大家好，我是鸿蒙智行的销售，好不容易今天没有被领导折磨，就抽空和大家聊聊S7。 销量如何?卖得最多的是什么配置和颜色？ 我们 在三线城市，当地有两家门店，一家体验中心包含交付，另外一个是商场店。我在体验中心。 9月以来新品上市热度很高，但到 10 月渐渐 就 下来了，现在11月客流 也 很一般。一天平均10波客 户， 其中 有2个是来看S7的。 实话说，专门奔着S7来的客户不多，很多都是从R7转化来的。 上个月 店里 一共卖 了 38台 车 ，S7卖了11台。我 成交 了两台，卖一台提成2000，大定1000，交付 给 1000。 目前店里没有现车，都需要预定，交付时间在7-9周 。 由于S7全系都是纯电，受到电池供应影响，交付 普遍慢一周左右。 下定 最多的两个配置：Max和Max+ 版本，价格分别是229800和249800。颜色方面10台里有4台是 霜 月银，3台极光绿，3台是幻影紫。 谁在看这个车？买车用户都是什么样的？ 客户年龄偏年轻，女车主占一半，男士一般在20到30岁之间，家庭至少有两台车。职业以公职人员和私 营小老板居多，用途主要 就 是代步家用， 基本是 城区行驶或者定点双城往返，几乎没有长 ...

Core Viewpoint - The company has decided to adjust its acquisition plan for Jiangsu Kedastern Automotive Technology Co., Ltd., shifting from a mixed financing approach to a pure cash payment method, which indicates a significant change in its financial strategy and risk profile [1][3]. Group 1: Acquisition Details - The company will maintain control over Jiangsu Kedastern while changing the payment method to all cash, abandoning the previous plan that included issuing convertible bonds and raising funds from specific investors [1]. - Jiangsu Kedastern is a key supplier for several major automotive manufacturers, with projected revenues of 815 million yuan and 898 million yuan for 2023 and 2024, respectively [1][2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenues of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.94 billion yuan, up 37.66% [3]. - However, the company is facing rising short-term debt, with short-term borrowings increasing by 245.44% to 3.21 billion yuan and current liabilities rising by 82.40% to 4.67 billion yuan [4]. Group 3: Funding Strategies - In response to financial pressures, the company has approved the use of up to 600 million yuan of idle funds to temporarily supplement working capital, aiming to improve the efficiency of fund usage and reduce financial costs [5][6]. - As of October 31, 2025, the company has utilized 1.20 billion yuan of raised funds, with a remaining balance of 163.48 million yuan [7]. Group 4: Financial Risks - The aggressive expansion strategy has led to increased financial risks, with cash and financial assets totaling approximately 7.03 billion yuan, which is insufficient to cover short-term debts of 7.88 billion yuan, resulting in a funding gap of about 850 million yuan [8][9]. - Financial expenses for the first three quarters reached 319 million yuan, a 16.48% increase year-on-year, with interest expenses accounting for 266 million yuan [10]. Group 5: Goodwill and Strategic Outlook - The company will incur an additional goodwill of 195 million yuan from the acquisition, raising concerns about potential goodwill impairment risks, as the total goodwill on the balance sheet is projected to reach 2.35 billion yuan by the end of 2024 [11]. - The company's strategic ambition to expand in the automotive sector contrasts with its financial capabilities, indicating a widening gap that could pose risks if not managed carefully [11].

Core Viewpoint - The newly launched Avita 12 electric vehicle has generated significant interest, with a focus on its design, technology, and competitive pricing strategies [1][10][14]. Group 1: Vehicle Launch and Pricing - The Avita 12 was officially launched on October 28, with a starting price of 26.99 million for the range-extended version and 28.99 million for the pure electric version [5][21]. - The vehicle is available in two pure electric versions and two range-extended versions, with a total of four models [5]. - Customers who pre-order can benefit from a discount of 13,000 yuan, which includes various promotional offers [5][6]. Group 2: Customer Interest and Demographics - The average daily foot traffic for the Avita 12 is 3-4 customer groups, primarily targeting individuals aged 25-35, including government employees and general office workers [11]. - Customer feedback highlights the appeal of the vehicle's exterior and interior design, although some potential buyers express concerns about brand recognition and pricing [11][14]. Group 3: Competitive Landscape - Customers are comparing the Avita 12 with competitors such as Xiaomi SU7, Zeekr 001, and Zhijie S7, with a significant portion favoring the Xiaomi model due to perceived value [13][14]. - The Avita 12's advantages include a strong technological presence with four laser radars and the longest range among its peers, while its disadvantages include lower brand recognition and higher pricing [14][16]. Group 4: Financial and Subsidy Policies - The most frequently asked financial option is a two-year interest-free installment plan for five years [19]. - Local subsidies for electric vehicles are still available in some regions, which can influence customer purchasing decisions [9][22]. Group 5: Sales Performance and Expectations - The previous model (25 version) did not perform well, and there are hopes that the new features of the 26 version will attract more customers and stabilize sales [25].

