swapping technologies, establishing a nationwide energy network [6] - The partnership has led to the launch of the Danao V1L, which offers an industry-leading warranty of 8 years or 800,000 kilometers and a range of 535 km [6] User Experience Initiatives - The company plans to launch the "8S Super User Experience Center" in January, which aims to enhance user engagement through a comprehensive service model covering the entire vehicle lifecycle [6] - The commitment to user success is reflected in the company's sales performance, with a significant increase in new energy vehicle sales, achieving a 133% year-on-year growth in October [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve significant growth in its two-wheeler segment, with projected sales of 2.6 million and 2.39 million units for 2024 and the first half of 2025, respectively, representing year-on-year growth of 77% and 100% [1][27]. - The gross margin is anticipated to continue rising, reaching 21.1% and 23.7% for 2024 and the first half of 2025, placing the company in a leading position within the industry [1][31]. Summary by Sections Two-Wheeler Business - The company focuses on providing a full lifecycle user experience for its core target audience, with a strong emphasis on smart technology as a key differentiator in its product offerings [2][42]. - The company has established a robust brand presence, with a significant portion of its sales coming from younger consumers, who represent 66% of its customer base under 35 years old [2][47]. - The company has successfully optimized its product structure and achieved economies of scale, leading to a continuous increase in gross margins [1][31]. Research and Development System - The company's R&D system is characterized by a high degree of coupling among its organizational structure, mechanisms, and talent, which is crucial for maintaining competitive advantages [3][22]. - The dual-line R&D mechanism allows the company to balance short-term and long-term goals effectively, ensuring continuous innovation [3][22]. Future Outlook - The company plans to expand its store network significantly, with projections of 7,600 and 8,700 stores for 2024 and the first half of 2025, respectively, and aims to reach 9,500 stores by the end of 2025 [3][26]. - Continuous upgrades to its Over-The-Air (OTA) services will enhance user experience throughout the product lifecycle [3][26]. Profit Forecast and Valuation - The company is projected to achieve net profits of 2 billion, 2.7 billion, and 3.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 23, 18, and 14 [4][5].

Core Insights - The launch of the Li Auto i8 has garnered significant attention from high-end electric vehicle consumers, with its discussion volume surpassing other popular models in the market [1] - Li Auto announced a major adjustment to the i8 model shortly after its launch, standardizing configurations and pricing [2] Pricing and Configuration Adjustments - The i8 Max is set as the standard configuration, with its price reduced from 349,800 yuan to 339,800 yuan, and an additional 10,000 yuan worth of platinum sound system included [2] - Customers who initially ordered the Ultra version at 369,800 yuan can now obtain the same configurations for 349,800 yuan [2] - Customers who ordered the Pro version have the option to cancel or upgrade their orders [2] Decision-Making Efficiency - The decision to adjust the i8 configurations was made within just 7 days of the vehicle's launch, showcasing Li Auto's rapid decision-making capabilities [3] - During this period, the company processed a substantial amount of data (603,138 data points) from sales terminals to inform their strategic decisions [3] Market Positioning and Consumer Demand - Following the adjustments, the i8's Pro, Max, and Ultra versions were replaced by a unified configuration known as the "Li Auto i8 Listening to Advice Version," priced at 339,800 yuan [4] - The new version aligns with consumer preferences, as 98% of orders were directed towards the Max and Ultra versions, indicating a strong demand for high-end configurations [3] Product Features and Performance - The i8 Listening to Advice Version features a 97.8 kWh battery, offering a range of 720 km under CLTC standards, and supports rapid charging capabilities [5] - It is equipped with dual motors providing a maximum power of 400 kW and a peak torque of 660 N·m, achieving 0-100 km/h acceleration in 4.5 seconds [5] Luxury and Technology Integration - The i8 includes high-end features such as a dual-chamber air suspension, luxurious seating arrangements, and a four-screen interactive system [6] - It also incorporates the VLA driver model, which enhances driving capabilities through advanced learning and adaptation [6] Market Dynamics and Sales Potential - The market for electric vehicles priced between 300,000 and 400,000 yuan is considered a blue ocean, with limited competition outside of the Tesla Model Y [7] - The i8 has already surpassed 6,000 pre-orders, indicating strong market interest and potential for monthly sales exceeding 4,000 units [8] Competitive Landscape - In the first half of the year, Li Auto outperformed major luxury brands (BBAT) in sales within the 300,000 to 400,000 yuan SUV market [8] - The introduction of the i8 is expected to solidify Li Auto's dominance in this price segment, directly competing with established luxury brands [8] User-Centric Philosophy - The launch of the i8 Listening to Advice Version reinforces Li Auto's commitment to a user-driven product philosophy, emphasizing the importance of responding to consumer feedback [9]

