Core Viewpoint - GAC Group's chairman acknowledged the company's failure to capitalize on the rapid development of range-extended and plug-in hybrid technologies, leading to significant declines in sales and profits in 2024 [1][3]. Financial Performance - In 2024, GAC Group achieved a sales volume of 2.0031 million units, a year-on-year decrease of 20.04% [1][3]. - The company's revenue for 2024 was 106.798 billion yuan, down 17.05% year-on-year, while net profit attributable to shareholders was 824 million yuan, a decrease of 81.4% [1][2]. - The first half of 2025 is projected to show a net loss of 1.82 billion to 2.6 billion yuan, marking the first mid-year loss since 2005 [10][15]. Sales Breakdown - GAC's joint venture brands, GAC Honda and GAC Toyota, saw sales declines of 26.52% and 22.32% respectively, while the self-owned brand GAC Aion experienced a 21.9% drop in sales [3][9]. - GAC Trumpchi, another self-owned brand, saw a slight increase in sales of 1.99% [3]. Market Challenges - The company faces ongoing pressure in sales, with a reported 8.22% decline in June 2025 sales compared to the previous year [3]. - The competitive landscape is intensifying, with increased promotional spending and a price war affecting profit margins [15]. Strategic Adjustments - GAC Group is adjusting its model and technology strategy, planning to introduce multiple range-extended and plug-in hybrid models [7]. - The company aims to launch over 20 new or updated models by 2025, with a target of achieving a 15% annual sales growth and increasing the share of self-owned brands to over 60% of total sales by 2027 [15].

点 击 蓝 字 关 注 我 们 本文全文共 4116 字，阅读全文约需 14 分钟 目录 国内新闻 1.三部门召开加强新能源汽车安全管理工作视频会 2.工信部发布新一批新能源车免税名单 3.广西:6月20日之后 暂停消费品以旧换新补贴 4.到2030年将新增超8000万辆网联汽车 5.昊铂HL增程版8月交付 智能座舱获A+认证 3.越南电动车商VinFast将在美国加州设经销店 4.德州仪器计划在美国投资600亿美元 商用车 1. 徐工2.0汉界轻卡昆明上市 2. 法士特加速进军海外高端市场 6.腾势品牌将于三季度进入澳大利亚 7.深蓝汽车登陆亚美尼亚 S07同步开启交付 8.搭载雷神AI电混2.0 吉利银河A7正式亮相 国外新闻 1.梅赛德斯-奔驰将延长内燃机战略 2.日产确认2028年推首款固态电池车型 3. 宇通客车品牌价值突破千亿 4. 远程醇氢生态产业与专用车绿色创新发展大会圆满举办 国内新闻 1 三部门召开加强新能源汽车安全管理工作视频会 时间:2025.6.20 来源: 财联社 6月19日，工业和信息化部装备工业一司、国家市场监督管理总局质量发展局、国家消防救援局消防监督 司联合召开加强新能源汽 ...

Core Viewpoint - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show showcases over 1,000 vehicle models from more than 100 brands, emphasizing the importance of technological innovation and high-quality products in the automotive industry [1][2]. Group 1: Event Overview - The auto show features 112 vehicle brands and 1,039 models, including global and national premieres, under the theme "Facing Technology, Facing the Future, Facing the Market" [1]. - Notable exhibitors include BYD, Xiaomi, NIO, Changan, Geely, and SAIC Volkswagen, with significant new model launches and technological advancements [2][3]. Group 2: Technological Innovations - The Huawei and Jiangqi collaboration launched the Zun Jie S800, priced from 708,000 yuan, with over 1,000 pre-orders within an hour, indicating strong market interest [3]. - The Zun Jie S800 will upgrade to Huawei's ADS 4 intelligent driving system in Q3 2025, showcasing the trend towards smart vehicle technology [3]. Group 3: R&D Investments - Xiaopeng Motors reported a quarterly R&D investment of nearly 2 billion yuan, aiming to become a global AI automotive company [4]. - GAC Group emphasizes user-centric innovation, with over 55 billion yuan invested in R&D to meet diverse consumer needs [4][5]. - Huawei's R&D investment reached 179.7 billion yuan in 2024, with over 10 billion yuan allocated to automotive intelligence, highlighting the competitive focus on core technology breakthroughs [5].

