（原标题：小鹏X9超级增程，一门关于操控、空间、能耗与成本的极致平衡术） 21世纪经济报道记者何煦阳 报道 初看起来，这的确像是个不可能完成的任务。但小鹏动力系统总负责人顾捷向我们剖析，X9之所以能 在搭载后轮转向和增程系统后，空间利用率甚至做到更高，源于小鹏三个自研的技术： 第一，9合1集成的后桥，将后轮转向、电驱总成、传动轴总成、排气系统等9项技术配置集成在一起， 实现在增加一套增程系统后，空间利用率还能达到95.8%；第二，坚持使用一体化压铸，将167个零件 合一，节省空间还提高了车身的刚度；第三，800V混合碳化硅同轴电驱技术，因为使用高度集成的同 轴架构，体积减少了30%。 而且，因为在材料上选择了混合碳化硅，电驱体积比同级减少了10L，为53L；重量比同级减少了 7.5kg，为84.5kg；可CLTC效率却比同级主驱电机高了1.5%，为93.5%，效率更高，能耗更低。通过三 电和AI技术的突破和极具巧思的布置，超级增程款X9真正实现了"既要，又要，还要"。 产品力的全面升级固然令人佩服，但要实现这一切都离不开一个字——"钱"，而这恰是超级增程款X9 最大的惊喜：在续航、操控、空间、能耗都优于老款X ...

Core Viewpoint - The competitive landscape of new energy vehicle manufacturers is reshaping as Q3 2025 financial reports are released, highlighting significant performance variations among companies, with some showing improved profitability while others struggle with losses [1][3]. Group 1: Company Performance - Xiaopeng Motors achieved a revenue of 203.8 billion yuan, a year-on-year increase of 101.8%, despite a net loss of 3.9 billion yuan, which narrowed by 79% [2][5]. - NIO reported a revenue of 217.9 billion yuan, a year-on-year increase of 16.7%, but remains the largest loss-maker among new energy vehicle companies with a net loss of 34.8 billion yuan, although this loss narrowed by 31.2% [2][13]. - Li Auto, once profitable, faced a revenue decline of 36.2% to 274 billion yuan, resulting in a net loss of 6.24 billion yuan, ending its streak of 11 consecutive profitable quarters [2][10]. - Leap Motor recorded a revenue of 194.5 billion yuan, a year-on-year increase of 97.2%, and achieved a net profit of 1.5 billion yuan, marking its second consecutive profitable quarter [2][16]. Group 2: Strategic Adjustments - Xiaopeng Motors is shifting its strategy by embracing range-extended electric vehicles (REEVs) and enhancing its overseas market presence, with a focus on models like the Xiaopeng X9 [5][8]. - NIO is refocusing on its core automotive business, reducing costs, and aiming for improved sales efficiency while cutting down on non-core expenditures [13][14]. - Li Auto is pivoting towards AI technology, emphasizing the transformation of vehicles into smart terminals, while still facing challenges in its electric vehicle transition [11][10]. - Leap Motor is entering the REEV market and targeting the high-end SUV segment, attempting to elevate its brand image beyond its previous focus on cost-effectiveness [16][17]. Group 3: Market Dynamics - The Chinese new energy vehicle market is transitioning from growth to competition for existing market share, with companies needing to enhance their product, technology, and brand strengths to survive [3][17]. - The competitive landscape is characterized by companies learning from each other and adjusting their strategies to remain relevant in a rapidly evolving market [3][17]. - The overall profitability of the new energy vehicle sector is under scrutiny, with the upcoming financial results expected to determine which companies will thrive in the future [17].

