日前，蔚来联合创始人、总裁秦力洪公布蔚来和乐道品牌新车规划，按照发布时间排序，分别为乐道L80、蔚来 ES9、全新蔚来ES7以及全新蔚来ES6。 乐道L80预计4月20日前后举办产品技术发布会，5月中旬公布价格并开启交付； 蔚来ES9预计4月10日前后召开产品技术发布会，5月底上市公布价格，并于6月1日开启交付； 全新蔚来ES7预计将于7、8月开启交付； 而全新蔚来ES6预计将于明年下半年正式发布。 动力方面，工信部申报车型搭载了前后双电机，最大功率分别为180kW和340kW，综合功率520kW，综合扭矩 700N·m，与全新ES8保持一致。 电池方面则来自宁德时代。 根据申报信息显示，新车将配备102kWh电池组，纯电续航里程分别为620km、600km、580km。 全新蔚来ES7与蔚来ES6都将基于蔚来最新的三代平台打造，外观设计也将与目前的三代造型全面接轨，并搭载蔚 来最新的世界模型辅助驾驶系统（配图为现款ES6）。 乐道L80即乐道L90五座版，新车售价将高于L60低于L90。 从此前曝光的路试谍照来看，乐道L80虽然还有伪装，但依然能看出继续采用了乐道家族标志性的前脸设计。 时下较为流行的封闭式 ...

来源：朝阳永续 1. 蔚来-SW第四季度业绩预期怎么样？ 截至2026年02月25日，根据朝阳永续季度业绩前瞻数据： 预测营业收入333.63~371.21亿元，同比增长69.3%~88.4%；预测净利润-12.20~21.03亿元，同比增长 82.9%~129.5%；预测经调整净利润2.10亿元，同比变动103.2%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | The F I the Jen . Well Vanted | | --- | | 数据来源:朝阳水续盈利预测数据库 | | 15 . 14 12 . 10 . 1 . | 3) 世界模型NWM发布：公司发布世界模型NWM，将为搭载NX9031及NVIDIA Orin X芯片的车型分批 推送NWM升级，提升城市/高速NOP+、泊车及智能安全性能。 4) 自研芯片外供：公司自研的神玑NX9031芯片不仅自用，还通过合资公司向其他车企或非汽车行业客 户推广芯片，保留与其他伙伴在芯片上的合作可能性。 海通国际证券认为：蔚来-SW在3Q25实现营收217.9亿元，同比增长17%，环比增长15%，汽车销售收入 ...

Core Insights - The new energy vehicle (NEV) market did not experience the expected strong start in January 2026, with a significant decline in delivery volumes due to seasonal factors and policy transitions, leading to a reshuffling of the industry landscape [1][7] Group 1: Market Performance - Homologous Intelligent (鸿蒙智行) led the market with 57,915 units delivered in January, a year-on-year increase of 65.6%, supported by the strong performance of the AITO brand [2] - Xiaomi and Leap Motor followed with deliveries of over 39,000 and 32,000 units respectively, while the previously dominant "Wei Xiaoli" trio (理想, 蔚来, 小鹏) struggled, with Li Auto and NIO delivering around 27,000 units each and Xpeng just over 20,000 units, showing significant declines [1][4] - The overall NEV retail sales in January dropped by 16% year-on-year, with total passenger vehicle sales down 28% [7][8] Group 2: Strategic Shifts - Li Auto is transitioning to a "embodied intelligence" company, focusing on integrating automotive and humanoid robotics, with plans to establish a dedicated team for humanoid robot development as a second growth driver [1][5] - Xpeng has identified 2026 as a critical year for the commercialization of physical AI, aiming to make AI the core driver of growth for its automotive and robotics businesses [1][5] - NIO is concentrating on large SUVs, planning to launch three new models in the first half of the year to capture growth in the high-end market [5][6] Group 3: Competitive Landscape - The competition among new energy vehicle manufacturers is intensifying, with a shift from single blockbuster models to a comprehensive strategy covering all price ranges and vehicle categories [5][8] - The industry is witnessing an AI arms race, with major players like Li Auto and Xpeng redefining their futures around AI and robotics, while NIO is focusing on enhancing its AI capabilities across various operational aspects [6][8] - The market is expected to face challenges in the first quarter of 2026 due to the expiration of previous incentives and a lack of new policies, leading to a potential adjustment period for sales [7][8]

