炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 2026年伊始，各家新势力陆续发布了2025年成绩单。头部新势力中，绝大多数实现了销量或交付量同比增长。 不过，除零跑和小鹏等少数新势力外，大多未能完成当初制定的年度销售目标。其中，腾势全年交付15.7万台，全年目标完成率仅52.3%，成为市场表现与 预期差距最大的品牌。 | 新势力 | 销量(万台) | 同比增速 | 销售目标(万台) | 完成率 | | --- | --- | --- | --- | --- | | 零跑 | 59. 7 | 103. 1% | 50 | 119. 4% | | 鸿蒙智行 | 58. 9 | 32. 0% | 100 | 58. 9% | | 小腸 | 42. 9 | 125. 9% | 38 | 112. 9% | | 理想 | 40. 6 | -18.8% | 64 | 63. 4% | | 深蓝 | 33. 3 | 36. 6% | 36 | 92. 5% | | 劇来 | 32. 6 | 46. 9% | 44 | 74. 1% | | 极気 | 22. ...

此外，官方还宣布，腾势Z9双旗舰已新增AI全场景智能语音反馈功能，在遇到问题或想反馈意见时， 可以直接说"你好腾势，我要反馈"，系统将会实时上传，每条反馈问题都将被记录跟进，解决车主用车 问题。 凤凰网科技讯12月29日，腾势汽车官方宣布，腾势D9已筹备OTA升级，计划近期推送泊车辅助车外语 音播报功能。官方提醒，腾势会定期组织OTA体验营活动，请留意官方公告细则，可根据需求报名参 加。 ...

Core Insights - BYD reported its November 2025 sales data, showing a total of 480,186 electric vehicles sold, with 237,540 being pure electric and 237,381 plug-in hybrids [1][11][13] - Cumulative sales for the year reached 4,182,038 units, marking an 11.30% year-on-year increase [1][11][13] Sales Performance - In November, BYD's total sales included 42.36 million units from its two main sales networks: Dynasty and Ocean [3][11] - The Dynasty network sold 184,338 units in November, with cumulative sales of 1,729,767 units for the year [4][14] - The Ocean network achieved sales of 233,431 units in November, totaling 2,031,170 units for the year [4][14] Model Breakdown - Key models in the Dynasty network included the Qin, Yuan, Song, Han, Tang, and Xia, with November sales of 70,800; 47,800; 33,900; 14,600; 13,300; and 3,900 units respectively [3][11] - The Ocean network's top models were the Seal, Lion, and Dolphin, with sales of 61,000; 55,000; and 31,000 units respectively [3][11] Brand Performance - The Tengshi brand sold 13,255 units in November, with a total of 138,995 units for the year [6][17] - The Fangchengbao brand reported sales of 37,405 units in November, totaling 183,769 units for the year [7][17] - The Yangwang brand, which targets the high-end market, sold 703 units in November, with a cumulative total of 3,862 units for the year [10][20] New Model Launch - The 2026 model of the Xia was launched on November 4, featuring an upgraded battery capacity and improved range from 180 km to 218 km [4][14]

Group 1 - The Guangzhou Auto Show showcased Tengshi Automobile's full range of models, including Tengshi N8L, D9, N9, Z9, and Z9GT, highlighting the brand's advancements in safety and control technologies in the electric vehicle sector [1] - The newly launched six-seat model Tengshi N8L features multiple safety configurations, including a body made of 2000MPa hot-formed steel, capable of withstanding the pressure of a 25-ton truck rollover [3] - The Tengshi D9, a popular MPV model, is approaching a delivery milestone of 300,000 units and has maintained the top sales position in the Chinese new energy MPV market for two consecutive years [5] Group 2 - The Tengshi D9 DM-i Super Hybrid version boasts a comprehensive range of 1100 km and a fuel consumption of 5.85L per 100 km, while the pure electric version offers a range of 620 km [7] - The Tengshi N9, associated with celebrity Gao Yuanyuan, includes advanced features such as intelligent anti-motion sickness systems and parking assistance [7] - The Tengshi Z9GT, which participated in the "Village GT" pre-exhibition in Guizhou and gained attention at the Goodwood Festival of Speed in the UK, emphasizes its control performance with advanced technologies [9]