Core Insights - The competitive landscape of new energy vehicle manufacturers is undergoing significant changes as companies report their Q3 2025 financial results, with Xpeng showing remarkable revenue growth while still facing losses [1][3] - NIO is attempting to recover from substantial losses by focusing on cost-cutting measures, although it remains the most unprofitable among its peers [1][3] - Li Auto has shifted from profitability to losses, facing challenges in its transition to pure electric vehicles, compounded by a recent recall incident [1][3] - Leap Motor has achieved profitability for the second consecutive quarter but faces challenges with its long-term pricing strategy affecting gross margins [1][3] Financial Performance Summary - Xpeng reported a revenue of 203.8 billion, with a year-on-year growth of 101.8%, and a net loss of 3.9 billion, which is a 79% reduction compared to the previous year [2] - NIO's revenue was 217.9 billion, with a year-on-year increase of 16.7%, but it recorded the largest net loss of 34.8 billion, a 31.2% reduction year-on-year [2] - Li Auto's revenue was 274 billion, down 36.2% year-on-year, with a net loss of 6.24 billion, marking a shift from previous profitability [2] - Leap Motor achieved a revenue of 194.5 billion, with a 97.2% year-on-year growth, and a net profit of 1.5 billion, marking a significant turnaround [2] Strategic Adjustments - Xpeng is focusing on enhancing its supply chain and product offerings, launching new models like the X9 Super Range Extender to address market needs [5][7] - Li Auto is pivoting towards AI technology, emphasizing the transformation of vehicles into smart terminals, while still facing challenges in its core automotive business [10] - NIO is narrowing its focus to core automotive operations, reducing costs, and aiming for improved sales efficiency while still grappling with significant losses [11][12] - Leap Motor is entering the range extender market and targeting the high-end SUV segment, although it faces challenges in changing consumer perceptions [14] Market Dynamics - The Chinese new energy vehicle market is transitioning from growth to competition for existing market share, with companies needing to adapt their strategies to survive [3][15] - The competitive edge is shifting towards comprehensive strengths in product definition, technology implementation, cost control, and brand perception [15]

Core Insights - The competitive landscape of new energy vehicle manufacturers in China is undergoing significant changes as Q3 2025 financial reports are released, with companies adjusting strategies to improve profitability and market positioning [1][2] Company Summaries XPeng Motors - XPeng Motors has seen a remarkable turnaround with a revenue increase of 101.8% year-on-year, despite a net loss of 380 million yuan, which has narrowed by 79% compared to the previous year [1][3] - The company achieved a record delivery volume of 116,000 vehicles in Q3, marking a 149.3% increase year-on-year [4] - XPeng is launching the X9 Super Extended Range model, which has received four times the pre-order volume compared to its predecessor, indicating strong market interest [5] NIO - NIO has managed to reduce its net loss by 31.2% year-on-year, although it remains the largest loss-maker among new energy vehicle manufacturers [1][3] - The company is focusing on cost reduction and efficiency, with a significant cut in R&D expenses by 28% year-on-year [8] - NIO's delivery volume reached 87,000 vehicles in Q3, with a goal to achieve a gross margin of 20% for the ES8 model in Q4 [9] Li Auto - Li Auto reported a revenue of 27.4 billion yuan in Q3, a decline of 36.2% year-on-year, marking the end of its 11-quarter profitability streak with a net loss of 624 million yuan [6][7] - The company is shifting its focus towards AI technology, aiming to transform vehicles into intelligent products, while still facing challenges in its pure electric vehicle transition [7] - Li Auto's delivery volume fell by 39% year-on-year, indicating a need for strategic reassessment [6] Leap Motor - Leap Motor achieved a revenue of 19.45 billion yuan in Q3, with a year-on-year growth of 97.2%, and reported a net profit of 150 million yuan, marking its second consecutive profitable quarter [10][11] - The company is entering the extended range market with its new D19 model, targeting the competitive 300,000 yuan SUV segment [10] - Despite strong sales growth, Leap Motor's profitability remains low, raising concerns about its long-term financial health [11] Industry Trends - The Chinese new energy vehicle market is transitioning from growth to a more competitive landscape, where companies must leverage product, technology, and brand strengths to survive [2] - The focus on profitability is becoming increasingly critical as the market matures, with companies needing to adapt their strategies to meet evolving consumer demands and competitive pressures [1][10] - The competitive dynamics are shifting as companies learn from each other, blurring the lines of their original market positioning [2]

