如果说新能源汽车圈最大的黑马，非零跑汽车莫属，它是唯一一个创始人拥有制造行业背景，却摆脱了"倒闭"魔咒的车企。今年，零跑已经连续5个月霸 榜新能源汽车销量排行榜，最疯狂的7月，竟然交付了超过5万台车。截至8月21日这天，零跑累计交付90万台。 零跑汽车创始人、董事长朱江明曾多次表示，车企年销百万辆是生存基础，50万辆只能在挣扎线徘徊。虽然是除去理想汽车外第二家实现半年度盈利的企 业，但仅有0.33亿元的利润。这都意味着，零跑还远未到可以高枕无忧的地步。 2026年将是零跑的产品大年，最重要的是车型便是其高端产品D系列，这决定着这家车企未来的走势。 依靠农村包围城市的战略，零跑取得了空前的战绩。但在车市，前有大众辉腾后有比亚迪，当他们想要品牌向上时，往往比其他品牌遭遇了更大挑战。因 为，高端品牌的潜在客户从来都不是价格敏感型，过去成功的经验很可能成为未来的掣肘。零跑会是例外吗？ "半价小理想"，杀出重围 零跑汽车从"车圈others"，到如今稳坐销冠宝座，源于零跑C16。 C16是零跑推出的第4款车，定位于六座中大型SUV，家庭刚需，提供增城版和纯电版两种选择。在C16推出以前，6座SUV市场都被25万以上的高 ...

大家好，我是奕派销售，大佬来信说评论区有人想看奕派008，让我给整一篇。我激动地一哆嗦，心想这 佛系卖车小透明终于也有了出头之日了，一边含着泪水，一边准备把心窝子给大家掏一掏。 老哥，最近线下咋样？ 不瞒大家说，之前有理想的同行因为门店没建好在马路边搭棚子，我还嘲笑了好久，如今当时的回旋镖正 中眉心。因为咱们店实在太偏僻，本就是十八线小城市，市区有一家，然后郊区就是咱们店。 一周大概7组客户进店，这可不是每天来1组，是特么周末一共来7组。于是，咱们店基本成了"休五上 二"的先驱者。10组客户有9组都是来看008的。 这么惨？那岂不是车都卖不掉？库存爆了没？ 兄弟此言差矣，格局打开点儿。 你还别说，上月店内卖了16台车，008交了10台，我交了其中3台，单车提成1000，分期另计。 因为真能费劲巴拉来我们店的，基本都是在网上做好了功课，认定了这一款车的。到了店要么就直接试 驾，要么是开口要优惠要赠品的。所以别看咱们到店率不高，但转化率奇高。 目前在库的008有10台，基本都是6座版本。分别是指导价18.86万的增程家悦版和19.36万的纯电家悦 版。还有三台5座的增程Ultra版。全是黑色和白色，其他颜色需要+ ...

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - In the first half of 2025, the company achieved total revenue of 24.25 billion, a year-on-year increase of 174.15%, and a net profit of 0.33 billion, marking a 101.49% increase, with a gross margin reaching a historical high of 14.1% [1][2]. - The company has launched new models and upgraded existing ones, significantly enhancing its product matrix and driving sales growth. The sales guidance for the year has been raised from 500,000-600,000 units to 580,000-650,000 units, with a target of reaching 1 million units in the following year [2][3]. - The global expansion strategy is progressing, with the establishment of a joint venture with Stellantis, enabling the company to tap into overseas markets effectively. In the first half of 2025, the company exported 20,375 vehicles, leading the new forces in sales [3][4]. Financial Summary - The projected revenues for 2025-2027 are 64.86 billion, 100.70 billion, and 122.10 billion respectively, with year-on-year growth rates of 101.6%, 55.3%, and 21.2%. The net profits are expected to be 0.55 billion, 2.73 billion, and 5.01 billion respectively [3][4]. - The company’s earnings per share (EPS) is projected to turn positive in 2025, reaching 0.41, and further increasing to 2.04 and 3.75 in 2026 and 2027 respectively [4][5].

Core Insights - Leap Motor has achieved its first half-year profit, marking a significant milestone in its ten-year history [2] - The company has raised its annual sales target to between 580,000 and 650,000 units, reflecting strong market performance and sales growth [3][4] Financial Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of the year, a year-on-year increase of 174%, with electric vehicle sales contributing 23.1 billion yuan, accounting for 95.26% of total revenue [3] - The gross margin for the first half reached 14.1%, a 13 percentage point increase year-on-year, with a net profit of 30 million yuan, reversing a net loss of 2.21 billion yuan in the same period last year [6] - Operating losses narrowed to 88.63 million yuan from 2.395 billion yuan year-on-year, despite increased spending on sales, administration, and R&D [6] Sales and Delivery - Leap Motor delivered 221,700 vehicles in the first half, surpassing Li Auto to become the top new energy vehicle brand in China [3] - The introduction of new models, including the compact SUV Leap B10, has driven sales growth, with the B10 alone accounting for approximately 12.6% of total sales [3][4] Product Strategy - The company plans to expand its product lineup, with new models like the Leap C11 and B01 already launched, and the B05 set to debut at the Munich Auto Show [4] - Leap Motor's strategy includes a focus on high-value features at competitive prices, with over 70% of B10 models equipped with advanced features like laser radar [3] International Expansion - Leap Motor exported 25,000 vehicles in the first half, leading among new energy vehicle brands in exports, and aims to establish a local production base in Europe by the end of 2026 [8][9] - The company has set an overseas sales target of 50,000 to 80,000 units for this year, with a long-term goal of selling one million vehicles annually by 2026 [9]

