2025年各大车企销量数据陆续出炉，赛力斯的增长韧性正在凸显。数据显示，赛力斯新能源汽车12月销 量60,981辆，同比增长63.40%，不仅首次突破6万关口，还连续三个月保持5万辆以上的高位；全年累计 销量超47万辆，也创下历史新高。开源证券最新研报指出，赛力斯新车持续放量，规模效应加速显现， 叠加全球化布局稳步推进，及在具身智能等前沿领域的持续投入，公司有望打开第二成长曲线，维 持"买入"评级。 值得注意的是，赛力斯不仅实现了销量规模的快速扩张，更在前沿技术创新领域率先落子、抢占先机。 目前，赛力斯正积极布局具身智能产业，深度推动人工智能技术的产业化应用落地，致力于打 造"AI+具身智能"的移动智能体和生活伙伴。开源证券表示，通过技术创新加速产品迭代，公司有望构 筑起更深的技术护城河与品牌壁垒，为长期高质量发展注入强劲动能。 在巩固国内市场优势的同时，赛力斯全球化布局稳步迈进。港股上市后，赛力斯明确将进一步整合资 源，加快海外销售网络搭建与服务体系建设，同步推进产品本地化适配。开源证券指出，这一系列举措 将为全面进军海外市场、挖掘全球增量空间奠定良好基础。目前，公司产品已出口到欧洲、中东、东南 亚等多个国 ...

在品牌角力愈发激烈、行业加速洗牌的背景下，赛力斯交出了一份亮眼的答卷：12月新能源汽车销量达到60981辆，同比激增63.40%，首次突破6万，且连 续三个月单月销量突破5万大关；全年累计销量472269辆，同比增长10.63%，创下年度销量新里程碑。 2025年中国新能源汽车市场迎来历史性拐点，渗透率突破60%的同时，行业竞争完成从价格战向高端化、智能化价值竞争的深刻转型。 其中，问界系列全年交付超42万辆，成为驱动企业增长的核心引擎。这份成绩单的背后，是赛力斯"高质量增长"战略的成功实践——在产品端，问界系列在 高端市场实现绝对引领，在资本端，公司成功登陆港股，获得国际投资者认可。产品与资本的双重突破，不仅印证了其"高端化"战略的前瞻性，彰显中国品 牌已正式掌握豪华车市场话语权，更展现出其从"中国样本"稳步迈向全球舞台的坚实步伐。 一、产品矩阵精准破局，问界引领高端市场实现量价齐升 产品是企业竞争的核心载体，赛力斯2025年的高质量增长，首先得益于产品矩阵的精准布局与高端化突破。 面对2025年百余款新能源车型密集上市、竞争激烈的市场格局，赛力斯精准锚定30-50万元级豪华细分市场，持续丰富产品序列，形成 ...

2025年中国新能源汽车市场迎来历史性拐点，渗透率突破60%的同时，行业竞争完成从价格战向高端化、智能化价值竞争的深刻转型。 在品牌角力愈发激烈、行业加速洗牌的背景下，赛力斯交出了一份亮眼的答卷：12月新能源汽车销量达到60981辆，同比激增63.40%，首次突破6万，且连 续三个月单月销量突破5万大关；全年累计销量472269辆，同比增长10.63%，创下年度销量新里程碑。 其中，问界系列全年交付超42万辆，成为驱动企业增长的核心引擎。这份成绩单的背后，是赛力斯"高质量增长"战略的成功实践——在产品端，问界系列在 高端市场实现绝对引领，在资本端，公司成功登陆港股，获得国际投资者认可。产品与资本的双重突破，不仅印证了其"高端化"战略的前瞻性，彰显中国品 牌已正式掌握豪华车市场话语权，更展现出其从"中国样本"稳步迈向全球舞台的坚实步伐。 一、产品矩阵精准破局，问界引领高端市场实现量价齐升 产品是企业竞争的核心载体，赛力斯2025年的高质量增长，首先得益于产品矩阵的精准布局与高端化突破。 面对2025年百余款新能源车型密集上市、竞争激烈的市场格局，赛力斯精准锚定30-50万元级豪华细分市场，持续丰富产品序列，形成 ...