Core Insights - The launch of the LS9 marks a significant milestone for the company, entering the competitive high-end six-seat SUV market with a starting price of 326,900 yuan, achieving over 5,000 pre-orders within 25 minutes of its release [1][2] - The LS9 is positioned as a flagship model, showcasing the company's five years of development and the deep integration of resources from SAIC Group, enhancing its competitiveness in the high-end electric vehicle market [2][3] Company Strategy - The LS9's launch is part of SAIC Group's strategic focus on the high-growth segment of six-seat electric SUVs, leveraging decades of technological accumulation and cross-industry resource integration [2][4] - The company emphasizes its priority access to top-tier technologies, such as the Lingxi digital chassis and the Super Xiaoyao battery developed in collaboration with CATL, which enhance the vehicle's performance and efficiency [2][4] Market Positioning - The LS9 targets consumers at a life advancement stage, addressing the need for a vehicle that balances family comfort and personal driving enjoyment, thus solving the pain points of traditional models [3][5] - A recent survey indicates that 75% of six-seat SUV users seek both comfort for family travel and driving pleasure, highlighting the importance of user-centric design in the LS9 [3][4] Technological Innovation - The LS9 adopts a super range-extender technology, which is projected to capture a 28% market penetration in the high-end SUV segment by 2025, surpassing plug-in hybrid models [4][5] - The vehicle offers a 1,500 km electric driving experience with minimal performance degradation, even in high-altitude conditions, and achieves a 10% to 15% lower energy consumption compared to similar plug-in hybrid models [4][5] Brand Development - The successful launch of the LS9, following the L6 and LS6 models, signifies the brand's transition into a phase of significant achievements after five years of foundational work [5][6] - The company has chosen a path focused on core technological advancements rather than superficial feature competition, positioning itself as a strong contender in the electric vehicle market [6]

Core Insights - The launch of the LS9 marks a significant milestone for the company, entering the competitive high-end six-seat SUV market with a starting price of 326,900 yuan, achieving over 5,000 pre-orders within 25 minutes of its release [1][2] - The LS9 is positioned as a flagship model, showcasing the company's five years of development and the deep integration of resources from SAIC Group, emphasizing the importance of technological innovation and market understanding [1][4] Company Strategy - The LS9 leverages SAIC Group's extensive technical foundation and cross-industry collaborations, allowing for the prioritization of advanced technologies such as the Lingxi digital chassis and the Super Xiaoyao battery, which enhance the vehicle's performance and efficiency [2][3] - The company aims to address the growing consumer demand for a balance between family comfort and personal driving enjoyment, as indicated by a survey showing that 75% of six-seat SUV users desire both [2][3] Market Positioning - The LS9 adopts a super-range extension strategy, responding to industry trends and consumer needs, with projections indicating that by 2025, the penetration rate of range-extended models in the 300,000 to 400,000 yuan high-end SUV market will reach 28%, surpassing plug-in hybrid models [3] - The vehicle's design focuses on user experience, incorporating features like 4D mechanical massage to meet the needs of family and business scenarios, aligning with the market shift from mere configuration to enhanced user experience [3][4] Technological Innovation - The LS9's technology aims to provide a seamless electric driving experience, achieving a 1,500 km range with minimal performance degradation, even in high-altitude conditions, and offering a 10% to 15% lower energy consumption compared to similar plug-in hybrid models [3] - The company's commitment to core technologies, such as digital chassis and intelligent driving, reflects a strategic decision to avoid superficial configuration competition and focus on substantial technological advancements [4]

Core Insights - Xiaopeng Motors has launched its new range extender technology, Kunpeng Super Range Extender, addressing five major pain points of traditional range extender users, including short electric range and slow charging speed [1] - The new model, Xiaopeng X9 Super Range Extender, is now available for pre-sale with prices starting at 350,000 yuan for the Max version and 370,000 yuan for the Ultra version [1] - The Xiaopeng X9 boasts the longest range for a seven-seater vehicle globally, with a CLTC pure electric range of 452 km and a comprehensive range of 1602 km [1] Technology and Performance - The Kunpeng Super Range Extender features a third-generation 1.5T high-efficiency turbocharged range extender, maintaining a stable cruising speed of 150 km/h even in low battery conditions [2] - It incorporates an industry-first fully integrated high-voltage oil-cooled generator, achieving high fuel generation efficiency [2] - The vehicle utilizes a unique 800V mixed silicon carbide coaxial electric drive, overcoming limitations of weak power in low battery situations [2] - The overall fuel consumption is 15% better than competitors in the same class, thanks to the integrated high-voltage oil-cooled generator and intelligent energy management system [2] Design and Safety - The Xiaopeng X9 features a 95.8% space utilization rate in its rear axle design, allowing for a spacious interior while integrating multiple systems [2] - The vehicle meets five-star safety design standards in both China and Europe, utilizing 87% high-strength steel and aluminum in its structure [2] - It includes advanced safety features such as a large energy-absorbing box in the front, designed to maximize occupant protection during collisions [2]