以下文章来源于硬氪 ，作者欧雪 硬氪 . 深知未来成立于2017年，主要技术壁垒为通过全链路神经网络化的AI ISP技术体系，使普通可见光视觉传感器在夜间实现图像的全彩、高清、实时呈现。 整体来看，目前公司已建立三大产品线：光遇系列-无人机载荷、极星系列-手持影像设备、铁视系列-模组产品。公司首款产品于2022年7月正式发布，已经 连续三年实现销售额200%以上的高速增长。 此前，深知未来已成功推出了适配工业无人机的挂载夜视相机、手持夜视相机及观测镜等产品。而目前，汽车领域成为公司最重要的战略增长引擎，公司已 经与数家国内一线主机厂商展开合作。 专注全球化、硬科技报道。36kr旗下官方账号。 智能汽车将会成为未来AI算法的最大载体。 文 ｜ 欧雪 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业供图 硬氪获悉，"深知未来"的复杂光线AI计算成像引擎已经随广汽高端旗舰车型昊铂HL量产发布。未来有望拓展到广汽十余款不同的车型。 "2025年是智能驾驶的寒武纪，各种整车智能化技术纷纷爆发。智能汽车将会成为未来AI算法的最大载体。进入这一领域的门槛极高，但进入之后公司的成 长性也会远超 ...

Core Viewpoint - The company "Deep Knowledge Future" has launched its complex light AI imaging engine in collaboration with GAC's high-end flagship model, the Haobo HL, and plans to expand this technology to over ten different models in the future [1]. Company Overview - Deep Knowledge Future was established in 2017 and has developed a neural network-based AI ISP technology that enables ordinary visible light sensors to present full-color, high-definition images in real-time at night [1]. - The company has established three main product lines: the Light Encounter series for drone payloads, the Polar Star series for handheld imaging devices, and the Iron Vision series for module products [1]. - The first product was launched in July 2022, achieving over 200% sales growth for three consecutive years [1]. Strategic Growth in Automotive Sector - The automotive sector has become the most important strategic growth engine for the company, with collaborations established with several leading domestic manufacturers [3]. - The founder of the company, Zhang Qining, emphasized that 2025 will be a pivotal year for intelligent driving, with various vehicle intelligence technologies emerging [3]. - The company is experiencing increased interest from major automotive manufacturers seeking collaboration following the announcement with GAC Group [3]. Technological Advancements - The AI imaging engine is expected to address the limitations of current camera systems in autonomous driving, which are still at L1 level, while the autonomous driving technology has reached L3 level [3]. - Traditional ISP algorithms are based on manual rules, resulting in poor image quality in complex light scenarios, whereas the new AI imaging technology simulates human visual processing and can continuously evolve to meet the demands of intelligent driving algorithms [4][6]. - The company is currently the only global entity to achieve a commercial closed loop for vehicle-grade full-process neural network AI imaging engines [6]. Financial Outlook - Due to significant growth in the automotive sector, the company is projected to become the first AI imaging company to achieve profitability in the AI ISP field this year [6].