1月6日，赛力斯涨3.31%，成交额46.78亿元。两融数据显示，当日赛力斯获融资买入额5.90亿元，融资 偿还6.42亿元，融资净买入-5200.58万元。截至1月6日，赛力斯融资融券余额合计96.23亿元。 分红方面，赛力斯A股上市后累计派现32.02亿元。近三年，累计派现25.90亿元。 机构持仓方面，截止2025年9月30日，赛力斯十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股5299.15万股，相比上期减少184.02万股。华夏上证50ETF（510050）位居第六大流通股东， 持股1561.29万股，相比上期减少43.32万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持 股1396.87万股，相比上期减少61.75万股。易方达沪深300ETF（510310）位居第十大流通股东，持股 1004.97万股，相比上期减少34.30万股。 融资方面，赛力斯当日融资买入5.90亿元。当前融资余额96.04亿元，占流通市值的5.08%，融资余额超 过近一年60%分位水平，处于较高位。 责任编辑：小浪快报 融券方面，赛力斯1月6日融券偿还6300.00股，融券卖出1.84万股 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源丨定焦One（ID：dingjiaoone） 作者丨金玙璠 编辑丨魏佳 2026年第一天，新能源车企照例公布了2025年12月的销量，全年榜单随之出炉。 比亚迪以460万辆的绝对优势一骑绝尘，吉利突破300万辆大关，奇瑞达到263万辆，长城交付132万 辆。 | | | 2025年部分车企全年销量及目标达成度 | | | 定焦Onel | | --- | --- | --- | --- | --- | --- | | 序号 | 品牌/企业 | 2025年交付 | 同比增速 | 年度目标 | 目标 | | | | (万辆) | | (万辆) | 完成率 | | 1 | 比亚迪 | 460.24 | 8% | 460 | 100% | | | 一方程豹 | 23.46 | 316% | | | | | 腾势 | 15.71 | 25% | | | | 2 | 吉利 | 302.46 | 39% | 300 | 101% | | | 极氪 | 22.41 | 1% | | | | 3 | 奇瑞 | 263.14 | 8% | 1 | ...

2025年上半年，北汽蓝谷交出了一份看似亮眼的销量成绩单：6.72万辆的整车销量同比暴增139.73%，旗下极狐品牌以5.6万辆销量、211.06%的 同比增幅成为新能源车市的"增速明星"。然而，这份高增长背后却暗藏刺眼隐忧：同期23.08亿元的净利润亏损，使其自2020年起的连续亏损周期延 长至五年半，累计亏损额已突破300亿元。反观同为"华为系"合作伙伴的赛力斯，凭借问界系列成功扭亏为盈，北汽蓝谷的战略布局与市场结果形成 鲜明反差。这场"越卖越亏"的增长奇迹，折射出其在品牌定位、盈利模式与内部协同上的多重困局，新能源赛道的"淘汰赛"中，北汽蓝谷正面临前 所未有的战略考验。 高端化战略失效 从对标豪华到以价换量的品牌下沉 北汽蓝谷的高端化尝试始于极狐品牌的"高举高打"。2020年~2021 年，极狐先后推出阿尔法T、阿尔法S两款30万元级车型，阿尔法S华为HI版售价更是 高达40万元左右，直指特斯拉、蔚来等豪华品牌阵营。但市场反馈冰冷，2021年极狐累计销量仅0.29万辆，陷入"叫好不叫座"的窘境。迫于销量压力，极狐 开启了激进的降价之路：2022年官降超2万元，2023年推出20万元内的森林版车型，202 ...

Core Insights - The domestic passenger car market experienced a retail sales volume of 2.248 million units in October 2025, reflecting a year-on-year decline of 0.5% but a month-on-month increase of 0.2% [1] - The market is undergoing a transformation, with strong performances from domestic brands and the new energy sector contrasting sharply with the pressures faced by joint venture brands [1][3] Market Performance - The SUV segment was the only category to achieve positive growth, with sales reaching 1.142 million units, up 0.4% year-on-year and 1.0% month-on-month [3] - New energy vehicle sales in October totaled 1.281 million units, showing a year-on-year increase of 7.2% despite a slight month-on-month decline of 1.4% [3] - The market share of domestic brands reached 68.7%, a year-on-year increase of 3 percentage points, with retail sales of 1.55 million units, up 4% year-on-year and 3% month-on-month [3][4] Brand Performance - Joint venture brands faced significant challenges, with retail sales of mainstream joint venture brands at 510,000 units, a year-on-year decline of 10% [4] - The luxury car market saw retail sales drop to 190,000 units, down 10% year-on-year and 23% month-on-month, with market share falling to 8.4% [4] - BYD led the sales ranking with 295,871 units sold, despite a year-on-year decline of 31.4%, marking the largest drop among the top ten manufacturers [5][4] Sales Rankings - Geely ranked second with 265,565 units sold, achieving a remarkable year-on-year increase of 36.8%, driven by the Geely Galaxy series [5][6] - Volkswagen ranked third with 136,002 units sold, but experienced a year-on-year decline of 3.9% [7] - Changan and Chery followed closely, with sales of 132,229 and 130,128 units respectively, both showing positive growth [7][6] New Energy Vehicle Market - BYD maintained its lead in the new energy vehicle market with a market share of 23.1%, despite a year-on-year decline of 31.4% [15] - Geely's new energy vehicle sales reached 164,256 units, with a year-on-year increase of 54.7%, narrowing the gap with BYD [15][17] - The new energy vehicle penetration rate surpassed 57%, indicating a deepening market acceptance [14][21] Future Outlook - The market is expected to see a release of consumer demand as tax incentives end, coupled with increased promotional efforts from manufacturers [21] - The ongoing trends of electrification and smart technology are anticipated to reshape the Chinese automotive market, with domestic and new energy brands likely to lead the next phase of industry transformation [21]

