以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 明年还有 M9 改款和新车 M9L，问界将从市场上、下两端扩展。 文 丨 曾兴 编辑 丨 龚方毅 我们获悉，问界 M6 计划于明年二季度上市，预计将主打 25 万元家用 SUV 市场。动力形式与 问界其他车型一致，将同时提供增程版和纯电版。一位接近赛力斯的人士表示，"问界 M6 不会 取代问界 M5，未来问界 M5 仍会继续迭代。" 今年 4 月改款的新车上市后，问界 M9 月销量连续过万，但并未超过去年同期，10 月销量回落至 8000 辆，同比减半。而从今年 5 月以来，问界 M9 的销量持续环比下滑。有投资人认为，"豪华车市 场增量空间有限，尊界 S800、极氪 9X 等都分走部分销量。" 而在 20 万元至 30 万元区间，问界的表现相对平淡。这一价格带是竞争最为激烈的细分市场之一，据 懂车帝数据，近三个月内有 18 款中大型 SUV 上市。除了新能源车扎堆，曾经主导这一市场的合资车 型、降价下沉的 30 万元级的传统燃油 SUV，都在加剧竞争。 问界 M7 曾是这一价格 ...

Core Viewpoint - Company Seres has successfully listed on the Hong Kong Stock Exchange (HKEX) with an issue price of HKD 131.5, becoming a dual-listed company in both A-shares and H-shares markets, joining other Chinese automotive companies like NIO and BYD [2][27]. Financial Performance - On its first trading day, Seres' stock opened at HKD 128.9, a 2% drop from the issue price, with a maximum decline exceeding 5% [6]. - For Q3 2025, Seres reported a revenue increase of 15.75% year-on-year, but net profit decreased by 1.74% [8]. - In the first three quarters of 2025, total revenue reached CNY 110.5 billion, a 3.67% increase, while net profit was CNY 53.12 billion, up 31.56% [8][14]. Market Position and Strategy - Seres is uniquely positioned in the Chinese electric vehicle (EV) market due to its long-standing partnership with Huawei, which has significantly benefited its performance [10]. - The company achieved a remarkable revenue growth of 305.5% in 2024, reaching CNY 145.1 billion, and turned a net profit of CNY 59 billion, marking a turnaround from a loss of CNY 2.4 billion in 2023 [11]. - Despite a challenging start in 2025, with Q1 revenue down 27.91%, Seres is focusing on product development and market expansion, including plans for new models and increased R&D investment [13][19]. R&D and Innovation - In the first half of 2025, Seres invested CNY 5.198 billion in R&D, a 154.9% increase, and secured 6,826 patents, reflecting a commitment to innovation [19]. - The company has developed several advanced technologies, including a high-efficiency electric drive system and a new technology platform showcased at the 2025 China Automotive Engineering Society conference [20]. International Expansion - Seres aims to enhance its international presence, having already begun deliveries of its SERES 5 model in Europe and planning to expand into various global markets [29]. - The company is also focusing on localizing production and operations in international markets, with plans to introduce new models under the AITO brand [30][32]. Brand Development - The AITO brand is positioned to lead Seres' international expansion, although challenges exist in gaining recognition in overseas markets compared to its domestic success [33]. - Seres has seen increasing brand recognition, with its AITO models receiving high scores in brand confidence and customer recommendations [22]. Production Capacity - To support the growth of the AITO brand, Seres has established a highly automated super factory, enhancing production capabilities and achieving significant delivery milestones for its models [25]. - The company has delivered over 800,000 vehicles across its AITO brand, with notable sales figures for the AITO M9 and M8 models [25]. Conclusion - Overall, Seres is navigating a complex landscape of financial performance, market positioning, and international expansion, with a focus on innovation and brand development as it seeks to solidify its place in the global automotive market [26][29].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Insights - The company is positioned in the smart electric vehicle sector, achieving a revenue of 110.53 billion yuan and a net profit of 5.31 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 31.56% [1] - The sales of high-end smart electric vehicles, particularly the Wanjie M9 and M8, have significantly contributed to profit growth, becoming champions in their respective price segments [1] - The company has entered a partnership with Beijing Huoshan Engine Technology Co., focusing on embodied intelligence, which aims to enhance the automotive industry's digital transformation [7] Financial Data and Valuation - The company is projected to achieve total revenue of 169.86 billion yuan in 