然而，时代正在改变。 在汽车工业的历史长河中，关于 " 何谓汽车之美 " 的答案，一直由西方书写。 劳斯莱斯幻影的艺术奢华，宾利慕尚的贵族气度，保时捷 911 一脉相承的运动美学，以及路虎揽胜开 创的全地形王者气魄，这些经典车型无不深深烙印着各自时代和各自国家的文化基因。 它们定义了豪华，引领了风潮，也让后来者在西方建立的审美体系中长期追随。 当敦煌飞天服饰和战国袍走出古籍，当汉服马面裙走进生活，当《黑神话：悟空》将东方神话带入全球 视野，当《红楼梦》、《长安三万里》被搬上舞台，掀起多轮文化讨论，当传统文化以崭新姿态回归日 常生活，一股源自东方的审美自信正在觉醒。 新世代的消费者开始青睐那些不仅能满足功能需求，更能承载文化认同与精神共鸣的产品。 这一背景下，中国汽车产业也面临着一个全新的时代命题： 如何打造属于东方的汽车美学，并让它驶向 全球？ 近日，岚图汽车在上海举办了 " 天地鲲鹏 " 风尚之夜，没有参数对比与场景罗列，只有飘逸的服饰、 灵动的光影与颇具未来感的舞台设计，共同诠释着 " 人车共风华 " 的东方美学新境界。 让世界看见东方之美 在这场超越传统汽车发布会的东方美学盛宴上，岚图以 " 天地鲲鹏 ...

作者 | 贝隆行业研究 数据支持 | 勾股大数 据（www.gogudata.com） 今年以来，新能源汽车板块有一个显著的特征，也是投资者的普遍共识：明明不少车企的销量、业绩都还不错，为什么股价就是涨不动，甚至 还在回调。 这背后实际是板块的估值逻辑发生了根本转变 ——从"蒙眼狂奔"进入"精耕细作" 周期，市场关注点也从 "规模" 转向了 "质量"。 同时笔者留意到，近期岚图汽车正式向港交所递交上市申请，将为港股市场带来一个新的增量看点。 根据招股书显示，岚图汽车交出了一份实打实的业绩： 2022年-2024年销量复合增速103.2%，2024年第四季度首次实现单季度盈利，成为 行业内最快实现单季度盈利、经营现金流转正的新能源车企。 那么在上述的行业阶段下，岚图的投资价值如何看？上市后是否有跑赢新能源板块的潜质？ 01 规模质量双升， 业绩确定性为估值提供 "安全垫" 从业绩来看，销量端， 2022-2024年销量从19409辆跃升至80116辆，复合年增速达103.2%，稳居中国高端新能源品牌增速前三。2025年 9月，岚图汽车单月交付达15224辆，同比增长52%；2025年1-9月累计交付达到9699 ...

面对日益激烈的中国新能源汽车市场竞争，东风岚图汽车正试图通过差异化战略实现品牌突破。在近日 举办的"岚图汽车时代风尚之夜"活动上，岚图汽车将中国艺术与文化和汽车设计相结合，呈现了一场视 觉盛宴。 "设计要服务于使用价值，并且要追求美观，而更高层次的追求，是通过与文化结合，赋予产品更强的 情绪价值。"岚图汽车总经理卢放在接受采访时表示，岚图品牌正在寻求从功能价值向情绪价值的转 型。 岚图将"天人合一"作为设计语言内核，从《庄子》《论语》等经典中汲取灵感，并将其转化为"极、 润、雅"的外观设计理念。卢放认为，"中式豪华"的核心是中国文化，而文化底蕴是支撑豪华品牌的关 键。"我们希望用户在使用产品的过程中，能进一步理解中国文化……这是一种'水滴石穿'式的坚 持。"这一理念已体现在岚图的产品命名体系中，"追光"、"梦想家"、"知音"及最新旗舰SUV"泰山"均采 用中文命名。 在此次活动中，岚图追光L与岚图泰山正式亮相，并宣布将于年内上市。岚图汽车CBO、销售公司总经 理邵明峰在回应市场定位时直言"岚图就是奔着BBA来的"。 目前岚图正完善其高端产品矩阵，三款旗舰车型分别瞄准不同细分市场。 在轿车领域，岚图追光L将直接 ...

10月2日，岚图汽车正式向港交所递交IPO申请。不同于多数新势力在亏损与现金流焦虑中仓促奔赴资本市场的行为，这一次岚图选择在基本盘稳定盈利 之后叩开港股大门。 当前的岚图智能化与新能源双线开花，月销逼近2万辆在主流市场站稳身位。更关键的是，2025年前7个月整体毛利率高达21.3%，超越理想成为中国新能 源车企中毛利率的新标杆。同样，资本市场擅长从细节中读懂趋势，岚图招股书中的信号无需渲染已然具备说服力。 在这个估值底部阶段，一家企业能否获得市场的合理定价，一方面要看自身是否具备增长确定性，另一方面要看经营路径能否穿越周期。岚图用五年时间 走出了一条可持续发展的路径。此前岚图因体制背景成为最容易被质疑的品牌，如今岚图用这份招股书发出反质疑的第一声。 岚图是国有新能源中唯一盈利上市车企 在10月2日递交的招股书中，汽车十三行注意到，岚图是目前港股申报新势力车企中唯一在上市前实现盈利的车企。 从2022年到2024年，岚图累计亏损从31.25亿元压缩至0.91亿元，并在2024年第四季度首次实现季度盈利，成为行业内最快达成单季盈利的新势力，2025年 前七个月，岚图已经实现整体盈利。 | | 截至12月31日止年 ...

