2025年，中国汽车市场进入结构性变革深化期，市场竞争更趋白热化、技术迭代持续加速、消费需求分化升级，叠加全球贸易环境复杂化与供应链重构的双 重压力，行业淘汰赛进程不断加快……面对一系列的严峻挑战，吉利汽车集团依托于"一个吉利"战略的深度整合与全面落地，以吉利、领克、极氪多品牌协 同聚能的强大体系力穿越周期，释放强劲的发展韧性，不仅圆满收官"智能吉利"2025战略，更交出了年度总销量超302万辆、同比增长39%，新能源销量近 169万辆、同比增长90%，累计销量破2000万辆的出色答卷。这持续创新高的里程碑背后，印证了"一个吉利"战略的前瞻性与实践成效，标志着吉利汽车集 团以战略协同为核心，在产品矩阵创新、全域AI技术突破、全球化生态拓展等领域实现体系化突破，以"韧稳行远"的增长态势，为中国汽车产业在变革中实 现高质量韧性发展树立了可借鉴的实践范本。 9款全新智能新能源车、数十款产品焕新，油电齐发力强化韧性增长底气 在汽车行业转型深化、市场竞争格局重构的2025年，产品矩阵的系统性构建与价值升级，是吉利汽车集团穿越周期、实现高质量韧性增长的核心支撑。这一 年，吉利汽车集团以"全品类覆盖、多品牌协同、技术全赋能 ...

关于其他车型的OTA6.7推送时间，官方称极氪001、001FR、007GT、009、009光辉7X、焕新7X、MIX 中，搭载8295智能座舱计算平台的车型都已进入审批阶段。待所有准备工作全部完成后，将在2026年1 月至2月期间分批推送。 此外，官方还提到，2023款及之前年款的极氪001WE版车主，可以从2025年12月31日中午12点开始， 在极氪App功能商城参与"冬季温度包限时体验活动"，该活动包含方向盘加热和后排座椅加热两项实用 功能，体验期持续到2026年3月31日晚上12点。 凤凰网科技讯12月31日，极氪汽车在新一期"你问我答"中明确，将优先为极氪007用户推送OTA6.7版 本，该版本007车型已完成软件开发和全流程验证，顺利通过审批。当前团队正在全力开展上线前的准 备工作，计划于2026年1月5日正式开启推送。不过，对于有极氪007车主反映一直没收到OTA6.5推送的 问题，官方暂未给出回应。 ...

王赛仑表示，"极氪家"涵盖沉浸式体验、售后维保、用户社群等功能，构建"购车-用车-生活"完整生 态。在新能源竞争从产品力转向全体系比拼的当下，极氪高密度布局北京高端市场，将以北京市场的运 营经验赋能全国。 据极氪方面介绍，极氪9X上市后，80%的订单来自高端豪华品牌增换购用户；极氪009领跑40万以上 MPV市场；猎装轿跑极氪001、007GT累计突破30万台，多款车型形成高端产品矩阵。 新京报贝壳财经讯(记者林子)12月21日新京报贝壳财经记者从极氪方面获悉，北京榴乡桥、园博店、百 旺绿谷3家"极氪家"12月20日同步亮相，面向高端核心市场。"三店同开，是极氪的战略落子。"极氪北 区运营负责人王赛仑表示，3家店覆盖北京南、西、北核心区域，形成网状服务体系，既满足当前用户 服务需求，更为2026年产品矩阵扩容铺路。 ...

