Editor's Note: Two years into the Panyu Action, GAC Group has returned to the growth channel; however, Hyper has gone from "no limits" to "monthly sales in the hundreds".

The "Panyu Action" deep reform proposed by GAC Group has been implemented for nearly two years. From a superficial data perspective, it seems the group is developing in a positive direction.

According to the group's latest sales data, from January to July, GAC Group's sales exceeded 886,000 units, a slight year-on-year increase of 1.28%; new energy vehicles were 311,700 units, a year-on-year increase of 66.2%; independent brand sales exceeded 400,000 units in the first 7 months, a significant year-on-year increase of 33.31%.

But in this seemingly prosperous development, one brand quietly disappeared from sight, and that is Hyper.

In the sales bulletin, Hyper's sales were reported bundled within "Hyper AION BU 210,400 units". Externally it looks like a 62% high growth, but when broken down, Hyper's own retail sales from January to July were 5,108 units, a drop by half compared to 14,828 units in the same period of 2025. BU merger makes the report look good, but it also hides Hyper's true situation.

In GAC Group's 2026 story of independent brand growth, AION exited the hole, Trumpchi defended the position, Qijing carried the image, all written smoothly. Only Hyper is the reverse stroke in the same story, where can it go with its monthly sales hovering in the hundreds?

The "Fig Leaf" Under Consolidated Reports

GAC launched the independent brand BU reform on December 18, 2025. Hyper and AION were the first to form the "Hyper AION BU". By the end of March 2026, the channels of both brands were fully integrated. Hyper's service network joined AION's network system of over 1,000 outlets from about 200.

The direct effect of consolidated reporting is a good-looking report: From January to July 2026, "Hyper AION BU" accumulated 210,400 units, a year-on-year increase of 62.08%, and July's single month 28,807 units, a year-on-year increase of 36.37%. However, after the denominator is expanded by AION's volume-selling cars, Hyper's hundreds-level monthly sales are completely diluted.

When the outside world questioned whether Hyper should exit with dignity, Zhongche Network contacted GAC Group's PR and sales personnel respectively. The former replied: Hyper reflects GAC's technical accumulation, currently brand operations are normal, everything follows the official announcement.

While a salesperson close to GAC admitted in communication: "Now the group talks about high new energy growth externally, BU merger is the easiest way to handle. But internally KPIs are still backed separately. Hyper's inventory coefficient and terminal discounts are much uglier than AION's.

The merger of AION and Hyper is not an isolated case in the auto industry. After traditional major factories suffer setbacks in climbing up, using "merger" to hide failed brands inside the mother brand's sales is an unspoken industry practice. But sales can be merged, user mindsets cannot——when a brand needs to rely on a brother brand's endorsement to appear in financial report summaries, its own market subjectivity has already loosened.

Four Years of Failed High-End Push

Hyper debuted in September 2022 as "AION's high-end sub-brand", starting with a million-yuan SSR supercar. The slogan was "Benchmark for Chinese high-end intelligent electric vehicles", and GAC Group had high hopes for it at the time.

Time came to 2024, to tear off the AION ride-hailing label, Hyper separated and became independent; In January 2025 it was upgraded to one of the three independent brands listed alongside Trumpchi and AION. Feng Xingya promised on the HL pre-sale site "no limits on investment for the next three years".

But the development of events seemed not smooth. In 2025, Hyper retail was about 15,150 units, completing less than 20% of the early 80,000-unit target; SSR 7 units for the year, GT 802 units, main force HT 9,885 units down 31% year-on-year, HL 4,464 units. In December 2025, after being independent for 11 months, it merged back into AION BU.

Focusing on Hyper's product line also presents a sense of "split": During SSR/GT/HT era, spoke of sports performance, HL suddenly turned to "Family Luxury Flagship", A800 embraced Huawei Qunkun Intelligent Driving for Tech Business, S600 pulled the starting price down to 179,900, fully loaded configurations but high-end narrative seems somewhat unfeasible.

In one showroom, a 1.28 million supercar and an 180,000 SUV are parked simultaneously. Sales staff speak of 1.9-second 0-100 acceleration and also HarmonyOS office. Users' brand image of Hyper is naturally diluted amidst left-right swinging.

Reviewing the long river of the entire auto industry history, the essence of high-end brands is scarcity and consistency. Porsche from 911 to Cayenne revolved around "Driving Machine", Mercedes-Benz from S to A-Class only delivered "Luxury and Prestige". In four years, Hyper tried everything: supercar, family SUV, Huawei smart driving sedan, cost-effective SUV——every one was an industry hotspot at the time, but linked together it is not a strategy.

Qijing Takes the Top, Hyper Hovers

Hyper's status became increasingly awkward after the Qijing brand was launched.

Qijing is the native fusion product of GAC + Huawei Qunkun "Shared Office, Same-Frequency Decision Making". The first GT7 was launched in June 2026, globally first equipped with Qunkun ADS 5. In July, completed over 1 billion yuan strategic capital injection introducing CATL. Feng Xingya clearly stated "Qijing is placed at the group's highest priority". Resources, scripts, channel focus clearly migrated.

Thus Hyper fell into the awkwardness of relying on neither end: Downward, S600 starting price dipped to 179,900, overlapping with AION N60/i60 price range, afraid to squeeze AION base; Upward, A800 used Huawei solution but didn't sell better than same platform GAC Toyota Platinum 7, couldn't touch Qijing GT7's pure Huawei endorsement; Internally shared supply chain channels with AION, external perception still "Slightly More Expensive AION"; Externally no differentiating long board, April 2026 A800 monthly retail 59 units, SSR has been zero for many months.