Core Insights - BYD showcased its latest models at the 2025 Guangzhou Auto Show, focusing on vehicles priced at 200,000 yuan and above, including the Han L and Tang L with new colors and OTA upgrades [1] - The Han L EV and Tang L EV feature the Super e-platform with a capability of charging for 400 kilometers in just 5 minutes, while the Han L DM and Tang L DM have fuel consumption rates of 3.9L and 4.9L per 100 kilometers respectively [1] - The U9 Xtreme from the Yangwang brand set a new record for production electric vehicles at the Nürburgring with a time of 6 minutes and 59 seconds [1] Technology Highlights - BYD emphasized its "Megawatt Flash Charge" high-voltage platform, aiming for a charging time of 5 minutes for 400 kilometers of range [2] - The "Tian Shen Zhi Yan" intelligent driving system has been installed in over 2 million vehicles, generating an average of 130 million kilometers of driving data daily [2] Market Performance - In October, BYD achieved a monthly sales figure of 441,700 vehicles, bringing the total sales for the year to 3,701,900 units, with cumulative sales of over 14.2 million electric vehicles [2] - The high-end brands Tengshi, Fangchengbao, and Yangwang are also performing well, with Fangchengbao delivering 31,000 new vehicles in October, Tengshi exceeding 10,000 units, and Yangwang delivering 654 new vehicles [2]

Group 1 - BYD showcased its brands at the Guangzhou Auto Show, including the Dynasty and Ocean series, along with its technology exhibits such as the "God Eye" and "Megawatt Flash Charge" [1][3] - The Han L and Tang L models feature the Super e-platform with "Megawatt Flash Charge" technology, addressing electric vehicle charging anxiety, and come with new driving assistance features and upgraded safety configurations [3] - The Han L EV and DM models are priced between 204,800 to 264,800 CNY and 194,800 to 244,800 CNY respectively, while the Tang L EV and DM models are priced between 224,800 to 274,800 CNY and 214,800 to 270,800 CNY respectively, with a maximum purchase incentive of 52,000 CNY [3] Group 2 - Yangwang showcased its limited edition supercar U9 Xtreme and the luxury SUV U8L, highlighting its achievements in speed and lap records [5] - The Yangwang U7 introduced a new color option and a brand philosophy of "Free Control," while the U8L has been well-received in the market [5] Group 3 - Tengshi presented its family of models, including the N8L, D9, N9, and Z9, emphasizing its advancements in safety, control, and smart technology [7][8] - The Tengshi D9 is approaching a milestone of 300,000 deliveries and has been the best-selling model in the Chinese new energy MPV market from January to October 2025 [7] - The N9 and N8L are positioned as flagship SUVs with advanced driving assistance features, while the Z9GT and Z9 are highlighted as luxury sports models [8] Group 4 - Equation Leopard introduced four models under the Leopard Titanium series, with the Titanium 7 becoming a popular model, achieving sales of 20,024 units in its first full month [10] - The Titanium 7's high-end Ultra version accounts for over 85% of its sales, and the company is working to increase production capacity for faster deliveries [10]

Core Insights - The Guangzhou International Auto Show showcased Tengshi Automobile's latest models, including the Tengshi N8L, D9, N9, and Z9, highlighting advancements in smart and electric vehicle technology [1][2][3] Group 1: Product Highlights - The Tengshi N8L is positioned as a luxury family vehicle, featuring a robust safety design with 2000MPa hot-formed steel and advanced hybrid technology, capable of withstanding significant impacts [1] - The N8L boasts impressive performance metrics, achieving 0-100 km/h in just 3.9 seconds, and incorporates advanced steering and braking technologies [2] - The Tengshi D9 has achieved significant market success, with 300,000 units expected to be delivered, and has been recognized as the top-selling MPV in China for two consecutive years [2][3] Group 2: Technological Innovations - The D9 DM-i Super Hybrid version offers a comprehensive range of 1100 km and a fuel consumption of only 5.85L per 100 km, showcasing the efficiency of its fifth-generation DM technology [3] - The Tengshi N9 is equipped with cutting-edge features such as the "Yisanfang" system and advanced driver assistance technologies, setting a new standard for large flagship SUVs [3] - The Z9 series combines luxury and technology, featuring AI smart cockpits and advanced driving experiences, appealing to younger audiences [3] Group 3: Global Expansion - Tengshi Automobile is accelerating its global presence, recently entering the Brazilian market after success in Europe, marking a significant step in its high-end international strategy [4]