Domestic News - In April, the production of new energy vehicles and charging piles increased by 38.9% and 43.1% respectively [4] - The Buick Envision family is set to roll out its 1.8 millionth vehicle on May 23, achieving a sales growth of 100,000 units in just six months [5] - Equation Leopard announced the delivery of 100,000 vehicles in 18 months, ranking among the top three new force brands for fastest delivery [6] - GAC Haobo launched a mobile service vehicle for trial operation, providing on-site maintenance services for eligible vehicle owners in Beijing and Guangzhou [7] - Chery established a smart technology company with a registered capital of 1.28 billion yuan, enhancing its innovation capabilities in the new energy and smart travel sectors [8] - Changan Automobile Group founded a lightweight technology company with a registered capital of 550 million yuan, focusing on energy management and new energy vehicle sales [10] - Guoxuan High-Tech's G-Yuan solid-state battery has gained recognition from major domestic and international automakers, offering solutions for long-range and high-safety electric vehicles [11] - Guoxin Technology partnered with Aptiv to promote the localization of core automotive chips, enhancing the domestic automotive electronics landscape [12] International News - North America's Q2 automotive production is expected to decrease by approximately 126,000 units due to tariffs [13] - The Ontario provincial government in Canada plans to invest an additional 73 million CAD over the next four years to support the local electric vehicle and battery supply chain [14] - Tata Motors has deployed its first 10 TATA.ev MegaCharger supercharging stations in India, with plans to build up to 500 stations nationwide [15] - Waymo received approval to expand its autonomous taxi services in the San Francisco Bay Area, enhancing its operational footprint [16] Commercial Vehicles - The world's first sodium-ion power battery for commercial vehicles passed rigorous testing, demonstrating significant performance capabilities [18] - Beiqi Foton delivered 300 Truck Mate micro trucks to Nigeria, expanding its market presence in Africa [20] - Feiyue Automobile held a launch event for its new energy product line, showcasing various models designed for green logistics [21] - Suzhou Jinlong's autonomous bus service is set to launch in Yangcheng Shugu, offering free trial rides to the public [22]

Summary of Conference Call Notes Industry Overview - The conference focuses on the emerging field of **amorphous motors**, which is nearing the industrialization threshold and approaching mass production [3] - Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [3] - Short-term applications are concentrated on **new energy vehicle (NEV) electric drive systems** (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [3] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Industry Positioning and Prospects**: The amorphous motor sector is at a critical juncture, with significant attention from various stakeholders including secondary market investors and major manufacturers [3] - **Industry Progress**: - Increased participation in the third Amorphous Motor Conference, with attendance rising from 1 to 4-5 secondary market investors [3] - Major manufacturers like GAC, BYD, and NIO are actively involved, with GAC Aion already implementing amorphous motors in their HL model, achieving a 40-60% reduction in iron loss and a 2% increase in energy efficiency, leading to an additional 50 km range [3] - **Technical Breakthroughs and Challenges**: - Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications [3] - Current processing bottlenecks due to the brittle nature of amorphous strips, but optimism exists for improved yield rates with scale [3] - **Economic Viability and Comparisons**: - Cost savings of 2400-2800 yuan per vehicle due to reduced battery usage, with a projected market size of 9 billion yuan based on a 30% penetration rate in NEVs [3] - Yunlu holds a nearly 50% market share in the transformer sector, with strong cost control reflected in gross and net margins of 20% [3] - Expected revenue of 450 million yuan in 2024, representing a 25% year-on-year increase, with a current PE ratio of approximately 25 [3] - **Long-term Potential**: - With a 30% penetration rate in the domestic NEV market, potential annual revenue could reach 9 billion yuan, translating to a profit of 450 million yuan if Yunlu captures 50% market share [3] 2. **Antai Technology** - Recognized as one of the traditional leaders in amorphous strip production, focusing on technological breakthroughs and expanding automotive client base [3] Market Size and Horizontal Expansion - Current demand for electric motors in the NEV sector is approximately **100,000 units**, with expected shipments of nearly **10,000 units** in 2024, indicating a potential demand explosion [5] - **Horizontal Applications**: - Humanoid robots, such as Tesla's Optimus, utilize amorphous axial flux motors for high power density scenarios [5] - eVTOL aircraft, which are sensitive to energy efficiency, represent a potential new market [5] - Home appliances and industrial motors have significant future replacement potential [5] - **Short-term Challenges**: Yield improvement progress, validation cycles from major manufacturers, and technological competition from silicon steel manufacturers [5] - **Long-term Trends**: The acceleration of "energy efficiency competition" in the NEV sector is expected to drive technological iterations, with amorphous materials likely to penetrate all motor applications, smoothly replacing silicon steel sheets [5] Risks and Outlook - The amorphous motor industry is on the brink of an explosion, with technological breakthroughs and endorsements from major manufacturers catalyzing the industrialization process [4] - Yunlu Co., Ltd. is identified as the top pick, with industry validation and volume growth being key tracking points, and a long-term potential for market capitalization to double or more [4]

