高端市场"冠军效应"尤为突出。问界M9全系累计交付突破24万辆，持续稳居50万元级市场销量冠军； 今年4月上市的问界M8累计交付突破10万辆，稳坐40万元级市场销冠，两款车型共同夯实了赛力斯在高 端市场的领先地位。 资本市场对赛力斯后市预期乐观。随着年底购车旺季临近，全新问界M7的交付量有望持续爬坡，叠加 问界M9、M8的稳定输出，产品矩阵协同效应将进一步释放，赛力斯有望在第四季度迎来新一轮增长高 峰。 中证报中证网讯(王珞)10月8日，赛力斯（601127）发布2025年9月产销快报，当月新能源汽车销量达 44678辆，同比增长19.44%；1-9月累计销量304629辆。 问界系列的强劲表现是销量增长的关键支撑。9月23日上市的全新问界M7，在外观、座舱、性能与安全 等维度全面进阶，上市24小时内大定订单即突破4万台，9月26日便在赛力斯超级工厂(凤凰)启动首批交 付，实现"上市72小时即交付"的行业快节奏。今年前三季度，问界新M5Ultra、问界M92025款、问界 M8及纯电版等车型相继上市，产品矩阵持续完善，目前全系累计交付已突破80万辆，刷新了中国新能 源豪华品牌交付速度纪录。 ...

据了解，今年前三季度，问界系列产品矩阵不断完善。问界新M5Ultra、问界M92025款、问界M8及纯 电版、全新问界M7相继上市，深受市场认可及用户喜爱。目前问界全系累计交付已突破80万辆，刷新 中国新能源豪华品牌交付速度纪录。 数据显示，问界M9全系累计交付突破24万辆，持续稳居50万元级市场销量冠军；今年4月新上市的问界 M8也表现强劲，累计交付突破10万辆，稳坐40万元级市场销冠。 随着年底购车旺季的到来，问界产品矩阵的协同效应将进一步凸显，叠加新产品交付爬坡，赛力斯有望 在第四季度迎来新一轮增长高峰。(郑渝川) 10月8日晚间，赛力斯（601127）发布9月产销快报。数据显示，赛力斯新能源汽车9月销量4.4678万 辆，同比增长19.44%；今年1—9月，累计销量达30.4629万辆。 9月23日，全新问界M7正式上市，在外观设计、空间座舱、性能驾控与安全能力等维度实现全方位进 阶。上市后24小时内，大定订单突破4万台，真正实现"上市即上量"。9月26日，全新问界M7首批用户 在赛力斯超级工厂(凤凰)完成工厂验收交付，全国同步开启新车交付。 ...

Core Viewpoint - The new energy vehicle market is experiencing intense competition among emerging car manufacturers, with several companies achieving record sales in September, marking a significant milestone in their delivery capabilities [3][4]. Group 1: Sales Performance - Several new energy vehicle manufacturers, including Leap Motor, Zeekr, and NIO, have all surpassed 30,000 units in sales for September, indicating a strong market presence [3]. - Leap Motor achieved a remarkable delivery of 66,657 units in September, maintaining its lead among new energy vehicle companies for seven consecutive months [4]. - Xiaomi and Xpeng both crossed the 40,000 unit delivery mark in September, with Xpeng reporting a 95% year-on-year increase in deliveries [5]. Group 2: Milestones and Targets - Leap Motor celebrated the production of its one-millionth vehicle in September, becoming the second new energy vehicle manufacturer to join the "million club" after Li Auto [4]. - NIO aims to deliver 150,000 vehicles in Q4 to reach the one-million delivery milestone for the year, with a current total of 872,800 vehicles delivered [6]. - Li Auto, despite being the first to enter the "million club," faced a 36.8% year-on-year decline in September sales, delivering 33,951 units [7]. Group 3: Market Dynamics - Hongmeng Zhixing reported a total delivery of 52,916 units in September, with cumulative deliveries exceeding 950,000, while maintaining the highest average transaction price among new energy brands [8]. - Zeekr and Lynk & Co combined sales reached 51,519 units in September, but their annual target completion rate stands at only 54.24% [8]. - Lantu Motors delivered 15,224 units in September, reflecting a 12.73% month-on-month increase [9].