轿车阵营：新能源与燃油改款齐发 2025年进入最后一个季度，国内汽车市场进入冲刺阶段，多款重磅新车将密集登场，覆盖20万元至50万元核心价格带，迎来改写竞争规则的有力竞争 者。下面，就来看看这些新车的亮点。 四季度轿车市场的新车包括12万级主流车型到30万级中高端产品，均经过技术迭代强化竞争力，同时兼顾家庭用户对舒适与实用的需求。 梅赛德斯-奔驰全新纯电CLA 定位：紧凑型纯电轿车 预售价：25.9万元-29.9万元 全新纯电CLA是梅赛德斯-奔驰模块化架构（MMA平台）的首款量产车型，不仅搭载奔驰电动化转型的核心技术，同时还针对中国市场进行了深度定 制，主打智能科技与长续航。 全新纯电CLA是首款搭载奔驰自研MB.OS全新架构的车型，作为整车"中枢神经"的MB.OS，可实现软硬件解耦和软件功能的定制化开发，具备整车 OTA能力。全新智能人机交互系统采用全新UI/UX设计，为中国市场定制开发软件，奔驰虚拟助手采用"豆包"生成式AI和思必驰语音交互技术，可实现更自 然、高效且精准的语音交互。 新车具备实现车位到车位的智能辅助驾驶能力，由中国团队主导开发，采用全新一代硬件架构和软件算法。全新纯电CLA采用800伏 ...

岚图汽车汉口全功能用户中心内，人流量比平日多出几倍。国庆期间售出近40台新车， 其中全新岚图知音最受欢迎。"很多是一家人全家上阵来买车，还有外地游客专程来看。"店 长熊乙云告诉长江日报记者，"尤其是知道我们和华为合作的几款车型，不少人一试完车就 下定了。" 十月的武汉，从网球场到商圈都在热。 光谷国际网球中心里，顶尖选手正挥拍拼搏；30多公里外的岚图汽车全功能用户中心， 人们正围着四款新车讨论智能驾驶与续航。赛事与汽车，场内与场外，恰好拼成了这座城市 在国庆中秋假期的另一种节奏——向上、向新、向未来。 赛场之外的"流量担当" 10月6日，2025年东风·岚图汽车武汉网球公开赛在光谷开幕。作为赛事独家冠名赞助 商，岚图再度成为"顶级赛场的出行担当"。 展区也成了"第二赛场"：刚刚开启预售的旗舰轿车岚图追光L——搭载全域800V岚海智 混技术、5C超快充系统和华为乾崑ADS 4，12分钟即可从20％充到80％，410公里纯电续 航，令不少球迷驻足打卡。"这车外形太惊艳了。"来自杭州的球迷王筝笑着说，"看完球我 都想去试试智能驾驶。" "武网冠名"让岚图在国际赛场上打出了品牌势能，而门店里的销售场景，则是这个"假 ...

Core Insights - The automotive industry is experiencing a surge in sales as companies rush to capitalize on the "golden September and silver October" period, with over 70 new models launched in September, predominantly SUVs [1] Group 1: New Energy Vehicle Sales - In September, new energy vehicle companies saw significant sales growth, with Li Auto's deliveries declining while others like Leap Motor, Xpeng, and Xiaomi achieved record numbers [2][3] - Leap Motor's sales reached approximately 66,770 units, marking it as the first new force brand to surpass 60,000 monthly sales [3] - Xpeng delivered 41,670 units in September, a 95% year-on-year increase, with a total of 312,000 units delivered in the first nine months [4] - Xiaomi also broke the 40,000 monthly delivery mark for the first time, indicating strong growth potential [4] Group 2: Company Performance - NIO delivered about 34,700 vehicles in September, a 64% increase year-on-year, with a total of 201,200 units delivered in the first nine months [4] - Li Auto's September deliveries were 34,000 units, showing a 19% month-on-month increase but a nearly 40% decline year-on-year [6] - Zeekr's sales reached 18,300 units in September, with a strong pre-sale performance for its flagship model, the Zeekr 9X [8] - The brand's rapid growth is attributed to its comprehensive product lineup, with the C10 and C16 models leading in their respective categories [3] Group 3: Traditional Automakers - BYD's September sales slightly decreased by 5.52% to 396,300 units, primarily due to a significant drop in plug-in hybrid vehicle sales [11] - Great Wall Motors achieved sales of 133,600 units in September, a 23.29% increase, with both new energy and overseas sales reaching new highs [11] - Geely's sales reached 273,100 units in September, a 35% year-on-year increase, with new energy vehicle sales growing by 81.27% [11]

