2025 年財報數據揭曉，中國輪胎行業交出里程碑式成績單：中策橡膠以 449.56 億元營業額斷層領先，賽輪集團、玲瓏輪胎分別以 367.92 億元、246.42 億元緊隨其後，浦林成山、雙錢、貴州輪胎等集體跨過百億門檻。僅上述頭部企業合計營業額逼近 1800 億元。二十年前百億還是天花板，如今百億軍團強勢崛起，標誌著行業加速從“小散亂”走向“大而強”，全球賽道上從“跟跑者”蛻變為“並跑者”。

技術突圍：從手工作坊到子午線革命

中國輪胎的起點並不光鮮。1958 年，杭州海潮橡膠廠最初只造膠鞋；1976 年，三角輪胎前身威海輪胎廠艱難起步。真正的轉折在八九十年代，浦林成山、中策、三角相繼建成子午線輪胎生產線，讓中國輪胎首次站上與外資同維的技術起跑線。進入 21 世紀，賽輪等民間力量嶄露頭角，為“液體黃金”破局埋下伏筆。從膠鞋到子午胎，中國輪胎用六十多年完成技術三級跳。

全球落子：從產品出海到產能出海

技術突破讓企業“站起來”，全球化佈局則讓大家都“走出去”。2012 年，賽輪赴越南建廠成為出海先行者；玲瓏同年落子泰國，並首創“東南亞 - 歐洲 - 南美”全球三角佈局；雙星則控股韓國錦湖，迅速拿到國際高端市場入場券。如今海外產能已成增長極，玲瓏海外銷售收入佔比近半，中策加速多國基地協同。從產品出海到產能出海，中國輪胎正重構全球供應鏈。

價值躍升：打響高端化與智造戰

長期以來，“中國製造”在輪胎業等同於低端廉價。如今，中策“朝陽 1 號”打破外資高端壟斷；玲瓏進入大眾、奧迪、寶馬等名錄，全球十大車企八家選擇玲瓏，新能源配套銷量蟬聯第一。智造領域，貴州輪胎 2025 年入圍“燈塔工廠”，生產效率提升 68%，質量缺陷減少 57%，證明中國輪胎不僅能造得好，還能造得聰明。

百億之後：三大賽道決定新格局

百億是分水嶺，但對比米其林、普利司通常年超 2000 億元營業額，中國輪胎仍有追趕空間。未來競爭將圍繞三條主線：一是全球化再升級，海外建廠成“必答題”，供應鏈韌性決定份額；二是高端化持續突圍，借力新能源優勢在 EV 領域換道超車；三是智造全面滲透，實現質量與定制能力進化。

百億只是新起點，百億之後還有千億。方向已明，道路已開，中國輪胎重塑世界格局的新時代才剛剛開始。

6 月 6 日，212 越野車環塔收官慶典喺青島舉行。著名體育賽事主持人韓喬生、職業賽車手韓魏、212 越野車廠家隊車手、用戶隊車手以及技術後勤團隊等環塔親歷者齊聚一堂，共同回顧咗 212 越野車車隊喺本屆環塔拉力賽中嘅極限征程。

喺剛剛落幕嘅 2026 中國環塔國際拉力賽中，212 越野車車隊以接近原廠狀態嘅量產車出戰，喺總里程 7500 公里嘅極限征程中，完成「2.0T 對陣 3.0T」嘅越級挑戰，接連喺 SS10-SS13 賽段斬獲「兩冠一亞」嘅佳績，最終成為 T2.1 量產組廠家隊唯一 100% 完賽嘅品牌，且榮獲該組別廠家隊亞軍。

本次嘅參賽車輛 T01 無重度賽事改裝，其搭載環塔同款動力總成——2.0T 發動機與采埃孚 8AT 變速箱，經過賽事全程檢驗，低扭爆發強勁，喺戈壁爬坡、滿載拖拽時媲美大排量車型；配合博格華納大分動器，高低速切換迅捷，喺 4L 模式下可將扭矩放大 2.64 倍，實現扭矩按需分配，確保長途穿越動力輸出穩定且唔易故障。車身結構方面，T01 採用非承載式車身搭配前後整體橋，喺越野顛簸路面與炮彈坑中行駛車身不變形，重載翻越時抗扭性拉滿；底盤基於環塔極限路況進行專項優化調教，原廠出廠即可從容適配各種複雜路況，且全車車身採用鍍鋅板，無懼戈壁碎石刮蹭，唔易銹蝕。此外，T01 仲強化咗乘員艙嘅頂部承載力，性能提升 16%，配合籠式乘員艙設計、540°全景影像、行車紀錄儀以及緊急呼叫救援等功能，為乘員人身安全提供咗全方位嘅守護。

為咗讓更多用戶切身感受環塔賽事嘅魅力，212 宣布環塔改裝套件即將登陸官方商城。套件涵蓋底盤護甲、防脫輪轂、越野輪胎及脫困救援裝備等，旨在為用戶嘅愛車賦予更強大嘅越野實力。從極限賽場嘅嚴苛驗證，到用戶生態嘅持續深耕，212 正倚靠賽事、產品與用戶嘅深度互動，幫助普通人實現越野夢。212 越野車營銷公司總經理何兆鵬表示：「212 要將越野文化普及，讓更多人心中嗰顆關於遠方同夢想嘅種子，有機會生根發芽。」

關於未來嘅賽事計劃，212 亦都表示，達喀爾拉力賽、馬來西亞沙巴國際雨林賽、阿拉善 T3 挑戰賽及 2027 環塔拉力賽等一系列國內外頂級賽事均在規劃之中，212 將持續以賽促研。同時，212 正式啟動 2027 環塔用戶車手招募計劃，並將攜手韓魏成立冠軍越野培訓學院，為用戶提供系統化嘅賽前指導同參賽機遇。通過賽事打磨產品、倚靠培訓賦能用戶，212 正一步步落地全民越野嘅願景，讓每一部 212 都承載起屬於用戶嘅環塔夢。

2026 年 5 月 28 日，上汽集團喺上海北外灘世界會客廳舉辦“全球第一億位用戶交車儀式”，正式成為首個累計產銷量突破一億輛嘅中國汽車集團，為中國汽車行業樹立新嘅里程碑。

從 1958 年工人們用榔頭敲出第一輛“鳳凰牌”轎車，到如今旗下十幾個品牌、產品遍佈 170 餘個國家同地區，上汽親歷並推動咗中國汽車工業從弱到強嘅全過程。貫穿呢一征程嘅係“懂車更懂你”嘅用戶理念——既追求核心技術極致，更讓前沿科技落地為可感知嘅美好出行體驗。 

一億輛背後，係上汽涵蓋整車、零部件、移動出行、金融、國際經營、創新科技六大板塊嘅全價值鏈閉環。2026 年 1 至 4 月，上汽累計銷售 130.2 萬輛，連續四個月位居中國车企銷量冠軍，其中自主品牌佔比近 70%，新能源車銷售 41.2 萬輛，海外市場銷售 45.9 萬輛，同比增長 50.2%。

交付儀式上，自主品牌同合資品牌協同發力：尚界 Z7、榮威 M7、MG4 半固態電池版、五菱星光 560 等涵蓋個人出行、商用運營等多元場景；大眾 ID. ERA 9X 上市一個月交付突破 7000 輛，別克至境 E7 交付破萬輛。交付畫面從上海延伸至南京、柳州及英國、印尼等國家，展現全球化佈局實力。喺海外擁有超 3000 個經銷商網絡、4 個生產製造中心，安吉物流營運 42 艘滾裝船，8 條國際航線。上汽 MG 連續 11 年蟬聯中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛。2025 年發布嘅海外“Glocal 戰略”正加速由“產品出海”邁向“價值鏈出海”。

從羅振宇作為華境 S 體驗官、前國腳楊晨選擇 ID. ERA 9X，到公益博主、物流企業主等真實用戶故事，詮釋咗“懂車更懂你”嘅溫度。   一億輛係上汽七十餘年嘅階段性答卷，更係面向智電未來“二次創業”嘅新起點。上汽將繼續同全球用戶、夥伴億路同行，共創美好出行新未來。

Written by Zhao Yun

There were no long speeches from leaders, no dazzling solo dance of concept cars, nor any deliberately emotional brand promotion.

This doesn't even look like a traditional new car delivery press conference.

On May 28, 2026, at the Shanghai North Bund World Reception Hall. Dragon TV cameras started here, spanning the Asian and European continents, connecting Nanjing, Yangzhou, Liuzhou, and Taiyuan, crossing the English Channel to reach London, and crossing the Malacca Strait to illuminate Indonesia and Singapore — SAIC Group used a true "Global Relay Delivery" to complete a narrative never before seen in the history of China's automotive industry: delivering 100 million pieces of trust under the gaze of global audiences, achieving a continuous relay.

One hundred million, at this moment, is not a cold sales figure. One hundred million is the "moving and vivid history co-creation lesson" written by SAIC Group over seventy-one years together with 100 million vibrant car owners and tens of millions of Chinese families, and 100 million stories of human life's warmth.

And the first page of this lesson begins with two ordinary people.

01

Lantian and London: 2 out of 100 Million Human Realities

Lantian, Shaanxi, tricycle of Village Secretary Pang Fuqiang

Lantian County, Xi'an City, 64-year-old Village Secretary Pang Fuqiang was once a chef. Starting from August 2025, he launched a "loss-making business": making lunch for 74 left-behind elderly people in the village every day, charging only 2 yuan per meal. For elderly people with difficulty in movement, he delivered food to their homes.

The food delivery routes are scattered on mountain village roads, running 8 or 9 kilometers every day. Pang Fuqiang used a tricycle with a small load capacity. One trip wasn't enough, running two trips took too long. In winter, cold wind poured into his neck, and in summer, the car seat became too hot to sit on after sun exposure. More critically, the tricycle lacked safety protection. On rainy days when roads were slippery, he fell.

In February 2026, CCTV News broadcast his story. Xinhua News Agency and China Youth Daily reported subsequently. Someone asked him, "Secretary Pang, what are you aiming for?"

He said, "I aim for these 74 elderly people to have a hot meal."

SAIC-GM-Wuling saw this news. Without hesitation, the enterprise decided to gift Pang Fuqiang a Wuling vehicle — not charity, but tribute. Under the framework of the "Strivers Special Plan", Wuling, relying on the "SAIC-GM-Wuling Benevolence Fund" that has been operating continuously for 19 years, invested 15 million yuan in funds and vehicles to provide the village secretary who runs for 74 elderly people every day with safer and more efficient tools.

"What the tricycle can't carry is the hot meals for all the elderly in the village. Wuling helps you carry it."

This is not an advertising slogan. This is a response from a Chinese automotive enterprise to a Chinese grassroots striver.

The camera cut from the remote Lantian mountain village to London, the world financial center.

26-year-old intern doctor Natalia stood at the MG London Delivery Center, receiving the keys to the MG4 EV Urban. Her eyes were a little moist.

Her grandfather once owned a classic MG B. That was her childhood memory: her grandfather drove her for a ride, she sat in the passenger seat, small hands touching the dashboard, fantasizing one day she could also drive it.

Her grandfather passed away many years ago. But what the MG B left behind was not just a car, but a spirit — every generation of MG owners has a beam of unextinguished glory in their hearts.

Now, Natalia has become a young generation MG owner. The MG4 EV Urban she chose is an urban commuting tool for the pure electric era: WLTP range 416 km, 28 minutes fast charging, 577L trunk space. But to her, this is not just a commuting tool.

"What my grandfather passed down to me is not just the love for MG, but also that spirit of courage to explore and embrace innovation."

Two generations, two cars, the same brand. From London to Shanghai, from fuel to electric, the MG spirit is inherited in the family bloodline and continues in the hearts of a million global owners.

One is a village secretary delivering food to left-behind elderly people in a Chinese mountain village; the other is an intern doctor in a British city inheriting his grandfather's feelings. They did not know each other, but because of the same SAIC Group, on this day of May 28, 2026, they were written into the same history.

They are the most ordinary "one in 100 million" among SAIC's 100 million car owners.

If Pang Fuqiang and Natalia's stories represent the "warmth" and "heritage" of 100 million vehicles, then the next car owner represents the "height" and "future" of 100 million vehicles.

The 100 Millionth User: Partner & Owner, Shouldering Towards the Future

Cao Xudong, Momenta CEO, leading figure in the field of intelligent driving in China.

At the delivery ceremony, he received the keys to the IM LS9 Hyper from the Chairman of SAIC Group. This car is the culmination of 71 years of SAIC's technical accumulation: full electronic four-wheel steering, 520-line super vision LiDAR, NVIDIA Thor chip, full-domain 800V high-voltage platform, Star Super Range Extender... and the "endogenous security" technology jointly launched globally with Purple Mountain Laboratories, expanding car safety from "physical security" to "information and system security."

Cao Xudong is not an ordinary car owner. IM Motors and Momenta have been "founding lighthouse partners" from the very beginning of the brand's birth. The teams of both sides, back-to-back and heart-to-heart, jointly polished the driver assistance solutions for all IM Motors series models.

"Partner becomes Owner", this is a rare deep resonance in the history of the automotive industry.

At the delivery scene, Cao Xudong said the following words:

"I chose the IM LS9 Hyper because I have full confidence in its driver assistance and intelligent level. I will personally drive this car and use it for L3 autonomous driving verification testing. I want to ensure that what is delivered to users is the most mature and reliable system."

He called this car "a bright pearl of the Chinese automotive industry" and announced: Momenta L3 autonomous driving capability will be launched first on SAIC.

This is not a simple delivery. This is a technology partner binding their name deeply with the product; this is a strategic partner endorsing the technology with their daily commuting.

And Cao Xudong's identity also makes us unable to help thinking: what does it mean to have 100 million car owners?