Core Viewpoint - Beijing Automotive aims to revitalize its brand and expand its market presence by transitioning from traditional off-road vehicles to a broader audience through a "five transformations" strategy [2] Group 1: Market Position and Challenges - Beijing Automotive, established in 1958, has a rich history but faces challenges such as low brand awareness and market presence [2] - The hard-core off-road vehicle market has seen a slight increase in market share from 1.98% in 2020 to 2.91% in Q1 2025, but it remains a niche segment within the overall SUV market [2] Group 2: Strategic Transformations - The company is focusing on making off-road vehicles more accessible by introducing smarter and more fuel-efficient models, aiming to shift from a niche to a mass market [5] - Beijing Automotive is leveraging new energy technologies to redefine off-road vehicles, addressing concerns about fuel consumption and range anxiety with extended-range technology [5][6] - The BJ40 extended-range version and BJ60 Thunder models achieve a remarkable 1200 km range, catering to both off-road and urban commuting needs [5] Group 3: User-Centric Approach - The company is transitioning from a production-oriented to a user-oriented business model, emphasizing direct communication with customers to better understand their needs [6] - Engaging with users through social media and direct feedback is a key strategy for building trust and improving product offerings [6][7] Group 4: Brand Building and Long-Term Vision - Brand building is viewed as a long-term commitment, with a focus on delivering high-quality products and reliable services to gain user trust [7] - The importance of user-centered brand development is highlighted, with a belief that genuine user engagement leads to better brand loyalty [7][8] - The company acknowledges the challenges of building a strong brand in a competitive market, emphasizing the need for consistent quality and service over time [8]

Group 1 - The discussion at the "2025 China Automotive Chongqing Forum" focused on how to address "involutionary" competition in the automotive industry [1] - Chery Automobile emphasizes a user-centric transformation, aiming to understand consumer needs better and innovate in design [3] - Chery has exported nearly 5 million passenger vehicles and established over 30 subsidiaries in 115 countries, highlighting its global strategy [3] Group 2 - BYD's strategy to counter "involution" is centered on technological innovation, with a commitment to building a world-class automotive brand through technology [5] - BYD has over 120,000 technical personnel and invested 54.2 billion yuan in R&D over the past year, resulting in numerous patents and advanced technologies [5] - The company believes that technology is the best form of branding and aims to create a strong identity for Chinese new energy vehicles [5] Group 3 - Continental Group warns that price wars in the automotive industry lead to more losers than winners, suggesting that such competition harms the entire automotive ecosystem [7] - The company advocates for a return to healthy competition, where the best products are offered at reasonable prices rather than the lowest prices for unsafe products [7] - Continental is undergoing significant changes to adapt to the shift from fuel vehicles to smart cars that integrate driving enjoyment, entertainment systems, and intelligent driving [7]

Core Viewpoint - Lei Jun is a significant competitor in the automotive industry, particularly with the launch of Xiaomi's SU7 and the upcoming YU7, which are positioned to challenge established players in the market [3][8]. Group 1: Product Launch and Sales Performance - The Xiaomi SU7 was launched on March 28, 2024, and has delivered a total of 258,000 units in 13 months, averaging nearly 20,000 units sold per month [4]. - In the Chinese market for electric mid-sized sedans priced above 200,000 yuan, only the Tesla Model 3 has surpassed this sales figure, while BYD's Seal, including hybrid versions, has also exceeded 20,000 units [6]. Group 2: YU7's Market Position and Potential - The YU7 has been unveiled but its price has not yet been disclosed. It is expected to sell no less than 20,000 units monthly, indicating strong potential for becoming a best-seller [7]. - The YU7 is positioned as a "luxury high-performance SUV" and is expected to impact the pricing strategies of traditional luxury car manufacturers [25]. Group 3: Competitive Landscape - The YU7 will compete directly with models such as the Li Auto L6, NIO ES6, and the upcoming XPeng G7, with its dimensions being 5 meters long, 2 meters wide, and 1.6 meters high, and a wheelbase of 3 meters [19]. - The YU7 offers three versions with varying battery capacities and ranges, including a single motor rear-wheel drive version with an 835 km range and a dual motor all-wheel drive version with a 770 km range [22]. Group 4: Technological Advancements - The YU7 features advanced technology, including a third-generation Snapdragon 8 cockpit SoC and a 700 Tops Sol chip for intelligent driving assistance, with all versions equipped with lidar for end-to-end driving assistance [24]. - The overall hardware configuration of the YU7 is claimed to surpass that of the Tesla Model Y, indicating a competitive edge in technology [24]. Group 5: Brand Influence and Marketing Strategy - Lei Jun's personal brand and public persona have a significant influence on Xiaomi's automotive strategy, with his approach to marketing emphasizing storytelling and relatability [11][26]. - Despite recent controversies, Lei Jun's absence of direct responses during the product launch suggests a strategic positioning to maintain focus on product strengths rather than personal issues [10][26].