Core Viewpoint - The article discusses the challenges and opportunities faced by Japanese joint venture automakers in the Chinese electric vehicle (EV) market, particularly focusing on the sales performance of models like the Nissan N7 and GAC Toyota's Platinum 3X, while highlighting the structural challenges due to changing consumer demographics and preferences [2][29]. Group 1: Sales Performance - GAC Toyota's Platinum 3X saw a decline in sales from 6,727 units in April to 4,344 units in May, while Nissan N7's sales reached 3,034 units in May after its launch on May 15 [2]. - The Nissan N7's cumulative order data within 35 days of launch was 17,215 units, indicating a significant gap between orders and actual sales due to production and delivery issues [2]. - The Nissan N7's weekly sales increased significantly from May 21 to June 1, with estimates suggesting a potential monthly sales range of 6,000 to 7,000 units [2][7]. Group 2: Market Positioning - In the economic EV segment, a monthly sales figure exceeding 5,000 units garners market attention, while sales over 10,000 units are considered a "small hit" [4]. - The Nissan N7 is positioned to disrupt the market by offering features and pricing that challenge traditional B-class vehicles, with a starting price of 11.98 million and a range of 540 km [6][26]. - The article notes that the Nissan N7's pricing strategy aligns with the successful sales of the Geely Galaxy Star 8, which also targets the B-class segment [6]. Group 3: Consumer Demographics - The article highlights a generational shift in the consumer base for EVs, with younger buyers (under 35) increasingly dominating the market, which poses a challenge for traditional Japanese brands that thrived in earlier decades [10][12]. - Reports indicate that 70% of Nissan N7 buyers are first-time purchasers or switching from other brands, reflecting a shift in brand loyalty among younger consumers [10]. - The changing demographics suggest that younger consumers are less influenced by the historical reputation of Japanese brands, which may hinder their market performance [17]. Group 4: Structural Challenges - Japanese automakers face significant structural challenges in adapting to the EV market, including a disconnect between their historical brand strength and the current consumer preferences for technology and design [20][21]. - The article emphasizes that the traditional attributes of Japanese cars, such as "economical and durable," may not resonate with the current EV consumer expectations, which prioritize technology and user experience [20][21]. - The article also points out that the lack of new media marketing and slow investment in smart technology are secondary challenges for these automakers [21]. Group 5: Competitive Landscape - Despite the challenges, Nissan's N7 and GAC Toyota's Platinum 3X are noted for their strong product capabilities and loyal customer bases, which may help sustain their sales [29]. - The article mentions that Toyota has seen a positive sales trend in its hybrid models, indicating a potential advantage over competitors like Nissan and Honda in the EV transition [22][26]. - The need for Nissan to establish a solid product with monthly sales of 10,000 units is highlighted as crucial for maintaining its market position in the EV sector [26].

6月29日，全球新一代豪华中高级电混轿车——吉利银河星耀8济南站开启"全民众测"及区域试驾活动。吉利星耀8凭 借"远超行业的安全旗舰、中国原创的美学旗舰、百万豪华的座舱旗舰、远超期待的性能旗舰、引领时代的科技旗 舰"五大核心产品力，重新定义中高级电混轿车新标准。现场众多媒体和用户亲身体验到吉利银河星耀8的非凡魅力， 让大家能够深度感知到"起步即旗舰"、"豪华人人可享"的超高价值。 活动现场，数辆同级热门竞品车型整齐排列，与银河星耀8展开了一场真刀真枪的性能对决。在专业试驾教练的指导 下，参与者们依次体验了直线加速、紧急变线挑战、8字绕桩等刺激项目。银河星耀8以6秒级破百的加速表现让现场 观众连连惊呼。智能泊车挑战中，其APA全自动泊车系统更以"一把入库"的精准度赢得满堂喝彩。 5米大车身打造豪华乘坐体验 对于"以大为美"的中国消费者，银河星耀8带来了长达5米的大尺寸车身，从视觉上看就拥有大气而豪华的风范。基于 吉利银河家族的"涟漪美学"，搭配封闭式前脸设计、无框车门以及溜背式设计，进一步满足了当下年轻消费者对于运 动与时尚的审美需求。值得一提的是，银河星耀8还拥有"最美D柱"的称号，据悉该灵感来源于西湖断桥， ...

核心观点 销量跟踪： 乘联会初步统计5月全国乘用车市场零售193万辆，同比去年5月增长13%，较上月增长10%，今年以来累计零售880.2万辆，同比增长9%；5月1-31日，全国乘用车厂 商批发232.9万辆，同比去年5月增长14%，较上月增长6%，今年以来累计批发1079.7万辆，同比增长12%。上险数据看，5月（5.5-6.1)：5月国内乘用车累计上牌170.86万辆，同 比+12.5%；其中新能源乘用车累计上牌91.17万辆，同比+23.9%。 本月行情： 5月CS汽车板块上涨1.88%，其中CS乘用车上涨1.12%，CS商用车上涨1.6%，CS汽车零部件上涨2.52%，CS汽车销售与服务上涨3.26%，CS摩托车及其它上涨 1.89%，同期沪深300指数上涨1.85%，上证综合指数上涨2.09%，CS汽车板块跑赢沪深300指数0.04pct，跑输上证综合指数0.2pct。汽车板块自2025年初至今上涨29.05%，沪深 300上涨11.92%，上证综合指数上涨12.52%，CS汽车板块跑赢沪深300指数17.13pct，跑赢上证综合指数16.53pct。 成本追踪： 截至2025年5月末，浮法平板玻璃 ...