Core Viewpoint - The article discusses the phenomenon of "weekly sales rankings" in the Chinese automotive industry, highlighting how it reflects intense competition and the resulting "involution" in the market, affecting new car launches, pricing, technology, and services [2][4][8]. Summary by Sections Involution: Birth and Death of Weekly Rankings - The weekly sales rankings emerged as a response to the competitive pressures in the automotive market, with companies like Li Auto leading the way in publishing their own rankings, which spurred others to follow suit [6][8]. - The rankings created a chaotic environment where companies felt compelled to constantly update their models and strategies to avoid falling behind, leading to rapid product iterations and market confusion [7][8]. New vs. Old: Energy and Power Dynamics - Data shows a significant increase in the penetration of new energy vehicles (NEVs) in China, with monthly penetration rates rising from 4.06% in 2019 to 31.85% in 2022, indicating a shift in market dynamics [5][11]. - By September 2025, NEVs accounted for 58.37% of the market, with a notable increase in the number of brands and models competing in this space, reflecting a diversification of the market [11][12][18]. Subsidies: Support and Withdrawal - The article outlines the various subsidy policies supporting NEVs, including tax exemptions and local government incentives, which have significantly boosted sales [19][21]. - However, there are indications that these subsidies may be reduced or withdrawn in the coming years, leading to potential market adjustments and a need for companies to adapt to a new competitive landscape [22]. Market Trends and Future Outlook - The automotive market has seen a surge in new model launches, particularly in the NEV segment, with over 70 new models introduced in September 2025 alone, reflecting a heightened sense of urgency among manufacturers [18]. - The article suggests that the disappearance of weekly sales rankings and the call for reduced competition may lead to a more stable and orderly market environment in the future [22].

Core Viewpoint - The article discusses the increasing collaboration between traditional car manufacturers and Huawei, highlighting the challenges and strategies in the automotive industry's shift towards smart driving technology [3][8][14]. Group 1: Industry Dynamics - In 2025, the Chinese automotive market will be highly competitive, with new players and tech companies dominating, while traditional manufacturers struggle with their self-developed technologies [11][12]. - Companies like Chery and Great Wall have faced significant setbacks in their self-research efforts, leading to a shift towards partnerships with Huawei for survival [13][14]. - The article emphasizes that collaboration with Huawei is seen as a necessity for traditional car manufacturers to keep pace with the rapid technological advancements in the industry [14][19]. Group 2: Collaboration with Huawei - Many car executives have visited Huawei's headquarters, seeking guidance and collaboration to enhance their smart driving capabilities [3][8][10]. - Huawei offers various cooperation models, including component supply, full-stack solutions, and deep involvement in product design and marketing, which allows car manufacturers to leverage Huawei's technology without fully losing their brand identity [17][21]. - The article notes that while some collaborations have yielded positive results, such as the AITO brand, others have struggled with market acceptance and internal conflicts [21][22]. Group 3: Challenges and Risks - The dependence on Huawei's technology raises concerns about brand dilution for car manufacturers, as consumers may associate the product more with Huawei than the car brand itself [19][24]. - Companies like Li Auto and Xiaopeng, which initially focused on self-research, are now integrating Huawei's technologies, reflecting the industry's shift towards collaboration despite previous competitive tensions [18][19]. - The article warns that while partnerships can provide immediate benefits, they may also lead to long-term challenges in maintaining a unique brand identity and technological independence [23][24].

Group 1 - Huawei and Chery are deepening their collaboration with the launch of the Zhijie brand, which currently has two models: Zhijie S7 and Zhijie R7. A new model, possibly the Zhijie 9 series, is anticipated [1] - Chery's chairman, Yin Tongyue, emphasized that Zhijie is the company's top strategic priority, with all resources directed towards its success. Chery plans to invest over 10 billion yuan in research and development over the next three years, expanding the R&D team to 5,000 people [1] - Huawei's founder, Ren Zhengfei, has been actively meeting with top executives from various automotive companies, indicating a strategic push in the automotive sector [2] Group 2 - Dongfeng Motor's chairman, Yang Qing, discussed strengthening strategic cooperation with Ren Zhengfei, focusing on the transition to new energy and intelligent vehicles [2] - Changan Automobile's chairman, Zhu Huarong, recently met with Ren Zhengfei to discuss industry competition and received strategic guidance for Changan and its Avita brand [2] - Xpeng Motors announced a partnership with Huawei, following a closed-door meeting between Xpeng's chairman, He Xiaopeng, and Ren Zhengfei, highlighting the exchange of insights on technology and corporate governance [3]