Core Insights - The Chinese electric vehicle (EV) market is entering a critical transformation phase driven by technology, with production and sales exceeding 10 million units in the first nine months of 2023, reflecting over 30% year-on-year growth, significantly outpacing the overall automotive industry [2] - The market penetration rate for EVs reached 57.8% in September 2023, indicating a shift from the popularization phase to a quality enhancement phase [2] - The "China Heart" 2025 annual top ten EV power systems testing showcased the highest level of current Chinese EV power technology, with 15 models participating, including both pure electric and range-extended hybrid systems [2][3] Industry Trends - The testing revealed three major trends in power system technology: the adoption of 800V high-voltage architecture, deep integration of motor, battery, and intelligent driving systems, and a shift towards self-research and development as a core competitive advantage [3] - The BYD Tang L EV features the world's first super-kilovolt architecture, indicating a new phase of competition in the "kilovolt-level" technology [3] - The new generation of range-extended systems, such as the Seres SET330D, achieved significant performance improvements, including a maximum thermal efficiency of 44.8% [3] Competitive Landscape - Domestic brands are gaining significant advantages in technological advancement and supply chain resilience, while joint venture brands are accelerating their technological follow-up, injecting new vitality into industry competition [4] - The "China Heart" evaluation emphasizes a balanced approach to advanced technology and user value, highlighting the importance of aligning advanced technologies with user needs and infrastructure capabilities [5][6] User-Centric Development - The focus on user experience is critical, with experts noting that the 2025 models show significant improvements in power, acceleration response, and ride comfort compared to previous years [5] - There is a caution against excessive technological parameters that may not align with consumer needs, emphasizing the importance of practical technology optimization [6][7] - The evaluation process aims to identify models that excel in comprehensive performance rather than just individual strengths, reinforcing the need for a user-centered approach in technology development [7]

Core Insights - The Chinese automotive market has recently seen the introduction of two significant new energy travel cars: the Xiangjie S9T and the Audi E5 Sportback, indicating a growing trend in this segment [1][3]. Group 1: Product Overview - The Xiangjie S9T offers both pure electric and range-extended versions, with prices ranging from 309,800 to 369,800 yuan, while the Audi E5 Sportback focuses solely on pure electric, priced between 235,900 and 319,900 yuan [3]. - Both vehicles exhibit strong overall competitiveness, providing potential consumers with new options in the travel car category [3]. Group 2: Market Trends - The travel car market in China, traditionally dominated by fuel vehicles, is experiencing a shift as more manufacturers, including NIO and BYD, enter the segment with electric models [3][5]. - Historically, travel cars have struggled to gain traction in China due to high prices, consumer preferences for SUVs, and limited marketing efforts from major brands [5][7]. Group 3: Consumer Preferences and Product Evolution - The transition to the new energy era has revitalized the travel car segment, with domestic brands now having greater control over product definition and pricing, leading to more competitive offerings [7][9]. - The improved user experience and product capabilities of new energy travel cars are expected to attract consumers who previously favored sedans or SUVs [9][11]. Group 4: Industry Outlook - The introduction of the Xiangjie S9T and Audi E5 Sportback is seen as a strategic move to tap into the niche market of travel cars, with expectations for significant growth in this segment by 2025 [11][12]. - The success of these models could stimulate demand and encourage further investment in the travel car category, potentially reshaping consumer preferences in the Chinese automotive market [12][13].

Core Viewpoint - The collaboration between Hongmeng Zhixing and BAIC Blue Valley has resulted in the launch of the "Xiangjie S9T," a travel car model that aims to diversify Hongmeng Zhixing's product line beyond SUVs, addressing the growing importance of non-SUV vehicles in the Chinese automotive market [1][2][10]. Group 1: Product Line Diversification - Hongmeng Zhixing has established a strong presence in the SUV market with a comprehensive product matrix, but its sedan offerings remain limited, with only four models including the newly launched Xiangjie S9T [2][3]. - The sales figures for 2025 show that Hongmeng Zhixing's SUV models have accumulated over 270,000 units, while sedan sales have just surpassed 20,000 units, highlighting the imbalance in their product structure [2][3]. Group 2: Market Trends and Importance of Sedans - Despite the rise of SUVs, sedans still hold a significant market share, with data indicating that from 2019 to July 2025, SUV market share increased from 44.3% to 49.2%, while sedans decreased from 49.0% to 46.1% [5][7]. - For automotive brands aiming for annual sales of one million units, having a strong sedan lineup is essential, as evidenced by successful models from leading brands [5][9]. Group 3: Rationale for Choosing Travel Cars - The decision to develop a travel car like the Xiangjie S9T is influenced by the structural advantages of electric platforms, which can better accommodate the design and functionality of travel cars compared to traditional sedans [10][12]. - Travel cars offer superior aerodynamics and lower energy consumption, making them a viable option in the electric vehicle era, while also providing ample storage space and flexibility similar to SUVs [12][13].