2025, with a year-on-year growth of 17% [3] - The estimated net profit for 2025 is 8.29 billion yuan, corresponding to a PE ratio of 30.6 [3][10] - The company’s total assets are expected to reach 117.94 billion yuan by 2025, with a debt-to-asset ratio of 76.9% [8][10] Performance Metrics - The company reported a gross margin of 29.95% and a net profit margin of 5.32% in Q3 2025 [7] - The return on equity (ROE) is projected to be 42.5% in 2025, indicating strong profitability [10] - The company’s earnings per share (EPS) is expected to be 5.07 yuan in 2025, with a significant increase in subsequent years [9][10]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a steady performance in Q3 2025, with total revenue of 110.53 billion yuan for the first nine months, a year-on-year increase of 3.7%. Q3 revenue reached 48.13 billion yuan, up 15.8% year-on-year and 11.3% quarter-on-quarter [1][2]. - The average selling price (ASP) per vehicle in Q3 2025 was 339,000 yuan, reflecting a year-on-year increase of 2,800 yuan and a quarter-on-quarter increase of 700 yuan, driven by the delivery of high-end new models [2][3]. - The company delivered a total of 341,000 vehicles in the first nine months of 2025, a decrease of 7.8% year-on-year, but Q3 deliveries were strong at 142,000 vehicles, up 6.3% year-on-year and 9.1% quarter-on-quarter [3]. - The company is advancing into the humanoid robot industry through a partnership with ByteDance, leveraging AI technology to enhance its growth potential [3][4]. Financial Summary - For 2025, the company expects revenues of 160.67 billion yuan, with net profits projected at 8.43 billion yuan. The forecast for 2026 and 2027 shows continued growth, with revenues reaching 202.50 billion yuan and 246.30 billion yuan, respectively, and net profits of 11.20 billion yuan and 13.82 billion yuan [5][9]. - The report indicates a significant increase in profitability, with a projected net profit growth rate of 41.7% for 2025 and 33.0% for 2026 [5][10]. - The company's price-to-earnings (PE) ratio is expected to decrease from 30 in 2025 to 18 in 2027, indicating improving valuation metrics over time [4][10].

Core Insights - Harmony Intelligent Mobility Alliance (HIMA) achieved a record monthly delivery of 68,216 vehicles in October, surpassing 1 million cumulative deliveries, marking the fastest record for a new force brand [2] - The average transaction price for vehicles in October was 390,000 yuan, contributing to the high-quality development of the Chinese automotive industry [2] Company Overview - HIMA was officially established by Huawei on November 9, 2023, as an upgrade to its smart car business, integrating over 30 years of ICT technology with automotive manufacturing capabilities [2] - The product matrix includes five series: Wanjie, Zhijie, Xiangjie, Zunjie, and Shangjie, covering price ranges from 150,000 to 1 million yuan [2] Product Highlights - Wanjie M9: Flagship SUV with Huawei Ascend 910B chip (400 TOPS computing power), leading the luxury car segment in China for 11 consecutive months [3] - Zhijie S7: First model with Harmony Smart Cockpit 4.0, equipped with 192-line LiDAR and valet parking AVP feature [3] - Xiangjie S9: Best-selling luxury pure electric sedan for 7 months in the 400,000 yuan and above category [3] - Zunjie S800: Premium model featuring distributed satellite communication on the Tuling Longxing platform [3] - Shangjie H5: First model co-developed with SAIC, targeting young consumers [3] Future Plans - HIMA aims to achieve annual sales of 1 million vehicles by 2025, with 5 new models and 5 annual facelift models already launched [3] - Plans to introduce 13 L4 autonomous driving models by 2026, with a goal for large-scale commercial use of L4 autonomous driving in urban areas by 2027 [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [10]. Core Views - The company has demonstrated a strong performance in the high-end SUV market, with its models, the AITO M8 and M9, achieving significant sales milestones, contributing to approximately 80% of the total deliveries of the Hongmeng Intelligent Driving platform [7]. - The company reported a revenue of 110.53 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 3.7%, and a net profit of 5.31 billion yuan, which is