02

If 100 Million Car Owners Are Compared to a Country

Before the press conference, SAIC Group made a short film named "Memory". Below the short film, there were countless online users leaving chain messages: "one in 100 million". Obviously, behind every account is a car owner whose heart is throbbing at this moment.

Let us conduct a hypothetical experiment.

If we look at SAIC Group's 100 million car owners as a country, what would be the ranking of its population scale in the world?

Only 14 countries in the world have a population exceeding 100 million. SAIC's "Car Owner Country" will be ranked 15th, on the same level as Egypt, Vietnam, Germany, Iran, and other countries.

100 million vehicles is not just a business achievement, but also an economic miracle.

In the history of the global automotive industry, how many enterprises have accumulated production and sales exceeding 100 million vehicles?

Toyota, Volkswagen, Ford, GM, Nissan, Honda, Hyundai... and now SAIC Group.

SAIC is the only member of the 100 million vehicle club from China.

What does this mean?

It means that for every 100 vehicles sold globally, a considerable proportion comes from Chinese brands; it means that China's automotive industry went from "bringing in" to "going out" and took 70 years to finally stand at the center of the world stage; it means that the steering wheels in the hands of that 100 million car owners hold not only their own commuting but also the dignity of Made in China, Smart Made in China, and Created in China.

And turning our eyes back to this year, SAIC's market performance is equally solid. In the past May, SAIC Group's complete vehicle sales were 349,000 units. From January to May, cumulative sales reached 1.651 million units, continuing to lead the Chinese automotive industry. The proportion of independent brands broke through 70% for the first time. New energy vehicles surged 46.5%, and the overseas market surged 45.9%. The historical mark of 100 million vehicles, combined with the current sales leadership, jointly constitutes SAIC's complete narrative from past to present.

03

Global Relay: SAIC's Control Capability

Why did SAIC do this delivery ceremony?

Because it requires four "wholes":

Full Brand Matrix: Roewe, MG, IM, Shangjie, Wuling, Maxus, Hongyan, Yuejin, Sunwin, Iveco... Independent brands launched the entire line; Volkswagen, Audi, Buick, Cadillac... Joint venture brands showcased their strength. From A0-segment commuter cars to 500,000-level luxury flagship models, from sedans, SUVs to MPVs, pickups, from passenger vehicles to commercial vehicles, from city logistics to infrastructure transport — covering all scenarios.

Full Product Categories: Shangjie Z7, Hua Jing S, Roewe M7, MG4 Semi-Solid State Battery Version, Wuling Starlight 560, Maxus eDeliver5, Hongyan Heavy Truck, Yuejin Danaka T1, Sunwin Pure Electric Bus, Iveco Polaris EV... Every vehicle aims at different users, different scenarios, and different lives.

Global Layout: Overseas has over 100 parts production bases, over 3,000 dealer networks, 3 major R&D innovation centers including London, 4 production centers in Thailand, Indonesia, India, and Pakistan. ANG Logistics owns 42 various roll-on roll-off ships, 8 international routes covering Southeast Asia, Europe, and the Americas. Products and services spread over more than 170 countries and regions. Overseas cumulative sales broke through 7 million vehicles.

Full Industry Chain System: Covering six major sectors including complete vehicles, parts, mobility and services, finance, international business, and innovation technology. Close synergy, mutual empowerment, integrated development, forming a full value chain closed loop.

This "Global Relay" is the concentrated appearance of SAIC's system competitiveness.

Starting from Shanghai, Nanjing, Yangzhou, Liuzhou, Taiyuan... UK, Indonesia, Singapore... Car owners of different time zones, different languages, and different cultures completed the delivery relay at the same moment because of the same brand.

And supporting this grand narrative are individual vibrant users, as well as scale and systems.

04

The Essence of Delivery is the Start of a Relationship

In the traditional sense, car delivery is the end of a transaction — money on one hand, car on the other, contract fulfilled. But SAIC's global relay turned delivery into the starting point of a relationship.

Pang Fuqiang's Wuling Rongguang is not the end, but the new starting point of him delivering 74 hot meals every day; Natalia's MG4 EV is not the end, but the emotional sequel of her and her grandfather across space and time; Cao Xudong's IM LS9 Hyper is not the end, but the starting line for Level 3 autonomous driving landing in China. Each relay baton is opening a new narrative.

100 million vehicles are 100 million relationships unfolding. SAIC redefined "delivery" with this ceremony: it is not just about handing over the car key to end, but taking over the user's trust and continuing to walk forward. This explains better than any number why a car company can survive for more than 70 years and still make people expect its next 100 million.

05

Behind 100 Million Vehicles: 100 Million Vibrant Beating Hearts

SAIC Group's "Knows cars better, understands you better" has never been a slogan.

It is embodied in Pang Fuqiang's Wuling vehicle — "The hot meals the tricycle can't carry, Wuling helps you carry."

It is embodied in Natalia's MG4 EV — "Grandfather's MG B is my childhood memory, my MG4 is the starting point of the future."

It is embodied in Cao Xudong's IM LS9 Hyper — "I will personally test Level 3 autonomous driving to ensure the system delivered to users is the most reliable."

It is also reflected in the stories of more car owners:

Dedao App founder Luo Zhenyu, as the Hua Jing S 001st tester, went from praising Huawei Qiankun Intelligent Driving in the New Year's Eve speech to visiting the factory to witness the lineup. He said: "Hua Jing S is not just a car, it is the crystallization of Chinese technology co-creation."

Former German League footballer Yang Chen, chose ID.ERA 9X, because "Premium Range Extender and long-termism are in line." He said: "When playing football, be steady; when driving, be steady too. This car is steady."

Public Welfare Blogger Liu Jia, for five consecutive years, cuts hair and sends companionship to left-behind children in Guangxi mountainous areas. Buick provided immediate aid, and he was moved by Zhijing E7's "Full Score Cabin". He said: "I guard the children's smiles, Buick guards my commute."

After Cao Kailiang's family ordered cars, idol Jay Chou happened to become the spokesperson for the Buick MPV family. He said: "This is not a coincidence, this is fate."

And there is DHL, Jiading Public Transport, Henglongsheng Industry and Trade, Di Shangtie, Henan Zhonglian Tourism... Every commercial vehicle is a "wealth creation tool" for strivers.

A car owner from Henan Zhonglian Tourism said on site: "We run on the road every day, the car is our rice bowl. SAIC Maxus has never let us down. 100 million vehicles, we are also among them — glorious."

A driver from Jiading Public Transport, after receiving the keys to the Sunwin Pure Electric City Bus, only said one sentence: "This car is quiet, starts steadily, passengers sit comfortably. We drivers also feel dignified."

And the deeper meaning lies in: these 100 million car owners are not cold statistical figures. They are Pang Fuqiang, Natalia, Cao Xudong, Luo Zhenyu, Yang Chen, Liu Jia, Cao Kailiang, DHL drivers, Jiading Public Transport drivers, Henan Zhonglian Tourism leaders, you, me, every person striving forward in life.

SAIC, knows cars better, understands you better, now has a more concrete meaning at this moment.

06

100 Million is a Starting Point, Not an End Point

At the end of the ceremony, Dragon TV cameras swept across the global delivery sites again.

Shanghai main venue, IM LS9 Hyper drove out slowly; London streets, MG4 EV Urban穿梭ed along the banks of the Thames; Jakarta, Indonesia, Wuling new energy vehicles delivered to local families; Changi, Singapore, SAIC Maxus drove into the urban expressway...

From 1955 to 2026, from the first user to the 100 millionth user, from startup exploration to industry leadership.

In 2014, SAIC actively implemented the important directive "Developing new energy vehicles is the only path for China to move from a car powerhouse to a car superpower", taking the lead in comprehensive transformation. Twelve years later, the 12 zodiac signs completed a full cycle. SAIC, with 12 years of persistence, completed a historic leap from "leading the pack" to "ten thousand horses galloping".

100 million vehicles are the stage report of SAIC's 71-year development, and more, a new starting line facing the future of smart and electric transformation.

100 million vehicles, 100 million simple wishes. Some aim for a hot meal, some aim for family heritage, some aim for a technical dream.

100 million is a number. 100 million vibrant beating hearts are where the hearts of the people lie.

SAIC Group, Traveling the Billion Mile Journey Together.

May 28, Shanghai North Bund World Reception Hall, SAIC Motor handed over the key to the 100 millionth new vehicle to the user. This is China's largest automotive group, becoming the first enterprise in the history of China's automotive industry to accumulate production and sales exceeding 100 million units.

From the first Phoenix sedan being hand-beaten into shape in a lane factory in 1958, to a new vehicle rolling off the production line on average every ten-plus seconds today, SAIC spent 68 years completing this long road from zero to 100 million.

Industrial changes behind a number

100 million vehicles, accounting for about 22% of the cumulative production since the establishment of China's automotive industry (about 450 million units). This means that for every four and a half cars driven on Chinese roads, one bears SAIC's mark.

The growth trajectory of this enterprise highly overlaps with several key leaps in China's automotive industry: In the 1980s, SAIC took the lead in a joint venture with Volkswagen, establishing a modern production system in China's nearly blank sedan industry; In the 1990s, SAIC-GM was established, simultaneously building the localized R&D center PanAsia, changing the joint venture enterprises' old playbook of "producing only without R&D"; After the 2000s, independent brands Roewe and Maxus were launched successively, beginning to catch up on this mandatory course of independent R&D.

In 2014, SAIC took the lead in proposing a comprehensive transition to new energy, at that time China's new energy vehicle annual sales were only 75,000 units. Twelve years later, new energy has become the core track of this old car enterprise.

How were 100 million vehicles achieved?

Relying solely on car sales cannot reach 100 million units. SAIC's footprint is very broad -- passenger vehicles, commercial vehicles, parts, finance, mobility, basically doing all the business possible on the automotive supply chain. 15 brands under its umbrella, from Wuling Hongguang to IM Motors, from MG to Audi, covering the price range from 30,000 to over a million.

More worth mentioning is the overseas market. When exporting passenger vehicles for the first time in 2001, SAIC might not have thought that more than twenty years later, this enterprise would become the vanguard of Chinese cars going global. Nowadays, SAIC products are sold in over 170 countries and regions, with cumulative overseas deliveries exceeding 7 million units, having built manufacturing bases in Thailand, Indonesia, India, Pakistan, and also formed its own car transport fleet.

In 2025, SAIC released the overseas "Glocal Strategy" -- a combination tactic of Global plus Local. Semi-solid-state batteries, intelligent driving systems, overseas Internet of Vehicles, these technologies are gradually being installed in overseas new vehicles.

Not the end point, but another starting point

This number of 100 million vehicles, placed in the sequence of global automotive giants, is not rare. Toyota and Volkswagen's cumulative production has long exceeded 200 million or even 300 million units. For China's automotive industry, its significance lies more in a signal: this market has already cultivated enterprises capable of large-scale, multi-brand, whole-industry-chain operation.

Internally, SAIC calls this 100 million units the "starting line of a second entrepreneurship". This sounds like a slogan, but looking at actual actions, the direction is clear -- shifting from selling scale to competing on technology, from selling products to providing user services.

That Phoenix sedan in 1958 was manually hammered for three months. Nowadays, SAIC's daily off-line volume exceeds 3,000 units. But as SAIC insiders put it, technology and output change, whether the phrase "Understand cars, understand you better" can be achieved is the upcoming exam question.

China's automotive industry's first 100 million vehicle club member has officially joined the list. When will the next 100 million come? How will it come? That will be another story.

The "7+5" global strategy Linglong Tire (601966.SH) once highly anticipated is facing a complete stall. In May 2026, within a mere 5 days, Linglong Tire successively announced the termination of two new projects, Tongchuan, Shaanxi and Brazil. Coupled with the suspension of the Anhui project, the company's expansion faces heavy obstacles. Linglong Tire pledged: by 2030, achieve a production and sales volume of 160 million tires, with sales revenue exceeding 80 billion yuan, aiming for a production capacity scale among the top five in the world. It seems now that these goals for Linglong Tire are far off.

Striving for production and sales volume to reach 160 million tires

On April 28, in its released 2025 Annual Report, Linglong Tire stated, "We will continue to firmly promote the '7+5' global strategic layout, relying on international production bases, partner with global partners, commit to upgrading product quality, lean supply chain management, and breakthroughs in technical innovation, jointly promoting the coordinated development of the industrial chain, and actively building an open, diverse, and inclusive cooperation ecosystem."

For over 6 years, Linglong Tire's "7+5" global strategy has undergone "upgrades," but now it seems it might face "bankruptcy."

In March 2020, Linglong Tire released the Outline of Mid-to-Long-Term Development Strategic Plan (2020-2030). The outline clearly pointed out that with the continuous expansion of Linglong Tire's business and the company's scale, the company's previous "5+3" development strategy could no longer meet the company's development needs. To promote localization of manufacturing, sales, and services, get closer to users and the market, segment the market, and increase market share, implement "6+6" development strategy, that is: six domestic production bases, six overseas production bases, breaking through 160 million units of tire production capacity by 2030.

At that time, Linglong Tire already owned four production bases in Zhaoyuan, Dezhou, Liuzhou, and Jingmen domestically.

In June 2021, Linglong Tire changed the original "6+6" strategy to "7+5" strategy, with the Tongchuan, Shaanxi base project approval.

On December 14, 2021, Linglong Tire's fifth base in China and seventh globally—Jilin Linglong Tire Co., Ltd. Phase I all-steel first tire off-line ceremony was held in Changchun.

At the same time, Linglong Tire's two major planned domestic production bases are in Tongchuan and Hefei. Moreover, Linglong Tire already owns two overseas bases in Thailand and Serbia, and is planning and constructing a third overseas factory in Brazil.

The overall goal of the "7+5" strategy has not changed, that is, planning to reach a production and sales volume of 160 million tires by 2030, with sales revenue exceeding 80 billion yuan, and a production capacity scale aiming for the top five in the world.

