2025 年 10 月 10 日 公司研究 风险提示：行业需求不景气、行业竞争加剧、新品销量不及预期 两轮车业务：围绕核心目标人群，提供全生命周期用户体验 ——九号公司-WD（689009.SH）动态跟踪报告（一） 要点 九号公司 2020-2025 年两轮车板块年销量实现大幅跃迁，其中 2024/2025H1 销量是 260/239 万台（同比+77%/+100%），品牌势能强劲。同时，规模效应及产品结构优化 下毛利率持续抬升，2024/2025H1 毛利率分别为 21.1%/23.7%，处于行业领先位置。 公司两轮车业务亮眼的经营数据背后的驱动因素是什么？驱动因素是否仍然存在？ 差异化的产品：智能化是两轮车产品差异化的重要来源之一，九号智能化标签突出。消 费者购买两轮车的主要原因是代步或配送，选择产品时考虑的前三要素是耐用性、续 航、智能化。成熟供应链使得符合大众需求的耐用和续航变成标配，智能化作为创新点 成为产品差异化的主要来源之一。九号品牌智能化形象突出，通过全矩阵产品展现智能 化，根据艾瑞咨询数据，2024 年 TOP20 两轮电动车智能化产品中九号占据半数席位。 用户型企业的经营思维：通过在营销和 ...

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].