11月25日，小马智行发布2025年第三季度财报，三季度总营收1.81亿元，同比增长72%，连续三个季度 实现营收增长。Robotaxi业务三季度收入达4770万元，同比增长89.5%，其中乘客车费收入同比上涨超 200%。截至季末，公司现金及现金等价物、短期投资、受限现金及长期债务性理财产品合计41.84亿 元。 一财点评：通过与Uber、康福德高等全球出行企业合作，小马智行Robotaxi业务落地和车队测试已覆盖 8个国家。目前，小马智行第七代Robotaxi在广州实现单车盈利转正，公司将提前完成Robotaxi千辆规模 目标，2026年底将扩至3000辆以上。目前公司Robotaxi车队规模达961辆，其中667辆为第七代 Robotaxi，通过引入轻资产模式，加快车队规模化投放。 2、小鹏第100万辆整车下线 2025广州车展正在举办中，小鹏汽车以"AI改变世界"为主题，携小鹏X9超级增程、全新小鹏P7、小鹏 MONA M03 Max、小鹏P7+、小鹏G6、小鹏G7、小鹏G9在内多款车型亮相。小鹏汽车董事长CEO何小 鹏宣布，小鹏汽车迎来第100万台整车下线，下线车型为小鹏X9超级增程。 一财点评：财 ...

反弹科技先行, 重视 T 链 VIV -2025/11/17-2025/11/21 汽车周报 2025 年 11 月 25 日 版 发行业 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本期投资后示 1. 本周事件 1.1 重点报告回顾 《科技赋能下的换道再提速——2026 年汽车行业投资策略》 汽车需求受到政策变化的影响有限，乐观看到中高端需求的超预期回暖。无论是消费 习惯、能力、人口结构,还是产品竞争力都相较于 8 年前有了较大变化,因此我们不必刻 舟求剑对明年的退坡过度担忧。我们相信优秀的 B/C 级新产品将会显著激发用户的换车需 求。政策扰动对 A0/A00 市场会有结构性扰动，但新能源渗透率进一步提升已成定局 整车出海的盈利确定性来自工程师红利的套利，我们相信这轮中国智能电动车的全球 化之路已经开启，5 年后海外销量有望接近 1000 万台。 科技看小鹏、蔚来、理想，白马看比亚迪、 ...

Core Viewpoint - The 23rd Guangzhou International Auto Show has opened, showcasing Chery Group's commitment to innovation and diverse vehicle offerings, including advanced hybrid and electric technologies [2] Group 1: Company Highlights - Chery Group presented 34 models, including the Zongheng G700, Fengyun T9L, and Jietu Traveler, highlighting its extensive product lineup [2] - The company introduced the C-DM6.0 high-efficiency hybrid engine, 2.0T range extender engine, and Rhino solid-state battery, emphasizing its focus on parallel oil and electric solutions [2]

Core Insights - The article provides a detailed overview of upcoming vehicle models from various manufacturers, including their specifications, market segments, and launch dates. Group 1: Manufacturer and Model Overview - Beijing Benz will launch the Mercedes-Benz C-Class on November 14, 2025, in the B NB segment with a price range of 338,300 to 384,100 CNY [12]. - Geely Auto is set to release the Geely Bin Yue L on November 15, 2025, in the AO SUV segment, priced at 97,800 CNY [20]. - Chery Auto will introduce the Chery Fengyun A9L on November 15, 2025, in the C NB segment, with prices ranging from 181,900 to 236,900 CNY [28]. - GAC Aion will launch the Aion i60 on November 16, 2025, in the A SUV segment, with prices between 109,800 and 135,800 CNY [36]. - NIO will release the NIO ES6 on November 17, 2025, in the B SUV segment, priced at 349,800 CNY [44]. Group 2: Technical Specifications - The Mercedes-Benz C-Class features a 2.0T engine with a power output of 125 kW and torque of 250 Nm [12]. - The Geely Bin Yue L is equipped with a 1.5T engine, producing 133 kW and 290 Nm of torque [20]. - The Chery Fengyun A9L offers a 1.5T plug-in hybrid engine with a total power output of 115 kW from the engine and 160 kW from the electric motor [28]. - The Aion i60 has a 1.5L range extender engine with a power output of 74 kW and an electric motor producing 180 kW [36]. - The NIO ES6 features a pure electric powertrain with a total output of 360 kW and torque of 700 Nm [44]. Group 3: Market Segmentation and Launch Dates - The article categorizes vehicles into various segments such as B NB, AO SUV, C NB, and A SUV, indicating a diverse range of offerings from manufacturers [2][4]. - The launch dates for these models are strategically planned between November 14 and November 21, 2025, showcasing a concentrated effort to capture market interest during this period [2][4][7].