Tongchuan Project Terminated

However, more than four years have passed, and Linglong Tire's "7+5" strategy not only did not advance further, but it is possible to "bankrupt."

In June 2021, an announcement by Linglong Tire showed that the Tongchuan project with an annual production capacity of 15.2 million sets of high-performance radial tires and 500,000 sets of retreaded tires had a total investment of 6.066 billion yuan.

Among them: construction investment 5.46 billion yuan, construction period interest 517 million yuan, working capital 88.6929 million yuan. Regarding funding raising, the company self-raised 2.466 billion yuan, bank loans 3.6 billion yuan.

However, in mid-2025, Linglong Tire introduced that the Shaanxi Tongchuan investment construction project had completed preliminary approval work, land tendering and auction, and factory design work. Currently, the project has not officially started due to the external "seven connections and one leveling" work not meeting engineering construction requirements.

On the night of May 22, 2026, Linglong Tire received a warning letter showing that in October 2025, the Tongchuan investment project underwent significant changes, and the company failed to disclose in time, violating relevant provisions of the Administrative Measures for Information Disclosure by Listed Companies.

The regulatory department stated that Wang Feng, as Chairman of Linglong Tire and General Manager at the time, and Sun Songtao, as Board Secretary, bore major responsibility for the company's above behavior.

According to relevant regulations, it was decided to take administrative regulatory measures of issuing warning letters against Wang Feng and Sun Songtao, and record them into the Securities and Futures Market Integrity Database.

Linglong Tire stated that for the above issues, the company has taken relevant measures to rectify, and held a Board meeting on May 11, 2026, to review and approve the "Proposal on Terminating the Investment Project in Tongchuan City, Shaanxi Province", which still needs to be submitted to the company's Shareholders' Meeting for deliberation.

Linglong Tire stated that due to the slow progress of preliminary project preparation work and supporting measures failing to land as scheduled, there exists significant uncertainty in the institutional guarantee and expected returns for project implementation.

To optimize resource allocation, after thorough demonstration and prudent analysis by the company, it was decided not to proceed with the above foreign investment project.

Brazil Project Terminated

Only 5 days later, problems arose with Linglong Tire's newly built overseas project.

On the night of May 27, an announcement by Linglong Tire showed that due to the failure to reach an agreement on core terms such as shareholding ratio and cooperation terms with the proposed partner, the Brazil investment construction project no longer has the conditions to advance on schedule.

After comprehensive evaluation, the company decided to terminate the above foreign investment project. Currently, both parties have reached a consensus on termination of cooperation matters, and will proceed with termination work according to their respective internal procedures after completion of relevant deliberations.

Linglong Tire stated that the termination of this investment matter was a prudent decision made by the company based on changes in the market environment, company strategic adjustment, and actual operating situation. The project has not entered into substantial construction investment and will not adversely affect the company's business development and daily operations.

On May 15, 2025, Linglong Tire held the 2024 Annual Shareholders' Meeting, passing the "Proposal on Carrying Out Overseas (Brazil) Investment Construction Project and Cumulative Foreign Investment". The company planned to jointly invest and construct an overseas (Brazil) investment construction project with SUNSET S.A. COMERCIAL INDUSTRIAL Y DE SERVICIOS ("14.7 million sets of various high-performance radial tires per year" and "35MW photovoltaic power station"). The total project investment was 1.193 billion USD (equivalent to 8.71 billion yuan).

A detail worth noting is that at that time, Linglong Tire introduced that according to the construction content, scale, and actual situation of the construction subject of this project, the planned construction period was expected to be 7 years, carried out in three phases, planned to start in the third quarter of 2025, and end for use by the end of December 2032.

Obviously, the Brazil construction project did not start in the third quarter of 2025, but Linglong Tire did not disclose the progress of this project.

The company only stated in the 2025 Annual Report that the Brazil investment construction project is currently in the planning and design phase, while carrying out business negotiations with partners on matters such as shareholding ratio, and has not entered the substantial construction investment phase.

Did Linglong Tire also violate regulations when disclosing the Brazil construction project? A relevant person in a listed company's Board Secretary's Office stated that Linglong Tire didn't tell lies, but told too little and too vaguely, letting investors look at a full year's annual report without knowing the project had "actually failed."

"This is not sustainable at the information disclosure compliance level." Overall, Linglong Tire's two domestic and foreign major projects totaling a proposed investment of 14.776 billion yuan have both ended in failure, and the company's "7+5" strategy is effectively defunct.

Revenue Growth Slowing

Not only were the above two projects, Linglong Tire's project in Anhui also did not go smoothly.

In May 2026, Linglong Tire also announced that the company's project with an annual production capacity of 14.6 million sets of ultra-high-performance self-healing and smart radial tires in Anhui Province was terminated due to insufficient energy consumption indicators, and transferred to build two new projects in Lu'an High-tech Industrial Development Zone, Anhui. Currently, about 140 million yuan has been invested, but only the living area and part of production supporting facilities have been completed, the main workshop is still in the planning and design phase, and the project construction cycle cannot be executed as originally planned.

When new construction projects do not meet expectations, Linglong Tire's 2030 visionary goals seem unlikely to be realized.

In 2023, Linglong Tire's operating revenue increased by 18.58% year-on-year, breaking through 20 billion yuan for the first time to reach 20.162 billion yuan. In 2024 and 2025, the company's operating revenue was 22.058 billion yuan and 24.642 billion yuan respectively, increasing 9.39% and 11.72% year-on-year respectively.

From 24.642 billion yuan growing to 80 billion yuan, Linglong Tire's operating revenue needs to grow by an average of 11.1 billion yuan per year in the next 5 years. Without new capacity release, the company cannot reach this goal.

In Q1 2026, Linglong Tire's operating revenue reached 6.057 billion yuan, increasing 6.33% year-on-year, entering a slow revenue growth period.

In 2025, Linglong Tire's tire product production volume reached 94.2981 million units, sales volume reached 91.3468 million units, inventory volume reached 16.4931 million units.

As of the end of 2025, Linglong Tire's design capacity reached 126 million units, achieved production capacity reached 114 million units, capacity utilization rate was 82.43%.

Obviously, Linglong Tire's production and sales volume reaching 160 million units still has a considerable distance. Under the continuous "blows," Linglong Tire's stock price has continued to probe downward, currently oscillating around 12 yuan per share.

For this reason, on May 21, Linglong Tire announced that the company's controlling shareholder intends to increase holdings in the company's shares, with the increase amount not less than 180 million yuan (inclusive), and not more than 230 million yuan (inclusive).

长安启源全新Q05和零跑A10这类车型存在的意义，在我看来，其实就是让预算有限的家庭也可以享受到科技带来的乐趣。就目前来看7万多的预算你就可以买到它们的中配版本，长安启源全新Q05 2026款405 Max、零跑A10 2026款505悦享版，目前这两个配置的终端价格都是7万多，实际落地价也是相差无几。到底选谁更好？这个问题肯定还需要深入比较才能得出答案。

 几万块买到纯电车，踏实可靠我认为是第一要素，就像买油车需要入手发动机、变速箱可靠的选项一样，电车肯定也要选大厂的电池，那这两款SUV谁符合呢？

（长安启源全新Q05）

（零跑A10）

长安启源全新Q05这边是全系标配了宁德时代电芯+金钟罩2.0 3C快充电池，妥妥一线电池厂商了，而且还是行业内的巨头，技术、口碑都不错，细节上也更好，配备了底盘护板进一步保护电池减少磕碰风险。零跑A10则是二线品牌了，国轩高科/江苏正力的电芯交叉使用，没有底盘护板，成本低了自然可以给到更多续航。所以可以看到，价格差不多的情况下长安启源全新Q05满电续航是405km，零跑A10则是505km，相差100公里，意味着充电的频率会有不同。这样也建议零跑A10就看505版本，因为403版本采用了较为简单的风冷技术，不如长安启源全新Q05 405km的直冷热管理高效，更不如两款车型高配版的液冷效果好，这样来看，长安启源全新Q05安全性还是更令人放心。

 这个价位的纯电车，基本属性是代步通勤，虽然对动力要求不高，但红绿灯起步要想快人一步，超车要想更高效安全，动力还是不容忽视。长安启源全新Q05配备了120kW的前置电机，能带来8.9秒的零百加速成绩，中规中矩；零跑A10则是90kW的前置电机，零百加速10.6秒，这就是纯代步车的水准了，日常出行要想稍微“快一点”，长安启源全新Q05还是更给力。

（长安启源全新Q05）

（零跑A10）

预算到七八万，对车子的要求就不能只停留在“工具”属性上了，驾乘体验也是必须关注的重点。得益于级别上的优势，长安启源全新Q05的长宽高4435x1855x1600mm、轴距2735mm，相对零跑A10的长宽高4270x1810x1635mm、轴距2605mm，优势明显。同事身高1.78米、体重79kg，分别坐进两车后排，长安启源全新Q05腿部剩余空间超过2拳，头部约1拳；而零跑A10腿部剩余1拳4指，头部也是大概1拳，可以发现，长安启源全新Q05乘坐空间相对宽敞，既能满足平时代步接娃，节假日长途旅游，家人也能更好伸展身体。

（零跑A10，方向盘加热）

（长安启源全新Q05后排出风口）

另外从驾乘体验上来说，同等价格下，零跑A10仅配备了主驾电动调节、手动空调、前排座椅加热等常规功能，确实就是代步车的常规水准，但它又具备方向盘加热和全景天幕，比一般代步车好一点。长安启源全新Q05这边，则是多了自动空调+后座出风口、主驾通风/加热/按摩、二排座椅靠背角度调节、车外扬声器等功能，提供的舒适体验、情绪价值都会更好。

 至于座舱和驾驶辅助，7万多的价格双方都是常规表现，只是有部分功能不相同。长安启源全新Q05的座舱多了CarLink、CarPlay、荣耀互联和可见即可说功能，而且具备K歌功能，下方还联动有手机无线充电。同时两款车型还都支持L2级组合辅助驾驶，但零跑A10多了自动泊车辅助，因此也算各有优势吧。不过，预算足的话，它们也都有激光雷达版本可选，所以这边方面基本是旗鼓相当。

 

对比总结：

综合来看，价格差不多的情况下，长安启源全新Q05的主要看点是央企背书，且是全球化车型，目前已经登陆泰国，且将走向全球。具体到产品，它的电池来自一线大牌，性能、空间优势明显，另外整体的科技舒适配置、座舱氛围都更好；零跑A10的看点则是相同价格给到了更长的续航，多了一些科技化的功能，但如果预算稍高一点，长安启源全新Q05也有长续航版本可选，所以零跑A10的优势更多还是在价格。

所以如果只是代步，其实这两款车型表现都不错，都是目前市面上的爆款，但如果你想要满足日常代步出行的同时，还想兼顾家庭用车的话，长安启源全新Q05显然更值得考虑，另外宁德时代作为电池行业的巨头，其可靠性和稳定性也更值得信任，更适合长期主义者，所以你会怎么选呢？

5 月 29 日，2026 粵港澳大灣區車展於深圳國際會展中心（寶安）正式拉開帷幕。作為國內新能源汽車市場嘅中堅力量，深藍汽車攜旗下6 款主力車型集體亮相（7 號館 09 展位），涵蓋家用、智能駕駛、性能、越野等全場景需求。同時，品牌官方宣佈成為葡萄牙國家隊全球官方合作夥伴，以硬核產品實力與親民嘅購車優惠，引發現場廣泛關注。

深耕全球市場，銷量與口碑雙豐收

深耕新能源賽道多年，深藍汽車憑藉成熟嘅技術積累與清晰嘅產品佈局，市場表現持續領跑。數據顯示，2026 年 3-4 月，深藍汽車連續兩個月銷量突破3 萬輛；截至目前，全球累計交付量已突破80 萬輛，穩居央企新能源品牌銷量榜首。

此次車展前夕，深藍汽車在葡萄牙首都里斯本官方宣佈與葡萄牙國家隊達成合作，並向球隊交付全球爆款車型深藍 S05，同步開啟 1000km 歐洲長測。這既係中國新能源品牌與國際頂級球隊嘅強強聯手，亦標誌著深藍汽車全球化佈局邁入新階段。

全陣列車型亮相，涵蓋灣區多元出行需求

粵港澳大灣區作為國內新能源消費嘅核心市場，用戶需求呈現多元化、精細化特徵。本次車展，深藍汽車一次性帶來 6 款車型，從 15 萬級家用车到 30 萬級旗艦，從城市通勤到戶外越野，全面涵蓋灣區用戶日常出行場景。

深藍 S05：全球爆款 SUV，家用代步省心之選

作為深藍汽車嘅「全球大單品」，深藍 S05 上市後月均銷量破萬，全球累計銷量超20 萬輛，並斬獲德國 iF 設計大奬、泰國年度汽車大奬等國際榮譽。

該車主打安全耐用、長續航、快補能，全系搭載寧德時代電芯與金鐘罩電池，適應深圳高溫多雨氣候；CLTC 續航達620km，支援 3C 超充，15 分鐘可將電量從 30% 充至 80%，日常通勤、週末周邊遊都無里程焦慮。

深藍 L06 Max：性能駕控首選，年輕人嘅「駕駛樂趣」

面向追求操控感嘅年輕用戶，深藍 L06 Max 搭載300 萬級超跑同款磁流變底盤，轉向精準、濾震細膩，無論是城市穿梭還是山路馳騁，都能帶來流暢嘅駕駛體驗。

此外，該車配備一體化大壓鑄技術，CLTC 續航最高670km，5.9 秒即可破百，兼顧性能與實用性，係 15 萬級少有嘅「駕控取向」家轎。

深藍 S07 華為乾崑激光版：高級智駕下放，複雜路況從容應對

本次車展嘅智能擔當——深藍 S07 華為乾崑激光版，將高級激光智駕配置普及至主流價位。該車搭載華為乾崑激光 ADS 4 Pro 增強版，配備激光視覺 Limera，支援城區/高速全場景 NCA 輔助駕駛，能輕鬆應對深圳早晚高峰、老城窄巷等複雜路況。