Core Insights - The partnership between Jianghuai and NIO, represented by Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., is entering the cancellation phase, marking the end of a nine-year collaboration as NIO gains independent production qualifications [2][3] - The traditional OEM model is facing challenges as new energy vehicle manufacturers increasingly establish their own production facilities, leading to a decline in reliance on traditional OEMs [2][3] - The shift from traditional OEM to "advanced OEM" models highlights the ongoing struggle with profit distribution and power dynamics within the automotive industry [5][6] Group 1: Traditional OEM Challenges - Jianghuai's OEM fees for NIO increased from 223 million to 1.127 billion yuan from 2018 to 2022, but this model is now under pressure as NIO transitions to self-production [2][3] - The utilization rate of Dongfeng Nissan's Wuhan Yunfeng factory for Lantu's OEM production dropped to 16.76% in the first five months of 2024, indicating a broader trend of declining OEM demand [2] - The average R&D investment of OEM-focused companies is only 2.1%, significantly lower than the 5.8% of self-transforming companies, leading to a lack of technological advancement [3] Group 2: Advanced OEM Developments - The "advanced OEM" model, where traditional manufacturers collaborate with tech companies, still faces profit-sharing issues, as seen with Seres, which reported a gross margin of only 8.2% despite significant revenue growth [5][6] - Jianghuai's collaboration with Huawei on the ZunJie S800 represents a shift towards co-creation, with joint R&D efforts leading to a higher R&D investment ratio [6][8] - The transition from traditional manufacturing to a full value chain approach is evident, with companies like BYD successfully leveraging their supply chain advantages to expand into technology services [8][9] Group 3: Future Directions - The automotive industry is moving towards a model that integrates manufacturing, technology, and ecosystem services, with companies needing to transform their manufacturing strengths into technological and brand advantages [10] - The end of the Jianghuai-NIO partnership symbolizes a broader industry shift from scale expansion to quality competition, emphasizing the importance of capability accumulation [9][10] - The future landscape will consist of value co-creators rather than pure OEMs, necessitating a focus on technological innovation and brand development to thrive in the new energy vehicle market [10]

Investment Rating - The report maintains a positive outlook on the automotive industry, emphasizing the importance of technology and mid-to-high-end market segments as key investment themes [4]. Core Insights - The report highlights a surge in vehicle sales driven by limited subsidies in Q4, with a focus on companies capable of effectively releasing supply, such as Geely, BYD, Great Wall, Li Auto, and NIO [4]. - It suggests that in an uncertain consumer environment, attention should be directed towards "future industries" like robotics, AI, and low-altitude economy, recommending companies with strong growth potential and relatively low valuations [4]. - The report notes that the penetration rate of new energy vehicles reached 56.92%, with total retail sales of passenger cars at 650,000 units in the 39th week of 2025, reflecting a 27.95% increase month-over-month but a slight decline year-over-year [4][5]. Industry Updates - The report indicates that traditional energy vehicle sales were 280,000 units, up 32.70% month-over-month but down 15.07% year-over-year, while new energy vehicle sales were 370,000 units, up 24.58% month-over-month and up 13.15% year-over-year [4]. - Recent weeks have seen an increase in raw material price indices for both traditional and new energy vehicles, with traditional vehicle raw material prices rising by 0.8% week-over-week and decreasing by 1.3% month-over-month [4][52]. Market Situation - The automotive industry recorded a total transaction value of 266.97 billion yuan, with the automotive industry index closing at 8141.23 points, down 1.26% for the week, which is a greater decline compared to the Shanghai Composite Index [4][13]. - The report notes that 132 automotive stocks rose while 135 fell, with the largest gainers being Meili Technology, Jinlong Automobile, and Kabeiyi, while the largest decliners included Mingxin Xuteng, Meichen Technology, and Hengshuai Co., Ltd. [4][18]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in intelligent trends like Huawei's HarmonyOS [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC and Dongfeng, and highlights component manufacturers with strong growth prospects and overseas expansion capabilities [4]. Important Events - The report mentions the release of the 400th batch of new vehicle applications by the Ministry of Industry and Information Technology, which includes several anticipated models [5][31]. - It also discusses the joint announcement by three departments regarding the technical requirements for the exemption of vehicle purchase tax for new energy vehicles from 2026 to 2027 [8][10].

