车解决方案 BU CEO 靳玉志；右：启境品牌CEO刘嘉铭） 大会现场，华为智能汽车解决方案BU CEO 靳玉志给这段合作下了一个颇具画面感的定义："一启入 境，共赴美好。" 在他看来，华为乾崑的愿景，是让智能融入每一辆车，让出行更安全、生活更美好。 而在智能汽车这个竞争加速的赛道上，启境被赋予的是"六边形战士"的角色——造型、驾驶、智能等维 度全面均衡，成为用户心中真正的Dream Car。 与华为乾崑协同共创的背后，是一种相互磨合后的默契。在启境品牌CEO刘嘉铭的叙述中，这段联合研 发经历并非一路顺流。双方初期因看待问题的视角不同，沟通中时常发生观点"碰撞"。但正是在不断的 交锋中，启境精准捕捉到用户未被满足的需求痛点，也通过深度交流形成认知互补，把分歧变成挖掘潜 在需求的线索。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 11月20日，华为乾崑生态大会的主舞台上，一个全新品牌的出现让原本技术密集的发布氛围，多了几分 故事开篇的味道——启境，这个由华为乾崑与启境团队联合打造、由广汽集团投资的新高端智能新能源 汽车品牌，首次正式公开亮相。它不仅是华为 ...

Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue growth and a solid gross margin, despite a slight decline in net profit compared to the previous quarter [2][3][4]. Revenue Performance - In Q3 2025, the company achieved revenue of 48.13 billion yuan, representing a year-on-year increase of 15.8% and a quarter-on-quarter increase of 11.3% [2]. - The AITO brand delivered 124,000 vehicles in Q3, marking a year-on-year increase of 12.2% and a quarter-on-quarter increase of 16.0% [3]. - The average selling price (ASP) for Q3 was 389,000 yuan, with a year-on-year increase of 3.2% but a quarter-on-quarter decrease of 4.1% [3]. Profitability - The net profit attributable to shareholders was 2.37 billion yuan, showing a year-on-year decline of 1.7% but a quarter-on-quarter increase of 8.1% [2]. - The gross margin for Q3 was 29.5%, reflecting a year-on-year increase of 4.4 percentage points and a slight quarter-on-quarter increase [3]. Expense Management - The company’s selling, general, and administrative expenses ratio was 14.6%, with year-on-year increases in selling expenses due to marketing activities for new models [3]. - Investment income for Q3 was 140 million yuan, contributing positively to profit growth [3]. Future Outlook - The company revised its net profit forecasts for 2025, 2026, and 2027 to 8.6 billion, 12.1 billion, and 16 billion yuan respectively, down from previous estimates [4]. - The partnership with Huoshan Engine aims to enhance AI applications in the automotive sector, indicating ongoing innovation and expansion in high-end intelligent brands [4].

Core Insights - Dongfeng Motor and its subsidiary Yipai Technology announced a call for new brand names and logo designs for the DH project, which aims to create high-end intelligent vehicles in collaboration with Huawei [1][3] Group 1: Project Overview - The DH project is focused on providing a new intelligent travel experience with exceptional quality, indicating the launch of a new high-end smart car brand by Dongfeng Motor [1] - The project will utilize a new product definition process and incorporate top-tier product development, quality management, and marketing channel operations to enhance user experience [3][5] Group 2: Collaboration with Huawei - Dongfeng Motor's collaboration with Huawei includes joint efforts in product definition, intelligent technology, and marketing, aiming to explore new market-oriented operational paths for state-owned enterprises [4] - The first model under the DH project is planned to be a high-end intelligent full-size SUV, set to launch in 2026, with Huawei's technological expertise supporting the project [5] Group 3: Brand Development - The brand name for the DH project must consist of two Chinese characters, reflecting the concept of intelligent travel, and the logo design should embody technology, quality, and warmth [3] - Yipai Technology is deeply involved in the collaboration, focusing on a full-chain synergy from product development to market services, enhancing the potential for innovation [4]

