中国新能源汽车市场已从政策驱动的 "蓝海" 时代，迈入竞争白热化的"红海" 新纪元 。对于所有汽车品 牌而言，这不仅是一场技术和产品的比拼，更是一场围绕战略、效率和品牌韧性的终极考验 。过往的 成功范式正在迅速失效，唯有深刻洞悉市场新法则，才能在这一轮洗牌中立于不败之地 。 范式转移，增长边界的终结 渗透率超 50%：2025 年 7 月，新能源车销量已占总销量的 54.7% ，渗透率持续增长。（来源：乘联会 销量数据） 从增量到存量，竞争白热化：市场增长动力集中于新能源车，燃油车销量结构性下滑 。竞争本质已从 增量扩张转向以换购、增购为主的存量竞争。 （原标题：驶入新纪元：智能出行赛道转型已至，营销如何突围？） 轮上智能设备：对数字原生代而言，汽车已是 "轮上智能设备" 。他们更看重科技配置、智能互联和车 内体验，63%的消费者认为这些比汽车外观重要。 个性化与无缝体验：年轻消费者不仅追求高度个性化的服务，还期望跨渠道的无缝交互体验。据阳狮研 究显示，高达79%的Z世代消费者愿意接受AI助手推荐的车型，更有68%的人群希望借助AI获取最优购 车金融方案。 破局 "孤岛式营销"，拥抱数据驱动新模式 传统汽车品 ...

8月25日，华为常务董事、终端BG董事长余承东透露，尊界S800上市87天大定突破1.2万辆，问界M9累 计交付量达22.6万辆，鸿蒙智行累计交付量已达90万辆。 ...

服务随行 解锁更远的风景 近期正值暑期自驾高峰，"问界智享 服务无忧"计划持续升级，聚焦用户长途出行痛点，针对西部地区 自驾游用户推出专项服务权益。为了解决用户在偏远地区极端环境下的用车焦虑，多辆问界移动服务车 已抵达新疆、青海、西藏等地，并配备专业技师与常用配件，可现场完成换胎、基础维修与保养，让用 户在壮美山河中安心驰骋。 近日，问界车型在高端新能源市场持续领跑。其中，问界M9自上市以来累计交付超20万辆，稳居50万 级豪华车市场销冠。与此同时，问界M9用户工厂验收交付活动于近期圆满举行，全国各地用户齐聚赛 力斯超级工厂，亲身参与自己车辆的工厂终检验收。 从单车型的热销到品牌整体口碑的积累，问界正以扎实的脚步赢得市场认可。截至目前，问界已赢得超 70万用户的信赖，而这份沉甸甸信任的背后，是问界始终坚守"用户至上"的初心。 此外，7月8日至10月8日活动期间，车主可到问界用户中心享受免费车辆检测、洗车及玻璃水添加服 务；旅途过程中救援服务随时待命，预约备胎、紧急拖车均可快速响应；行程结束后，还可享受车辆托 运返程服务，让旅程归途更轻松。 风雪兼程 问界服务没有边界 西部自驾活动得到许多自驾车主的好评，这背后 ...