Group 1: Order Situation - The average new orders per store range from 30 to 40 units, with a 30% increase in foot traffic and a 60% conversion rate of visitors to orders [2][5] - There was a surge in orders on the night of the listing, with peak test drives occurring over the weekend. The growth in foot traffic and test drives is stable, leading to continuous conversion of order customers [5] - Orders are performing well in first and second-tier cities, particularly in the Pearl River Delta and Jiangsu-Zhejiang-Shanghai regions, with a higher proportion of high-spec models [5] Group 2: Customer Profile - The target customer age ranges from 20 to 35 years, with a male ratio of 70%, and 20% of customers are existing brand owners looking to upgrade [4][8] - The customer base is predominantly young couples and families, with a focus on aesthetics and practical use for commuting [8] Group 3: Configuration Preferences - Among the configurations, the 702 Ultra version accounts for 50% of orders, followed by the 750 Ultra at 30% and the 820 Ultra at 20% [7] - The main exterior color sold is New Moon Silver, followed by Starry Green, while the main interior color is Planet Purple [7] - Customers find the 702 Ultra sufficient, with high praise for the test drive experience, particularly for the high-performance all-wheel-drive version [12] Group 4: Competitive Comparison - Among 10 customers, 5 compared the vehicle to the Xiaomi SU7, 2 to the Tesla Model 3, 1 to the NIO ET5T, and 1 to the Zeekr 007GT [10][11] - Customers comparing with the Xiaomi SU7 are generally younger, focusing on aesthetics and smart features, with some already placing orders for the SU7 [13] - Customers comparing with the Tesla Model 3 prioritize brand reputation, while those comparing with the NIO ET5T emphasize aesthetics and quality [13]

Core Viewpoint - Zeekr Technology reported strong financial performance for Q2 2025, with significant growth in revenue and profitability metrics, alongside successful model launches and global market expansion [1][2][3]. Financial Performance - Total revenue for Q2 reached 27.431 billion yuan, with a gross margin of 20.6%, marking a historical high and a year-on-year increase of 2.6 percentage points [1]. - Vehicle sales revenue was 22.916 billion yuan, reflecting a year-on-year increase of 2.2% [1]. - The overall revenue for the first half of the year was 49.450 billion yuan, with a gross margin of 20.0%, up 2.7 percentage points year-on-year [1]. - R&D expense ratio was 7.8%, and selling and administrative expense ratio was 12.3%, both showing a year-on-year decline [1]. Sales and Delivery - Zeekr and Lynk & Co's dual-brand strategy led to a total of 244,877 vehicles delivered globally in the first half of the year, a 14.5% increase year-on-year [1]. - Zeekr celebrated the production of its 500,000th vehicle in June, with the model being Zeekr 009 [1]. - Lynk & Co surpassed 1.5 million cumulative deliveries by July 16, with an average transaction price of 189,000 yuan, exceeding mainstream joint venture brands [1]. New Model Launches - In the first half of the year, Zeekr launched two new models, including the Zeekr 007GT, targeting young consumers as a luxury shooting brake [2]. - The Lynk & Co 900, a flagship six-seat SUV, has been among the top three in the full-size high-end hybrid SUV segment for three consecutive months since its launch [2]. - The Zeekr 9X, based on the new electric architecture, is set for pre-sale at the end of August [2]. Charging Infrastructure - Zeekr launched the world's first V4 ultra-fast charging station with a peak power of 1.3 megawatts and a peak current of 1300A, with the first station located in Hangzhou [2]. - As of June 30, Zeekr has established 1,683 self-built charging stations and 4,689 charging piles, partnering with nearly 50 mainstream operators [2]. Global Expansion - Zeekr has entered over 60 international markets, with more than 1,200 stores globally and a user base exceeding 2 million [3]. - In Hong Kong, Zeekr ranked first in luxury car sales, while in Kazakhstan, it became the top-selling electric brand [3]. - Lynk & Co expanded its global footprint, entering markets such as the Dominican Republic, Laos, Egypt, Mexico, and Kazakhstan [3].

