Core Viewpoint - Geely Automobile (00175) demonstrated robust performance in Q3, with both revenue and sales increasing on a year-on-year and quarter-on-quarter basis, benefiting from model structure optimization and export recovery, alongside effective cost control, leading to enhanced overall profitability [1][2][3] Performance Analysis - Revenue: In Q3, the company sold 761,000 new vehicles, representing a year-on-year increase of 42.5% and a quarter-on-quarter increase of 8.1%. Total revenue reached 89.19 billion yuan, up 47.7% year-on-year and 14.7% quarter-on-quarter. The average selling price (ASP) per vehicle was 117,000 yuan, reflecting a 3.7% year-on-year and 6.1% quarter-on-quarter increase. For the first three quarters of 2025, the company sold 2.169 million new vehicles, a year-on-year increase of 45.6%, with revenue of 239.48 billion yuan, up 26.4% year-on-year [1][2] - Costs: After adjustments, the sales, administrative, and R&D expense ratios for Q2 2025 were 6.0%, 1.5%, and 4.9%, respectively, showing a decrease of 0.1 percentage points, 0.4 percentage points, and 0.2 percentage points quarter-on-quarter [1] - Profit: The gross profit margin for Q3 was 16.6%. After excluding abnormal exchange gains and non-financial asset losses, the actual net profit attributable to shareholders for Q2 was 3.96 billion yuan, increasing by 61.3% year-on-year and 20% quarter-on-quarter. The net profit per vehicle for Q3 was 5,200 yuan, up 13.2% year-on-year and 11% quarter-on-quarter. For the first three quarters of 2025, the gross profit margin was 16.5%, a year-on-year increase of 0.3 percentage points, with an actual net profit of 10.62 billion yuan, up 82.2% year-on-year, and a net profit per vehicle of 4,900 yuan, up 25.2% year-on-year [1][2] Operational Analysis and Outlook - Q3 performance was strong, driven by improved model structure and recovery in exports, with new models like Lynk & Co 900 and Galaxy Star 8 performing above median levels, contributing to ASP growth. However, the increase in the proportion of new energy vehicles and the introduction of lower-margin models like Galaxy A7 led to a slight decline in gross margin quarter-on-quarter, reflecting increased unit costs. The company maintained stable expense ratios, which decreased quarter-on-quarter, contributing to the overall strong performance [2] - Looking ahead, Q4 is expected to continue strong performance. The new energy segment is anticipated to maintain a trend of increasing volume, price, and profit, with the company solidifying its position as a market leader. New models such as Zeekr 9X and Galaxy M9 are expected to enhance model structure and further improve unit profitability. The traditional business segment is also expected to remain stable, with exports rebounding and fuel vehicle upgrades maintaining steady performance [2] Forecast and Investment Recommendations - The company is expected to maintain an upward trend in fundamentals, with strong product development capabilities and a robust new vehicle cycle. The focus should be on the recovery of market recognition. With low costs, strong blockbuster models, and a vigorous new vehicle cycle, the company is viewed positively for continued growth in volume, price, and profit. The profit forecasts for 2025, 2026, and 2027 remain unchanged at 16.6 billion, 19.68 billion, and 24 billion yuan, respectively, corresponding to PE ratios of 10.45, 8.81, and 7.24. The "buy" rating is maintained [3]

XPeng achieved a 149% year-over-year increase in vehicle deliveries, totaling 116,007 units, driven by the successful launch of the XPeng P7, which became a top BEV sedan in its price range, boosting monthly deliveries to over 40,000 units by September. The company's gross margin exceeded 20% for the first time in Q3, and XPeng is focused on reducing its net loss, aiming to achieve break-even by Q4, indicating improved financial performance and operational efficiency. XPeng is leveraging AI and physical AI ...