Core Viewpoint - The 23rd Guangzhou International Auto Show showcases Tengshi Automobile's commitment to safety, luxury, and advanced technology in its new energy vehicle lineup, including the Tengshi N8L, D9, N9, and Z9 models [1][3][10]. Group 1: Product Highlights - Tengshi N8L features a robust safety design with 2000MPa hot-formed steel and hybrid CTB technology, capable of withstanding a 25-ton truck rollover [3]. - The N8L boasts impressive performance metrics, achieving 0-100 km/h in just 3.9 seconds and offering superior maneuverability with a minimum turning radius of 4.58 meters [3]. - The Tengshi D9 has reached a milestone of 300,000 deliveries and has been recognized as the top-selling MPV in China for two consecutive years, demonstrating strong market performance [4][6]. - The D9 is equipped with advanced features such as a hybrid system with a range of 1100 km and a fuel consumption of 5.85L per 100 km, showcasing its efficiency [8]. - The Tengshi Z9GT and Z9 models incorporate cutting-edge technologies like AI smart cockpit and advanced driving assistance systems, appealing to a tech-savvy audience [10][11]. Group 2: Market Position and Strategy - Tengshi D9 has become synonymous with luxury and has been embraced by high-profile individuals, enhancing its brand image [6]. - The company is expanding its global footprint, with plans to enter the South American market by launching in Brazil, following successful entries in Europe [13]. - The presence of Tengshi vehicles at international events, such as the Goodwood Festival of Speed, highlights the brand's growing recognition and appeal in global markets [10].

Core Insights - Zhao Changjiang announced his departure from BYD after 16 years of service, having played a significant role in revitalizing the Tengshi brand [12] - Tengshi, initially a joint venture between BYD and Mercedes, faced continuous market struggles, accumulating losses exceeding 4 billion yuan since 2016 [8] - Under Zhao's leadership, Tengshi launched the D9 model, achieving unprecedented success with total sales of 128,000 units in 2023 [10] Group 1 - Zhao Changjiang joined BYD in 2009 and rose to become the General Manager of BYD Auto Sales Co., Ltd. by 2017 [4] - In 2021, BYD decided to revamp its high-end brand, appointing Zhao as the General Manager of the Tengshi brand division [4] - Tengshi became a wholly-owned subsidiary of BYD in September 2024 after a series of equity adjustments [8] Group 2 - The D9 model was the first vehicle launched after the brand's revamp, marking a significant turnaround for Tengshi [10] - Despite the initial success of the D9, subsequent models like the N7, N8, and Z9 did not replicate its success [10] - Tengshi's total sales for 2024 were 126,000 units, falling short of the 200,000 unit target, with a goal of 300,000 units set for 2025 [11] Group 3 - Zhao Changjiang's role was adjusted in July 2023, and he expressed intentions to continue working in a new position [11] - Speculation arose regarding his next move, with rumors suggesting a potential role at Chery and Huawei's Hongmeng Intelligent brand, though this remains unconfirmed [12]

Core Viewpoint - The departure of Zhao Changjiang, a key executive at BYD, marks a significant shift in the company's high-end brand strategy, particularly for the Tengshi brand, which has seen both growth and challenges during his tenure [1][2][3]. Group 1: Zhao Changjiang's Career at BYD - Zhao Changjiang joined BYD in 2009 as a regional sales manager and rose through the ranks to become the youngest sales company general manager in BYD's history at the age of 31 in 2017 [2]. - He played a crucial role in establishing the high-end foundation for the "Han" and "Tang" series, which were pivotal in BYD's entry into the market above 200,000 yuan [2]. Group 2: Challenges Faced by Tengshi - In 2021, Zhao was appointed as the general manager of Tengshi, which was struggling with low sales and brand recognition, having sold only 4,783 units that year [3][4]. - Under his leadership, Tengshi underwent significant brand, product, and operational transformations, including the launch of the Tengshi D9, which disrupted the market previously dominated by the Buick GL8 [4]. Group 3: Performance and Market Position - The Tengshi D9 achieved cumulative sales of over 250,000 units, raising the brand's average selling price from 250,000 yuan to 380,000 yuan [4]. - Despite these successes, the brand faced structural challenges, with the D9 accounting for 75% of Tengshi's sales, indicating a lack of product diversity [4][7]. - Tengshi's sales in the first three quarters of 2025 reached 108,800 units, trailing behind the Fangchengbao brand's 113,100 units, but significantly outperforming the Yangwang brand [9]. Group 4: Future Outlook - The market for new energy MPVs is expected to grow, with Tengshi D9 holding a 32% market share in the 300,000 to 500,000 yuan segment [10]. - However, the introduction of new models like the Tengshi N7 and Z9 series has faced challenges, with significant drops in sales for these vehicles, highlighting the need for a more robust product lineup [8].