多家车企在本月交付量都"创历史新高"，而"百万俱乐部"将成为今年下半年的关键词。 零跑汽车9月交付达66657台，连续七个月来在新势力车企中处于稳稳的领跑位置。值得一提的是，零跑 汽车还在9月迎来了第100万台整车正式下线，成为继理想之后，第二家跻身"百万俱乐部" 的新势力造 车企业。 刚刚过去的"金九"，新势力车企的销售进入了七强混战时期。零跑、极氪、鸿蒙智行、小鹏、小米、蔚 来和理想的销量都达到了3万辆以上。 其中，零跑在9月已经完成了第100万辆整车的下线，蔚来如果能在Q4完成15万辆的目标，也有望在今 年进入到交付百万辆的规模新起点。鸿蒙智行也宣布，截至9月底全系累计交付突破95万辆。 15万辆的交付、16%~17%的整车毛利率和NON-GAAP口径盈利，将是整个蔚来公司Q4需要全力以赴的 目标。 蔚来公司（蔚来+乐道+萤火虫）本月交付新车34749辆，环比增长11%，同比增长64%。截至目前，蔚 来公司总交付量为87.28万辆。李斌曾在半年报时提出，希望Q4能做到15万辆的交付。如果目标达成， 也意味着蔚来今年将有望达到100万辆的目标。 在零跑之后，小米和小鹏两家也稳稳站上了4万辆的交付大关。 首 ...

文灿股份（603348.SH）9月30日在投资者互动平台表示，公司安徽、重庆工厂就近为蔚来乐道和问界 订单保供，当前i系列定点项目尚未量产，若未来这些品牌的订单增长，公司将根据需求调整产能。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：理想i系列、蔚来乐道系列、问界系列的订单是否已经 将国内几大工厂产能全部排满了？各品牌是否有要求贵公司提高供货能力？ ...

华鑫证券研报指出，赛力斯递交H股上市发行恰逢公司业务发展的关键转折点。2024年公司实现历史性 扭亏为盈，全年新能源汽车销量达42.69万辆，同比增长182.84%，营业收入突破1451.76亿元，归母净 利润59.46亿元。2025年上半年，公司实现净利润29.41亿元，同比增长81.03%，展现出较强的盈利韧 性。与此同时，问界系列产品矩阵不断完善，M9车型持续领跑50万元以上豪华车市场，M8车型上市即 成为40万级SUV销量冠军，为H股发行奠定了坚实的业务基础。考虑到公司新品销售火爆，海外渠道铺 设持续推进有望带动销量及盈利能力提升，给予"买入"投资评级。 ...

赛力斯9月29日晚间公告，公司全资子公司赛力斯汽车拟以支付现金的方式购买华为技术有限公司持有的深圳引望智能技术有限公司10%股权，交易金额为 115亿元。 赛力斯曾表示，公司与华为跨界业务合作，开创了全新的商业模式，双方通过本次交易，以股权纽带为基础，进一步夯实双方合作关系的可持续性，共同探 索智能车与智能化部件紧密协同、共创共荣的智能化时代创新合作机制，联合将引望打造为汽车智能化部件和解决方案的领导企业。 目前，赛力斯盈利情况较好。赛力斯2025年半年报显示，公司上半年营业收入624.02亿元，同比下降4.06%；归属于上市公司股东的净利润29.41亿元，同比 增长81.03%；研发投入51.98亿元，同比增长154.9%。2025年1-6月赛力斯新能源汽车销量约17.21万辆。其中，问界系列交付量约14.7万辆，占比超八成。 截至公告披露日，双方《股权转让协议》约定的第三笔付款先决条件已满足，受让方已向转让方支付完毕《股权转让协议》约定的第三笔转让价款人民币 34.5亿元，受让方已支付完毕本次交易的全部对价。 去年7月，赛力斯发布公告称，公司拟与引望及其股东协商投资入股事宜。同年8月，赛力斯发布公告，赛力 ...