2025 年 08 月 22 日 沪光股份(605333.SH) 25Q2 业绩环比翻倍增长，加码机器人线束 事件：公司发布上半年业绩，上半年公司实现营收 36.3 亿元，同比+6.2%， 实现归母净利 2.76 亿元，同比+8.4%；25Q2 单季度实现营收 20.87 亿元， 同比+10.71%，实现归母净利 1.83 亿元，同比+18.87%。 收入端:Q2 环比增长 35%、主要为赛力斯贡献 25Q2 单季度实现营收 20.87 亿元，同比+10.71%，环比+35.28%，主要由于问界 等客户销量增长，其中问界 25Q2 销量 10.7 万辆，环比+135.8%，其中 M9 2025 款在 3 月上市销量提升，问界 M9 销量 3.9 万辆，环比+68.6%；问界 M8 在 4 月 上市，25Q2 销量 4.1 万辆；其他客户理想 25Q2 销量 11.1 万辆，环比+19.6%； 特斯拉中国 25Q2 销量 19.2 万辆，环比+11%；小米 25Q2 销量 8.2 万辆，环比 +8.2%；乐道 25Q2 销量 1.7 万辆，环比+15.6%；展望下半年，收入将随着小米、 乐道的交付以及问界的改款 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company reported a revenue of 2.8 billion yuan for H1 2025, a decrease of 8.88% year-on-year, and a net profit attributable to shareholders of 13 million yuan, down 83.98% year-on-year. The Q2 2025 revenue was 1.53 billion yuan, a decline of 4.0% year-on-year but an increase of 20.6% quarter-on-quarter [1][2]. - The performance of the company's main operations remained stable, with a revenue of 1.599 billion yuan in H1 2025, roughly unchanged from the previous year. The revenue from body structure components increased by 13.43% year-on-year, driven by the release of large integrated body component orders. However, the French subsidiary's revenue decreased due to reduced orders from European and American clients [2]. - The company is focusing on high-end customer and product strategies, with significant breakthroughs in core business areas. The production capacity for large integrated body components was released in June, and the company is accelerating its global capacity layout [3]. Summary by Sections Financial Performance - In H1 2025, the company's net profit attributable to shareholders was 13 million yuan, a decline of 83.98% year-on-year, primarily due to losses from the French subsidiary. The main operations achieved a net profit of 80 million yuan, up 9.95% year-on-year, supported by cost reduction and efficiency improvement measures [2]. - The company’s expenses were optimized, with sales, management, R&D, and financial expense ratios at 4.9%, 3.8%, 5.1%, and -1.0% respectively, showing a continuous improvement in expense structure [2]. Strategic Developments - The company is a pioneer in integrated die-casting and is actively engaging with leading new energy vehicle manufacturers. The order backlog continues to grow, and production for core customer projects is expected to ramp up starting in 2025, which may drive gradual improvement in performance [4]. - The company has established itself as a core supplier for Huawei's Seres, with significant vehicle delivery numbers expected to drive capacity utilization and performance recovery [3]. Earnings Forecast - The report adjusts the earnings forecast, estimating revenues of 6.42 billion, 7.80 billion, and 9.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 127 million, 288 million, and 435 million yuan for the same years. The EPS is projected to be 0.40, 0.92, and 1.38 yuan [4][5].

Group 1 - The Chinese imported automobile market is experiencing a continuous decline, with total imports expected to be only 220,000 units in the first half of 2025, a year-on-year decrease of 32% [1] - Since reaching a peak of 1.43 million imports in 2014, the market has been on a downward trend, with a 12% year-on-year decline in 2024, bringing imports down to 700,000 units [1] - The decline is attributed to the rise of the domestic automotive industry and the wave of electrification [1] Group 2 - Traditional luxury car brands, particularly the German trio (BMW, Mercedes-Benz, Audi), are facing significant challenges, with BMW deliveries down 15.5% to 317,900 units, Mercedes-Benz down 19% to 293,200 units, and Audi down 10.2% to 287,600 units [3] - In contrast, domestic new energy luxury vehicles are rising sharply, with Li Auto delivering 204,000 units and NIO delivering 74,000 units in the same period [3] - In the 300,000-400,000 yuan market, new energy vehicles achieved a market share of 52.5% in July, surpassing traditional fuel vehicles for the first time [3] Group 3 - Despite the challenges, traditional luxury brands still maintain a loyal customer base, with a market share of 58.7% in July, down from 60.2% in March [4] - The slow pace of electrification among traditional luxury brands is evident, with imported new energy passenger vehicles accounting for only 2% of the market in the first half of 2025, an 80% year-on-year decline [4] - Policy changes, such as the adjustment of luxury car tax thresholds, have led to a significant drop in sales for some models, with declines exceeding 20% [4] Group 4 - The future of the Chinese imported automobile market will be characterized by both challenges and opportunities, with the competition between traditional luxury and domestic luxury brands unlikely to end soon [5] - Domestic brands are leading in electrification, making it difficult for traditional ultra-luxury brands to catch up [5] - The market feedback indicates that high-end positioning now relies on technological strength and ecosystem development rather than solely on brand prestige [5]

