导读：长久以来专精纯电领域的小鹏汽车，将从明年开始发力"大电池增程"方案。 （文 / 观察者网 周盛明 编辑 / 高莘） 2025年9月12日，观察者网获悉，长久以来专精纯电领域的小鹏汽车，将从明年开始发力"大电池增 程"方案。 根据工信部最新发布的车辆新产品公示清单，小鹏汽车申报了小鹏X9增程版、小鹏G7增程版两款车 型。 在外观部分，小鹏G7增程版车长相较于纯电车型增加26mm，日间行车灯由分体式变更为贯穿式。 | 产品购标: 小熊腰 | | 产品型号: | NHQ6490SHEVMA 产品名称: | 插电式增程混合动力多用速乘用车 | ■ 企业申报车型公示详情 | | --- | --- | --- | --- | --- | --- | | 变变名称: | 健庆小肌新能源投资有限公司 | 注册地址: | | 广东省管实高新区北江大道18号富民大厦十五楼1507房自编48号 | | | 目景序号: 140 | | 生产地址: | 广东省广州市黄靖区中新广州知识城鹏行环街1号 | | | | 道看原图 | | | 宣看原图 | 道看原图 | | | | | | | 8000 100 1 | | | | | ...

Group 1 - The article discusses the current trend of electric vehicle (EV) manufacturers shifting from pure electric models to range-extended electric vehicles (EREVs), with brands like Zhiji, Haobo, and Xiaopeng launching new EREV models [1][3][6] - Despite the initial excitement around EREVs, sales data indicates a decline in their popularity, with July retail sales of EREVs at 102,000 units, a year-on-year decrease of 11.4%, while pure electric vehicle sales increased by 24.5% [7][8] - The market share of pure electric vehicles has grown significantly, with the ratio of pure electric to EREV sales changing from 43:57 last year to 64:36 this year [7][8] Group 2 - The sales performance of leading EREV brands like Aion and Li Auto has been disappointing, with Li Auto experiencing a 39.7% year-on-year decline in July sales [10][12] - In contrast, brands like Xiaopeng and Leap Motor have seen substantial growth in pure electric sales, with Xiaopeng's sales increasing by 229.4% year-on-year [9][10] - The decline in EREV sales is attributed to the decreasing price of lithium and the resulting drop in battery costs, making pure electric vehicles more affordable and attractive [17][19] Group 3 - The article highlights that the charging infrastructure for pure electric vehicles is rapidly expanding, with an average of 34.3 public charging stations per square kilometer in major cities, alleviating range anxiety for consumers [20][23] - As battery technology improves, the range of pure electric vehicles continues to increase, with models like the Model Y achieving a range of up to 751 km [24][29] - The article concludes that while EREVs will continue to exist, they are returning to their original position as a transitional product rather than a primary choice for consumers [32][33]

Core Viewpoint - The company has shown significant revenue growth in H1 2025, with a revenue of 34.1 billion yuan, a year-on-year increase of 133%, while narrowing its net loss to 1.1 billion yuan, a 57% improvement compared to the previous year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 18.3 billion yuan, with a quarter-on-quarter increase of 125% and a year-on-year increase of 16% [1] - The gross margin in Q2 reached 17.3%, a quarter-on-quarter increase of 3.3 percentage points, driven by scale effects and cost control [1] - The company expects Q3 2025 deliveries to be between 113,000 and 118,000 units, with projected revenue of 19.6 to 21 billion yuan [1] Group 2: Sales and Product Development - The company delivered 198,000 new vehicles in H1 2025, with M03 and P7+ contributing stable sales of 86,000 and 44,000 units, ranking fifth and fourth in their respective market segments [2] - The new P7, set to launch on August 27, is expected to attract younger consumers with its sporty design and advanced features, potentially boosting monthly sales to over 40,000 units [2] Group 3: Strategic Partnerships and Innovations - The company has signed a strategic cooperation agreement with Volkswagen to expand their electronic and electrical architecture collaboration, which is expected to enhance revenue opportunities [2] - The introduction of the X9 range extender model, featuring a large battery and high-efficiency combination, is anticipated to launch in Q4 2025 [2] Group 4: Revenue Forecast and Valuation - The revenue forecast for 2025-2027 has been adjusted to 85.6 billion, 127.6 billion, and 153.9 billion yuan, reflecting a strong outlook for vehicle sales and smart technology development [3] - The target price for the company's stock has been raised to 120.34 HKD, maintaining a "buy" rating based on the company's competitive advantages in new vehicle cycles and smart technology [3]