續航方面，CLTC 續航達630km，搭配 3C 超充，跨城出行亦無需頻繁補能，係都市高知人群嘅智駕首選。

深藍 S09：旗艦大六座，家用商務兩不誤

定位智慧旗艦大六座 SUV，深藍 S09 精準匹配灣區多孩家庭、商務接待嘅雙重需求。車內採用三排六座佈局，行業首創中排可橫滑雙零重力座椅與一體式智能移動中島，空間靈活多變。

動力上，純電續航310km，支援 5C 超充，10 分鐘可將電量從 30% 充至 80%；全系標準配備華為乾崑智駕 ADS 4.1 與鴻蒙座艙，兼顧豪華感與智能化。

深藍 L07：15 萬級智駕家轎，上班族通勤好拍檔

作為15 萬級唯一全系標準配備華為乾崑智駕嘅轎車，深藍 L07 完美契合灣區上班族嘅通勤需求。其搭載新一代原力超集電驅，純電續航660km、增程續航1500km，高速智駕覆蓋率超 99.2%，能有效緩解廣深、莞深等城際高速嘅駕駛疲勞。

同時，全系標準配備金鐘罩電池，累計裝車 70 萬台保持零自燃記錄，安全可靠，係日常代步嘅「省心之選」。

深藍 G318 無憂穿越版：硬派越野氣質，解鎖戶外多元樂趣

打破硬派車型與城市用車嘅邊界，深藍 G318 無憂穿越版配備雙電機真四驅、兩把機械差速鎖與全地形駕駛系統，能輕鬆征服粵北山區、戶外野地等複雜路況。

同時，同級獨有嘅空氣懸掛、CDC 減震與主動魔毯系統，又能保證城市行駛嘅平穩舒適，適合週末露營、長線自駕嘅戶外愛好者。

車展專屬優惠，誠意回饋灣區消費者

除咗全陣容好車，深藍汽車本次仲帶來實打實嘅購車優惠，降低用戶購車門檻。

活動時間為5 月 29 日至 6 月 14 日，用戶喺廠方原有基礎權益之上，可額外享受：

下定即贈深藍商場價值1000 元藍寶石，可兌換原廠精品；深圳區域購車用戶，額外享受交通強製險免單優惠。

無需複雜規則，沒有隱藏套路，真正做到「好車不貴，優惠到位」，讓灣區消費者逛展、選車、享優惠一步到位。

扎根用戶需求，持續打造高價值出行體驗

從產品佈局嚟睇，深藍汽車 6 款車型精準切入家庭、性能、智駕、越野四大核心場景，不堆砌冗餘配置，只聚焦用戶真實需求；從技術實力嚟講，無論係與華為深度合作嘅智能系統，定係自研嘅三電與底盤技術，都經過市場驗證，可靠耐用。

粵港澳大灣區作為深藍汽車嘅重點戰略市場，此次車展既係產品實力嘅集中展示，亦係貼近用戶、回饋用戶嘅契機。未來，深藍汽車將繼續立足用戶需求，以更成熟嘅技術、更豐富嘅產品、更實在嘅優惠，為消費者帶來高價值嘅智慧出行體驗。

目前，2026 粵港澳大灣區車展仍在進行中（6 月 7 日前），歡迎前往深圳國際會展中心（寶安）7 號館 09 展位，近距離體驗深藍全系車型嘅硬核實力，把握購車良機。

On June 9, at the Shenzhen Pingshan headquarters, BYD held its 2025 Annual General Meeting. Nearly a thousand shareholders and shareholder representatives attended in person, setting a new record for on-site attendance at the company's previous shareholder meetings. During the meeting, BYD Chairman Wang Chuanfu and other executive team members further addressed shareholder concerns regarding sales volume, production capacity, intelligent development progress, overseas layout, and stock price controversies, among other issues.

1. Regarding Sales Fluctuations

Among these, regarding the cyclical fluctuations in sales volume caused by adjustments in the new energy vehicle purchase tax policy in the first quarter of this year, Wang Chuanfu stated: "The worst is already behind us."

As a Chinese automotive enterprise that focuses exclusively on new energy vehicles and does not produce fuel-powered cars, data shows that in the first quarter of this year, BYD's total sales volume was approximately 700,000 units, a year-on-year decrease of 30.01%. Affected by the decline in sales, BYD's revenue and net profit in the first quarter also declined, with net profit attributable to shareholders decreasing by 55.38% year-on-year.

It is worth noting that although policy adjustments brought significant impact, the overall decline in the first quarter of this year was not due to insufficient internal momentum within BYD, but rather more due to external environmental influences. As the penetration rate of new energy gradually increases, and the transition to Gen-2 Blade Battery and Flash Charging technologies progresses, BYD has gradually returned to a state of positive growth.

In March this year, BYD released the second-generation Blade Battery and Flash Charging technologies. As key technologies to conclude the first half of electrification for BYD, the two technologies directly address the core refueling anxiety of electric vehicle users. Immediately after their release, they quickly received recognition from domestic and international markets, causing orders to surge. After active adjustments in March and April, in May, BYD's sales volume returned to positive growth.

2. Regarding Gen-2 Blade Battery Production Capacity Increase

Of course, the current Gen-2 Blade Battery still faces challenges of production bottlenecks. Due to the huge difference in internal structure between the Gen-2 Blade Battery production line and the first generation, the original production lines need to be modified and upgraded, and capacity ramp-up requires a certain period. Regarding the current "supply falling short of demand" for the second-generation Blade Battery, Wang Chuanfu also gave a positive response at this annual general meeting: the capacity for the Gen-2 Blade Battery is currently rising month by month, with an increase of 20,000 to 30,000 units per month.

"How many cars BYD can sell this year does not depend on orders, but depends on battery production volume." Wang Chuanfu stated that a larger release of production capacity will occur in 2027, at which time both domestic and international markets will exert effort simultaneously.

3. Regarding Overseas Market Growth

Especially worth noting is that in BYD's sales structure this year, as the second growth curve, the growth momentum of BYD's overseas market is gradually being realized. In 2025, BYD's cumulative overseas sales exceeded one million units. From January to May this year, BYD's overseas sales of passenger cars and pickup trucks have reached 614,500 units, with overseas sales continuously setting new records.

Based on this momentum, Wang Chuanfu also clearly stated that this year, BYD is expected to exceed its overseas sales target of 1.6 million units. Regarding the development of the overseas market, Wang Chuanfu also clearly emphasized that BYD's exports should not only pursue growth but must also adhere to the principle of localization, maintain long-term stability, and achieve win-win results with the local area.

Wang Chuanfu also sorted out the global production capacity map one by one at the annual general meeting: South America uses Brazil as the main production base; the European Hungary factory has entered the production phase in 2026; the Southeast Asia Thailand factory is already in production, and the Indonesia factory is about to enter mass production. Demand in the Middle East market is strong, and the Australian market is growing steadily. BYD plans to comprehensively layout Flash Charging stations overseas in the fourth quarter of 2026, and has already completed intelligent driving R&D and technical layout in each core market.

4. Regarding the Layout of the Second Half of Intelligentization

Supporting BYD's comprehensive blossoming both domestically and overseas, the core keyword remains "Technology".

After releasing the second-generation Blade Battery and Flash Charging technologies in March this year, in May, BYD also held a strategy conference on intelligentization, officially proposing three goals for the second half of intelligentization: zero traffic accidents, Super Driver, and Super Secretary. This launched the era of city navigation for everyone and released several major technologies including China's first 4nm intelligent driving chip Xuanji A3, L3/L4 technology, DiDi Xia intelligent agent, etc.

At the press conference, Wang Chuanfu announced that BYD will continue to invest over 100 billion yuan in R&D funds to solve traffic safety issues. At this annual general meeting, Wang Chuanfu judged that according to the current speed of AI technology development, L3 and L4 autonomous driving will definitely land earlier. Addressing concerns about L3 implementation, Wang Chuanfu also responded that BYD has made sufficient preparations in various dimensions such as chips, computing power, data, and ecosystems. Once regulations land, BYD will take off quickly.

5. Regarding the Challenge of Brand Premiumization

BYD's brand premiumization has always been one of the topics most concerned by the outside world. At this annual general meeting, regarding the premiumization transformation that shareholders were concerned about, Wang Chuanfu's response was also very straightforward.

He believes that cars are transportation tools involving life safety and cannot rely solely on "flashy traffic". The competition of premiumization must eventually return to the source of technology and products to build user trust. To this end, he proposed the "Three No Principles": never disparaging competitors, never complaining about the external environment, and never sacrificing technology investment for short-term interests.

Wang Chuanfu also revealed that in the coming two years, BYD will launch a batch of more stunning new technologies to win reputation in the mid-to-high-end market. Currently, BYD's premiumization has made corresponding progress in the overseas market.

6. Regarding Raw Material Cost Increases

Due to the rise in raw material costs, in recent times, several domestic automotive companies have successively raised terminal selling prices, and BYD is one of them. Regarding this round of price hikes, BYD Board Secretary Li Qian provided BYD's four response strategies:

Continuously create cost advantages relying on technological innovation;

Accelerate the premiumization of product structure to dilute material costs with higher profit per vehicle;

Promote overseas market expansion, overseas profit per vehicle is significantly better than domestic;

Rely on scale advantages to continue volume sales, spreading out fixed costs.

7. Regarding Undervaluation of Stock Price

Controversies over stock price and valuation have always plagued BYD. The 2025 financial report shows that BYD's revenue exceeded 800 billion yuan, with a net profit attributable to shareholders of 32.6 billion yuan. The gross profit margin of new energy vehicles was 28.8%, far exceeding Tesla's 17.8% for the same period, but the price-to-earnings ratio has long been below the industry average, and the HK stock market capitalization is only about 1/14 of Tesla's.

Facing questions about "high sales volume, low valuation", Wang Chuanfu stated, "Everyone agrees on BYD's potential, but the current stock price has not yet reflected it." In this regard, Wang Chuanfu also hopes shareholders will remain patience and engage in value investment.

8. Regarding the Goals for the Next Five Years

In memory, BYD rarely discussed sales targets in public occasions, but at this annual general meeting, Wang Chuanfu made a firm and clear commitment: "Five years later, in terms of scale, BYD will be able to achieve true global number one." Regarding specific sales targets, Wang Chuanfu stated that by 2030, BYD will strive to achieve an annual production and sales volume of 10 million units.

To achieve this goal, the dual-wheel drive of domestic and overseas markets, Gen-2 Blade Battery and Flash Charging technologies, more stunning technologies to be launched in the coming two years, the ramp-up of overseas factory capacity, and the gradual breakthrough in premiumization will all be sources of confidence for BYD to rush towards this long-term goal.

2026 年 5 月 28 日，上汽集團“全球第一億位用戶交車儀式”在上海北外灘世界會客廳舉行。上汽旗下十餘個整車品牌、十九款車型，以“全球接力交付”的方式，橫渡山海、跨越洲際、聯動全球，上汽集團由此成為首個累計產銷量突破一億輛的中國汽車集團，為中國汽車行業鑄就新的里程碑。

從“鳳凰”到“智己”：一億輛見證中國汽車工業的奮進與初心

1955 年，上海內燃機配件製造公司成立，上海汽車工業由此起步。1958 年，工人們用榔頭敲出第一輛“鳳凰牌”轎車，實現上海轎車製造“零的突破”。七十年來，上汽親歷並推動了中國汽車工業從無到有、從弱到強的整個過程：1983 年桑塔納下線，開啟合資合作；1997 年上海通用成立，創造 23 個月建廠出車的“上海速度”；2006 年自主品牌榮威誕生，2016 年推出全球首款互聯網汽車榮威 RX5；2020 年高端智能電動品牌智己汽車成立。

貫穿這一征程的，是上汽始終秉持的“懂車更懂你”用戶理念。懂車，是對核心技術的極致追求；懂你，是把每一項前沿科技精準落地為用戶可感知、可享受的美好出行體驗。從桑塔納國產化共同體到合資 2.0 技術共創，從互聯網汽車到全線控底盤、固態/半固態電池、AI 大模型上車——每一次跨越，都是“懂車”能力的進階，都是“懂你”初心的一脈相承。一億輛，更是一億份用戶信賴的集中兌現。

第一億輛：智己 LS9 Hyper，凝聚上汽 70 余年技術之大成

第一億輛交付車型智己 LS9 Hyper 是上汽七十年技術積澱的集大成之作，開啟了新能源車“新三大件”的嶄新時代。它搭載了下一代底盤技術，同級首發的全線控四輪轉向；下一代智駕硬件，520 線超視域激光雷達 + 英偉達 Thor 芯片，下一代三電——全域 800V 高壓平台與恆星超級增程。全面預埋了面向 L3 及以上高階智駕持續進化的冗餘能力。同時，智己 LS9 Hyper 首搭上汽金標颶風三電機，從容躋身性能 3 秒俱樂部；更聯合紫金山實驗室，全球首發“內生安全”技術，將汽車安全邊界從“物理安全”拓展至“資訊與系統安全”，是 AI 時代的必備安全基石。

第一億位用戶 Momenta CEO 曹旭東，正是上汽在智駕領域的核心戰略夥伴。雙方深度共創的智駕技術已賦能自主與合資多個品牌。“夥伴變車主”，不僅是廠商與用戶的滿意交付，更是智能汽車生態夥伴間的深度共鳴。

體系實力：上汽全品牌矩陣的全球接力交付

一億輛的背後，是上汽涵蓋整車、零部件、移動出行和服務、金融、國際經營、創新科技六大板塊的全價值鏈閉環。2026 年 1-4 月，上汽累計銷售 130.2 萬輛，連續四個月位居中國車企銷量冠軍。其中自主品牌銷量 91 萬輛，佔比近 70%；新能源車銷售 41.2 萬輛；海外市場銷售 45.9 萬輛，同比大漲 50.2%。

