据公开信息，一汽自去年起即与卓驭团队洽谈投资，期间评估多种交易方案。虽曾有一汽拟控 股卓驭的传闻，但据我们了解，若此轮交易能够顺利完成，卓驭仍保持业务和管理独立，一汽 未实现控股或并表，其与大疆都是卓驭重要股东。 加上一汽，卓驭目前至少获得 4 家车企投资，其他 3 家为比亚迪、上汽、北汽，均为其合作客户（上 汽通过上汽通用五菱）。卓驭官宣过的其他车企客户还包括大众、奇瑞、东风、长城、奥迪。 目前该交易仍处谈判过程中，交易完成后卓驭继续保持业务和管理团队的独立。 文 丨 郭瑞婵 编辑 丨 龚方毅 我们独家获悉，卓驭科技与一汽正在商讨后者进行战略投资的事宜，总计超 8 亿美元的股权交 易（约合人民币 60 亿元），投后估值逾百亿元。 接近该交易的知情人士透露，本轮投资除了有中国一汽的战略投资，还有其他车企、产业资金 参与。 除了带来更丰富的产品线，卓驭正在学习更灵活地面对行业变化、补充技术与产品之外的能力。卓驭 CEO 沈劭劼近期对外表示，卓驭可以提供多样化的合作模式，面对不同客户需求，能交付软硬一体、 部分软硬一体或纯软件等不同方案。今年，卓驭重点建设销售与商务能力，引入具有博世与华为背景 的新销售负责人，重 ...

Core Insights - The company Galaxy General has launched the world's first end-to-end Vision-Language-Action (VLA) model specifically for the retail industry, which is expected to accelerate the deployment of embodied intelligent robots in retail settings [1][2] Group 1: Product Development - The newly introduced GroceryVLA model allows robots to operate without prior scene data collection, enabling them to autonomously infer and perform tasks in real-time [1] - The model can accurately grasp and place various types of products, including soft and hard packaging, without the need for individual parameter adjustments for each product type [2] Group 2: Market Strategy - Galaxy General plans to open 100 robot-staffed stores within the year, indicating a strong commitment to integrating robotics into retail operations [2] - The demonstration of the Galbot robot in a real commercial environment showcases its capabilities in visual perception, target recognition, and autonomous delivery, highlighting the practical applications of the GroceryVLA model [1]

Core Viewpoint - The company reported a slight revenue growth in Q1 2025, with a focus on electric vehicle sales and advancements in AI technology, indicating a strategic shift towards electric and smart vehicles [1][2][3] Financial Performance - Q1 2025 revenue reached 25.9 billion yuan, a year-on-year increase of 1.1% - Vehicle sales revenue was 24.7 billion yuan, up 1.8% year-on-year - Gross margin stood at 20.5%, a decrease of 0.1 percentage points year-on-year - Net profit for Q1 was 650 million yuan, reflecting a 9.4% year-on-year growth - Total vehicle deliveries in Q1 amounted to 93,000 units, a 15.5% increase year-on-year [1] Product Development and Market Strategy - 2025 is a significant year for the company with the launch of new electric products, including the MEGA series and the i8 and i6 models, targeting the mid-to-high-end electric SUV market - The MEGA product line has seen strong order volumes, with expected monthly sales stabilizing around 3,000 units [1] - The company is enhancing its AI capabilities, launching the MindVLA model for autonomous driving and an open-source smart car operating system, positioning itself as a leader in smart vehicle technology [2] Infrastructure Expansion - The company is expanding its charging network, having built 224 new charging stations in April 2025, with a total of 2,267 stations and 12,340 charging piles in operation, supporting the upcoming electric vehicle launches [2] Future Projections - Sales forecasts for 2025-2027 are projected at 600,000, 840,000, and 1,040,000 vehicles respectively, with revenues expected to reach 165.8 billion yuan, 204.4 billion yuan, and 240.4 billion yuan - Net profits are anticipated to be 9.3 billion yuan, 10.9 billion yuan, and 14.2 billion yuan for the same period - The company is assigned a target price of $37.86 or HKD 140.27, indicating a potential upside of 26% and 19% from current prices, maintaining a buy rating [3]