Core Insights - The automotive industry is experiencing a surge in new vehicle launches, particularly in the SUV segment, as companies aim to boost sales during the "golden September and silver October" period [1] Group 1: New Energy Vehicle Sales - In September, several new energy vehicle companies reported significant sales growth, with Li Auto being a notable exception [3][6] - Leap Motor achieved a monthly delivery of approximately 66,700 units, marking a record for the brand and contributing to a cumulative total of 395,670 units for the year, achieving 60% to 68% of its annual target [3] - Xiaopeng Motors delivered 41,600 units in September, a 95% year-on-year increase, with a total of 312,700 units delivered in the first nine months, reaching 82.37% of its annual target [4] - Xiaomi also surpassed 40,000 units in September deliveries, indicating a potential increase in sales for the remaining months of the year [4] Group 2: Performance of Established Brands - NIO delivered approximately 34,700 vehicles in September, a 64% increase year-on-year, with a total of 201,200 units delivered in the first nine months, achieving 45.73% of its annual target [5] - BYD's September sales slightly decreased by 5.52% to 396,300 units, primarily due to a significant drop in plug-in hybrid vehicle sales [11] - Geely and Great Wall Motors both reported record sales in September, with Geely achieving 273,100 units, a 35% year-on-year increase, and Great Wall Motors reaching 133,600 units, a 23.29% increase [11] Group 3: Emerging Brands and Market Trends - Zeekr's sales reached 18,300 units in September, driven by the launch of its flagship model, the Zeekr 9X, which saw high pre-order numbers [8] - The overall market is witnessing a trend where new energy vehicles are gaining traction, with companies like Geely achieving a 60.49% penetration rate in September [11] - The competitive landscape is intensifying as new entrants and established brands alike strive to capture market share in the rapidly evolving automotive sector [1][3][11]

每经记者｜孙桐桐 每经编辑｜余婷婷 不难看出，新能源自主品牌正处在集体冲高的关键阶段，业内分析认为，新能源自主品牌想要攻入传统豪华品牌的腹地，真正树立起高端品牌形象，坚持技 术研发和设计原创至关重要。 9月29日，备受关注的极氪品牌旗舰SUV极氪9X正式上市，共推出四款车型，售价45.59万元起。官方信息显示，新车上市13分钟大定突破1万辆，小定接近8 万辆。同样在9月，吉利旗下另一款9系列旗舰SUV车型银河M9也迎来上市，与极氪9X、领克900形成"9"字辈的三款高端旗舰系列。 此外，9月26日，岚图汽车在"时代风尚之夜"T台秀上，亮相了旗下三款旗舰车型——2026款岚图梦想家、岚图追光L和岚图泰山。其中，全新旗舰SUV岚图 泰山迎来首秀，岚图追光L则对标"BBA"，直指豪华轿车市场。 "技术要做就一定要做到极致" 眼下，"旗舰之战"正成为中国新能源车企角逐的焦点，各品牌竞相发力旗舰车型。除了此前上市的比亚迪仰望U7、尊界S800等，近期车圈旗舰车型又集中 亮相，覆盖多个细分市场。 "我们认为中国汽车的向上之路是要通过技术来突破的。只要坚持技术小步快跑，能够逐步稳健地把优势发挥出来，我们的品牌、中国汽车工业 ...

Core Viewpoint - Lantu Automotive has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step towards its IPO, while Dongfeng Group is simultaneously completing its privatization process [2] Financial Performance - Dongfeng Group reported a 14.7% year-on-year decline in vehicle sales, totaling approximately 823,900 units, with a revenue of 54.533 billion yuan, up 6.6% year-on-year, and a net profit of 55 million yuan, down 91.96% year-on-year [2] - In contrast, Lantu Automotive's revenue is nearing 20 billion yuan, with net profit turning positive, indicating a self-sustaining phase [2] - Lantu's projected revenues for 2022 to 2024 are approximately 6.052 billion yuan, 12.749 billion yuan, and 19.360 billion yuan, with a compound annual growth rate of 78.9% [2] Sales and Growth - Lantu Automotive's sales are expected to grow from 19,409 units in 2022 to 80,116 units in 2024, achieving a compound annual growth rate of 103.2% [3] - In the first nine months of 2025, Lantu sold 96,992 vehicles, representing an 85% year-on-year increase [3] Product Strategy - Lantu has established a comprehensive product lineup covering the sedan, SUV, and MPV segments, with a price range of 200,000 to 500,000 yuan [3] - The Lantu Dreamer model has become a key product, with sales of 26,518 units in 2023, 46,687 units in 2024, and 40,111 units in the first seven months of 2025, indicating its growing importance in the lineup [4] Future Development Plans - Lantu plans to expand its product matrix to 6-9 models by the end of 2026, focusing on high-end market segments [5] - The company aims to enhance its sales network to 1,000 stores across over 200 cities by 2026, significantly increasing its market penetration [6] - Lantu's international market presence has expanded to 39 countries, with a 277.7% year-on-year increase in overseas sales from January to July 2025 [6] Strategic Partnerships - Lantu is deepening its collaboration with Huawei in the L3 conditional autonomous driving sector, aiming to enhance its technological capabilities [5]