交付儀式現場，上汽全品牌、全產品矩陣協同發力。自主品牌全線出擊：尚界 Z7、華境 S、榮威 M7、MG4 半固態電池版、五菱星光 560、大通 eDeliver5、紅巖重卡、躍進大拿 T1、申沃純電客車、依維柯聚星 EV 等相繼交付，覆蓋個人出行、家庭生活、商用運營、物流運輸等多元場景。合資品牌集中亮出“合資 2.0”成果：大眾 ID. ERA 9X 將全球首發搭載 Momenta R7 強化學習世界模型，上市一個月交付突破 7000 台；AUDI E7X 計劃成為奧迪全球首款實現 L3 級自動駕駛落地的車型；別克至境 E7 基於“逍遙”超級融合架構打造，上市一個月交付破萬台。

從上海主會場出發，交付畫面在南京、柳州、太原等國內多城及英國、印尼、新加坡等國家接續點亮，開創了中國汽車品牌的全新敘事方式。這背後，是上汽全球化佈局的深厚根基。上汽是中國汽車企業“走出去”的先行者：在海外擁有超 100 個零部件生產基地、超 3000 個經銷商網絡，建成倫敦等 3 大研發創新中心及泰國、印尼、印度、巴基斯坦 4 個生產製造中心；安吉物流擁有各類滾裝船 42 艘，8 條國際航線覆蓋東南亞、歐洲、美洲。如今，上汽產品和服務遍布 170 餘個國家和地區，海外累計銷量突破 700 萬輛。上汽 MG 連續 11 年蟬聯中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛，成為首個在歐洲及英國累計銷量破百萬的中國汽車品牌。今年 3 月，MG 在德國法蘭克福舉辦技術日，全球首發半固態電池及 Hybrid+ 混動技術，Hybrid+ 家族海外單月銷量已突破 2 萬輛。2025 年，上汽發布海外"Glocal 戰略”（全球 + 本土），正加速從“產品出海”邁向“價值鏈出海”，讓“中國智造”進一步走向世界。

從“懂車”到“懂你”：一場用戶唱主角的交付盛典

“懂車更懂你”的最終落腳點，是每一個真實用戶的出行生活。得到 APP 創辦人羅振宇作為華境 S 第 001 號體驗官，從跨年演講盛讚華為乾崑智駕到走進工廠見證下線；前留德國腳楊晨選擇 ID.ERA 9X，因其黃金增程與長期主義不謀而合；曹開亮全家訂車後，偶像周杰倫恰好成為別克 MPV 家族代言人；公益博主劉佳連續五年為廣西山區留守兒童理髮、送陪伴，別克第一時間援助，他被至境 E7“滿分座艙”打動。從自媒體博主到村支書，從公益守護者到物流企業——每一位用戶都是真實生活的縮影，這正是“懂車更懂你”最生動的詮釋。

一億輛是上汽七十年發展的分階段答卷，更是上汽面向智電未來“二次創業”的全新起跑線。2014 年，上汽積極落實“發展新能源汽車是我國從汽車大國邁向汽車強國的必由之路”的重要指示，率先全面轉型。十二年後，從智電轉型“一馬當先”，到自主合資、乘用商用、海內海外的“萬馬奔騰”，上汽將不斷以“懂車更懂你”為用戶理念，讓科技創新真正惠及每一位用戶。

從 1955 到 2026，從第一個用戶到第一億個用戶，從初創探索到行業引領——上汽將繼續與全球用戶、全球夥伴億路同行，共創美好出行新未來。

由 1955 年誕生至 2026 年，上海汽車工業由無到有、由弱轉強。喺「懂車更懂你」理念指導下，形成自主同合資、乘用同商用、海內同海外「萬馬奔騰」嘅局面。

2026 年 5 月 28 日，上汽集團「全球第一億位用戶交車儀式」喺上海北外灘世界會客廳舉行。上汽旗下十多個整車品牌、十九款車型，以「全球接力交付」嘅方式聯動全球，上汽集團因此成為首個累計產銷量突破一億輛嘅中國汽車企業，鑄就新嘅里程碑。

1955 年，上海內燃機配件製造公司成立，上海汽車工業由此起步。1958 年，工人用榔頭敲出第一輛「鳳凰牌」轎車，實現上海轎車製造「零嘅突破」。七十多年來，上汽親歷並推動咗中國汽車工業由無到有、由弱轉強嘅全過程：1983 年桑塔納下线，開啟合資合作；1997 年上海通用成立，創造 23 個月建廠出車嘅「上海速度」；2006 年自主品牌榮威誕生，2016 年推出全球首款互聯網汽車榮威 RX5；2020 年智能電動品牌智己汽車成立。

貫穿呢一征途嘅，係上汽始終秉持嘅「懂車更懂你」用戶理念。由桑塔納國產化共同體到合資 2.0 技術共創，由互聯網汽車到全線控底盤、固態/半固態電池、AI 大模型上車——每一次跨越，都係「懂車」能力嘅進階，都係「懂你」初心嘅一脉相承。

上汽集團全球第 100,000,000 位用戶交付 智己 LS9 Hyper

上汽集團第一億輛交付嘅車型為智己 LS9 Hyper，佢可謂係上汽七十多年技術積澱嘅集大成之作：佢配備咗下一代底盤技術，擁有同級首發嘅全線控四輪轉向系統；下一代智駕硬件，包括 520 線超視域激光雷達同英偉達 Thor 芯片；下一代三電系統——全域 800 伏高壓平台同恆星超級增程。呢款車仲全面預留咗面向 L3 及以上高級智駕持續進化嘅能力。同時，智己 LS9 Hyper 首次採納咗上汽金標颶風三電機，跻身百公里加速 3 秒俱樂部；仲聯合紫金山實驗室，全球首發「內生安全」技術，將汽車安全邊界由「物理安全」拓展至「資訊同系統安全」，係 AI 時代嘅必備安全基石。

一億輛背後，係上汽涵蓋整車、零部件、移動出行同服務、金融、國際經營、創新科技六大板塊嘅全價值鏈閉環。2026 年 1-4 月，上汽累計銷售 130.2 萬輛，連續四個月位居中國車企銷量冠軍。其中自主品牌銷量 91 萬輛，佔比近 70%；新能源車銷售 41.2 萬輛；海外市場銷售 45.9 萬輛，同比大漲 50.2%。

交付儀式現場，上汽全品牌、全產品陣列協同發力。自主品牌全線出擊，覆蓋個人出行、家庭生活、商用運營、物流運輸等多元場景。合資品牌集中亮出「合資 2.0」成果：大眾 ID. ERA 9X 將全球首發搭載 Momenta R7 強化學習世界模型；AUDI E7X 計劃成為奧迪全球首款實現 L3 級自動駕駛落地嘅車型；別克至境 E7 基於「逍遙」超級融合架構打造，上市一個月交付破萬台。

由上海主會場出發，交付畫面喺南京、柳州、太原等國內多城同英國、印尼、新加坡等國家接續點亮。呢背後，係上汽全球化布局嘅深厚根基。上汽係中國汽車企業「走出去」嘅先行者：喺海外擁有超 100 個零部件生產基地、超 3000 個經銷商網絡，建成倫敦等 3 大研發創新中心同泰國、印尼、印度、巴基斯坦 4 個生產製造中心；安吉物流擁有各類滾裝船 42 艘，8 條國際航線覆蓋東南亞、歐洲、美洲。如今，上汽產品同服務遍佈 170 餘個國家同地區，海外累計銷量突破 700 萬輛。上汽 MG 連續 11 年蟬聯中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛，成為首個喺歐洲同英國累計銷量破百萬嘅中國汽車品牌。今年 3 月，MG 喺德國法蘭克福舉辦技術日，全球首發半固態電池同 Hybrid+ 混動技術，Hybrid+ 家族海外單月銷量已突破 2 萬輛。2025 年，上汽發布海外「Glocal 戰略」（全球 + 本土），正加速由「產品出海」邁向「價值鏈出海」，令「中國智造」進一步走向世界。

一億輛係上汽七十多年發展嘅階段性答卷，更係上汽面向智電未來「二次創業」嘅全新起跑線。2014 年，上汽積極落實「發展新能源汽車係我國由汽車大國邁向汽車強國嘅必由之路」嘅重要指示，率先全面轉型。十二年後，從智電轉型嘅「一馬當先」，到自主合資、乘用商用、海內海外嘅「萬馬奔騰」，上汽將不斷以「懂車更懂你」為用戶理念，令科技創新真正惠及每一位用戶。

本文作者為踢車幫 阿來

When it comes to domestic car brands, many people's impression may still be stuck at the stage of mainstream family cars. However, this is already old news from a few years ago. You should know that current domestic car brands not only beat joint venture brands in the domestic market, but have also surpassed foreign car brands on multiple tracks such as high-end development and overseas exports. Take the Geely Automobile we are talking about today for example.

Growth Momentum Leads the Industry

According to the latest data released by the official, Geely Automobile's cumulative sales in May reached 237,637 vehicles. It achieved double growth year-on-year and month-on-month for three consecutive months, leading the overall market with stable growth and impressive results. However, compared to this already excellent total performance, many industry insiders, after seeing the sales results of each brand under Geely Automobile, will be amazed that its quality is also getting higher.

As is well known, there are two hardest markets in the automotive industry: the luxury high-end market and the overseas export market.

Taking Geely Automobile as an example, its "Global Luxury Technology Brand" — Zeekr Automobile, reached deliveries of 34,377 vehicles in May, an 81.8% increase year-on-year and an 8.1% increase month-on-month, achieving double growth for four consecutive months. The average transaction price per vehicle also increased by 52.4% year-on-year. What is even more shocking is that the sales share of Zeekr 9 Series and 8 Series, which are priced as high as 400,000 to 500,000, accounts for nearly 50%!

Not only that, Geely Automobile's "Global New Energy High-End Brand" — Lynk & Co, also achieved May sales of 20,732 vehicles, with new energy vehicle sales accounting for 70.8%, and the brand's cumulative sales have broken 1.8 million. This shows that Geely Automobile's high-end models have not only won the recognition of a large number of consumers with excellent product power, but have also completed the transformation of volume and price rising together at the brand level.

Of course, as the undisputed leading automotive enterprise in China, Geely Automobile's focus is no longer limited to the domestic market. It chose to go global to challenge the more difficult overseas market. This is not the case, May's overseas export achievement of 85,144 vehicles set a new record for export sales. It is worth mentioning that the hot-selling products of Geely Automobile brands overseas are also mostly high-end or new energy vehicles.

For example, Zeekr has entered more than 50 countries and regions, and the cumulative global delivery volume of Zeekr 7X has exceeded 160,000 vehicles; Geely Galaxy Starship 7 EM-i remained the champion of new energy plug-in hybrid SUV sales in Kazakhstan for March and April; Geely Galaxy E5 remained the champion of pure electric SUV-C market sales in Australia, Argentina, UAE, Morocco, and Uruguay for the first quarter, and stayed in the top three in Brazil, Uzbekistan, and Indonesia new energy pure electric SUV-C models!

Hardcore Strength Creates Brilliance

Obviously, whether it is the rapid sales growth trend, or the hot sales in new energy, high-end market and overseas market, it is inseparable from hard strength as support. Taking Lynk & Co Automobile as the first car racing brand in China for example, top technology shouldn't just stay on the marketing level, but must be proven on the track. Therefore, it recently announced carrying 03+ TCR Racer, 03++ Racer, and 03 CUP EVO three racing cars to participate in TCR China, CTCC China Cup, and Lynk & Co Cup three major events simultaneously.

With hardcore strength, Lynk & Co naturally fears no high-difficulty tests. In the two-round finals of TCR China, the 03+ TCR Racer achieved the results of 4 championships, 1 runner-up, and 2 third-place finishes with its hardcore performance strength; in the CTCC China Cup, the Lynk & Co Zongheng Racing Team even achieved the results of 2 championships, 2 runner-ups, and 1 third-place finish. At the same time, in the 2026 Season FIA TCR World Tour opener, the Starri TCR Racer of Geely China Star Racing Team (Geely Cyan Racing) also won the race in the final and brought back the historical first win. This not only means that Starri TCR has world-class competitiveness, but also marks that Geely China Star Racing Team has officially completed the first chapter of the Geely Automobile Sports New Era.

At the same time, in technical levels such as intelligence and safety, the Haohan inherited Geely and Volvo safety heritage, assisted driving mileage grew by 215% in one year, leading the entire industry with the fastest growth rate. In the recent Euro NCAP official test, Geely Galaxy Starship 7 EM-i (Geely STARRAY EM-i) successfully completed the exceeding standard bilateral serial limit crash test at the France UTAC Laboratory. This not only intuitively confirms Geely's leading vehicle safety technology and mature systematic safety strength, but also lays a solid foundation for Chinese automotive safety technology to go international and participate in global industry standards!

Daxia Car Talk: I believe many people, after seeing Geely Automobile's sales data, will have the praise "It's too comprehensive" in mind. After all, car enterprises that can achieve impressive results in new energy, high-end, overseas exports, and even on the track at the same time, let alone in the independent domestic brand circle, you can't even find a few car enterprises in the global automotive industry that can achieve these things simultaneously!

On May 21, 2026, "New Ecology for Tourist Travel, Opening a New V Journey" Golden Dragon Passenger Tourism Product Exchange Conference was held in the northwest cultural tourism stronghold, Xi'an, Shaanxi. Led by the new V-series bus high-end + pure electric models, what upgraded experience will the brand-new upgraded Golden Dragon tourism passenger transport overall solution bring to northwest cultural tourism passenger transport?