Core Viewpoint - The article discusses the rapid evolution of range-extended electric vehicles (REEVs), highlighting the shift from smaller batteries with larger range extenders to larger batteries with smaller range extenders, driven by consumer demand and technological advancements [2][9][16]. Development of Range-Extended Technology - The development of range-extended technology has seen significant improvements, with pure electric range increasing from 120 km to 200 km over several years, and then to 400 km in just a couple of years [2][4]. - Battery pack capacities have also increased dramatically, from around 10 kWh to 50-60 kWh, showcasing impressive technological advancements [2][4]. Market Trends and Consumer Preferences - The market for range-extended vehicles has grown significantly, with many manufacturers who previously focused solely on pure electric vehicles now embracing range extenders due to their practicality and convenience [2][9]. - The average battery capacity of range-extended models has increased by approximately 20.54% from 2021 to 2023, indicating a trend towards larger batteries [4][5]. Competitive Landscape - The competition among manufacturers has intensified, with various models now offering pure electric ranges exceeding 300 km, reflecting a shift in consumer expectations [6][10]. - Major players like Ideal, Seres, and Lantu have upgraded their battery capacities significantly, with the average battery capacity reaching 43.77 kWh in 2023 [4][5]. Factors Driving the Shift to Larger Batteries - The decline in battery costs, which have dropped over 80% in the past decade, has enabled manufacturers to increase battery capacities economically [9]. - The proliferation of fast-charging infrastructure has supported the development of long-range models, making them more appealing to consumers [9][10]. Industry Perspectives on Battery Size - There are differing opinions within the industry regarding the necessity of larger batteries, with some arguing that they enhance the driving experience while others caution about increased costs and vehicle weight [3][12]. - The debate continues over whether the future of range-extended vehicles should focus on larger batteries or a balance between battery size and range extender efficiency [15][16]. Future Outlook - The consensus is that while range-extended vehicles are currently popular, the industry may eventually shift towards pure electric vehicles as battery technology matures and charging infrastructure improves [16][17]. - The ongoing competition and technological advancements suggest that the market for range-extended vehicles will continue to evolve, with potential for both large and small battery configurations depending on market demands and technological capabilities [17][18].

Core Insights - The automotive market is stabilizing due to the anti-involution trend, with July retail sales reaching 1.826 million units, a year-on-year increase of 6.3% but a month-on-month decrease of 12.4%. Cumulative retail sales for the year stand at 12.728 million units, reflecting a 10.1% year-on-year growth [1][7][15] - The intelligent driving index continues to rise, with the latest release of the VLA driver model by Li Auto, enhancing the human-like driving behavior of vehicles and allowing users to control driving through voice commands [4][22][32] - Investment recommendations include companies with strong positions in automotive intelligence and advanced software capabilities, such as Ruiming Technology, Daotong Technology, and others [4][38] Automotive Market Analysis - In July, the automotive market showed a "front low, middle high, and back flat" trend, with retail sales slightly above the historical high of 1.768 million units in July 2023, indicating a stable market environment [7][15] - The number of models with price reductions in July was 17, compared to 23 in the same month last year, suggesting a relatively stable pricing environment [4][7] - The penetration rate of new energy vehicles reached 54.0% in July, supported by policies such as tax exemptions and trade-in programs [15] Intelligent Driving Developments - The intelligent driving index reached 35.6 in June, with a month-on-month increase of 1.8 units, driven by the sales growth of high-intelligence models like Model Y and Wanjie M8 [22][24] - Li Auto's new i8 model, featuring the VLA driver model, is set to enhance user experience by allowing voice command control [4][32] Investment Recommendations - The report suggests focusing on companies that excel in automotive intelligence and software capabilities, including Ruiming Technology, Daotong Technology, and others [4][38]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights the potential of robotics in reducing costs and expanding applications in various fields, including home companionship, healthcare, logistics, and industrial sectors. It suggests that the robotics market will experience a surge similar to the early days of autonomous driving [4]. - The report emphasizes the importance of companies with strong scene implementation capabilities and suggests focusing on high-end markets and strong alpha enterprises such as NIO, JAC, Li Auto, and Xiaomi [4]. - The automotive market is expected to see numerous new model launches and deliveries in August, driven by supply and strong alpha performance [4]. Industry Updates - In the week of July 28 to August 3, 2025, retail sales of passenger cars reached 462,000 units, a month-on-month increase of 5.24% but a year-on-year decrease of 1.28%. Traditional energy vehicles sold approximately 217,000 units, while new energy vehicles sold 245,000 units, with a penetration rate of 53.03% [4]. - The automotive industry recorded a total transaction value of 523.07 billion yuan, with the automotive index rising by 2.68% during the week [4][22]. - The report notes that traditional and new energy raw material price indices have both increased recently, indicating rising costs in the industry [4]. Market Situation - The automotive industry index outperformed the Shanghai Composite Index, ranking 7th among all sectors in terms of weekly growth [22]. - A total of 259 automotive stocks rose, while 31 fell, with the largest gainers being Zhongma Transmission, Huami New Materials, and Aerospace Science and Technology [28]. Key Events - The 2025 World Robot Conference showcased advancements in embodied intelligence and robotics, highlighting the potential for industrial applications [5]. - BYD announced an OTA upgrade for its Song L EV model, enhancing its intelligent driving capabilities [10]. - The launch of the Geely Galaxy A7 fills a gap in the mid-size car market, with a price range of 81,800 to 117,800 yuan [17][18]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as Li Auto, NIO, Xiaomi, and Xpeng, as well as companies involved in intelligent trends and state-owned enterprise reforms [4]. - It suggests monitoring component manufacturers with strong performance growth and robotics capabilities, recommending companies like Fuyao Glass and New Spring [4].