a 31.6% increase year-on-year [4]. - The gross margin for the third quarter of 2025 reached 29.9%, an increase of 4.4 percentage points year-on-year, supported by the sales of new models and the establishment of a dedicated sales service system [7]. - The company is expected to continue investing in its sales service system, which is anticipated to enhance its market position and profitability [8]. Financial Summary - The company’s projected revenues for 2025 to 2027 are 175.06 billion yuan, 226.60 billion yuan, and 254.06 billion yuan, respectively, with year-on-year growth rates of 20.6%, 29.4%, and 12.1% [6]. - The net profit forecast for the same period is adjusted to 8.85 billion yuan, 12.31 billion yuan, and 15.24 billion yuan, reflecting growth rates of 48.9%, 39.0%, and 23.9% respectively [8]. - The company’s gross margin is expected to stabilize around 28.2% to 29.5% from 2025 to 2027, indicating a solid profitability outlook [6][8]. - The report highlights the company's strategic partnerships, including a 10% stake in the company Yiwang and a collaboration with Huoshan Engine, which are expected to enhance its growth potential in the smart electric vehicle sector [7][8].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the smart driving industry, particularly the performance and outlook of various automotive companies, including BYD, Li Auto, Geely, Great Wall, and Chery [1][4][6]. Core Insights and Arguments - **BYD's Sales Forecast**: BYD's annual shipment forecast for its "Tiangsheng Zhi Yan" model has been revised down from 3 million to 1.4 million units due to poor sales, especially for the C1 version [1][4]. - **Performance of Other Models**: Models from Li Auto (L6, L7) and AITO (M7, M9) have exceeded sales expectations, while the impact of smart driving on overall shipments from Geely, Great Wall, and Chery remains minimal and stable [1][4]. - **Price Trends for Smart Driving Features**: Urban OA functions are expected to drop to the 150,000 RMB price range, while high-speed NV functions may reach the 100,000 RMB level. Mid-to-high-end models are increasingly expected to standardize high-speed LV functions [1][5]. - **Cost Reduction Strategies**: Automakers are reducing costs through domestic chips (e.g., Horizon G6) or self-developed chips, and by simplifying features to achieve basic urban OA [1][5]. - **Development Models**: Traditional OEMs are using a cooperative and gradual self-research model, resulting in slower implementation (over 18 months), while new players adopt a full-stack self-research and end-to-end model, achieving faster delivery (9-12 months) and smoother experiences [1][6]. - **Sensor Selection Criteria**: OEMs prioritize sensor selection based on scene requirements and the balance between cost and performance. L2 level focuses on pure vision solutions, while L3 typically includes LiDAR [1][7]. Additional Important Insights - **Market Share of Domestic Chips**: Over 60% of L2 level chips are domestically produced, with 70% from Horizon. The market share for L3 level chips is under 25%, primarily led by Huawei. By 2026, domestic L2 chip share is expected to exceed 80% [3][12]. - **Chip Supply Dynamics**: The first half of 2025 saw tight supply for automotive-grade chips due to high demand from manufacturers like BYD. However, supply is expected to balance out in the second half of 2025 and continue into 2026 [3][16][17]. - **Laser Radar Market**: The demand for laser radar is anticipated to remain strong, with many new models expected to launch in 2026, including those from traditional manufacturers and new players [3][17]. - **Competition in the Laser Radar Market**: The domestic laser radar market is currently dominated by four main players: Huawei, Hesai, Suteng, and Tudatong, with Suteng and Hesai holding about 70% of the market share [3][23]. - **Global Chip Market Trends**: The global automotive chip market is currently dominated by NVIDIA, which holds 80% of the domestic market share. However, as domestic alternatives like Horizon gain traction, NVIDIA's share is expected to decrease to around 60% [3][24]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future trends of the smart driving industry and the competitive landscape among automotive manufacturers.