6、渠道 截至2025年6月30日，公司销售服务网络已覆盖286个城市，较去年同期新增88城，共布局806家销售门店（含315家零跑中心和491家体验中心）及461家服务 【要点提示】 1、 业绩亮点： 2、销量指引： 3、费用和盈利性指引： 4、新车规划： 5、出海： 年陆续于海外上市 门店； 预计到2025年年底将新增覆盖60个空白市、县，地级市，城市覆盖率将提升至90%，进一步扩大品牌影响力。 7、智能化： 8、一汽合作： 目前，双方首个合作开发车型项目已经落地，后续工作正在积极推进中。 9、tier1零部件外供： 今年对外销售方面取得了明显的进展，包括国内传统主机厂的定点，也包括合作伙伴零部件的定点。无论是国内还是海外的两个重要的合作伙伴，他们都有很多车型，整体零部 件外销这部分前景还是非常广阔的。 海外外供： 预计较大规模的海外销售成果将在明年下半年与后年陆续体现并在报表端确认。 【陈述】 经营亮点 2025年上半年，公司的汽车总交付量为221,664台，位居中国新势力品牌销量榜首。2025年7月，公司交付量再次突破新高，达50,129台，连续5个月位居中国 新势力品牌销量榜首，也成为2025年以来 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and achievements of Leap Motor, with July 2023 marking a record high in vehicle deliveries, reaching 50,129 units, a year-on-year increase of over 126% [1] - Leap Motor has entered the Fortune China 500 list for the first time, showcasing its strong development momentum [1] - The company exported 20,375 vehicles to overseas markets in the first half of the year, with notable performance in Germany, where it received recognition as the best new brand in the "2025 Dealer Satisfaction Report" [1] Group 2 - Leap Motor launched the new C11 model on July 10, starting at 149,800 yuan, featuring upgrades in design, cabin, range, driving assistance, and safety [1] - The B01 model was officially launched on July 23, starting at 89,800 yuan, targeting young consumers with features like laser radar and a long range of 650 km [1] - The "2023 China Automotive Resale Value Research Report" listed several Leap Motor models, including C16, C10, T03, and C01, indicating strong market performance [1] Group 3 - Leap Motor has established over 600 overseas stores, expanding into more than 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific [2] - In mainland China, Leap Motor operates 951 stores, including 319 Leap Centers, 491 Experience Centers, and 141 Service Centers [2] - The first S-level Leap Center in China, located in Chongqing, opened in July, integrating sales, delivery, and service [2]

Core Viewpoint - The recent launches of the 2026 Haval Dog and Leapmotor B01 highlight the growing collaboration between automotive manufacturers and display technology providers, particularly in the integration of advanced display solutions in vehicles [1][5]. Group 1: Haval Dog - The 2026 Haval Dog offers three models with a price range of 123,900 to 149,900 yuan [2]. - It features a 14.6-inch floating central control screen and a 12.3-inch full LCD instrument panel, both supplied by Tianma Microelectronics, with a resolution of 1920*1080 for the central screen [3]. - The vehicle provides two powertrain options: a 1.5T engine with 184 horsepower and a 2.0T engine with 238 horsepower, the latter equipped with a sixth-generation intelligent four-wheel drive system [5]. Group 2: Leapmotor B01 - The Leapmotor B01 is available in six configurations, with CLTC range options of 430 km, 550 km, and 650 km, priced between 89,800 and 119,800 yuan [6]. - It includes an 8.8-inch full LCD instrument panel and a 14.6-inch 2.5K HD central control screen, also supplied by Tianma Microelectronics [7]. - The vehicle's motor power options are 132 kW and 160 kW, with torque ratings of 175 N·m and 240 N·m respectively [9].

Core Viewpoint - Tesla is launching a new model, the Model Y L, specifically designed for the Chinese market, which is expected to intensify competition in the domestic family vehicle segment [1][3]. Group 1: Tesla's Model Y L Overview - The Model Y L features a longer body, measuring 4976 mm in length and 3040 mm in wheelbase, making it larger than the standard Model Y and even the Model X [5][6]. - The introduction of the Model Y L is seen as a necessary response to declining sales, with Tesla's deliveries dropping by 1.1% year-over-year to 1.789 million units in 2022, and a 13.5% decline in Q2 2023 compared to the same period last year [3][5]. - The Model Y L aims to address the "space anxiety" of Chinese family users, a need that has already been recognized and met by local competitors [8][9]. Group 2: Competitive Landscape - Domestic brands like Li Auto, Aito, and Leap Motor have already established a strong presence in the large six-seat SUV market, making it challenging for Tesla to penetrate this segment [9][16]. - The pricing strategy for the Model Y L is crucial, with estimates suggesting a price range of 335,000 to 365,000 yuan, which could put pressure on similarly priced domestic models [13][15]. - The entry of the Model Y L is expected to invigorate the family vehicle market, pushing all players to reassess their pricing, configurations, and market strategies [19][23]. Group 3: Market Dynamics and Future Implications - The family vehicle segment is evolving, with a growing preference for large SUVs that meet family needs, as indicated by a J.D. Power survey showing that over half of consumers prioritize space when purchasing a vehicle [17][19]. - The competition will shift from merely offering a third row of seats to ensuring that the third row is practical and comfortable, which will become a key differentiator among brands [19][21]. - As the market heats up, companies that fail to adapt to changing consumer demands may struggle to survive, while those that innovate and understand local needs will thrive [21][23].