Core Viewpoint - The overall performance of the company meets expectations, with strong resilience in various segments despite losses in the Zeekr brand [2] Financial Performance - In Q2 2025, the company sold 704,000 new vehicles, with revenue reaching 77.79 billion yuan, reflecting a year-on-year increase of 41.5% [1] - The gross profit margin for Q2 2025 was 17.1%, with a net profit of 3.16 billion yuan, showing a year-on-year increase of 74.7% [1] - For the first half of 2025, total vehicle sales reached 1.408 million, with revenue of 150.285 billion yuan, a year-on-year increase of 26.5% [1] Cost and Expenses - The sales, administrative, and R&D expense ratios for Q2 2025 were 6.1%, 1.9%, and 5.1%, respectively, indicating a slight increase in sales and R&D expenses [1] - The company faced increased R&D expenses due to new vehicle development, contributing to losses in the Zeekr segment [2] Segment Performance - The Zeekr brand reported a loss of 580 million yuan in Q2, primarily due to changes in vehicle model sales and high R&D costs [2] - Other segments, particularly the Galaxy series, showed strong performance with a net profit of 3,300 yuan per vehicle, indicating resilience amid price competition [2] Future Outlook - The company is optimistic about its future operations, driven by a strong new vehicle cycle and low-cost production strategies [3] - Upcoming models, including the Galaxy M9 and Zeekr 9X, are expected to enhance the company's market position [3] - The company maintains profit expectations of 16.6 billion yuan, 19.68 billion yuan, and 24 billion yuan for 2025, 2026, and 2027, respectively [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of RMB 150.29 billion in the first half of 2025, representing a year-over-year (YOY) increase of 26.5%. The net profit reached RMB 9.29 billion, with core profit (excluding foreign exchange gains and asset disposal gains) increasing by 102% YOY [7]. - The company is accelerating its electrification transformation, with a high cost-performance product strategy yielding positive results across various price segments. The integration of automotive operations is expected to lower procurement costs and enhance product competitiveness [7]. - The company plans to strengthen its export efforts, with an anticipated improvement in export growth rates [7]. Financial Performance - The company’s Q2 2025 revenue was RMB 77.79 billion, a 28.4% increase YOY, with a net profit of RMB 3.62 billion, indicating a near doubling of core profit YOY [7]. - Q2 2025 saw vehicle sales of 705,000 units, a 47% increase YOY, with new energy vehicles (NEVs) accounting for 54.7% of total sales, up 6.5 percentage points from Q1 [7]. - The company’s gross margin for Q2 was 17.1%, showing a slight decrease of 0.71 percentage points YOY but an increase of 1.29 percentage points from Q1 [7]. Sales and Market Position - In July 2025, the company sold 238,000 vehicles, a 57.7% increase YOY, with NEV sales reaching 130,000 units, representing 55% of total sales [7]. - The company’s cumulative vehicle sales from January to July 2025 reached 1.647 million units, a 48.8% increase YOY, with a target of 3 million units for the year, reflecting a 38% increase from the previous year [7]. - The company has a rich pipeline of new products set to launch in the second half of 2025, which is expected to enhance both sales and average selling prices [7]. Earnings Forecast - The report revises the company's net profit forecasts for 2025, 2026, and 2027 to RMB 16.11 billion, RMB 18.09 billion, and RMB 22.57 billion, respectively, with YOY growth rates of 70%, 12%, and 25% [7][9]. - The earnings per share (EPS) estimates for the same years are adjusted to RMB 1.60, RMB 1.80, and RMB 2.24, respectively [9]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 10.7, 9.6, and 7.7 for 2025, 2026, and 2027, respectively, supporting the "Buy" recommendation [7].