访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 热点快讯 易控智驾冲刺港股 IPO，2024年营收9.86亿元 近日，矿区无人驾驶赛道企业易控智驾科技股份有限公司正式向港交所递交上市申请，拟赴港上市。招股书数据显示，易控智驾2024年总收入为9.86亿元， 相较2023年增长了264%。另外，2024年公司毛利正式扭亏。截至招股书发布，公司已拥有由超1400辆在运营无人驾驶矿卡组成的车队。此外，近期易控智 驾宣布完成超4亿元 D 轮融资。截至目前，其投资方包括宁德时代旗下产业投资平台溥泉资本、同力股份、华测导航、紫金矿业等。海外市场中，易控智驾 与澳大利亚采矿工程服务提供商 MACA 等国际矿业工程公司达成合作。2024年，公司与诺顿金田合作在澳洲卡尔古利启动本地化产品试验项目。（上证 报） 商务部：今年前五个月，我国对外非金融类直接投资616亿美元 今天（26日），商务部召开例行新闻发布会，新闻发言人介绍了今年前五个月我国对外投资合作的情况。数据显示，今年前五个月，我国对外非金融类直接 投资616亿美元，同比增长2.3%，在共建"一带一路"国家，非金融类直接投资155.2亿美元， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][31]. Core Views - The company achieved a significant year-on-year sales growth of 331% in Q1 2025, with a total sales volume of 94,000 vehicles [2][20]. - The revenue for Q1 2025 reached 15.81 billion yuan, representing a year-on-year increase of 141.5% [7]. - The launch of new models, including the MONA M03, is expected to drive sales further, with the new version receiving over 12,566 orders within the first hour of its release [3][27]. - The company maintains its profit forecast, projecting revenues of 88.5 billion, 118.1 billion, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, while expecting net losses of 1.58 billion, 2.659 billion, and 4.682 billion yuan for the same years [31]. Financial Performance - In Q1 2025, the gross margin was 15.6%, an increase of 2.7 percentage points year-on-year, while the net margin was -4.2%, improving by 16.7 percentage points year-on-year [2][11]. - The automotive business gross margin was 10.5%, up 5.0 percentage points year-on-year, driven by increased sales and reduced costs [11]. - The service and other income gross margin was 66.4%, reflecting a year-on-year increase of 12.5% due to higher-margin technical service revenues [11]. Sales and Delivery Guidance - The company expects Q2 2025 vehicle deliveries to be between 102,000 and 108,000 units, representing a year-on-year increase of approximately 238% to 258% [20]. - Cumulative total deliveries from April to May 2025 reached 68,600 units, marking a year-on-year growth of 251% [2][20]. Model Launches and Market Strategy - The 2025 model of the X9 and the new version of the MONA M03 were launched, featuring advanced AI driving capabilities [3][24]. - The MONA M03 is positioned to penetrate the market for high-end intelligent driving vehicles priced under 200,000 yuan, enhancing the company's competitive edge [31].

Investment Rating - The report maintains a "Focus" rating for the automotive and automotive parts industry [5] Core Insights - The report highlights rapid growth in passenger vehicle sales, with a divergence between wholesale and retail growth. For the period from February 1 to 23, retail sales reached 924,000 units, a year-on-year increase of 18%, but a month-on-month decline of 30%. Cumulatively, retail sales for the year so far are 2.718 million units, down 4% year-on-year. In contrast, wholesale sales for the same period reached 993,000 units, a year-on-year increase of 60%, but a month-on-month decline of 34%, with cumulative wholesale sales of 3.094 million units, up 13% year-on-year. The report notes that while retail sales of new energy vehicles (NEVs) grew by 77% year-on-year to 445,000 units, there was a month-on-month decline of 16%, with cumulative retail sales of 1.189 million units, up 29% year-on-year. Wholesale sales of NEVs reached 517,000 units, a year-on-year increase of 128%, but a month-on-month decline of 19%, with cumulative wholesale sales of 1.406 million units, up 52% year-on-year [1][21][3]. Summary by Sections Weekly Market Review (February 23-28, 2025) - The automotive sector experienced a decline of 2.72% this week, with most related sub-sectors also declining. The passenger vehicle sector saw the largest drop at -4.30% [12]. Data Tracking - Passenger vehicle retail and wholesale sales data indicate a significant increase in wholesale sales compared to retail, suggesting a market trend of inventory accumulation [21][1]. Industry News - Xiaomi launched the SU7 Ultra, targeting the high-end luxury market with a starting price of 529,900 yuan, significantly lower than the pre-sale price. This launch marks a strong entry for Chinese NEVs into the luxury segment [2][47]. - Ideal Auto announced an upgrade to its ADMaxV13 intelligent driving system, enhancing user experience and safety features [32][35]. - Baidu and CATL signed a strategic cooperation agreement focusing on autonomous driving and digitalization [48]. Investment Suggestions - The report suggests focusing on the continuous increase in penetration rates of independent NEVs and monitoring potential inventory risks. It emphasizes the importance of leading brands and technology companies in the smart electric vehicle market [3].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 用一套软件提供全系标配的高阶智驾，不收费、不订阅。 文丨赵宇 李力耘说，他和何小鹏的日常沟通形式之一，就是何小鹏在群里不断报新软件版本的 bug，或者报惊喜， 他来解决。但他们的目标是一致的、不需要讨论的，"以当前 L2 的 Bom 成本为所有用户提供类似 L3 的智 能辅助驾驶体验，做到不限城市、不限工况、不限路况。" 李力耘 2019 年加入小鹏汽车。此前，他曾在百度美研、京东美国硅谷团队研发无人车。2020 年，他把家 从美国搬回广州。 在小鹏前自动驾驶副总裁吴新宙去年 8 月离职后，李力耘接棒成为自动驾驶研发一号位。他在两个月内完 成 "疯狂 200 城" 计划，今年 1 月将小鹏无图城市 NGP 的覆盖范围扩展至全国 243 座城市。 但不久之后，李力耘就迎来了更大的挑战。 一方面，特斯拉在北美推出 FSD V12 版本，率先用 "端到端" 重塑量产智能驾驶的算法架构，智能驾驶行 业的技术风向再次发生转变，国内其他厂商意图借此机会实现弯道超车。 另一方面，小鹏内部的智驾 ...

日本汽车业再曝造假丑闻 日本国土交通省（相当于交通部与建设部）6 月 3 日通报称，丰田、本田、马自达、雅马哈、铃木被 发现在多款车型认证过程中提交虚假数据，现在已被要求暂停出货。去年底，丰田旗下的大发汽车被 指长期伪造碰撞测试数据，已经暂停出货。 日本汽车业再曝造假丑闻 曾经的核心资产现在怎么样了？ 新能源销量二梯队背后的爆款们 当一家对冲基金要 IPO "截至 5 月底，共有 5 家汽车制造商涉嫌在车型指定申请中进行了不当行为……这种行为不仅会损害 用户的信任，同时也会动摇汽车认证制度的基础……" 日本国土交通省说。根据日本规定，进入日本 市场的整车和零部件，均需要通过型式指定，由日本国土交通省监管。日本的整车型式测试包括安 全，排放，油耗，噪音，由国土交通省指定机构负责测试和输出报告。 五家日本车企在各自官网刊登了相关说明。丰田三款现役车型（Corolla Fielder、Corolla Axio 以及 Yaris Cross）涉及提交行人保护测试虚假数据等问题，四款过去生产的车型（Crown、Isis、Sienta 和 雷克萨斯 RX）涉及碰撞测试的不当应对。 关注《晚点财经》并设为星标，第一时间获取 ...