Core Viewpoint - SAIC-GM Buick's new high-end electric vehicle sub-brand "Zhijing" has launched its flagship sedan, Zhijing L7, marking its entry into the competitive electric sedan market against new energy vehicle startups [2][3]. Group 1: Product Launch and Market Positioning - The Zhijing L7 was officially launched on September 28, with five models priced between 169,900 and 215,900 yuan [2]. - The Zhijing brand was introduced in April, with its first model, the "Shijia," positioned as a luxury MPV targeting the million-yuan segment [2]. - The entry of Zhijing L7 into the sedan market is seen as a strategic move to compete with established players and new entrants in the electric vehicle sector [2][3]. Group 2: Technical Specifications and Features - Zhijing L7 is classified as a C-class mid-large sedan, with dimensions of 5032mm in length, 1952mm in width, and 1500mm in height, while its pricing places it in the B-class segment [3]. - The vehicle features the "Zhenlong" range extender system, which includes a 252kW electric drive and a 1.5T hybrid engine, achieving a combined fuel consumption of just 0.5 liters per 100 kilometers [3]. - The pure electric range of Zhijing L7 is 302 kilometers, with a total range of 1420 kilometers, and it supports fast charging from 30% to 80% in just 18 minutes [3]. Group 3: Competitive Landscape and Market Trends - The hybrid vehicle market has seen significant growth, with sales reaching 3.46 million units in the first eight months of the year, a year-on-year increase of 22.8% [3]. - Companies like Li Auto, which have successfully entered the hybrid market, have reported improved sales and profitability, indicating a trend that attracts more manufacturers to this segment [3]. Group 4: Technological Advancements - Zhijing L7 incorporates Buick's "Xiaoyao Zhixing" driver assistance system and is the first to feature the Momenta R6 flywheel model based on end-to-end reinforcement learning [4]. - The vehicle is equipped with Qualcomm's latest SA8775P chip, providing 72 TOPS of AI computing power for an enhanced user experience [4]. - The development of Zhijing L7 reflects a shift in SAIC-GM's strategy, with increased autonomy and efficiency in product development, as well as more frequent communication with General Motors headquarters [4].

Core Viewpoint - Chery Automobile Co., Ltd. successfully completed its IPO on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 9.14 billion with a share price of HKD 30.75, marking a significant milestone for the company after 21 years of attempts [1][4]. Group 1: IPO Details - Chery's IPO involved the issuance of 297,397,000 H-shares, with 29,739,700 shares available for public sale and 267,657,300 shares for international sale, subject to over-allotment options [2]. - The final offering price was set at HKD 30.75 per share, with additional fees including a 1.0% brokerage commission and various transaction fees [2]. Group 2: Historical Context - Chery has faced multiple challenges in its IPO journey, with six failed attempts since 2004 due to issues such as lack of production qualifications, financial crises, and complex shareholding structures [5][7]. - The company finally resolved its historical issues through a "shareholder sinking" strategy earlier in 2023, simplifying its shareholding structure and paving the way for the successful IPO [7]. Group 3: Financial Performance - Chery's financial performance has shown significant improvement, with adjusted net profits projected to be CNY 5.8 billion in 2022, CNY 10.444 billion in 2023, and CNY 16.35 billion in 2024, indicating a strong growth trajectory [7]. - In the first quarter of 2023, Chery reported an adjusted net profit of CNY 4.657 billion, an increase of approximately CNY 750 million compared to the same period last year [7]. Group 4: Market Position and Sales - In the first half of 2023, Chery sold 1,260,124 vehicles, a year-on-year increase of 14.5%, with electric vehicle sales reaching 359,380 units, up 98.6% [11]. - The company’s revenue from fuel vehicles remains strong at CNY 42.974 billion, while revenue from electric vehicles has reached CNY 18.665 billion, showing a steady increase in contribution from the new energy segment [11]. Group 5: Future Strategy - Chery aims to expand its product matrix and enhance product capabilities, with plans to utilize IPO proceeds for these initiatives [16]. - The company has set ambitious goals for its new energy market, targeting a significant increase in its market share and product offerings in the coming years [16]. Group 6: Competitive Landscape - Chery's current market position in the new energy sector is still developing, with a penetration rate of only 22.41% for new energy vehicles in 2024 [12]. - Despite the challenges, Chery's dual strategy of combining fuel and electric vehicles provides a stable revenue base, which may help mitigate risks associated with the volatile new energy market [17].