Key Points - The article discusses significant personnel changes at Shanjite Technology, including the departure of key technical partners and executives, raising concerns about the production and sales of their AI glasses [4][5] - An incident at the Changchun Airshow involved two XPeng flying cars colliding and crashing, with one passenger injured [7][8] - SAIC's executive criticized the marketing strategies of smartphone brands entering the automotive industry, emphasizing the need for long-term strategies [10][11] - The former chairman of Borante Robotics was dismissed amid ongoing losses and controversial salary proposals [12] - Huawei's Yu Chengdong defended the decision to produce a travel car despite internal opposition, citing market potential [15][16] - Liu Qiangdong emphasized the importance of maintaining healthy competition among entrepreneurs, urging against personal animosities [18] - Ford plans to lay off up to 1,000 workers at its German plant due to declining demand for electric vehicles [32][33] - Chery Automobile is set to launch an IPO with a target valuation of HKD 140 billion, aiming to raise between USD 1.5 billion to USD 2 billion [22]

Core Viewpoint - The Chinese new energy vehicle market is entering a "deep water zone" with over 40% year-on-year growth in production and sales, amidst a price war and intensified technological competition. In this context, the company Saisir has reported impressive half-year results, achieving revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a significant year-on-year increase of 81.03% [2] Group 1: Financial Performance - Saisir's half-year report shows a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, with a gross margin rising to 28.93%, an increase of 4.87 percentage points year-on-year [2][4] - The company's net assets reached 26.761 billion yuan, a year-on-year surge of 118.20%, indicating improved asset structure and enhanced risk resistance and profitability stability [5] Group 2: Sales and Market Position - The Wanjie series has significantly contributed to Saisir's growth, with total vehicle sales of 198,600 units in the first half of the year, of which the Wanjie series accounted for 147,000 units, over 74% of total sales [4] - The Wanjie M9 model delivered 62,000 units in the first half, becoming the best-selling luxury vehicle in the 500,000 yuan segment, while the Wanjie M8 model sold 35,000 units, establishing itself as a phenomenon in the high-end SUV market [4][5] Group 3: Technological Advancements - Saisir's R&D investment reached 5.198 billion yuan in the first half of 2025, a year-on-year increase of 154.9%, with a research intensity exceeding 8.3%, significantly above the industry average [8] - The company has developed a robust technology matrix with 6,826 authorized patents, reflecting advancements in electrification, intelligence, and manufacturing [8] Group 4: Brand and Market Recognition - Saisir has received widespread recognition from the capital market, with nearly 40 brokerage firms giving a "buy" rating, indicating optimism for its future growth [14] - The company has made significant strides in brand value and industry ranking, being listed 169th in the 2025 Fortune China 500, a jump of 235 places, and ranked 92nd in the TopBrand 2025 China Brand 500 [15] Group 5: Strategic Positioning - Saisir's strategy focuses on high-end positioning, technological investment, and product iteration, leading to a threefold growth in sales, profits, and brand value [16] - The company is transitioning from a traditional car manufacturer to a provider of high-end intelligent mobility solutions, emphasizing long-term value through technology and brand strength [16]

Core Insights - The company reported a slight revenue decline of 4.06% year-on-year to 62.402 billion RMB in 1H25, but net profit increased significantly by 81.03% to 2.94 billion RMB due to growth in high-end model sales and product structure optimization [1] - In 2Q25, the company achieved a revenue of 43.25 billion RMB, a quarter-on-quarter increase of 125.9%, with net profit reaching 2.19 billion RMB, a quarter-on-quarter surge of 193.3% [1] - The gross margin for 1H25 was 28.93%, up approximately 4.9 percentage points year-on-year, while 2Q25 gross margin improved to 29.5%, driven by scale effects and product structure optimization [1] Sales Performance - Total sales in 1H25 reached 198,600 units, with new energy vehicle sales at 172,100 units, reflecting a year-on-year growth of about 8.2% [1] - The "Wenjie" series accounted for over 85% of total deliveries, with 147,000 units delivered cumulatively [1] - In 2Q25, the "Wenjie" brand delivered 107,000 units, a quarter-on-quarter increase of 135.8%, with the M8 and M9 models performing particularly well [1] Future Outlook - The company is expected to continue experiencing volume and price increases in 2H25, driven by the "Wenjie high-end matrix" and the first round of M8 pure electric deliveries [2] - The M8 model is projected to reach monthly deliveries of 20,000 units, maintaining its position as the top-selling SUV in the 400,000 RMB price range [2] - The flagship M9 model is anticipated to lead the luxury market above 500,000 RMB, with cumulative deliveries surpassing 200,000 units [2] Financial Metrics - The sales, management, and R&D expense ratio for 1H25 was approximately 21.5%, with a reduction to 20.9% in 2Q25 due to scale effects [1] - The company maintains a target price of 180.5 RMB, corresponding to a 2026 price-to-earnings ratio of 22 times, indicating a positive outlook on profitability growth [2]