Group 1 - The 2025 World Intelligent Connected Vehicle Conference opened in Beijing, focusing on the theme "Gathering Wisdom and Energy, Unlimited Connectivity" [1] - The chairman of Seres Group, Zhang Xinghai, emphasized the core philosophy of prioritizing safety in intelligent and electric vehicles, viewing safety as the greatest luxury in automotive products [1][3] - The automotive industry is undergoing a transformation driven by technological innovation, leading to the emergence of smart vehicles that integrate intelligence, digitalization, cloud computing, big data, and communication [3] Group 2 - Zhang Xinghai highlighted the need for automotive companies to balance safety and development while addressing potential issues related to advanced driving assistance, battery safety, data security, and privacy [3] - Seres is deepening cross-industry collaborations with partners like Huawei to leverage strengths in technology, manufacturing, and ecology, aiming for breakthroughs in products and technology [3] - The company’s product, the Wenjie M9, received authoritative recognition as the first model to exceed level four in the China Insurance Research Institute's safety evaluation, showcasing its strength in safety technology [3] Group 3 - Artificial intelligence is injecting new momentum into the automotive industry, accelerating the evolution of intelligent connected vehicles into mobile intelligent entities [3] - Seres is exploring the development path of "AI + Automotive" in response to the national initiative to implement "Artificial Intelligence +" [4] - Zhang Xinghai stated that achieving the vision of "AI + Automotive" requires collaboration among the government, industry, and enterprises to create intelligent and reliable travel partners for consumers [4]

Core Insights - Xiaomi is testing its new SUV in Xinjiang, which may be more significant than the Xiaomi YU7, indicating a strategic focus on the SUV market [1][3] - The new SUV is expected to exceed 5.2 meters in length and 1.8 meters in height, confirming its classification as a large SUV with range-extended hybrid technology [3][4] - Xiaomi's strategy aims to differentiate itself in the competitive high-end hybrid SUV market, facing established players like AITO and Li Auto [6][9] Market Positioning - Xiaomi's previous electric vehicles, SU7 and YU7, have successfully competed against Tesla's Model 3 and Model Y, with SU7 achieving monthly sales surpassing Model 3 [4][6] - The hybrid SUV market presents a different challenge, as it is crowded with established competitors that have already built strong brand recognition and customer loyalty [6][8] - The demand for pure electric vehicles is growing, with a significant market share shift away from hybrid models, indicating a potential challenge for Xiaomi's new SUV [15][16] Competitive Landscape - Competitors like AITO and Li Auto have established themselves with strong technology and customer appeal, making it difficult for new entrants like Xiaomi to gain traction [6][8] - Other brands are also innovating with unique features, such as Tengshi N9's exclusive technology and Lynk & Co 900's performance capabilities, intensifying competition [8][9] Consumer Preferences - The shift in consumer preference towards pure electric vehicles is driven by improved charging infrastructure and a better overall experience with electric models [18][19] - Family users are increasingly looking for vehicles that offer convenience and thoughtful design, which may be a key area for Xiaomi to focus on [14][23] Strategic Challenges - Xiaomi's new SUV must navigate three critical challenges: pricing strategy, differentiation from existing family-oriented SUVs, and ensuring competitive electric range and performance [24][27][28] - Setting a competitive price between 350,000 to 450,000 RMB could help Xiaomi avoid direct competition with premium models while appealing to mid-range consumers [24] - The SUV must also deliver superior electric range and noise, vibration, and harshness (NVH) performance to meet consumer expectations and stand out in the market [28]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The sales and market share of Hongmeng Intelligent Driving models are expected to continue to rise, benefiting companies in the supply chain [2][3] - The report highlights the strong performance of Hongmeng Intelligent Driving models during the National Day holiday, with a total of 41,300 units booked from October 1-7, representing a 44% year-on-year increase [8] - The report anticipates that the introduction of national standards for intelligent assisted driving will further enhance the market share of vehicles equipped with Huawei's intelligent driving systems [8] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on Hongmeng Intelligent Driving vehicles and related companies, with specific buy recommendations for SAIC Motor (600104), Yanchai Automobile (600418), and several component manufacturers including Yinlun Co. (002126), Xinquan Co. (603179), and others [3] - The report notes that multiple new models are set to launch, which is expected to drive sales and market share upward [3] Market Performance - The report indicates that the high-end and luxury segments of Hongmeng Intelligent Driving models are leading in market share, with significant bookings for models like the Zun Jie S800 and Wanjie M9 [8] - The report projects that by 2026, the product matrix of Hongmeng Intelligent Driving will be further enhanced, allowing for a more comprehensive market presence in the mid-to-high-end new energy vehicle sector [8] Regulatory Developments - The report discusses the upcoming mandatory national standards for intelligent connected vehicles, which are expected to be implemented on January 1, 2027, and how this will impact the market dynamics for L2 level assisted driving systems [8]