Core Insights - RoboSense has secured contracts with multiple brands under the Volkswagen Group, with an order scale exceeding 500,000 units [1] - The company has also received orders from some American and Japanese automakers, with total expected orders surpassing 2 million units [1] - RoboSense will provide the next-generation 192-line and 520-line digital lidar, with the partnered models expected to debut as early as early next year [1] - Industry supply chain sources indicate that foreign automakers with joint ventures in China are enhancing hardware performance to accelerate the development of L3 autonomous vehicle models [1]

以下文章来源于伯乐在线 ，作者伯小乐 伯乐在线 . 伯乐在线分享IT互联网职场和精选干货文章（原域名已不再维护）。组织维护10万+star的开源技术资源 库，包括：Python, Java, C/C++, Go, JS, CSS, Node.js, PHP, .NET 等 2025 年 11 月 11 日，理想汽车一则内部组织调整公告，正式宣告了持续 3 年的"学华为"之路画上句号。 组织部与人力资源部整合，华为系核心高管李文智、袁春峰相继提出离职，李想亲自接管人事工作，一系列动 作标志着理想全面放弃华为管理模式，重回创始人主导的集权管理轨道。 效仿缘起：销量压力下的 "华为取经" 2022 年 9 月，面对市场冲击，李想提出"全面学华为"战略，试图通过引入成熟管理体系实现从 1 到 10 的突 破。 理想密集引进华为系高管：有 18 年华为经验的李文智负责流程、组织与财经变革，22 年华为荣耀背景的邹 良军主导销服体系，袁春峰则推行华为特色的 PBC 绩效模式。 这套模式初期成效显著：2023 年理想年交付量达 37.6 万辆，同比增长 182.2%，营收突破 1200 亿元，成为 中国首家盈利的新势力车企 ...

Core Viewpoint - The article discusses the brands expected to experience the fastest sales growth in the coming year, focusing on year-on-year comparisons rather than overall sales volume [2]. Group 1: Brand Performance Predictions - BYD is highlighted for its impressive overseas market expansion and the successful launch of its popular model, the Titanium 7, with new technologies expected to enhance market performance next year [4]. - Geely is noted for its stable performance in the fuel vehicle market and successful low-price strategies, particularly with the Galaxy model, which has become a bestseller [4]. - Xiaomi's automotive division is recognized for its strong sales in October and a robust order pool, with expectations for increased sales driven by capacity improvements and new model releases [5]. Group 2: Growth Rate Estimates - Xiaomi is projected to have a significant growth rate, with Goldman Sachs predicting sales of 655,000 units by 2026, representing an approximate growth rate of 87% from a 2025 estimate of 350,000 units [6]. - Other brands like NIO and Li Auto are also expected to rebound quickly, with predictions of substantial growth based on low initial sales bases [8]. - The article mentions that new entrants like Leap Motor could see explosive growth, with estimates suggesting a potential increase of over 2000% in sales [10]. Group 3: Market Dynamics - The article emphasizes that the competitive landscape is shifting, with brands like Xiaomi and Geely employing various strategies to capture market share from established players like BYD [7]. - The rise of A0-level electric vehicles is noted as a significant trend, indicating a complete replacement of fuel vehicles in certain segments [10]. - The importance of product definition and marketing capabilities is highlighted, particularly for Xiaomi, which is expected to leverage its strong brand presence to drive sales growth [10].

柱哥这两周收到了很多家公司的咨询，问我们有没有端到端和VLA的技术人才引荐。有三家是主机厂，另外几家是供应商。这块的需求现在真的是很 大，某招聘网站上的3-5年专家岗已经高达70k月薪... 但端到端和VLA涉及的技术栈十分丰富。很多研究生的同学和转行的工业界小伙伴在刚开始接触时，往往会遇到很多问题。从模块化的量产算法发展到 端到端，再到如今的VLA。核心算法涉及BEV感知、视觉语言模型VLM、扩散模型、强化学习、世界模型等等。通过学习端到端与VLA自动驾驶，可以 掌握学术界和工业界最前沿的技术方向。 很多同学的咨询如何快速高效的入门端到端和VLA。所以我们联合了 工业界 和 学术界 的大佬开展了 《端到端与VLA自动驾驶小班课》 和 《自动驾驶 VLA和大模型实战课程》 ！ 扫码报名！优惠名额仅剩5个 扫码报名！抢占课程名额 课程大纲 自动驾驶VLA与大模型实战课程 由学术界大佬带队！ 这门课程聚焦在VLA领域，从VLM作为自动驾驶解释器开始，到模块化VLA、一体化VLA，再到当前主流的推理增强VLA。三大 自动驾驶VLA领域全面梳理， 非常适合刚接触大模型、VLA的同学。 课程也配套了详细的理论基础梳理， ...