Group 1 - The article reviews popular new car models launched in May 2025, highlighting their features and pricing [1] - The 2025 Avita 12 was launched on May 7, with a price range of 269,900 to 429,900 yuan, featuring advanced driving assistance systems and luxurious interior options [2][4][6] - The Geely Galaxy Star 8 was launched on May 9, priced between 115,800 and 155,800 yuan, offering multiple models with advanced safety features and luxurious seating [7][9][11] - The BYD Sea Lion 07 DM-i was launched on May 8, priced from 169,800 to 205,800 yuan, featuring a hybrid powertrain and advanced driving systems [12][13][15] - The Li Auto L series smart refresh was launched on May 8, with prices ranging from 249,800 to 439,800 yuan, featuring enhanced driving assistance and comfort features [16][17][19][21] - The 2025 Dongfeng eπ007 was launched on May 21, priced between 115,900 and 149,900 yuan, with upgrades in design and technology [24][26][28] - The XPeng MONA M03 Max was launched on May 28, with prices from 119,800 to 139,800 yuan, featuring advanced AI driving assistance and stylish design [29][31][34] - The Cadillac XT4 was launched on May 25, priced between 159,900 and 189,900 yuan, showcasing a distinctive design and powerful engine performance [35][37][39][40] Group 2 - The Avita 12 features a 755 km range for the pure electric version and a combined range of 1,155 km for the range-extended version [6] - The Geely Galaxy Star 8 offers a comprehensive sound system with 23 speakers and a hybrid powertrain with a torque of 605 N·m [11] - The BYD Sea Lion 07 DM-i has a fuel consumption as low as 4.7 L/100 km and a total range of 1,320 km [13] - The Li Auto L7 Max has increased its pure electric range from 225 km to 286 km, with a total range of 1,421 km [19] - The Dongfeng eπ007 features a drag coefficient of only 0.209 and offers fast charging capabilities [26][28] - The XPeng MONA M03 Max includes a high-performance AI driving system with 27 sensors and dual Orin-X chips [34] - The Cadillac XT4 is powered by a 2.0T engine with a maximum power output of 174 kW and a peak torque of 350 N·m [37][40]

Core Viewpoint - The company reported significant growth in sales, particularly in the new energy vehicle segment, indicating a strong market position and potential for future profitability [1][2][3] Sales Performance - In May, the total wholesale sales reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5% [1][2] - Cumulatively, from January to May, the total wholesale sales amounted to 1.173 million units, up 48.6% year-on-year [1][2] - New energy vehicle sales in May were 138,021 units, showing a year-on-year increase of 135.2% and a month-on-month increase of 9.9%, with a penetration rate of 58.7% [1][2] Brand Performance - The sales breakdown for May includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk & Co [1][2] - The launch of the Geely Galaxy Star 8, priced between 115,800 to 155,800 CNY, has generated over 10,000 pre-orders within six days [2] New Product Launches - The Lynk & Co 900 was officially launched in May, with four configurations priced between 289,900 to 396,900 CNY, achieving over 30,000 orders by mid-May [2] - The Zeekr 9X luxury SUV, set to launch in Q3 2025, features advanced technology and is expected to be priced over 1 million CNY [2] Technological Advancements - The company is deepening its integration of AI technologies, having announced a comprehensive AI strategy in May that includes various cutting-edge technologies [3] - The Lynk & Co 900 will be among the first vehicles to utilize the NVIDIA Thor chip, enhancing its competitive edge in the market [3] Financial Projections - The company forecasts revenues of 404.78 billion CNY, 489.69 billion CNY, and 572.83 billion CNY for 2025-2027, with net profits of 16.21 billion CNY, 22.09 billion CNY, and 25.98 billion CNY respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve significant growth with a focus on global expansion, particularly through its Galaxy series [1] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.36, 1.54, and 1.94 RMB respectively, with a target price set at 20.40 RMB or 22.26 HKD, based on a 15x PE ratio [2] Financial Information - Revenue is projected to grow from 179,204 million RMB in 2023 to 424,141 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18% [4] - Operating profit is expected to increase significantly from 3,806 million RMB in 2023 to 18,417 million RMB in 2027, with a notable growth rate of 100.8% in 2024 [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million RMB in 2023 to 19,553 million RMB in 2027, despite a projected decline in 2025 [4] - The company’s gross margin is expected to improve slightly from 15.3% in 2023 to 16.7% in 2027 [4] - The net profit margin is projected to stabilize around 4.5% to 4.6% from 2025 to 2027 [4] - The return on equity (ROE) is anticipated to increase from 6.6% in 2023 to 13.8% in 2027 [4] Sales Performance - In May 2025, the company’s total sales reached 235,200 units, marking a year-on-year increase of 46.4% [9] - The Galaxy series saw a remarkable sales increase of 273.2% year-on-year in May 2025, with 101,800 units sold [9] - The company is expanding its international presence, with plans to enter new markets in Southeast Asia and Europe [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2% and a month-on-month increase of 9.9%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Star 8 and Lynk & Co 900, is expected to drive sales growth, with the Galaxy Star 8 achieving over 10,000 pre-orders within six days of its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth. The total NEV sales for the first five months reached 603,000 units, marking a 137.1% increase year-on-year [1][2]. New Product Launches - The Galaxy Star 8 was launched in May with a price range of 115,800 to 155,800 RMB, featuring advanced technology and design. The Lynk & Co 900 was also launched, with over 30,000 orders received shortly after its release [2][3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB in 2025, 489.69 billion RMB in 2026, and 572.83 billion RMB in 2027, with net profits expected to be 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB respectively [4][5].