Market Overview - The market is currently experiencing high customer traffic, with over 10 groups visiting daily, 80% of which are interested in the L90 model, indicating a significant shift in customer preference [2] - The L90 model is described as a "traffic magnet" for the dealership, leading to an unprecedented level of customer engagement [2] Sales Performance - The best-selling versions of the L90 are the Max and Ultra, each accounting for 50% of sales, while the Pro version has seen minimal interest due to its limited price difference and reduced comfort features [2] - Popular color combinations include a gold exterior with a black interior, and some configurations are available for immediate delivery [2] Financing Options - Financing options are readily available through the app, with a 0 down payment plan over 60 months at an annual interest rate of 2.59%, and a lower rate of 2.29% through the company's own financing [4] - Monthly payments for a loan of ¥299,800 amount to ¥5,569, with an effective annual interest rate of 4.35% [6] Customer Demographics - Buyers of the L90 tend to be older compared to those interested in the L60, with family-oriented customers frequently making purchasing decisions [10] - The customer base includes a diverse range of professions, from small business owners to mid-level government employees [10] Competitive Landscape - The main competitors identified are the Li Auto L9 and the Aito M9, although customers often mention the i8 as a significant alternative [12] - Some customers also consider the YL six-seat version, but space concerns lead them to explore other options like the Model X [13] Customer Feedback - Positive feedback highlights the L90's value for money and spaciousness as key selling points [18] - However, some customers express concerns about the perceived limitations in the vehicle's hardware capabilities and the interior's luxury compared to competitors like NIO and Li Auto [21]

Group 1 - The successful delivery event for the Wanjie M9 users took place at the Seres Super Factory, emphasizing the company's commitment to user engagement and feedback [1] - Wanjie has innovatively normalized the "approval before delivery" model in the first half of this year, reinforcing its promise of delivery quality to users [3] - Zhang Xinghai, the founder and chairman of Seres Group, emphasizes the core position of users, stating that effective communication with users is essential for understanding their true voices [5] Group 2 - The company has adopted "serving users wholeheartedly" as its corporate mission, prioritizing user needs [7] - Under Zhang Xinghai's leadership, Wanjie has launched four major product series: Wanjie M5, M7, M8, and M9, with a user base exceeding 700,000 [7] - Zhang's unwavering dedication to users has helped Wanjie establish a foothold in the competitive market and continue its growth on the path of "intelligent luxury redefinition" [7]

编者按：当BBA和雷克萨斯在豪华汽车市场不再强势，自主品牌新能源豪车强势崛起，单纯依靠品牌底蕴和机械素质又还能守住多少市场份额？燃油车 命运的齿轮早已开始转动，一场关乎万亿产业链的博弈将走向何方？ 随着电动化进程的深入，传统豪华燃油车也站在了新的十字路口。 官方数据显示，今年上半年，包括BBA在内的多个豪华品牌在华销量呈现下滑态势。中国汽车流通协会乘联分会的数据也表明，今年上半年我国进口汽 车尤其是进口豪车的数量也下滑明显。 在传统豪华品牌销量下滑的同时，新能源豪车开始后来居上，尤其是自主品牌旗下的豪华汽车正在抢占更多的市场份额。在销量榜中，30万元至40万元的 价格区间里，新能源豪华汽车正在占据更多席位。传统豪华油车的市场格局正被改写。 销量下滑 "这是近期少见的1月-6月巨大下滑。"这是乘联分会主席崔东树发表的关于进口汽车情况的文章中，对于今年上半年进口汽车数量的描述。 崔东树指出，今年6月我国进口汽车4.3万辆，同比下滑30%，环比5月下降9%。2025年1月-6月，我国进口汽车22万辆，同比下降32%。 回顾过去十年，进口汽车可谓大起大落。乘联分会的数据显示，2014年，我国进口汽车数量达到143万辆 ...

智能化方面： 搭载问界 M8 整套智驾系统，并配备 HarmonyOS4 车机系统，智能化水平实现全新升级。 基本信息： 问界新款M7已于近期进入预热阶段，预计8月开启预售，9月正式上市并交付。 售价预测： 为与智界R7错开竞争，同时构建与M9、M8的价格梯队，预计新款 M7 起售价在 28 -30万左右，较现款有所提高。 升级亮点： 此次新款M7不是年度小改款，而是全方位的系统性升级。 设计方面： 车长超 5mm，轴距超 3m，尺寸变大；前脸采用M9同款分体式大灯，下方进气口更大，引擎盖线条更突出，家族化设计感增 强，整车形象提升。 底盘方面： 摒弃现款麦弗逊式独立悬挂，采用问界M8同款底盘结构，行驶质感大幅改善，实现脱胎换骨式升级。 续航方面： 现款纯电续航 230km、综合续航 1290km，新款预计用 50 度电池包，纯电续航超 300km，综合续航突破 1500km，且支持 4C 快充。 销量猜想： 鉴于问界M9、M8的出色销量表现（如问界M97月销量超10000辆，蝉联50万级销冠；问界M87月交付21000辆，单周销量破 5000辆，且新款 M7 售价更低，其上市完成产能爬坡后，月销量目标有望达 ...