理想汽车（LI.O/2015.HK） 更新报告 买入 2025 年 6 月 11 日 Q1 毛利率优于预期，纯电产品即将发布 李京霖 852-25321957 Jinglin.li@firstshanghai.com.hk 唐伊莲 852-25321539 Alice.tang@firstshanghai.com.hk 主要资料 | 行业 | 新能源汽车 | | --- | --- | | 股价 | 30.15 美元/118 港元 | | 目标价 | 37.86 美元/140.27 港元 | | | (26%/19%) | | 股票代码 | LI.O/2015.HK | | 已发行股本 | 10.13 亿股 | | 总市值 | 323 亿美元 | | 52 周高/低 | 33.12 美元/17.44 美元 | | 每股净资产 | 33.54 元 | | 主要股东 | Amp Lee Ltd. 16.77% | | | DeutscheBankAktiengesel | | | lschaft 16.58% | | | InspiredElite 12.17% | | | | 来源：公司资料，第一上海预测 来源 ...

理想汽車（LI.O/2015.HK） 更新報告 買入 2025 年 6 月 11 日 Q1 毛利率優於預期，純電產品即將發佈 李京霖 852-25321957 Jinglin.li@firstshanghai.com.hk 唐伊蓮 852-25321539 Alice.tang@firstshanghai.com.hk 主要資料 公司 25 年 Q1 業績：公司 25 Q1 營收 259 億元，同比增長 1.1%， 其中車輛銷售收入 247 億元，同比增長 1.8%，毛利率為 20.5%，同 比-0.1pct，實現淨利潤 6.5 億元，同比增長 9.4%。車輛毛利率為 19.8%，同比增長 0.5pct，優於預期。Q1 汽車總交付量為 9.3 萬 台，同比增長15.5%；受到節假日以及產品換代影響，公司25Q1汽 車銷量承壓。 MEGA 銷量回暖，看好下半年純電車型：2025 年為公司純電產 品發佈大年，純電產品成敗將影響公司營收，公司於 Q2 相繼發佈 理想 MEGA Home 家庭特別版、理想 MEGA Ultra 智慧煥新版和理想 L 系列智慧煥新版。其中，純電產品 MEGA 新發佈後訂單火爆，預 計後 ...

新京报讯（记者吴为）记者6月10日从海淀区获悉，近日，北京银河通用具身大模型机器人Galbot在 2025北京智源大会上，面向全球观众直播展示最新技术成果。 北京智源大会日前召开，作为全球具身智能领域最具影响力的学术与产业双栖盛会，本次大会汇聚了顶 尖科研机构、技术领军企业和开源社群。 银河通用机器人Galbot G1面向全球观众直播展示最新技术成果，展现银河通用具身大模型驱动机器人 产业落地的硬实力。在北京大学助理教授、北京银河通用机器人有限公司创始人及CTO、智源学者王鹤 博士的语音指令下，机器人自主移动到准确位置并将饮料从货架取出，全程无遥操、自主推理，并且无 事先采集场景数据。 王鹤介绍，银河通用机器人正与零售业态广泛合作，年内计划开设100家店。作为全球首个面向零售行 业的端到端具身VLA大模型，GroceryVLA的发布标志着银河通用在具身智能领域的重大技术突破。该 模型无需针对每种商品包装单独调参，支持软包装（如袋装面包、卤蛋）、硬盒、塑料瓶、透明果冻杯 等多样形态商品的精准抓取，实现了跨品类的统一抓取策略。无论是刚性包装还是柔性物体，都能精准 取放，满足全品类零售场景需求。 此次Galbot展 ...

