在2025广州车展期间，一汽奥迪A5L乾崑智驾版迎来上市，新车共推出1款车型，售价为30.68万元，限 时心动入手价28.68万元。 作为奥迪品牌首款搭载华为乾崑智驾技术的产品，一汽奥迪A5L乾崑智驾版凭借奥迪驾控基因与华为智 能技术的相互赋能，打造了中、德合资产品的新科技产品，同时也彰显了奥迪品牌在中国市场全面开启 的豪华智能出行新时代。 一汽奥迪A5L乾崑智驾版依托全新PPC豪华燃油智能平台，深度联合华为，采用成熟的组合驾驶辅助解 决方案，全面支持城区 NOA/高速 NOA/高级泊车等功能，实现了燃油车与组合驾驶辅助的完美融合， 为用户带来更智能的豪华出行体验。 除智能化之外，新车更在豪华体验、美学设计、驾控性能与品质等维度全面升级。 外观上，新车延续了现款在售车型的设计风格，但车头保险杠两侧的辅助驾驶传感器进一步提升了该车 作为智驾版车型的特殊身份。 细节方面，一汽奥迪A5L乾崑智驾版的车头上配有由52颗LED组成的星辰矩阵大灯，远光最大照射距离 可达到540米，大幅度提升夜间行车能力。 车身尺寸方面，该车的长宽高分别为4908、1860、1458mm，轴距为2969mm。 车身侧面，新车采用内置微动开 ...

Core Viewpoint - The company is actively engaging in the Sino-German cooperative framework for automated driving, leveraging its established technology research center in Germany to meet the demands of German automotive manufacturers and secure more orders [1] Group 1: Company Developments - The company has established stable cooperative relationships with several German automotive clients, resulting in new project orders from some of these clients [1] - The recent Sino-German automated connected driving cooperation meeting in Beijing highlights the company's commitment to aligning its products with European standards, particularly in driving assistance regulations [1] Group 2: Market Opportunities - The company's technological advancements in intelligent cockpit and smart driving are positioned to combine with Germany's strengths in the automotive industry and standard-setting, creating unique differentiated solutions [1] - The technical accumulation from the company's operations is expected to lay a foundation for expanding into the broader European market [1]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 10 月 17 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股缩量震荡，上证指数涨 0.1%报 3916.23 点，深证成指跌 0.25%，创业板指涨 0.38%；沪深两市成交额 1.93 万亿元。申万行业 方面，煤炭、银行、食品饮料等领涨；钢铁、有色金属、建筑材料等 领跌。概念板块方面海南自贸区、兵装重组、培育钻石等上涨，特钢 概念、光刻机、光热发电等下跌。港股方面，香港恒生指数收盘跌 0.09%报 25888.51 点，恒生科技指数跌 1.18%；海外方面，美国三大 股指全线收跌，道指跌 0.65%，标普 500 指数跌 0.63%，纳指跌 0.47%； 欧洲三大股指收盘全线上涨；亚太主要股指收盘集体上涨。 【重要新闻】 【增值税发票数据显示：今年前三季度全国企业设备更新加快推进】 国家税务总局增值税发票数据显示，全国企业设备更新加快推进，消 费品以旧换新政策成效明显。今年前三季度，工业企业采购机械设备 类金额同比增长 9.4%，其中民营企业采购金额同比 ...

Core Viewpoint - The performance report for the first half of 2025 indicates a significant decline in revenue and profit for the company, with a notable increase in pre-tax losses compared to the same period in 2024 [2][3]. Financial Performance - Revenue for the first half of 2025 was 365.99 million RMB, a decrease of 42.47% compared to 636.16 million RMB in the same period of 2024 [2][3]. - Gross profit was 17.07 million RMB, down 61.93% from 44.85 million RMB in 2024, resulting in a gross margin of 4.67% compared to 7.05% in 2024 [2][3]. - Pre-tax losses increased by 80.39% to 177.86 million RMB, up from 98.60 million RMB in 2024 [2][3]. - The company's net loss attributable to equity holders rose by 80.38% to 177.88 million RMB from 98.61 million RMB in the previous year [2][3]. Inventory and Costs - The cost of sales for the first half of 2025 was approximately 348.92 million RMB, compared to 591.31 million RMB in 2024 [3]. - Inventory impairment provisions were approximately 4.05 million RMB for 2025, compared to 0.27 million RMB in 2024 [2][3]. Business Operations - The company delivered over 116,000 sets of integrated driving assistance solutions and products, representing a 20.8% increase year-on-year [4]. - The majority of revenue came from sales of integrated driving assistance solutions and products to OEMs, totaling approximately 327.5 million RMB, a decline of 46.6% from 613.26 million RMB in 2024 [4]. - Revenue from the sales of integrated driving assistance domain controllers was approximately 294.40 million RMB, down 50.76% from 597.94 million RMB in 2024, primarily due to a significant drop in Supervision orders from customers [4]. Growth in Self-Developed Products - Revenue from the self-developed iDC series integrated driving assistance domain controllers was approximately 74.38 million RMB, an increase of 115.66% from 34.49 million RMB in 2024 [5]. - Revenue from sales of intelligent front-view cameras was approximately 33.09 million RMB, up 115.99% from 15.32 million RMB in 2024, driven by new customer models entering mass production [5].

Core Insights - Dongfeng Motor Group's premium brand, Lantu, showcased two new models, Lantu FREE+ and Lantu Dreamer Mountain River, at the 2025 Shanghai International Auto Show, highlighting its collaboration with Huawei through the integration of Huawei's advanced driving system ADS 4.0 and Harmony cockpit 5.0 [1][3][5] Group 1: Product Launch and Features - Lantu FREE+, a revamped version of the brand's first model, underwent over 500 million yuan in upgrades, including 381 safety-related optimizations, marking it as a significant product of Lantu's partnership with Huawei [3][5] - The four-seat version of Lantu Dreamer Mountain River targets high-net-worth individuals with a pre-sale price of 709,900 yuan, featuring advanced amenities like a 50-inch smart projector and zero-gravity seats, aiming to redefine business travel [5][7] Group 2: Market Position and Strategy - Lantu's CEO emphasized that the competition in smart driving extends beyond algorithms to include perception, decision-making, and execution capabilities, positioning Lantu's technology as a combination of intelligent software and robust mechanical quality [7] - In Q1 2025, Lantu achieved a 59% year-on-year growth, becoming the first central enterprise premium brand to reach the milestone of 200,000 vehicles produced, with plans to launch over four new models and develop L3-level intelligent architecture by the end of 2025 [7][8] Group 3: Customer-Centric Approach and Service Expansion - Lantu's COO highlighted that the upgrades in Lantu FREE+ were largely based on user feedback, indicating a strong focus on understanding and meeting customer needs [10] - The newly launched "Lantu Service VOYAH SERVICE" aims to create a "million-user service system," with a planned investment of 5 billion yuan by Q2 2026 for charging networks and service point expansion, targeting 900 service touchpoints by the end of 2025 [10] Group 4: International Expansion and Future Outlook - Despite geopolitical challenges affecting overseas expansion, Lantu's leadership remains optimistic about the global competitiveness of Chinese automotive brands, attributing it to diligence and innovation [10]