Core Viewpoint - Cathay Securities initiates coverage on NIO-SW (09866) with a "Buy" rating, citing increased sales and a higher proportion of high-priced models leading to the first quarterly profit in Q4 2025, with projected revenues of 87 billion, 130.6 billion, and 161.4 billion yuan for 2025, 2026, and 2027 respectively [1] Group 1: Sales Performance - The company achieved a record quarterly delivery of 125,000 vehicles in Q4 2025, a year-on-year increase of 72%, with NIO, Ladao, and Firefly brands delivering 67,000, 38,000, and 19,000 vehicles respectively, all setting historical highs [2] - The newly launched high-end model ES8 accounted for 32% of Q4 sales, significantly boosting overall profitability [2] - The adjusted operating profit (Non-GAAP) for Q4 2025 is estimated to be between 700 million and 1.2 billion yuan, while the GAAP operating profit is projected to be around 200 million to 700 million yuan, marking the first quarterly profit [2] Group 2: Product Expansion - Since 2025, the company has launched several models including Firefly, the new ES8, and Ladao L90, continuously enhancing its product lineup [3] - The new ES8 sold 22,000 units in December 2025, becoming the best-selling model in the large SUV, large three-row SUV, and models priced above 400,000 yuan categories [3] - The company plans to introduce new products such as NIO ES9, NIO ES7, and Ladao L80 in 2026 to further enrich its product matrix and enhance market competitiveness [3] Group 3: Technological Development - The company has established a comprehensive technology system centered on self-developed intelligent driving chips, a full-domain operating system, and world model algorithms, as reported in the 2025 annual report [4] - The company is expected to enter a harvest phase for its investments in smart technology, which is likely to drive improvements in product capability and sales [4]

Industry Overview - The domestic automotive industry is entering a new phase focused on quality and efficiency, moving away from price competition to technology innovation and product upgrades to attract consumers [1] - In 2025, domestic passenger car production and sales are expected to reach new highs, with various automakers announcing new vehicle plans across different segments [1] BMW Group - BMW Group plans to launch approximately 20 new models across its three brands by 2026, including the locally produced BMW iX3 long-wheelbase version [2] - The new models will incorporate advanced technologies such as BMW's new generation electric drive technology and AI integration [2][4] Mercedes-Benz - Mercedes-Benz will introduce over 15 new and updated products in 2026, adhering to a strategy of "oil-electric homogeneity" and "oil-electric intelligence" [5] - The lineup will include new models like the long-wheelbase pure electric GLC SUV and the next-generation S-Class sedan [5][7] FAW-Volkswagen - FAW-Volkswagen plans to launch up to 13 new models in 2026, covering fuel, hybrid, and pure electric vehicles [9] - New models will include the all-new Sagitar S, Tayron S, and several Audi models, with a focus on advanced intelligent cockpit and driving assistance systems [9] SAIC Volkswagen - SAIC Volkswagen aims to release at least 7 new energy vehicles in 2026, emphasizing a strategy of "oil-electric co-progression" [11] - The ID.ERA 9X will be the first model in the new ID.ERA series, marking a significant step in the brand's transition to new energy [11] BYD - BYD plans to launch multiple new models across its various brands in 2026, including flagship models in the Dynasty and Ocean series [13] - The company will hold 12 product launch events throughout the year, covering high-end SUVs, performance supercars, and sedans [13] Geely - Geely is expected to introduce over 10 new energy models in 2026, covering various segments such as sedans, SUVs, and MPVs [15] - The Galaxy series will see the addition of new mid-to-large sedans and SUVs, while the Zeekr brand will focus on high-end models [15] Leap Motor - Leap Motor plans to launch 4 new models targeting the mainstream and high-end markets, including a small pure electric SUV and a flagship MPV [17] NIO - NIO will introduce several new models across its three brands, including the flagship ES9 SUV and the L80, a "super five-seat SUV" [18] XPeng Motors - XPeng Motors will launch 7 new "dual-energy" models in 2026, including the new AI luxury SUV [20] - The company emphasizes the integration of self-developed technologies in its new models [20] Hongmeng Zhixing - Hongmeng Zhixing plans to launch 12 new models in 2026, covering a wide price range from family cars to ultra-luxury vehicles [22] - The lineup will include new SUVs and MPVs, with a focus on differentiating market segments [22]