Core Insights - The signing of a strategic cooperation agreement between Huawei and Chery marks the beginning of the Zhijie brand's 2.0 era, with an investment exceeding 10 billion yuan and the establishment of a 5,000-person R&D team to enhance technological leadership [1][3] - The rapid establishment of the "Hongmeng Zhixing·Zhijie User Center" in Wuhan demonstrates the brand's strong execution capabilities and efficient decision-making processes under independent operation [3][4] - The expansion of Zhijie User Centers across multiple cities indicates a nationwide effort to build a comprehensive service network, enhancing the brand's market presence [4][6] Investment and Development - The strategic agreement involves significant financial commitment and resource allocation, aiming to optimize collaboration processes and maximize innovation potential [1][3] - The independent operation model allows for clearer management and decision-making, with Huawei leading the integrated operation of production, sales, and service, while Chery provides substantial industrial resource support [3][4] Service and User Experience - The establishment of Zhijie User Centers signifies the rapid formation of a high-end intelligent automotive service capability, enhancing customer experience from purchase to after-sales service [6][9] - The dual design center strategy in Shanghai and Shenzhen aims to elevate brand aesthetics and design, focusing on vehicle design and future mobility experiences, thus integrating technology and exclusive service ecosystems [9]

Group 1 - The core event was the launch of the new logo "Cosmic Star" for the Xiangjie brand, aimed at enhancing its luxury positioning [2][4] - The Xiangjie S9 achieved a delivery of 4,154 units in June, maintaining its position as the top-selling new energy sedan in the market [4] - The collaboration between BAIC and Huawei is emphasized, focusing on high-end manufacturing and technological innovation to redefine luxury in the automotive sector [4][7] Group 2 - The new logo features a hexagonal outline inspired by the HarmonyOS family, incorporating design elements that reflect Eastern aesthetics [6] - The logo's dual-layer design symbolizes a romantic connection with users, showcasing advanced craftsmanship through micro-level electroforming techniques [6] - The event highlighted user experiences, with testimonials from owners emphasizing the vehicle's comfort, safety features, and overall luxury experience [9][11][13][15] Group 3 - The event also announced the upcoming launch of a new travel vehicle in the fall, which will expand the Xiangjie product lineup and enhance consumer choices [15]

Core Viewpoint - SAIC Group is shifting focus to the new "Shangjie" brand in collaboration with Huawei, raising concerns about the future of its high-end brand, Zhiji Auto, which has been underperforming in sales [2][5][14]. Group 1: Performance and Sales - SAIC Group's sales are projected to drop by 20% in 2024, with net profit expected to decline by 87% to 90% [2][14]. - Zhiji Auto's sales in March were only 3,100 units, reflecting a year-on-year decline of 29.66% for the first quarter [10][11]. - The cumulative sales for Zhiji Auto in 2022 were only 5,000 units, and in 2023, it sold 38,253 units, falling short of its targets [8][9]. Group 2: Brand Strategy and Competition - The launch of the Shangjie brand may create competition with Zhiji Auto, as both brands target the high-end electric vehicle market [7][14]. - SAIC Group has invested 6 billion yuan in the Shangjie brand, with a dedicated team of 5,000 people and a specialized factory [3][5]. - The CEO of Zhiji Auto emphasized that it remains the group's top project and high-end brand, despite the new focus on Shangjie [6][9]. Group 3: Market Response and Future Outlook - Consumers are expressing confusion and concern over the dual branding strategy, questioning the future of Zhiji Auto in light of Shangjie's launch [6][14]. - Analysts suggest that if Zhiji Auto does not improve its market performance, it may face consolidation or restructuring, similar to the fate of the previously launched Feifan brand [11][12][13]. - The introduction of the "IM AIOS ecological cockpit" by Zhiji Auto, which includes an "AI takeaway" feature, has been met with skepticism from consumers [11].