02 分析判断 ► 1-5月新能源销量同比大增 龙二地位加强 01 事件概述 公司发布5月销量公告，5月批发总销量23.5万辆，同比+46.4%，环比+0.5%；1-5月批发总销量117.3万辆，同比+48.6%。其中，5月新能源 销量138,021辆，同比+135.2%，环比+9.9%，渗透率58.7%；1-5月新能源累计60.3万辆，同比+137.1%。分品牌看：吉利品牌5月销量18.9 万辆（银河101,845辆（含几何））；极氪5月销量18,908辆；领克5月销量27,630辆。 5月公司总批发销量23.5万辆，同比+46.4%，环比+0.5%；1-5月乘用车累计销量117.3万辆，同比+48.6%；新能源累计60.3万辆，同比 +137.1%。5月，吉利银河星耀8上市，限时价为11.58-15.58万元，新车融合"涟漪美学"外观、豪华智能座舱与高阶智驾，搭载 Flyme Auto 系 统与龍鹰一号芯片，提供节能与高性能的双电混动力。上市 6 天大定破万。后续吉利银河将推出5款全新产品，其中包括2款SUV、2款轿车， 银河品牌全年销量预计100+万辆。2025Q1归母净利润55亿（还原会计政策），税后 ...

事实上，比亚迪今年前4个月销量依然保持向好态势，但距离全年550万辆的销量目标相去甚远，且 遭遇以吉利为首的自主品牌挑战。反观吉利汽车实现战略收缩后，正以强大的品牌势能带来销量攀升； 奇瑞则凭借海外优势保持两位数增长，这都给比亚迪带来压力。 进入2025年以来，汽车市场"价格战"逐渐开始降温。正当大家以为车企将进入"质价比"竞争时，比 亚迪突如其来的价格"闪击战"在行业内掀起狂风骤雨，也把压力给到了竞争对手。反观吉利和奇瑞汽车 一点不怂，先后以实际行动证明，这把牌我们跟定了！ 上周五(5月23日)，比亚迪突然推出"百亿补贴618"活动，宣布即日起至6月30日实行限时"一口价"策 略，活动涉及旗下王朝网和海洋网的共计22款智驾版车型，最高限时优惠5.3万元。 5月26日，吉利银河推出"百万福利"活动，全系享受限时补贴，其中星愿限时补贴价5.98万元起；5 月27日，奇瑞汽车携旗下四大品牌推出"百亿厂补"活动，其中瑞虎3X卓越版下探至3.49万元起售。尽管 三家以不同的名义实施降价，但"价格战"升级已经成为不争的事实。 比亚迪此番操作可谓"熟悉的配方，熟悉的味道"。过去几年，比亚迪凭借DM-i技术、冠军版和荣 耀 ...

文 | 每人Auto 刘冬雪 编辑 | 李欢欢 运营 | 步鸟 魏建军抨击汽车价格战下"难保品质"，话音刚落，比亚迪又掀起了新一轮价格战。不到两个月，比亚迪 已经三次举起降价大旗。友商的反应也很迅速，两三天之间，吉利、零跑、智己、上汽通用等相继跟 牌，降价涟漪环环传递出来。价格战向来是伤己伤彼，但王传福认为，只要能扩大市场份额，牺牲一些 利益是值得的。比亚迪降价，大家已司空见惯，外界好奇的是，羊毛是从谁身上薅下来的，以及，比亚 迪的降价天花板在哪里。 不到5万，买智驾版秦PLUS 一位北京地区的比亚迪销售人员告诉每人Auto，3月份的优惠政策是针对非智驾版的老款车型，主要目 的是为了清库存，现在库存已经卖得差不多了。新一轮的补贴政策都是针对智驾版车型，且补贴范围也 比5月初更大。 再三掀起价格战风暴，上述销售人员并不感到意外，他认为，今年车市的价格战还会继续，"市场都在 降价，比亚迪肯定也要降"。 但事实是，在价格战里，比亚迪总是扮演率先下战书的角色。就在比亚迪官宣降价三天后，吉利银河忙 不迭地应战了。 "什么样的工业产品降十万还能得到质量保证？这是绝对不可能的事。" 5月23日，长城汽车董事长魏建军接受采访 ...