Adapting to Northwest Tourism Upgrades, Tourism Buses Moving New and Green

As a key connector of the "Belt and Road" and an international tourism hub city, the demand for study tour groups, scenic spot charter buses, and cross-province custom travel in Xi'an's tourism passenger transport market continues to grow, posing higher requirements for tourism buses.

The brand-new upgraded Golden Dragon tourism passenger transport overall solution, based on new market trends and a new operational environment, breaks the situation with high-end + pure electric models!

Three Golden Dragon new V-series models were unveiled at the scene of this exchange conference. They are the V12 "Land First Class" equipped with 37 seats and business seats, the V9 with a "2+1" seat layout with 26 seats, and a pure electric model V11E.

Sun Hongxiang, Director of Domestic Sales at Golden Dragon

Sun Hongxiang, Director of Domestic Sales at Golden Dragon, emphasized that the tourism passenger transport industry is undergoing profound changes, with trends of high-end, customization, electrification, and intelligence accelerating to arrive. "We will promote the development and upgrade of the tourism passenger transport industry in Shaanxi and even the whole country with better products and services, and we also hope to become the new starting point for the application and promotion of tourism bus electric models in Xi'an and the Northwest."

It is introduced that, following the comprehensive electrification in the public bus sector, the penetration rate of electric buses in the domestic market's shuttle rental and highway passenger transport sectors continues to rise. Golden Dragon's domestic sales of highway buses over 8 meters in 2025, electric models accounted for 49%!

Sun Hongxiang introduced that large-capacity tourism buses have already been applied first in areas such as Shandong, Guangdong, and the Southwest. A long-standing customer from Guangdong upgraded a commuter bus equipped with 176 kWh to 352 kWh. Besides daily commuting, they can run scheduled services on the Guangzhou-Shenzhen line and Guangzhou-Foshan line custom passenger transport, using the cost advantage of electric buses to increase income.

The new V-series V11E electric bus exhibited on site this time came from a customer in Yantai, Shandong, driven by the driver from Yantai to Xi'an all the way.

Product + Service, New V-Series Solution Full Coverage

The Golden Dragon tourism passenger transport overall solution includes "New Models + New Services". It is not only a new upgrade of driving and riding experience, but also leads the industry's operation and management into a new stage.

Huang Suhang, Product Manager at Golden Dragon Technology Center

At the exchange conference that day, Huang Suhang, Product Manager at Golden Dragon Technology Center, introduced that the Golden Dragon new V-series is a labor of love by Golden Dragon, taking 3 years, gathering over a thousand R&D forces, and forward design, possessing butterfly wing new exterior design and high quality, high safety, high intelligence, high comfort.

As a product platform with intelligent cockpit systems standardly equipped first in the entire series of models, the intelligent level of Golden Dragon new V-series leads the industry. Based on the new architecture configured with high computing power chips, the new V-series realizes intelligent voice control of lights, multimedia, air conditioning and other functions, which is conducive to the driver focusing on driving, and can also improve the entertainment and interaction experience with passengers.

Huang Suhang stated that Golden Dragon new V-series pure electric models provide multi-brand and multiple battery capacity choices, comprehensively adapting to multiple scenario needs of tourism passenger transport: including 163 kWh/175 kWh product solutions suitable for enterprise shuttle buses and high-speed rail transfers, 310 kWh/352 kWh product solutions suitable for surrounding tours and adjacent intercity passenger transport, 399 kWh/450 kWh/528 kWh large battery capacity product solutions suitable for cross-regional tourism operations. He also introduced the Ruixing light commercial vehicle product with 1+1 large business 7-9 seats facing customized private small groups.

Wang Keqiang, Regional Service Manager at Golden Dragon

Wang Keqiang, Regional Service Manager at Golden Dragon, detailed the after-sales service system, safeguard measures, and service advantages of Higer buses.

Golden Dragon has a total of more than 800 service stations nationwide, with 7 regional central stations built. In the Northwest region, with Gansu Lanzhou Golden Dragon Group Service Center, Dunhuang Golden Dragon Service Center, and Urumqi Golden Dragon Service Center as the core, providing high-standard service guarantees.

At the same time, Golden Dragon's "Higer Smart Travel" mini-program has been fully launched and is currently promoted and used in many places across the country, helping tourism passenger transport enterprises achieve refined management and cost control. The "Higer Smart Travel" mini-program can achieve 7x24 hour online one-click repair reporting, providing digital operation support such as real-time dispatch, fuel consumption/electricity consumption monitoring, driving behavior analysis, AI intelligent services, etc.

New V-Series Assists Transformation, New Sample of Northwest Tourism Passenger Transport

Since the Golden Dragon new V-series bus was launched in 2024, global delivery has exceeded 13,000 vehicles and has received high recognition from a large number of customers.

Ye Wanjun, General Manager of Shaanxi Yuno Tourism Automobile Co., Ltd., shared the company's practice and thoughts on promoting enterprise transformation and upgrading hand in hand with Golden Dragon Higer new V-series.

Ye Wanjun, General Manager of Shaanxi Yuno Tourism Automobile Co., Ltd.

Ye Wanjun stated that from March 2025 to this year, the company has continuously added purchases of Higer new V-series a total of more than 20 vehicles. The firm choice of Higer new V-series is mainly due to these three major advantages: high-end comfortable riding experience, leading intelligent safety configuration, and efficient and convenient operation management. "Especially the 2+1 seat layout new V-series high-end model, creating a mobile VIP lounge, focusing on premium small package tours and high-end business reception, significantly enhancing the comfortable experience of passenger travel."

Relying on high-end models + high-standard services, Shaanxi Yuno customer reputation continues to rise, successively won consistent praise from teachers and students of key middle schools in Beijing and many institutions in Xi'an study tours, and more won the high recognition of foreign-related teams such as Singapore, Kuala Lumpur and domestic high-end customers.

Grabbing the northwest cultural tourism development opportunity, Higer new V-series creates a new ecosystem of high-end smart travel with technology iteration and service upgrades, helping the tourism passenger transport industry improve quality and advance!

(This article is provided by the enterprise)

Recently, the Hong Kong Stock Exchange prospectus submitted by Avatr on November 27, 2025, has entered an invalid status due to exceeding 6 months. According to Avatr representatives, this invalidation is a common technical procedure in the IPO process. The overall listing progress remains unaffected. The company is updating the prospectus according to requirements and will resubmit it as soon as possible.

According to HKEX rules, prospectuses will automatically become invalid if listing hearings and listing are not completed within 6 months of submission. Industry analysts point out that the current Hong Kong Stock Exchange IPO review cycles are generally longer; just in May, over 20 companies' prospectuses became invalid one after another. According to the rules, enterprises can resubmit within 3 months.

Avatr is positioned as an original, intelligent new luxury electric vehicle, committed to becoming a leading global new luxury intelligent electric vehicle brand. Avatr has gathered advantageous resources from three industry giants: Changan Automobile, Huawei, and CATL, creating a new paradigm for the integrated development of central SOE national teams and top tech enterprises. It is worth noting that Avatr also invested 11.5 billion yuan to acquire 10% equity in Huawei WantWant, building an interest community bound by capital.

Benefiting from a unique business model, Avatr has achieved high-speed, high-quality development. To date, Avatr has launched multiple models including Avatr 11, Avatr 12, Avatr 06/06T, Avatr 07, covering a price range of 200,000 to 700,000 yuan. Avatr has also entered over 40 countries and regions, preliminarily established a high-end brand image overseas, and achieved profitability. In Thailand, Avatr 11 has long maintained the top position in high-end EV sales; in the UAE market, Avatr has captured 10% of the high-end EV market share.

In the future, Avatr will further integrate advantageous resources and accelerate synergistic development. This year, Avatr will launch Avatr 07L, a large six-seater flagship SUV; by 2030, 17 models will be launched, comprehensively covering SUV, sedan, MPV, and other sub-segments. At the same time, accelerating the expansion of overseas markets, striving to cover over 110 countries and regions by 2030, with overseas sales share exceeding 40%.

盛夏六月，十年之約，如期而至。6 月 7 日，以「雙擎領航，翼啟新程」為主題的第十屆東風柳汽 67 品牌客戶日在柳州隆重舉行。來自東風汽車集團、柳州市委市政府的領導，以及海內外合作夥伴、經銷商代表、卡友用戶、媒體記者齊聚一堂，與直播間一百多萬觀眾共同見證東風柳汽十五五戰略發布、全新 T1 技術平台及整車首發，以及多項用戶關懷與公益計劃的重磅落地。

錨定「725·雙領先」，繪就十五五宏偉藍圖

本屆品牌客戶日上，東風柳汽總經理林長波正式發布面向「十五五」的全新戰略——「725·雙領先」戰略，為未來五年的高質量發展定調定向。

面向商用車領域，東風柳汽提出聚力達成 7 萬輛產銷規模、實現南方區域市場領先的目標。產品層面，乘龍將持續深耕「輕量化、低能耗、智能化」三大核心優勢：輕量化持續保持行業領先；低能耗構建正向開發體系，計劃在 2030 年前建立 7 個細分市場領先優勢；智能化方面，攜手贏徹科技等夥伴，做商用車行業的「智駕普及者」，實現從 L2+ 到 L4 的全場景智能駕駛覆蓋。新能源技術路線上，乘龍將全面佈局純電、氫燃料、甲醇、混動等全棧技術，實現新能源商品線的全面煥新。

海外領域，緊扣東風集團「天際揚帆」國際化躍遷目標，持續深耕越南、印尼、泰國等東盟核心市場，加速拓展歐洲、中東、非洲、南美等新興區域，構建全球化產銷網絡。與此同時，東風柳汽正積極推動從製造型企業向「服務型 + 生態型」企業轉型，協同集團資源，聯合頭部生態夥伴，在商用車領域構建「全場景運輸生態圈」，為客戶提供覆蓋「選、購、用、養、換」全場景的一站式解決方案，與客戶及夥伴共創價值、共贏未來。

T1 技術平台重磅亮相，乘龍翼威 5 超能版首發登場

戰略落地，技術為基。本次品牌客戶日上，東風集團全新打造的「4.0 氫電一體化模塊化平台」T1 技術平台正式發布。T1 平台集模塊化、集成化、定制化於一身，包含純氫、氫電混、純電多元技術路線，覆蓋牽引、載貨、自卸、專用四大品系，29 個細分市場、400 多個用車場景。基於 T1 平台打造的全新力作——乘龍 H7 氫耀版氫燃料牽引車、乘龍翼威 5 超能版純電牽引車也在現場迎來整車首發。

乘龍 H7 PRO 氫耀版氫燃料牽引車，瞄準真實長途物流場景，具備「低氫耗、長續航、長壽命、高效率、高可靠」五大硬核優勢。首推「大氫堆 + 小電量」產品，搭載 400kw 大功率高效氫堆，基於場景的動力鏈一體化匹配標定技術，百公里綜合氫耗低至 7 公斤。配備 75MPa 高壓儲氫系統（可擴展液氫），最大儲氫量 125 公斤，續航超 1700 公里，徹底解決續航痛點。氫堆穩定壽命超 3.3 萬小時，整車設計壽命超 160 萬公里，行業領先，將成為中長途和幹線物流運輸場景的終極解決方案。後續將推出定制化「小氫堆 + 大電量」產品，搭載 T1 平台氫電模塊，應用自研氫燃料增程技術，綜合續航覆蓋 500~1000 公里，可氫可電，根據不同區域氫/電成本靈活調配，實現最佳 TCO 收益，輕鬆滿足多樣化場景需求。

乘龍翼威 5 超能版純電牽引車，具備「超輕、超省、超快、高安全、高可靠、高智能」等 6 大核心優勢，樹立新能源商用車價值新標杆。整車軸距僅 3.3 米，行業最短；電驅橋高度集成，搭配 68 項輕量化技術，422 度電版本整車自重僅 8.8 噸，較友商輕 500 公斤以上。動力方面，搭載 14000 轉高速扁線油冷電機，輸出近千匹馬力、超 4 萬牛·米扭矩，澎湃動力從容應對重載與複雜路況。新車首發應用 1000V 平台 SiC 八合一集成域控，整車電耗優化 5.5% 以上；集成電驅橋綜合效率≥94.5%，搭配全域智能溫控熱管理系統，整車再節能 3%+，低溫續航衰減≤20%，實測綜合電耗低至每公里 1 度電；配備智能載荷識別系統，實現智能 EBP，能量回收效率提升 10% 以上。補能方面，支持兆瓦級超充，補能時間≤20 分鐘。安全層面，電池採用納米阻燃技術，安全管控標準遠超國標；電池包採用底掛橫置佈局，整車重心下降 20%，行駛穩定性大幅提升；駕駛室採用乘龍第三代龍骨框架，防護性能提升 40%。整車 B10 壽命可高達 160 萬公里，以極致可靠護航全生命週期運營。

同期亮相的還有乘龍聯合海爾打造的智慧輕卡房車——乘龍翼威 2 房車。新車深度定制海爾全系家電，智慧面板一屏掌控、超一級能效減少補電焦慮、靜音變頻空調低至 20 分貝、洗烘一體洗衣機解放雙手，將輕卡房車打造成「移動的精裝智慧家」。

木蘭綻放，青衿築夢，以溫暖守護每一程

以用戶為中心，東風柳汽從未止步。本屆品牌客戶日上，東風柳汽商用車銷售公司副總經理譚曉蕾登台，逐一講解並發布了多項面向卡友家庭與女性從業人員的關懷計劃和全新產品。

「她·港灣」乘龍女性卡友關愛計劃率先發布，向每一位奔波在貨運一線的女性從業人員致敬。該計劃從健康守護、溫情共融、事業賦能三大維度構建全方位關懷生態，涵蓋專屬健康篩查、線上卡姐互助社群、行車安全專項培訓及服務站點女性便民物資配置，讓暖心關懷滲透到每一個服務環節，真正守護每一位在路上的「她」。