2月9日，工信部发布《减免车辆购置税的新能源汽车车型目录》（第二十七批），小米SU7、比亚迪方程豹钛3等多款车型 在列。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 | 庆宝 | 汽车生产企业名称 | 在居居 | 题用名称 | 产品名称 | 出来到给我说 | 整车感器 | 动力看单次组 动力精出液用 | | 各注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 程(km) | 厨昌(kg) | | 总周景(kg) 总能量 (kWh) | | | 1 | 蔚来汽车谷安(安徽)有限公司 | NAL6543BSEVD1 | ES9 | 正保指定 法司因素依据陈 | 620/600/580 | 2845/2870 | 545 | 102 | | | | | | | 的 | (CLTC ) | /2915 | | | | | 2 | | XMA7001 MBEVA1 | 小米 SU7 | 体体育团队 | 835/805/730 | 2280 | ଚିତିତ | 101. 7 | | | 3 | | ...

南都讯 记者赵唯佳2月5日，蔚来公司发布了盈利预告，预计2025年第四季度录得经调整经营利润（非公认会计准则）为7亿元至12亿元，这让蔚来创始人、 CEO李斌此前立下的"季度盈利"军令状得以兑现。 超出市场预期的是，若按公认会计准则，预计本公司于2025年第四季度录得经营利润约人民币2亿元（约0.29亿美元）至人民币7亿元（约1亿美元）。 截至发稿前，蔚来汽车美股盘前涨幅近7%。蔚来港股今日收盘报涨2.70%。 蔚来预盈公告称，预计公司于2025年第四季度录得经调整经营利润（非公认会计准则）（界定为剔除股权激励费用后的经营利润）介乎约人民币7亿元（约1 亿美元）至人民币12亿元（约1.72亿美元），此为公司首次录得单季度经调整经营利润。 相比之下，蔚来于2024年第四季度录得经调整经营利润（非公认会计准则）人民币55.436亿元。 财务数据为何改善？蔚来在公告中解释称，其一，公司在2025年第四季度销量持续增长；其二，有利的产品组合推动汽车毛利率优化；其三，公司持续推行 全面降本增效措施。 回看2025年，蔚来多品牌战略完成了从布局期进入收获期的关键转变。从全年销量来看，蔚来公司共交付新车326028台，创历 ...