Core Insights - The collaboration between Dongfeng Liuzhou Motor Co., Ltd. and Zhifang Technology marks a significant step in integrating embodied intelligence technology with traditional automotive manufacturing [1][2] - The partnership aims to explore the application of the GOVLA large model in various manufacturing scenarios, enhancing the efficiency and capabilities of robotic operations within the automotive industry [1][3] Group 1: Strategic Collaboration - Dongfeng Liuzhou and Zhifang Technology signed a strategic cooperation agreement to deepen the application of embodied large models in automotive manufacturing [1] - The collaboration will focus on deploying the AlphaBot 2 robot, equipped with the GOVLA model, in multiple operational scenarios such as quality inspection, assembly, and logistics [1][2] Group 2: Technological Advancements - Zhifang Technology has developed the world's first GOVLA model, which enhances the adaptability and operational capabilities of robots across various environments and tasks [2][3] - The AlphaBot 2 robot demonstrates significant improvements in operational efficiency and flexibility, capable of executing complex tasks autonomously [3][4] Group 3: Data-Driven Evolution - The partnership aims to create a "data feedback loop" that will continuously improve the GOVLA model through real-world operational data generated by AlphaBot 2 [3][5] - This data-driven approach will enhance the robot's performance and adaptability in industrial environments, establishing a competitive edge in the market [3][5] Group 4: Future Innovations - The collaboration will extend beyond current applications, focusing on joint innovation in mobile transport robots and vehicle-mounted robots [4][5] - Both companies aim to leverage their respective strengths to advance the smart robotics industry and enhance manufacturing capabilities [4][5]

2025年6月7日，东风柳州汽车有限公司与智平方(深圳)科技有限公司在深圳正式签署战略合作协议。根 据协议，搭载智平方全域全身VLA大模型的通用智能机器人——AlphaBot2，将首次进驻东风柳汽汽车 工厂，在上下料、拖拽料车、贴挡风玻璃标签、收纳保护布等多个场景执行智能化作业，覆盖质量检 测、装配作业、物流转运、工厂运维等关键制造环节。这标志着国产具身大模型首次获得汽车制造全场 景验证。(人民财讯) ...

此前传闻一汽对卓驭的投资，还在推进，双方暂未达成控股方案。 文 丨 郭瑞婵 编辑 丨 龚方毅 一位熟悉卓驭的知情人士告诉我们，目前 32TOPS 算力方案被频繁用来与更高算力的方案做对比，产 品力已稍显不足，下半年会对该方案做更多优化，增强竞争力。 我们独家获悉，卓驭科技（原大疆车载）对外融资近期取得新进展，增加北汽产投与广汽资 本两大投资方，合计金额达数亿元。 同时，卓驭还在持续洽谈其他融资事项，此前曾传出一汽拟控股卓驭，据我们了解，双方仍在 接触，但目前并未就该方案达成一致，其投资事宜还在推进中，一汽的投资占比也尚未敲定。 作为头部智驾方案供应商，卓驭开放的投资机会颇受一级市场关注。卓驭于 2023 年从大疆创新分 拆，2024 年正式以 "卓驭" 为品牌命名独立运营，并引入外部资本。 截至今年早些时候，先后获得比亚迪、上汽恒旭资本、国投招商、基石资本、光远资本等车企与机构 的投资。据我们了解，加上近期引入的北汽产投，卓驭累计融资超 25 亿元。 针对以上信息，卓驭回复我们表示，一切以官方披露为准。 卓驭以低算力、双目视觉方案起家，借助软硬一体化布局的优势，卓驭在 32TOPS 算力芯片上实现了 高速领航 ...

Group 1 - The market experienced fluctuations with the ChiNext index leading the decline, while sectors such as pork, innovative drugs, banks, and CROs saw gains, and sectors like gold, glyphosate, controllable nuclear fusion, humanoid robots, environmental equipment, and consumer electronics faced losses [1] - CITIC Securities highlighted that low-valued embodied intelligent application targets and dividend assets continue to attract market interest, suggesting a focus on "AI + robotics" investment opportunities beyond humanoid robots [2] - CICC emphasized that multi-modal reasoning is crucial for enhancing intelligent driving capabilities, with significant advancements expected in the algorithms of leading smart driving companies [2] Group 2 - Huatai Securities pointed out that core assets like A50 and major financial sectors are likely to shift from resilience revaluation to growth revaluation, showing strong fundamentals during the real estate investment cycle adjustment [3] - A50 non-financial ROE is expected to stabilize and recover ahead of the overall non-financial sector, driven by cost improvements and shareholder returns [3] - The current valuation of these companies reflects a higher implied cost of equity than the market average, indicating potential for a significant reduction in risk premium if investors reassess the overlooked growth resilience [3]