作為該計劃的專屬力作，乘龍 H5V 木蘭版溫情亮相，以「木蘭」命名，致敬獨立堅韌的貨運巾幗，帶來一系列人性化專屬配置：360°全景影像、駐車監控與 SOS 緊急求助構建全方位安全防護；全車隱私簾及臥鋪間隔打造安心私密空間；抽拉式隱藏車載廁所搭配駐車加熱熱水系統，直擊如廁與洗漱難題；座椅加熱與腰腹定向加熱緩解長途疲憊；側翻板隱藏式梳妝台與集成化妝品專區的車載冰箱，讓駕駛室成為路上的溫馨小家。

將關愛從駕駛室延展至家庭，「望子乘龍·青衿築業計劃」正式啟動，也標誌著望子乘龍公益計劃從「助學圓夢」邁向「助業啟航」。該計劃首批集結東風柳汽、寧德時代、欣旺達、玉柴集團、法士特等百余家產業鏈夥伴，開放新能源技術、智能製造、市場營銷等 165 個優質崗位，工作地覆蓋南寧、柳州、深圳及白俄羅斯等海內外地區，為青年學子搭建從課堂到職場的堅實橋樑。

活動現場還隆重舉行了三輪表彰頒獎，對过去一年表現卓越的合作伙伴、經銷商及用戶代表予以嘉獎，以榮譽致敬攜手同行的每一份力量。

征途萬里，初心如磐。站在十五五開局的全新起點，東風柳汽將堅決貫徹東風集團「三個躍遷、一個向新」戰略部署，以新能源與智能化為雙翼、以乘龍與風行為雙擎，加快打造商乘並舉的自主品牌新高地。立足柳州，扎根廣西，服務全國，走向世界。

（本文由企業提供）

Recently, inside the production workshop of Fangxing Rubber Co., Ltd., Dongying City, machinery hummed as workers rushed to manufacture a batch of orders bound for Southeast Asia. Since the start of 2026, facing multiple unfavorable factors such as the international situation and fluctuation in shipping costs, Fangxing Rubber overcame challenges head-on, presenting a report card of steady counter-trend growth with export volume up 3% year-on-year in the first quarter.

Behind the continuously rushed overseas orders is Fangxing Rubber's successful practice of deep diving into differentiated strategies and leveraging precise deployment to unlock the global footprint.

Targeting the Right Path: Precise Deployment of Differentiated Products

In the complex and changing international market environment, relying on a single specialty is no longer sufficient to meet diversified needs. Fangxing Rubber actively transformed its thinking, deeply researched the road conditions and usage habits of customers in different regions, and formulated differentiated production plans.

"Currently, our products are sold globally. The markets in Indonesia and Southeast Asia mainly focus on inner tube tires, while countries like Africa and Iran focus on tubeless tires," said Liu Liqin, Sales General Manager of Fangxing Rubber, revealing the key to going global. This "tailored" precise deployment has enabled Fangxing Tires to gain extremely high recognition overseas. In the past few years, the annual growth rate of export orders has always remained at a high level of 20% to 30%. In 2025, Fangxing's total sales volume reached nearly 10 million units, with exports accounting for absolute dominance.

Solid Support: "Top Quality" Builds a Solid Foundation

Endless overseas orders cannot be separated from strong manufacturing platform support. Since its establishment in 2003, Fangxing Rubber has firmly executed the "Top Quality" brand strategy, creating top-quality standards with top-tier equipment, raw materials, and technological strength.

Currently, Fangxing possesses powerful capacity with an annual output of 3.2 million sets of all-steel heavy-duty radial tires, 12 million sets of semi-steel radial tires, and 150,000 sets of engineering tires. Its products are known for high load resistance, high wear resistance, and stable performance, perfectly matching the strict requirements of overseas heavy-duty and complex road conditions. As a National High-tech Enterprise and a Provincial Manufacturing Champion, Fangxing has already obtained 61 invention patents, injecting strong technological momentum into product iteration.

Riding the Wave: Government and Enterprise Cooperation for Steady Global Expansion

The steady development of Fangxing Rubber also benefits from the fertile soil of local industry nourishment. The local government cultivated foreign trade subjects through multiple measures, organizing participation in exhibitions, purchasing export credit insurance, and actively responding to EU "anti-dumping and anti-subsidy" cases, assisting enterprises in developing emerging markets. Relying on the complete industrial chain advantages and favorable business environment of the locality, Fangxing Rubber further consolidated its compliance and quality control advantages.

Facing the heavy challenges of 2026, Fangxing Rubber maintained stable production and sales. In the future, relying on more than 20 years of industry deep diving, a capacity scale of tens of millions of units, and a sales network covering over 100 countries and regions globally, Fangxing Rubber will continue to use differentiated products as a sharp blade, moving forward steadily in the fierce competition in the global tire market.

近日，212 越野車環塔收官慶典在青島舉行。著名體育賽事主持人韓喬生、職業賽車手韓魏、廠商隊車手、用戶隊車手以及技術後勤團隊——這群剛從 7500 公里極限征程中歸來的人，沒有西裝革履，卻站成咗越野市場入面最真實嘅畫面。一場收官慶典，被 212 辦成咗品牌宣言：唔好同我堆配置，敢把車開進環塔，先算真有底氣。

嚴格來說，212 嘅環塔成績單從 6 月 1 日就已經寄出。但比最終名次更值得行業關注嘅，係呢張成績單嘅含金量。

本屆環塔拉力賽總里程 7500 公里，其中特殊賽段 3400 公里，沙漠佔比首次超過 60%，地表溫度最高超過 60℃。T2.1 量產組賽事規則限定車輛保留原廠量產底盤同動力總成，發動機、變速箱、底盤核心部件同市售版本完全一致。任何造車新勢力都明白：唔係秀場，而係實打實嘅全工況極限測試場。

正係喺呢樣嘅賽場上，212 車隊以接近原廠狀態嘅量產 T01 出戰，直面一众搭载 3.0T 大排量動力嘅對手，完成「2.0T 對陣 3.0T」嘅越級挑戰。賽事後半程 SS10 至 SS13 四個關鍵賽段，車隊接連拿下兩冠一亞嘅出色成績。值得留意嘅係，喺淘汰率超過 30% 嘅 SS5「魔鬼賽段」，212 兩台車組全部順利完賽。最終，212 成為 T2.1 量產組廠商隊中唯一實現全員 100% 完賽嘅品牌，並斬獲組別亞軍。

唔係靠運氣撞出嚟嘅。環塔賽場嘅戈壁、沙梁、交叉軸、砲彈坑唔會配合任何品牌嘅宣傳稿。能夠完賽，本身就係最硬核嘅產品力認證。

回到技術維度，T01 嘅表現更值得深究。

參賽車輛使用嘅動力系統同民用版本無異：2.0T 發動機匹配采埃孚 8AT 變速箱，配合博格華納大分動器，喺 4L 模式下可將扭矩放大 2.64 倍。呢個意味住 7500 公里賽程中經歷嘅所有爬坡、拖拽、沙地起步——每一下油門，都同普通消費者喺 4S 店試駕時踩嘅係同一套系統。

底盤層面，T01 採用非承載式車身搭配前後整體橋架構，針對環塔極限路況進行專項調校。從賽道反饋睇，呢套架構喺重載翻越時抗扭性表現突出，喺高強度顛簸路段始終保持車身姿態穩定。全車採用鍍鋅板車身，經戈壁碎石剮蹭後未出現明顯鏽蝕問題。乘員艙結構強化帶嚟 16% 嘅頂部承載力提升，配合籠式車身、540°全景影像及緊急呼叫救援功能，完成咗越野性能同安全配置嘅雙向驗證。

把近萬公里嘅極端工況實測數據反哺到產品開發中，係 212「以賽促研」理念嘅最直接落地——與其喺實驗室入面做高成本模擬，不如讓產品喺戈壁入面自己跑出答案。

但行業內真正該關注嘅核心，係 212 喺賽事之外嘅第二層佈局。

慶典現場，212 宣佈環塔改裝套件即將登陸官方商城，涵蓋底盤護甲、防脫輪轂、越野輪胎及脫困救援裝備等。如果說環塔參賽係一次技術驗證，咁改裝套件嘅推出就係讓驗證成果觸達終端用戶。長久以來，國內越野改裝市場以第三方配件為主，配件兼容性同可靠性缺乏系統性測試。原廠賽事套件落地，某種程度上係喺規範細分後市場，推動越野改裝從非標走向標準化。

更深層嘅變化喺於用戶參與機制嘅重構。212 同步啟動咗 2027 環塔用戶車手招募計劃，並會攜手職業賽車手韓魏共同成立冠軍越野培訓學院，面向普通用戶提供系統化賽前指導同參賽機遇。呢度指向嘅係一個更大嘅產業命題：從過去單一嘅「賣車邏輯」，轉向向上依托賽事迭代技術、向下延伸改裝配件同駕駛培訓服務嘅「產品—賽事—服務」三位一體產業閉環。

212 越野車營銷總公司總經理何兆鵬喺慶典現場表示：「212 要把越野文化普及，令更多人心里嗰顆關於遠方同夢想嘅種子，有機會生根發芽。」呢句話背後，係一套完整嘅運營邏輯：通過賽事建立信任同公信力，通過培訓降低進入門檻、培養用戶資產，通過官方改裝套件承接消費需求——每一步都喺構建屬於 212 嘅用戶心智入口。

212 同時公佈咗未來賽事規劃。2027 環塔拉力賽將繼續成為核心賽曆，達喀爾拉力賽、馬來西亞沙巴國際雨林賽、阿拉善 T3 挑戰賽等一系列國內外頂級賽事均在規劃之中。值得關注嘅係，212 喺 2026 年初達喀爾拉力賽中，T01 作為保障車已成功護航車隊以汽車組第 26 名、中國車隊第一嘅成績完賽。從達喀爾到環塔，從沙漠到雨林，賽事版圖嘅擴張意味著產品將喺更多極端環境中接受檢驗，技術積累也將隨之持續迭代。

對 212 而言，環塔唔係終點，而係一個新嘅起點。今年 6 月開啟嘅呢份答卷，喺接下來嘅全球賽事版圖中，用更長嘅賽道同更複雜嘅路況，檢驗一個品牌從「國民記憶」走向「世界符號」嘅真正成色。

呢場收官慶典最耐人尋味嘅，係佢冇停留在一份成績單上。212 把環塔從「賽事」變成咗一次公開嘅、唔可以剪輯嘅發布會現場，然後又把賽場驗證嘅技術成果交返畀用戶。喺呢個汽車營銷過度包裝嘅時代，呢種「唔裝咗、攤牌咗」嘅姿態，或許比任何廣告都更具說服力。

2025 年全球摩托車銷量約 6520 萬輛，市場規模預計 2030 年接近 1800 億美元。

銷量最大區域依次為印度（約 2050 萬～2070 萬輛）、東盟五國（印尼、越南、泰國、菲律賓、馬來西亞，合計約 1316 萬輛）、中國內銷（860.2 萬輛）和拉美（約 586 萬輛）。

印度和東南亞以 100～150cc 小排量通路車為主，歐美偏好中大排量街車、旅行車及巡航車。

全球保有量超六成集中在印度、印尼、中國、越南四國。印度存量約 2.21 億輛，印尼約 1.25 億～1.30 億輛，中國登記約 1.0 億輛，越南約 7200 萬～7700 萬輛。

品牌格局呈“亞洲主導銷量、歐美壟斷高端”。

日系四大家（本田、雅馬哈、鈴木、川崎）占全球近半數份額，霸占東南亞及拉美通路車市場；印系（Hero、Bajaj、TVS）統治南亞及非洲低端代步；歐系（寶馬、杜卡迪、KTM）與美系哈雷佔據高淨值樂玩市場。

中國市場特點與電動化衝擊

中國內銷占全球 13%～14%，計入出口後產量占全球約 30%，是全球第一製造與出口國。

受近 200 城禁限摩壓制，城區通勤被電動兩輪大量替代（一二線城市電動兩輪滲透率超 75%，全國綜合電動化率超 70%），燃油通路車內銷承壓，2025 年燃油摩托車國內銷售約 514.49 萬輛，同比下降 6.18%。但 250cc 以上樂玩車型逆勢增長：2025 年銷量 95.23 萬輛，同比增長 25.87%，近三年 CAGR（複合年增長率）超 20%，仿賽、復古、ADV 走俏，消費屬性轉向休閒社交。

燃油摩托受電動衝擊最顯著市場是中國和越南。中國城區基本完成“油轉電”；越南電摩新註冊佔比快速升至 13%～22%，是東南亞油摩替代最快市場。

中國企業全球真實地位與競爭力評估

不必妄自菲薄

中國擁有全球最完整的摩托車產業鏈。2025 年整車出口 1336.57 萬輛，出口額 88.5 億美元，出口量占全球貿易量的重要份額，是亞非拉小排量通路車的核心供應方。

豪爵、隆鑫、宗申以性價比和可靠性在拉美、非洲建立了穩固基盤；春風動力、錢江摩托（QJMOTO）、無極在中大排量領域持續追趕，250cc 以上車型出口同比增長超 50%，無極歐洲銷量突破 8 萬台（同比 +89.35%），春風動力在歐洲全地形車市場佔據領先地位，其摩托車業務也在部分歐洲國家實現 5%～10% 的市佔率。國內中大排市場國產品牌佔比超 80%，已明顯擠壓進口大貿份額。賽事領域（WSBK、達喀爾）也開始出現中國車隊身影，凱越車隊在 2025 年達喀爾取得第 15 名，張雪機車在 WSBK 取得五連冠。