New Car Launches - Geely Galaxy A7 launched with a limited price range of 81,800 to 117,800 yuan, featuring seven models and a focus on energy efficiency with a fuel consumption of 2.67L per 100km and a comprehensive range of over 2100km [3][20][26] - Audi Q6 e-tron family launched with prices ranging from 348,800 to 398,800 yuan, featuring a new design language and advanced technology including a 107kWh battery and a range of 709-765km [27][30][36][37] - Li Auto i8 adjusted its price to 339,800 yuan, offering a unified configuration with additional features such as a platinum sound system and rear entertainment screen [37][49] - New models from Zhijie R7 and S7 opened for pre-sale with starting prices of 268,000 and 258,000 yuan respectively, achieving over 20,000 reservations in just 8 hours [50][58] - The all-new XPeng P7 opened for pre-sale, achieving over 10,000 reservations in just 6 minutes and 37 seconds, showcasing strong market interest [59][74] - New MG4 launched with a pre-sale price range of 73,800 to 105,800 yuan, featuring advanced safety configurations and a unique battery integration technology [75][84] Company Developments - Buick's new Zhi Jing L7 features the True Dragon range extender system, offering a pure electric range of 302km and a comprehensive range exceeding 1400km [146][150] - Shenzhou Car Rental plans to introduce 100,000 units of CATL's chocolate battery swap models, aiming to enhance the rental experience with efficient battery management [155][160] - Xiaoma Zhixing launched its fully autonomous Robotaxi service in Shanghai, marking a significant step in commercializing autonomous driving technology [161] - Luobo Kuai Pao announced a strategic partnership with Lyft to provide autonomous driving services in Europe by 2026, indicating a push into international markets [164][165] - Tesla's board approved a stock grant worth approximately $29 billion to CEO Elon Musk, reflecting the company's reliance on his leadership amid competitive pressures [167][169]

Core Viewpoint - The article discusses the latest electric vehicle models released by various manufacturers, highlighting their specifications and potential market impact. Group 1: New Vehicle Releases - The Ministry of Industry and Information Technology has released the 398th batch of new vehicles, including models such as ZEEKR 001, Aion i60, and others [2] - ZEEKR 001 features dimensions of 4977*1999*1545mm, with a maximum power of 680kW for the dual-motor version, and plans for updates in smart technology [6] - The new Aion i60 has dimensions of 4685*1854/1876*1660mm, with a power configuration similar to the Aion霸王龙, aiming to expand market reach [25] - The new问界 M7 has dimensions of 5080*1999*1780mm and offers both single and dual motor versions, expected to boost sales upon release [12] - The深蓝 L06, with dimensions of 4830*1905*1480mm, is the first model from新长安's independent brand, offering both pure electric and range-extended versions [29] Group 2: Market Positioning and Expectations - The昊铂 A8 is positioned as a mid-to-large range-extended sedan, with potential for significant sales growth upon launch [21] - The岚图追光 L is positioned as a high-end sedan, featuring advanced technology and design updates to meet luxury market demands [34] - The北汽极狐 T1, a new pure electric model, is expected to start pre-sales in late August, aiming to strengthen its market position [45]