Core Viewpoint - The absence of Li Xueyong, a key figure in Jietu Auto, at the recent launch event reflects a strategic shift within Chery Group and the brand's development, indicating a transition towards a more mature operational model [4][6][8] Group 1: Li Xueyong's Role and Transition - Li Xueyong has played a crucial role in the rise of Jietu Auto, having been involved since its inception in 2018, focusing on a differentiated development strategy amid a challenging market [4][5] - His recent promotion to oversee multiple core brands within Chery signifies a shift from hands-on management of Jietu to a broader strategic role, impacting his direct involvement in daily operations [6][7] Group 2: Jietu Auto's Development and Strategy - Jietu Auto has rapidly become one of the fastest-growing brands in China's automotive market, achieving 2.046 million users globally within just seven years, making it the only Chinese brand to reach 2 million sales in such a short time [4][5] - The brand's marketing strategy has stabilized, focusing on the "Travel+" ecosystem, emphasizing user co-creation and community engagement, despite Li's absence at the event [7] - Jietu Auto has successfully addressed sales challenges but now faces the urgent need to enhance its new energy vehicle offerings and transition to a higher-end market, which will require more than just marketing capabilities [7][8]

Group 1: New Energy Vehicle Exports - In October 2025, China's new energy vehicle exports reached 256,000 units, marking a year-on-year increase of 99.9% and a month-on-month increase of 15.4% [1] - From January to October 2025, new energy vehicle exports totaled 2.014 million units, reflecting a year-on-year growth of 90.4% [1] Group 2: Automotive Investment Growth - Automotive investment growth is projected to reach 17.5% in 2025, significantly higher than other manufacturing sectors [2] - In October 2025, total vehicle production was 328,000 units, with new energy vehicle production at 171,000 units, representing a year-on-year increase of 19% and a penetration rate of 52% [2] Group 3: GAC Group Leadership Changes - GAC Group announced the appointment of He Xianqing as General Manager and Wang Dan as Chief Accountant, marking a significant leadership change aimed at reform [3] Group 4: Geely Automotive Financial Performance - Geely Automotive reported a third-quarter revenue of 89.19 billion yuan, a year-on-year increase of 27%, and a net profit of 3.82 billion yuan, up 59% year-on-year [4] Group 5: XPeng Motors Financial Results - XPeng Motors reported third-quarter revenue of 20.38 billion yuan, a year-on-year increase of 102%, with a net loss of 380 million yuan [6] - The total vehicle deliveries for the third quarter reached 116,007 units, a 149.3% increase compared to the same period in 2024 [6] Group 6: Leap Motor Financial Performance - Leap Motor achieved a net profit of 150 million yuan in the third quarter of 2025, marking consecutive quarters of profitability [8] - The company delivered 173,852 vehicles, a 101.8% increase year-on-year, with revenue of 19.45 billion yuan, up 97.3% [8] Group 7: Future Product Plans of XPeng Motors - XPeng Motors plans to launch seven new models in 2026, including three super electric range-extended products in the first quarter [11] Group 8: BMW iX3 Production Plans - BMW's new generation iX3 is set to be produced in 2026, featuring advanced driving assistance technologies, with extensive testing already underway [12]

Core Insights - Jietu Automobile has achieved a significant milestone with the production of its 2 millionth vehicle, reflecting a rapid increase in sales over seven years through a differentiated competitive strategy and deep understanding of user needs [1][7] Group 1: Market Strategy - Jietu has successfully carved out a niche in the "Travel+" segment, focusing on consumer demands for travel and mobility since its establishment in 2018, which has allowed it to find a differentiated competitive path in the Chinese automotive market [2] - The company has shifted its product definition logic to be user-centric, resulting in products that meet market demands effectively, exemplified by the launch of the Shanhai L7 PLUS, which targets family travel needs [2][5] Group 2: User Engagement - Jietu emphasizes a user-centric approach, implementing a "Three 100% User Service" initiative that includes 100% direct engagement with users, enhancing service capabilities through streamlined processes [2][3] - The efficiency of user communication is highlighted by instances where customers can directly connect with top executives for support, showcasing a high level of responsiveness [3] Group 3: Product Development - The Jietu Traveler SUV has popularized the "boxy" SUV design, achieving over 100,000 sales within nine months of launch, setting records for rapid sales growth in this category [5] - The demographic of Jietu Traveler users shows a strong appeal among younger consumers, with 66% under 40 years old and 24% being female, indicating a successful market penetration strategy [5] Group 4: Global Expansion - Jietu is leveraging Chery's extensive experience in global vehicle development and has established a presence in 91 countries and regions, with over 2,000 sales and service outlets worldwide [7] - The achievement of 2 million sales in seven years is a testament to Jietu's market insight and commitment to a user-centered strategy, providing a viable reference for other Chinese automotive brands aiming for global competitiveness [7]