Core Viewpoint - Seres (601127) officially launched the Magic Cube Technology Platform 2.0 at the Guangzhou International Auto Show, positioning it as an "AI-driven smart electric vehicle platform" focusing on five key areas: intelligent safety, smart energy, intelligent chassis, EEA architecture, and smart space [1] Group 1: Technology Features - The platform integrates Huawei's QianKun intelligent driving and HarmonyOS cockpit, supporting dual SIM dual communication, satellite communication, and Huawei's Star Flash technology [1] - It features an 800V high-voltage architecture and an eight-in-one electric drive design, supporting 5C ultra-fast charging with two range-extending power options of 1.5T and 2.0T [1] - The intelligent chassis system incorporates road preview and corner prediction technologies, along with XYZ fusion control and ADS response mechanisms, featuring dual backup steering and braking redundancy [1] Group 2: Safety and Reliability - Seres has established four safety systems covering life protection, body protection, health care, and privacy protection, validated through comprehensive testing and over 100,000 test cases [1] - The electronic architecture has transitioned from distributed to "central vehicle control + regional control," supporting large model deployment and end-to-end evolution [1] Group 3: Market Performance - The AITO series has surpassed 900,000 cumulative users, with the M9 and M8 models ranking first in their respective market segments, achieving sales of 500,000 and 400,000 units [1] - The total mileage for assisted driving has exceeded 4.45 billion kilometers [1]

Core Viewpoint - The stock price of Seres has shown fluctuations, with a recent increase of 2.00% and a total market capitalization of 237.82 billion yuan, indicating active trading and investor interest [1]. Company Overview - Seres Group Co., Ltd. is primarily engaged in the research, manufacturing, sales, and service of new energy vehicles and core components, with a focus on the AITO series, which includes both electric and traditional fuel vehicles [2]. - The company emphasizes digital user experience and innovative services, such as Starry Night Service and Worry-Free Return, integrating AI into its service model [2]. - The revenue composition of the company is 94.72% from complete vehicles and 5.28% from auto parts and others [2]. Financial Performance - For the period from January to September 2025, Seres achieved a revenue of 110.53 billion yuan, representing a year-on-year growth of 3.67%, while the net profit attributable to shareholders increased by 31.56% to 5.31 billion yuan [3]. - The company has distributed a total of 3.20 billion yuan in dividends since its A-share listing, with 2.59 billion yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 8.49% to 192,600, while the average circulating shares per person decreased by 7.82% to 7,839 shares [3]. - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to the previous period [4].

Core Viewpoint - The initial public offering (IPO) of Seres Automotive faced significant challenges, including a sharp decline in stock price on its debut, reflecting a disconnect between market expectations and the company's valuation based on future risks [1][2][6]. Group 1: IPO Performance - Seres Automotive raised 14 billion HKD in its IPO, marking the largest IPO for a car company in Hong Kong this year [1]. - On its first trading day, the stock price dropped nearly 10%, leading to a market capitalization loss of over 20 billion HKD [1]. - Despite a significant oversubscription of 133 times from retail investors, institutional investors showed caution, purchasing only slightly more than half of the planned shares [1][5]. Group 2: Valuation Issues - The IPO pricing was based on a discount to the A-share market price, which was deemed inappropriate by institutional investors who focus on intrinsic value rather than relative pricing [3][4]. - The reliance on a potentially inflated A-share price as a benchmark led to a perception of the IPO price as excessively high [4][6]. - The valuation logic collapsed as the company transitioned from a "story-driven" to a "fundamentals-driven" assessment, revealing a disconnect between market expectations and actual performance [7][11]. Group 3: Financial Performance - For the first three quarters of 2025, Seres reported a mere 3.7% year-on-year revenue growth, signaling a potential peak in growth [12]. - The company's net profit declined by 1.7% in the third quarter, raising concerns about its profitability and operational efficiency [12]. - The projected price-to-earnings (P/E) ratio of 26.5 times at the IPO was significantly higher than the average of 13.6 times for traditional car companies in Hong Kong, leading to skepticism among investors [13][14]. Group 4: Strategic Dependence - Seres' heavy reliance on its partnership with Huawei has created strategic vulnerabilities, as the company has not developed its own core competencies [21][24]. - The shift in market perception from being a unique partner of Huawei to one among many competitors has diminished its valuation appeal [25][28]. - The uncertainty surrounding the future of the partnership with Huawei has led to increased risk premiums in the company's valuation [33]. Group 5: Market Dynamics - The activation of the "green shoe" mechanism by underwriters to stabilize the stock price indicated a lack of confidence in the stock's ability to maintain its initial price without intervention [34][36]. - The Hong Kong market's rationality and focus on performance metrics mean that any slowdown in growth or profitability will be harshly penalized [36][40]. - To regain market confidence, Seres must demonstrate a clear path to reducing its dependence on Huawei and improving its financial performance [38][40].