| 蒙格序號 | 大 股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法國 | | | --- | --- | --- | --- | --- | --- | --- | | | 版优惠 | | | | 份權益 請參閱│迦本註 有投票權股期(日 / 月 / | | | | | | | | 份自分比 年 | | | CS20251114E00464 | JPMorgan Chase & Co. | 1001(L) | 5.742.126(L | HKD 105.6553 | 80,373,920(L) | 5.14(L)11/11/2025 | | | | 1403(S) | 5,745,451(S) | | 60.686.996(S) | 3.88(S) | | | | | | | 27.324.902(P) | 1.75(P) | | 股份代號: | 09868 | | --- | --- | | 上市法國名稱: | 小鵬汽車有限公司 - W | | 日期 (日 / 月 / 年): | 18/10/2025 - 1 ...

Core Insights - The 27th China International High-Tech Achievements Fair concluded in Shenzhen, attracting over 450,000 professional visitors, a 13% year-on-year increase, and resulting in over 1,023 on-site contracts with an intended transaction and investment amount exceeding 170 billion yuan [1][3]. Group 1: Event Overview - The fair featured over 5,000 new products and achievements, with more than 200 major events held during the three days [1]. - The event showcased 22 thematic exhibition areas, including major equipment, artificial intelligence, semiconductors, and commercial aerospace, with over 90% of physical exhibits being high-tech products [2]. Group 2: Participation and Engagement - Over 2,000 leading domestic companies and research institutions participated, including BYD, Tencent, Huawei, and others, presenting cutting-edge technologies and innovations [2]. - The event attracted over 1,036 international procurement teams and more than 3,000 investment institutions, including major firms like JPMorgan, Goldman Sachs, and Sequoia Capital, facilitating significant business interactions [3].

新汽车生态合作，报名中国版CES！ 撰文 | 莫 莉 编辑 | 黄 大 路 设计 | 甄 尤 美 在日本自动驾驶行业里，有一家成立刚满四年的初创公司，正在把自己绑在传统汽车供应链上。 2025年11月16日，总部位于日本东京的自动驾驶技术公司图灵Turing宣布完成约153亿日元的A轮融资，折合约6300万美元，投资方包括丰田集团 核心零部件供应商电装Denso等机构和企业。 这轮融资结束后，图灵估值接近3.88亿美元，比一年前翻了近四倍。据彭博社报道，这也是今年日本AI领域金额靠前的早期融资之一。 紧接着，Nikkei Asia报道称，图灵在融资落定后，与电装达成合作，将围绕乘用车自动驾驶系统展开联合开发。 这家以"要在自动驾驶上超越特斯拉"为口号的AI创业公司，第一次真正把手伸向大规模量产的工业体系，日本本土自动驾驶路线的一个新样本由 此成形。对已经在自动驾驶上投入多年、却迟迟难以跑出商业闭环的日本车企和供应链来说，这一次老牌Tier1加AI初创的组合，既是技术路线的 一次对赌，也是一次全新的尝试。 而电装的出现，则让这轮融资从AI故事变成更经典的汽车产业故事。 作为丰田集团的核心零部件供应商，电装长期在 ...

Core Viewpoint - Tesla's stock is performing well, increasing by as much as 4.8% and closing 1% higher, despite a broader tech selloff. Stifel has raised its price target from $483 to $508, indicating a potential 24% upside from the current price, driven by advancements in full self-driving (FSD) and robo-taxi technology [1]. Valuation Insights - The valuation analysis indicates that approximately $130 of the valuation is linked to the core auto business, while FSD and robo-taxi contribute about $185 and $160, respectively, to the overall valuation [3]. - The optimistic valuation for the Optimus robot is only around $29 to $30 per share, reflecting a conservative approach, with the primary value derived from FSD and robo-taxi [5]. FSD and Robo-Taxi Developments - Incremental data points regarding the success of FSD are expected to drive the robo-taxi business, which is seen as a key growth area [3]. - Current projections suggest that by 2026 and 2027, only about 15% to 20% of Tesla buyers may subscribe to FSD, with higher adoption rates anticipated in later years as consumer exposure increases [9][10]. Competitive Landscape - Concerns exist regarding competitive threats to FSD, particularly as Tesla employs a camera-based system and AI, while competitors are utilizing LIDAR systems, which may pose risks to Tesla's market position [8].