Core Insights - Jietu has achieved remarkable sales performance, with global sales reaching 459,578 vehicles from January to September, marking a year-on-year growth of 22.0% [1] - On October 30, Jietu celebrated a milestone of 2 million cumulative sales in just 7 years, making it the only Chinese automotive brand to reach this figure within such a timeframe [1][7] - This achievement positions Jietu as a strong contender among mainstream automotive brands, showcasing its ability to break through in a highly competitive market [1][2] Sales Performance - Jietu's sales trajectory has been impressive, with monthly sales exceeding 10,000 units in its founding year, and sales increasing from 180,000 units in 2022 to 315,000 units in 2023, with projections of over 568,000 units in 2024 [2] - The brand has also seen significant overseas success, with cumulative international sales surpassing 550,000 units, achieving top market share in several countries [2][10] Strategic Positioning - Jietu's growth is attributed to its strategic focus on family and adventure travel, creating a diverse product matrix that includes popular models like the Jietu X70 series and the Jietu Traveler [8] - The introduction of the "travel small RV" category has further diversified its offerings, combining comfort and practicality for users [8][10] Ecosystem Development - Jietu has built a comprehensive "travel+" ecosystem, featuring over 10,000 products, 3,000 global rest stops, 176 quality campsites, and 360 partner alliances, catering to diverse user needs in travel [10] - This ecosystem enhances Jietu's position from merely a vehicle provider to a comprehensive travel solution provider, making travel easier and more enjoyable for users [10] Future Goals - Jietu aims to transition from a new player to a mainstream brand and is targeting the position of the world's leading electric hybrid off-road brand [11][12] - The brand's continuous innovation in products and strategic positioning reflects its commitment to understanding user needs and leading the industry [11]

Core Viewpoint - The article discusses the resurgence of retro aesthetics in consumer preferences for SUV models, particularly focusing on the "boxy" design trend in the automotive market [1][2]. Group 1: Market Trends - There is a noticeable shift in consumer aesthetics back to retro designs, particularly in the SUV segment [1]. - The demand for versatile vehicles that can navigate various terrains is increasing, reflecting a desire to explore the country's landscapes [2]. Group 2: Vehicle Pricing and Sales - The Haval Big Dog models have a strong market presence, with 95% of sales concentrated on gasoline versions, averaging over 15,000 units sold monthly [3]. - The Equation Leopard T3 has achieved stable monthly sales of around 10,000 units, indicating strong market acceptance [6]. - The Haval Tank 300 has seen a decline in sales from approximately 10,000 units to around 7,000 units monthly, yet it remains one of the most successful Chinese off-road vehicles [18]. Group 3: Competitive Analysis - The article highlights several key players in the boxy SUV market, including Haval, Equation Leopard, and Jietu, with a recommendation for consumers to consider these brands in the order mentioned [43]. - The Jietu Traveler and Jietu Mountain Sea T2 models are noted for their competitive pricing and product capabilities, although the latter has limited product strength [10][12]. - The Equation Leopard series, particularly the T3, is positioned as a unique electric option among boxy models, showcasing the brand's commitment to innovation [7].

Investment Rating - The report initiates coverage with a "Buy" rating for Chery Automobile [6][3]. Core Insights - Chery Automobile is positioned as a leading player among domestic car manufacturers, focusing on the transition to new energy vehicles, high-end market penetration, and international expansion to drive new growth [1][18]. - The company has established a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, which cater to various market segments from mainstream to high-end and from fuel to new energy vehicles [1][18][21]. - Chery's sales are projected to grow significantly, with a compound annual growth rate (CAGR) of 36.7% for its main brand from 2022 to 2024, and a notable increase in export sales [2][3]. Financial Summary - Revenue forecasts for Chery Automobile are as follows: 2025 at 315 billion CNY, 2026 at 394.3 billion CNY, and 2027 at 485.6 billion CNY, with corresponding net profits of 16.22 billion CNY, 21.36 billion CNY, and 27.19 billion CNY [3][4]. - The company is expected to maintain a strong net profit margin, with a projected price-to-earnings (PE) ratio of 10.40 for 2025, decreasing to 6.20 by 2027 [3][4]. Sales and Market Position - In the 5-20W price segment, Chery ranks second in wholesale sales, with a significant increase in sales from 1.75 million units in 2023 to 2.375 million units in 2024, driven by its strong performance in the new energy vehicle sector [2][3]. - The overall penetration rate of new energy vehicles in the market is 44.9%, with Chery's brands showing robust growth across all segments [2][3]. Brand Performance - The main brand Chery is expected to achieve sales of 1.643 million units in 2024, while Jetour, Exeed, iCAR, and Zhijie are also projected to see substantial sales increases, reflecting the effectiveness of the company's diversified brand strategy [2][21]. - The Jetour brand is particularly noteworthy, with a projected CAGR of 77.7% from 2022 to 2024, indicating strong market demand for its offerings [2][3]. Technological Advancements - Chery has made significant investments in technology, focusing on five key areas: Mars architecture, Kunpeng power, Lion smart cockpit, Falcon intelligent driving, and Galaxy ecosystem, which are expected to enhance its competitive edge in the automotive industry [1][64].