Core Viewpoint - Xpeng Motors' stock experienced volatility, initially dropping over 5% before recovering to a 3.14% increase, attributed to the unveiling of their new humanoid robot, IRON, at the Technology Day event [1] Group 1: Stock Performance - Xpeng Motors' stock rose by 3.14% to HKD 90.45, with a trading volume of HKD 30.82 billion [1] - The stock had previously seen a decline of over 5% during the early trading session [1] Group 2: Product Launch and Technology - The humanoid robot IRON was showcased at Xpeng's Technology Day on November 5, generating significant buzz on social media due to its lifelike walking capabilities [1] - In response to speculation about the robot's realism, CEO He Xiaopeng released an unedited video demonstrating the robot's mechanical structure, including visible components like fingers and microphones [1] - Xpeng's upcoming launch event for the X9 model, featuring the "Kunpeng" super-range technology, is scheduled for November 6 at 19:00 [1] - The X9 model is highlighted for its combination of a 63.3-degree fast-charging lithium iron phosphate battery and a 60L fuel tank, achieving a total range of 1,602 kilometers, making it the longest-range seven-seater vehicle globally [1]

Core Viewpoint - XPeng Motors (09868) shares rose nearly 5%, with a current price of HKD 91.35 and a trading volume of HKD 652 million, following the announcement of its latest delivery results [1] Delivery Performance - In October 2025, XPeng Motors delivered a total of 42,013 vehicles, representing a year-on-year increase of 76% and a month-on-month increase of 1%, marking a historical monthly delivery high with two consecutive months exceeding 40,000 units [1] - From January to October 2025, XPeng Motors achieved cumulative deliveries of 355,209 vehicles, reflecting a year-on-year growth of 190% [1] Upcoming Product Launch - XPeng Motors announced the launch event for the XPeng X9 Kunpeng Super Extended Range Technology, scheduled for November 6 at 19:00 [1] - The XPeng X9 will feature the "Kunpeng" Super Extended Range Technology, combining a 63.3 kWh ultra-fast charging lithium iron phosphate battery with a 60L fuel tank, achieving a total range of 1,602 kilometers, making it the longest-range seven-seater vehicle globally [1]

Core Insights - The new generation of Zhiji LS6, a "super five-seat intelligent SUV," was unveiled at the Chengdu Auto Show, attracting significant consumer interest with over 48,000 pre-orders since August 15, indicating strong market competitiveness [1][13] Pricing and Promotions - The LS6 offers two power versions: super range extender and pure electric, with a pre-sale price range of 209,900 to 279,900 yuan. An additional promotional package worth 16,000 yuan is provided, raising the total value of pre-sale benefits to 74,400 yuan, enhancing its market positioning as the preferred choice in the 200,000 yuan segment [3][4] Technological Advancements - The LS6 features the "Hengxing" super range extender system, developed in collaboration with SAIC Group and CATL, combining the advantages of electric, plug-in hybrid, and traditional fuel vehicles, thus creating a new category of "electric vehicles with built-in supercharging" [4][6] Performance Metrics - The super range extender version boasts a pure electric range of 450 kilometers and a comprehensive range of 1,502 kilometers, significantly exceeding traditional fuel vehicle capabilities. The vehicle can recharge 310 kilometers of range in just 15 minutes using an 800V fast-charging platform [6][9] Market Penetration - Over 52% of pre-orders for the LS6 come from traditional fuel vehicle users, indicating successful penetration into a broader consumer base. The vehicle has also passed extreme cold weather tests, addressing common concerns about electric vehicle performance in low temperatures, particularly appealing to users in northern regions [7][9] Economic Efficiency - The LS6 achieves a fuel consumption rate of just 2.07 liters per 100 kilometers, offering substantial cost savings compared to traditional fuel vehicles, making it a viable option for consumers seeking economic benefits [9][10] Family-Oriented Design - The LS6 is designed with family needs in mind, featuring a spacious five-seat layout with a 90% space utilization rate. It includes amenities such as a three-mode adjustable co-driver seat and an 11-liter dual-opening refrigerator, enhancing the overall travel experience [10][12] Driving Experience - The vehicle incorporates features like "cloud platform braking" and "cloud platform comfort" to minimize motion discomfort, making it suitable for families with elderly and children. Its four-wheel steering system allows for a tight turning radius of just 4.79 meters, facilitating easier navigation in urban settings [12][13] Intelligent Features - The intelligent cockpit system utilizes big data and machine learning to personalize user settings for seats, steering, and air conditioning, while also supporting OTA updates to keep the vehicle's features current [13]