一、比亚迪的王者之道：垂直整合构筑护城河 1. 全产业链闭环能力 比亚迪自研电池（刀片电池）、电机、电控、智驾芯片（含IGBT和SiC），零部件自制率超75%。这种垂直整合模式在供应链动荡期（如2022年芯片危机）展 现出极强韧性，同时通过外供弗迪电池、半导体等核心部件，将固定成本转化为利润源。2025年上半年，比亚迪集团销量达214.6万辆，全球纯电市场份额 15.7%，首次超越特斯拉。 2. 技术架构的范式革命 DM-i超级混动：以电驱为核心，发动机仅在高效区间直驱，纯电续航达120-240km，实现"可加油的电动车"体验，彻底颠覆传统混动"油为主、电为辅"的认 知。 刀片电池：通过CTP结构创新，体积能量密度提升50%，针刺实验不起火，推动行业从三元锂转向磷酸铁锂复兴。 八合一电驱系统：功率密度4.8kW/kg（行业平均3.5kW/kg），成本降低25%，支撑全系车型性能升级。 3. 全价格带覆盖与全球化布局 比亚迪主力价格带覆盖6万-30万元（海鸥7万起，汉L/唐L超20万），并通过海外建厂（如泰国、巴西）与本地化运营，2025年海外销量超55万辆，欧洲市场同 比增长225%。 二、零跑与比亚迪的模式 ...

Core Insights - The article highlights the competitive landscape of the automotive industry, focusing on the ongoing debate between self-research and external procurement of core technologies. Traditional automakers are shifting towards sourcing key technologies from the Chinese supply chain, with self-researched solutions gaining prominence [3][6][12]. Group 1: Company Achievements - Leap Motor has achieved significant milestones, including the production of its one-millionth vehicle, becoming the second Chinese new energy vehicle company to reach this milestone after Li Auto [6][8]. - In September, Leap Motor reported a monthly delivery of 66,657 vehicles, marking a record for new force brands and maintaining its position as the sales leader for seven consecutive months [6][10]. - The company is projected to deliver 144,155 vehicles in 2023, a year-on-year increase of nearly 30%, and aims for approximately 300,000 deliveries in 2024, representing a growth of about 103.8% [8][10]. Group 2: Growth Dynamics - Leap Motor's growth trajectory is characterized by a rapid increase in delivery rates, with a cumulative delivery of 395,516 vehicles from January to September 2025, and a monthly growth rate exceeding 97% in September [10][12]. - The company has demonstrated a unique market logic and product competitiveness, maintaining growth despite a slowing market and increasing price wars [10][12]. Group 3: Technological Strategy - Leap Motor's core strategy revolves around "full-domain self-research," which has led to significant technological advancements in areas such as electric drive systems and integrated battery chassis technology [12][14]. - The self-research approach allows the company to quickly adapt to market demands and technological trends, reducing reliance on suppliers and enhancing pricing power [12][14]. Group 4: Market Positioning - The company has developed a comprehensive product matrix covering various segments, including sedans, SUVs, and MPVs, ensuring a broad market appeal [16][18]. - Leap Motor's "good but not expensive" strategy is rooted in its self-research capabilities, allowing it to offer high-quality products at competitive prices [14][18]. Group 5: Operational Excellence - The one-million vehicle milestone reflects Leap Motor's robust capabilities in supply chain management, production, quality control, and market strategy [20][22]. - The company has successfully expanded into international markets, exporting over 30,000 vehicles and ranking first among Chinese new energy brands in this regard [20][22]. Group 6: Financial Performance - Leap Motor achieved its first half-year profit in 2025, becoming the second new force car company to do so, indicating a shift towards sustainable profitability [22][24]. - The company has been recognized in the Fortune China 500 and the China Top 500 Private Enterprises lists, underscoring its successful business model based on core technology and cost control [24].