出口均價持續提升，自主品牌出海佔比據行業估算已接近 50%，產業正從“代工走量”向“技術 + 品牌出海”過渡。

也不可夜郎自大

中國摩托車全行業前十強淨利潤總和，仍不及本田一家摩托車業務的利潤，仍處於“大而不強”階段。

核心短板有三點。

第一，研發投入懸殊。

本田單年摩托車業務研發費用超過中國全行業摩托研發總投入，導致發動機熱效率、耐久性、NVH 等底層技術仍存代差。250cc 以上大排量發動機完全自研率不足 30%（近年張雪機車等新銳品牌已實現核心部件 100% 自研，但尚未改變行業整體格局）。

第二，核心電控依賴外資

電噴系統、ABS、TC、IMU 等高端電控仍高度依賴博世、電裝等外資供應商，核心零部件話語權較弱。

第三，品牌積澱淺，海外網絡不完善

品牌溢價遠低於日系、歐系。早期低價惡性競爭曾致中國摩托車在東南亞市佔率从 90% 跌至約 1%（近年有所回升，但重建信任仍需時間）。在日系主場（日本本土、泰國）和北美巡航車市場，中國品牌幾乎無存在感。

中國企業是全球無可替代的製造基石和通路車出口主力，中大排量正成為第二增長曲線，並在歐美初露鋒芒，電摩產業鏈也具備先發優勢。但與日系巨頭相比，在核心技術掌控力、全球品牌溢價、全周期盈利能力上，仍有 5～10 年差距。未來能否突破電控與大排發動機自研瓶頸、建立海外售後服務體系，將決定中國摩托車是從“世界工廠”升格為“全球品牌”，還是長期停留在低毛利代工角色。

在當前通路車電動化、樂玩車大排量化、產品智能聯網化成為摩托車行業趨勢時，中國摩企提高研發能力，發揮生態優勢，融入全球市場才是王道。

5 月 28 日，上海北外灘世界會客廳，上汽車集團將第一億輛車嘅鑰匙交到 Momenta CEO 曹旭東手中。呢個數字令中國汽車工業第一次擁有「億級」玩家——由 1955 年上海內燃機配件製造公司起步，到 1958 年工人用榔頭敲出「鳳凰牌」轎車，再到今日智己 LS9 Hyper 駛入聚光燈下，七十年光陰濃縮成一個沉甸甸嘅里程碑。但係比數字更值得追問嘅係：當中國車市由增量狂奔向存量絞殺，當新勢力同傳統車企嘅攻防戰進入深水区，上汽車憑乜率先撞線？答案藏喺「懂車更懂你」呢句看似樸素嘅理念入面，亦藏喺由技術合資到技術共創、由產品出海到價值鏈出海嘅戰略躍遷之中。呢次係對用戶信賴嘅集中兌現，更係一場汽車產業認知嘅升維。

一、從鳳凰到智己：七十年技術積澱嘅質變

第一億輛交付車型智己 LS9 Hyper，絕非一輛簡單嘅旗艦車。佢搭載嘅同級首發嘅全线控四輪轉向、520 線超視域激光雷達與英偉達 Thor 芯片、全域 800V 高壓平台及恆星超級增程，每一項都係上汽車七十餘年技術攻關嘅結晶。呢啲配置唔係堆料，而係對「懂車」二字嘅極致演繹——當一個企業同時掌握三電、底盤、智駕、安全四大核心領域嘅自研能力，先至有資格將技術冗餘轉化爲用戶體驗嘅底氣。智己 LS9 Hyper 更加係首搭上汽車金標颶風三電機，從容躋身性能 3 秒俱樂部，同時聯合紫金山實驗室全球首發「內生安全」技術，將汽車安全由物理世界延伸到信息與系統空間，呢喺 AI 時代堪稱必備基石。

呢種技術質變非一日之功。由上世紀 80 年代桑塔納國產化共同體打破零配件壁壘，到 90 年代上海通用創造 23 個月建廠出車嘅「上海速度」，再到 2006 年自主品牌榮威誕生、2016 年推出全球首款互聯網汽車，上汽車始終喺「合資換技術」嘅框架入面累積內功。但真正嘅轉折點出現喺 2020 年：智己汽車嘅成立，標誌住上汽車開始以完全自主嘅姿態切入高端智能電動賽道，而此刻嘅一億輛交付，正正係呢條漫長爬坡路終見峰頂嘅訊號。數據顯示，2026 年 1-4 月上汽車累計銷售 130.2 萬輛，連續四個月居中國車企銷量冠軍，其中自主品牌佔比近 70%，新能源車銷售 41.2 萬輛——數字背後，係技術自主權帶來嘅市場主動權。

更值得玩味嘅係用戶選擇。第一億位車主曹旭東，正正係上汽車喺智駕領域核心戰略伙伴 Momenta 嘅 CEO。「夥伴變車主」，呢個細節比任何營銷話術都更具說服力——當技術共創嘅深度足以令合作夥伴心甘情願為咗自己參與打造嘅產品買單，意味著上汽車嘅智駕體系已係成真正嘅生態閉環。由桑塔納時代嘅「學徒工」到智己時代嘅「技術聯合體」，上汽車用七十年完成咗由跟隨到共舞嘅身份切換。

二、全球接力交付：體系實力同品牌陣列嘅協同共振

交付儀式當日，一條跨越山海嘅光纖連接咗上海主會場同南京、柳州、太原，乃至英國、印尼、新加坡嘅交付現場。呢場「全球接力」非作秀，而係上汽車全價值鏈閉環嘅縮影。由尚界 Z7、華境 S 到榮威 M7、MG4 半固態電池版，由五菱星光 560、大通 eDeliver5 到紅巖重卡、躍進大拿 T1，再到申沃純電客車同依維柯聚星 EV，上汽車旗下十幾個品牌、十九款車型覆蓋咗個人出行、家庭生活、商用營運、物流運輸等幾乎所有場景。呢種「全品類覆蓋」嘅能力，係單一品牌新勢力難以複製嘅護城河。

合資板塊同樣展現出嶄新嘅活力。大眾 ID. ERA 9X 全球首發搭載 Momenta R7 強化學習世界模型，上市一個月交付突破 7000 台；AUDI E7X 計劃成為奧迪全球首款實現 L3 級自動駕駛落地嘅車型；別克至境 E7 基於「逍遙」超級融合架構打造，上市一個月交付破萬台。呢啲成績背後係「合資 2.0」戰略嘅落地：唔再係簡單嘅產品引進，而係中海外雙方技術共創、平台共享。上汽車大眾推出嘅「油電同進」策略，令燃油車智能化同新能源車陣列同步發力，1-7 月燃油車市場份額提升至 8.8%，正正係呢種雙線作戰能力嘅佐證。

海外市場嘅表現更加係體系實力嘅直接映射。上汽車 MG 連續 11 年蟬聯中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛，成為首個喺歐洲及英國累計銷量破百萬嘅中國汽車品牌。今年 3 月，MG 喺法蘭克福舉辦技術日，全球首發半固態電池及 Hybrid+ 混動技術，Hybrid+ 家族海外單月銷量突破 2 萬輛。呢啲數字背後，係上汽車喺海外擁有超 100 個零部件生產基地、超 3000 個經銷商網絡，以及倫敦等 3 大研發創新中心同泰國、印尼等 4 個生產製造中心嘅全球佈局。由「產品出海」到「價值鏈出海」嘅 Glocal 戰略，令上汽車真正成為一家跨國汽車集團。

三、智電深水區：上汽車點樣重塑行業競爭格局

當新勢力仲為月銷破萬歡呼，當傳統車企仲糾結燃油車同新能源嘅切換節奏，上汽車已經用一億輛證明咗一條混合路徑嘅可能性：既唔能放棄存量基盤，又必須全力攻佔增量高地。呢種平衡術嘅秘訣喺於，上汽車冇將「轉型」理解爲推倒重建，而係通過技術復用、品牌分層、市場細分來化解陣痛。以帝豪為代表嘅吉利系喺 A 級車市場累積 420 萬用戶，而上汽車則通過智己、飛凡、榮威、MG 等品牌形成由 20 萬到 80 萬嘅價格帶覆蓋，讓唔同消費能力嘅用戶都能喺上汽車嘅產品陣列入面搵到對應選項。

真正嘅行業顛覆，發生喺技術路線嘅交叉點。當多數車企仲圍繞「三電」拉鋸時，上汽車已經將競爭維度延伸到「新三大件」：全线控底盤令操控響應突破機械限制，AI 大模型上車令座艙由工具進化為夥伴，內生安全技術則提前卡位信息戰時代嘅合規底座。更值得注意嘅係，上汽車同紫金山實驗室嘅聯合研發暗示咗一個趨勢：未來嘅汽車安全競爭將唔再侷限於碰撞測試，而要面對黑客攻擊、數據洩露等新形威脅。呢種前瞻佈局，令上汽車喺智電深水區擁有咗定義規則嘅資格。

喺競爭格局層面，上汽車嘅「夥伴變車主」模式正係改寫行業生態。過去，車企同科技公司嘅合作多係甲乙方關係，但 Momenta CEO 購買智己 LS9 Hyper，意味著雙方已經形成利益深度綁定嘅命運共同體。呢種模式一旦跑通，對其他車企嘅供應鏈關係將構成巨大壓力——嗰啲仲依靠第三方供應商白盒交付嘅競爭對手，可能面臨反應速度、數據閉環、迭代效率嘅多重滯後。上汽車同紫金山實驗室、Momenta 嘅協作，本質上係喺構建一個開放但可控嘅技術生態，這比單打獨鬥更具抗風險能力。

結語

當羅振宇作為華境 S 第 001 號體驗官走進工廠，當前德國腳楊晨選擇 ID.ERA 9X，當公益博主劉佳被別克至境 E7 嘅「滿分座艙」打動，呢啲故事共同勾勒出上汽車「懂你」嘅具象化表達——佢唔係冷冰冰嘅數據，而係每一個真實用戶嘅生活場景。從第一個用戶到第一億個用戶，上汽車嘅成長史就係中國汽車工業從「跟跑」到「並跑」再到「領跑」嘅縮影。但一億輛唔係終點，而係二次創業嘅起跑線。正如劉禹錫所言：「千淘萬漉雖辛苦，吹盡狂沙始到金。」當智電轉型嘅浪潮淘盡浮躁同泡沫，真正沉澱落來嘅，將係嗰啲既懂技術又懂用戶嘅長期主義者。上汽車嘅下一個一億輛，或許唔會等七十年。

5 月 27 日，橡膠板塊早盤大幅向上震盪，多頭情緒顯著回暖。RU 主力 2609 合約平開高走，最高觸及 17775 元/噸，放量突破 17500 元/噸關口；20 號膠主力大漲 2.70%，合成橡膠跟漲，板塊共振走強。盤面的強勢飆升，折射出當前輪胎製造上游正全面陷入“價格高、波動高、不確定性高”的“三高”困局。在成本重壓之下，國內外輪胎企業密集發聲，6 月加價潮已箭在弦上。

供需失衡，天然膠價格創兩年新高

今日盤面的猛攻，是現貨市場持續緊平衡的集中爆發。今年以來，天然橡膠價格持續走高，目前現貨價格在 17500-17900 元/噸區間，較年初上漲約 14%；期貨價格亦上漲 11%，均處近兩年高位。在海南白沙，乾膠收購價達 17 元/公斤左右的高點，加工企業紛紛搶收。

然而，高價位雖調動了割膠積極性，卻難改全球結構性短缺的底層邏輯。據天然橡膠生產國協會預測，2026 年全球需求量將達 1560.2 萬噸，產量預計僅為 1532.4 萬噸，缺口明顯。主產區泰國因膠園改種、膠樹老化產量乏力，厄爾尼諾現象帶來的高溫乾旱亦加劇了 5-6 月產量釋放不足的減產預期。國內雲南、海南開割初期產量偏慢，供應低產期拉長。

需求端，國內輪胎企業開工率穩步修復，新能源汽車 4 月產銷同比分別增長 5.5% 和 9.7%，整車出口大漲 74.4%，下游剛需穩健托底。供需錯配之下，國內庫存持續去化。5 月 22 日當周，青島保稅區區內庫存環比減少 0.59 萬噸至 13.36 萬噸，一般貿易庫存環比減少 0.25 萬噸，現貨流通偏緊為盤面提供強支撐。

格局顛覆，合成膠上演歷史性反超

天膠飆升僅是冰山一角，合成橡膠的異動更讓輪胎企業承壓。今年 3 月，國內合成橡膠期貨主力合約盤中強勢漲停，單日漲幅高達 11.99%，年內累計漲幅超 53%。

更值得關注的是，合成橡膠價格當時首次反超了天然橡膠，兩者價差一度超過 1300 元/噸，徹底顛覆了行業“天然膠比合成膠貴”的長期認知。雖近期受中東局勢和緩影響，合成膠價格下探至 14000 元一線，但受國際原油反彈超 3% 及資金回流能化板塊帶動，合成橡膠價格近期再度抬頭，間接支撐天然橡膠走強，原材料波動率居高不下。

成本倒逼，6 月加價潮再度逼宮

面對上游原材料的狂飆，輪胎企業利潤嚴重受壓，加價成為唯一出路。國際品牌率先佈局 6 月：韓泰、鄧祿普、錦湖相繼宣佈自 6 月 1 日起上調產品價格 2%-6% 不等；米其林、普利司通、固特異等也在 5 月完成了新一輪調價。

國內品牌亦不甘落後，迎來今年的第二波甚至第三波加價。超 40 家輪胎企業在 5 月發佈調價函，採取“小步快跑”策略，高頻微調對沖成本劇烈震盪。

不過，6 月加價潮雖已確立，落地節奏卻將顯著分化。在產能整體過剩背景下，“加價函”與“促銷政策”並存的扭曲局面或將延續。頭部企業憑藉成本轉嫁能力借勢升級，而部分中小型品牌為保市場份額，可能被迫暫緩調價或變相促銷。這場由“三高”引發的風暴，正加速重塑輪胎產業的競爭版圖。

圖片來源：央視財經