Core Viewpoint - The article discusses the trend of larger SUVs in the Chinese automotive market, highlighting the shift towards three-row SUVs that cater to family needs and the growing consumer preference for spacious vehicles [5][10][30]. Group 1: Market Trends - The introduction of the Tesla Model YL and the success of large three-row SUVs have significantly impacted Tesla's delivery volumes, indicating a strong consumer preference for larger vehicles [5][7]. - The trend of larger vehicles is evident, with new models like the Denza N9 and N8L showcasing lengths exceeding 5 meters, which aligns with the growing demand for spacious SUVs [7][10]. - The market share of mid-to-large SUVs has seen a notable increase, with mid-large SUVs maintaining a market share of 3%-4% since September 2022, while large SUVs remain below 2% [12][13]. Group 2: Consumer Preferences - The demand for larger SUVs is driven by family-oriented needs, where consumers prioritize space and comfort for both daily use and family outings [26][30]. - The average vehicle ownership in China is projected to reach 52.9 vehicles per 100 households by 2025, indicating a strong market for family-sized vehicles [28]. - The article emphasizes that the preference for larger vehicles is not unique to China, as similar trends are observed globally, particularly in the U.S. and Europe [33]. Group 3: Technological Factors - The increase in vehicle size is attributed to the design of electric vehicles, which require more space for battery placement, leading to wider and longer vehicle dimensions [20][21]. - Advances in battery technology have allowed for larger battery capacities in SUVs, with many new models featuring batteries exceeding 80 kWh, enhancing their range and appeal [23][24]. - The integration of battery technology into vehicle design has improved the overall space within the cabin, allowing for more comfortable seating arrangements and features [30].

Core Viewpoint - The luxury SUV market in China is experiencing a significant shift, with traditional brands like BBA (BMW, Benz, Audi) facing declining sales due to the rise of domestic new energy vehicle manufacturers [1][17]. Group 1: Sales Performance - BBA's combined sales in China have dropped significantly, with Mercedes-Benz's sales falling to 551,900 units, marking a 12% decrease [2][1]. - In the high-end SUV segment, traditional models like Audi Q5L, Mercedes-Benz GLC, and BMW X3/X5 have seen substantial declines, while new entrants like Xiaomi YU7 and AITO M8 are gaining traction [2][1]. Group 2: Competitive Landscape - The competition in the high-end SUV market has intensified, with new players leveraging technology and consumer insights to capture market share from BBA [18][21]. - The market dynamics are shifting towards a focus on practical luxury and value, as consumers are less willing to pay for brand prestige alone [17][21]. Group 3: Product Innovations - New models such as the Ideal L9 and AITO M9 are set to challenge BBA's dominance, with significant upgrades in technology and features aimed at enhancing user experience [5][9]. - Upcoming models like the Zeekr 8X and Lido L80 are expected to offer competitive pricing and features, appealing to a broader consumer base [10][13]. Group 4: Market Trends - The high-end SUV market is witnessing a transformation where the focus is shifting from brand loyalty to practical benefits and technological advancements [17][20]. - Future competition will likely center around the ability to deliver practical technology and user-friendly features rather than just high specifications [22][21].

Core Viewpoint - The company aims to enhance operational efficiency and anticipates profitability opportunities in Q4 2025, driven by strategic investments in AI and product development [1][5]. Group 1: AI Investment and Strategy - The company plans to increase investments in artificial intelligence (AI) in 2026, focusing on integrating AI across all business units to improve product competitiveness and operational efficiency [2][4]. - An AI Technology Committee has been established to oversee the development and implementation of AI strategies, including industry insights, capability mapping, and community building for AI talent [3][4]. - The CEO emphasized the importance of AI in enhancing efficiency across various departments, stating that a 3% efficiency gain in each area could lead to significant overall improvements [11]. Group 2: Business Growth and Financial Goals - The company targets a sales volume of 456,400 to 489,000 vehicles in 2026, aiming for a steady growth rate of 40-50% [4][7]. - The gross margin for vehicles is expected to improve, with a target of 17-18% for Q4, supported by strong performance in new models and non-vehicle business segments [7][8]. - The company anticipates non-vehicle business revenue to exceed 10 billion, indicating substantial growth potential in this area [7]. Group 3: Operational Efficiency and Cost Management - The focus for 2025 includes controlling sales management expenses and ensuring a reasonable return on investment (ROI) for variable costs [8]. - The company is committed to enhancing efficiency through a structured approach, prioritizing high-impact initiatives while managing limited resources effectively [9][10]. - The CEO highlighted the need for a mindset shift within the organization, emphasizing the importance of maintaining a startup mentality despite achieving some scale [12].