Group 1 - The establishment of the Graphene Life and Health Alliance marks a new starting point for the high-quality development of the graphene life and health industry [5] - Chinese clothing enterprises should focus on brand building and market expansion during their overseas ventures [12] - The quality of raw milk in China is improving, supported by better cold chain technology and increasing consumer awareness [12] Group 2 - Wu Qian has been appointed as the new chairman of ICBC Wealth Management, taking over a company with nearly 2 trillion yuan in assets under management [15] - The first batch of Haobo HL vehicles was delivered, with GAC Group's chairman personally handing over keys to customers [17] - The financial industry may experience a wave of executive turnover as many bank leaders approach the retirement age of 60 [24] Group 3 - The appointment of Lin Xuebing as a director of Guangfa Bank marks a significant personnel change in the banking sector [22] - Wang Sheng has been appointed as the new head of Shenwan Hongyuan Research Institute, indicating a leadership transition within the research sector [23] - The resignation of Northeast Securities' chief economist due to health reasons highlights the impact of personal circumstances on leadership roles [21]

Group 1 - The 2025 Suzhou International Auto Show will take place from May 1 to May 5 at the Suzhou International Expo Center, featuring a unique "wild fun" theme and immersive experiences [1] - Over 100 major brands and more than 1,000 new car models will be showcased, including popular models like the AITO M8 and Zeekr 007GT, providing a comprehensive view of global automotive offerings [3] - The event will include significant promotional activities, with manufacturers offering substantial discounts and incentives, including a special "sprint price" for the five-day duration [4] Group 2 - The Suzhou government has increased its subsidy for electric vehicles to 4,000 yuan per vehicle, which can be combined with the national trade-in subsidy, enhancing the attractiveness of purchasing electric vehicles [4] - A variety of engaging activities will be available, including a lottery for car buyers with prizes such as cash and camping gear, creating a festive atmosphere for consumers [6] - The event will feature interactive game zones and performances, including a "human-machine dance" with robots, blending technology and entertainment for an engaging visitor experience [8] Group 3 - The simultaneous hosting of the 13th Hangzhou International Auto Show from May 1 to May 4 will create a synergistic effect, enhancing consumer choices and promoting regional economic growth in the automotive sector [8] - This regional collaboration highlights the Yangtze River Delta's role in driving innovation and development within the automotive industry [8]

Core Insights - The 2025 Hunan Auto Show will take place from April 30 to May 5, featuring nearly 100 automotive brands and over 600 models, with a total expected discount of 100 million yuan [1] Group 1: Participating Brands and Offers - BMW offers a full range of models with a gift package worth 12,800 yuan, 0 down payment and interest subsidies on select models, and a trade-in subsidy of up to 23,000 yuan [2] - FAW-Volkswagen Jetta provides special pricing for models VA7, VS5, and VS7, with trade-in discounts ranging from 30,000 to 40,000 yuan and lifetime maintenance packages [2] - Arcfox offers energy vouchers up to 17,999 yuan and models starting at 7,980 yuan after national subsidies [3] - Li Auto provides a 3-year interest-free option saving up to 21,075 yuan and purchase subsidies up to 29,000 yuan [3] - Kaiyi Auto has cash prices starting at 49,900 yuan and comprehensive discounts up to 50,000 yuan [3] - FAW Toyota features models like Corolla and RAV4 with significant discounts and trade-in subsidies [3] - GAC Toyota offers discounts on models such as Camry and Highlander, with total savings reaching 70,000 yuan [3] - Audi presents limited offers on models Q6 and A7, with prices starting from 29,490 yuan [4] - Volvo provides up to 150,000 yuan in purchase benefits for the new XC90 [4] - Dongfeng Nissan launches the N7 starting at 119,900 yuan with additional purchase rights and trade-in subsidies [4] - Haobo offers interest-free financing for three years and lifetime free charging for its models [4]