Core Viewpoint - The large six-seat SUV market in China is rapidly evolving into a highly competitive segment, with the number of models expected to exceed 20 by 2025, compared to only a few in 2022, indicating a significant increase in market participants and competition [1][9][14]. Market Dynamics - The large six-seat SUV market has transformed from an emerging field to a saturated market, with products ranging from 150,000 to 500,000 yuan, making it difficult to find market gaps [1][18]. - The market is experiencing explosive growth, driven by brands like Li Auto and Aito, which have successfully captured a previously underserved segment of the market [9][10]. - The demand for large six-seat SUVs is being fueled by demographic changes, with 33.7% of families in China having two or more children as of 2023, and an increasing emphasis on space and comfort among middle-class families [9][10]. Competitive Landscape - Li Auto and Aito have established a duopoly in the early stages of the large six-seat SUV market, leveraging their unique product strategies to create brand recognition and market barriers [12][14]. - The competitive landscape is intensifying, with numerous brands planning to launch new models, leading to a potential market shakeout where only a few brands with true differentiation will survive [18][20]. Pricing Strategies - The pricing structure of the large six-seat SUV market is undergoing significant changes, with new entrants needing to either accept established price ranges or find unique selling propositions to compete effectively [20][22]. - The market now features a comprehensive price range, from high-end models like Li Auto L9 and Aito M9 above 300,000 yuan, to mid-range options like Deep Blue S09 and Galaxy M9 between 200,000 and 300,000 yuan, and budget models like Leap C16 and Dongfeng Yipai 008 starting at around 150,000 yuan [21][22]. Future Outlook - The large six-seat SUV market is expected to see continued growth, but the intense competition and price wars may challenge the traditional market leaders, necessitating innovation in technology and user experience to maintain market share [18][20][22].

Core Insights - The entry of Xpeng G7 into the mid-to-large pure electric SUV market at a starting price of under 200,000 yuan has disrupted the industry, challenging the pricing strategies of leading models like Tesla Model Y and Xiaomi YU7 [2][3] - The price point of 200,000 yuan has shifted from being a threshold for mid-range SUVs to a benchmark for high-end technical configurations, with 85% of potential buyers expecting features like an 800V platform and Level 2 assisted driving at this price [2][3] - This transformation reflects a broader restructuring of the automotive industry, emphasizing technological equality, cost control, and market competition [2][4] Price System Restructuring - The pricing system for mid-to-large pure electric SUVs is undergoing a significant overhaul, moving away from traditional hierarchical pricing based on size, brand, and configuration [3] - New entrants like Buick E5 and Xingtu Star ET are also adopting aggressive pricing strategies, indicating that the 200,000 yuan mark is no longer the entry point for this segment [3] - The decline in battery material costs and the maturation of local supply chains are contributing to a decrease in manufacturing costs, making technological accessibility a reality rather than just a marketing slogan [3][9] Market Dynamics - The restructuring of the pricing system is leading to a profound change in market dynamics, where traditional brand premium-based hierarchies are being replaced by a new order focused on technological value and user experience [6] - The high-end market above 500,000 yuan is now primarily supported by a few traditional luxury fuel vehicles, while the 300,000 to 500,000 yuan range has become a battleground for new entrants [6][10] - The 200,000 to 300,000 yuan segment is now highly competitive, featuring models like Xpeng G7 and Deep Blue S09, while the 150,000 to 200,000 yuan range is seeing new challengers like Leap Motor C16 [6][10] Value Standards Shift - The market is witnessing a shift in value standards, where consumers are no longer satisfied with basic specifications but are seeking comprehensive smart experiences and quality [7] - In the electric vehicle era, the focus has shifted from engine displacement and luxury features to electronic architecture, intelligent driving capabilities, and charging efficiency as new value metrics [7][9] Accelerated Technological Accessibility - The price restructuring in the mid-to-large pure electric SUV market signifies the beginning of a new era where technological configurations, rather than brand history, dictate pricing [9] - Future competition will center around three key dimensions: intelligent driving experience, charging efficiency and range performance, and cabin experience integration [9][10] - The market is expected to see a clearer segmentation based on price, with the 150,000 to 250,000 yuan range becoming the largest mainstream market, while the 100,000 to 150,000 yuan segment is emerging as a new blue ocean [10][11]