Zhongche Network noticed in GAC's mid-term meeting it stated Hyper "continuously improving high-end product layout", S600 fills high-end matrix—but when a high-end brand needs to prove its existence with "Starting from 179,900", the word "high-end" itself has become a joke.

Reviewing Hyper's development in the past few years, it's not hard to find what it stepped on is actually the common dead end of traditional auto manufacturers' new energy high-end push—the foundation isn't solid, yet rushing to build the building.

It was born at AION's potential high point, but AION's label is B-end and cost-performance, C-end high-end mindset is almost blank; Trumpchi also cannot support the facade of first-tier independent high-end. Old factories that didn't even stand up in the fuel car era, expecting to change fate just by changing names in the new energy era, was itself a house of cards.

More fatal is, high-end requires scarcity and exclusivity. When Hyper became independent, it managed to complete the homework on teams and channels, but then turned to merge BU, share channels, finally the wall of separation tore down itself.

And the most confusing for users is it had no main line spanning three years from start to finish—supercar start, switched to extended range, bet on large six-seaters, hugged Huawei, price continuously dropped. Every step accurately stepped on hotspots, but also accurately crushed its own brand cognition.

Group strategy turns, brand turns around, user just remembered and was deleted, this "wanting to do everything, holding onto nothing" swinging, is its true fatal flaw.

GAC Group H1 2026 pre-loss 4.06 billion to 4.57 billion yuan, year-on-year loss expanded by more than 60%. Independent high-end push burning cash, joint venture decline, Hyper channel repeated construction sunk costs, are all background boards. In analyst Wang Ying's view, under this financial pressure, "no limits" commitment will inevitably yield to "stop bleeding first"—BU merger essence is stop loss, not upgrade.

From the current financial statement perspective, GAC Group as a whole walked out of the adjustment period in Panyu Action, new energy and exports pulled out a second curve, Qijing takes over high-end narrative, Trumpchi M8 PHEV as the 30 millionth unit deliveryed to Thailand users, group face is passable.

But Hyper's hovering is real: It neither established itself with a single clear value like Nio or Li Auto, nor was willing to be a product sequence within the main brand like Geely Galaxy; When independent didn't tear off AION shadow, after merger even the shadow belonged to AION. 2026 hundreds-level monthly sales, January-July retail halved, means it has exited "mainstream high-end brand" competition, remaining is whether group wants to give another round of resources, what name to close the problem.

Two years of Panyu Action, GAC Group has returned to growth channel; while Hyper went from "no limits" to "monthly sales in hundreds". Same group, same round of reform, upward and downward can happen simultaneously—only the downward stroke might be destined to become a stepping stone for moving forward.

Pendahuluan Editor: Operasi Panyu selama dua tahun, Kumpulan GAC kembali ke saluran pertumbuhan; manakala Hyper dari "Tiada Had" berjalan ke "Jualan Bulanan Tiga Digit".

Reformasi mendalam "Operasi Panyu" yang digalakkan oleh Kumpulan GAC telah hampir dua tahun dilaksanakan, dari segi data permukaan,似乎集团正在向好的一面发展.

根据集团最新销量数据显示，1—7 月广汽集团销量超 88.6 万辆，同比微增 1.28%；新能源车 31.17 万辆，同比增幅 66.2%；自主品牌前 7 月超 40 万辆，同比大增 33.31%。

Tetapi dalam perkembangan yang kelihatan makmur ini, terdapat satu jenama yang tersirat secara senyap, iaitu Hyper.

Dalam laporan jualan pantas, jualan Hyper dibungkus bersama "Hyper Aion BU 210,400 unit", dari luar kelihatan 62% pertumbuhan tinggi, tetapi apabila dipisahkan, Hyper sendiri 1-7 bulan jualan runcit 5,108 unit, berbanding 14,828 unit pada masa yang sama tahun 2025 adalah terpotong separuh. Penggabungan BU membuatkan laporan nampak cantik, juga memaparkan keadaan sebenar Hyper.

Dalam kisah Kumpulan GAC 2026 yang memajukan jenama sendiri, Aion keluar dari masalah, Trumpchi mempertahankan, Enjoo menyokong imej depan, semuanya ditulis lancar. Hanya Hyper, adalah garis yang bertentangan dalam cerita yang sama, jualan bulannya yang berlegar di tiga digit ke mana akan pergi?

"Kain Penutup" di Bawah Laporan Gabungan

GAC melancarkan reformasi jenama sendiri BU pada 18 Disember 2025, Hyper dan Aion menyusun "Hyper Aion BU", sebelum akhir Mac 2026 saluran kedua jenama ini telah bergabung, rangkaian perkhidmatan Hyper dari kira-kira 200 buah disambung ke sistem rangkaian Aion lebih daripada 1,000 buah.

Keber kesan langsung penggabungan laporan adalah laporan nampak cantik: 2026 Jan hingga Julai "Hyper Aion BU" terkumpul 210,400 unit, tahun ke tahun meningkat 62.08%, bulan Julai tunggal 28,807 unit tahun ke tahun meningkat 36.37%. Tetapi penyebut yang disokong oleh kereta Aion membuatkan jualan bulanan tiga digit Hyper telah benar-benar dicairkan.

Apabila luaran memberi pertanyaan, adakah Hyper sepatutnya menarik diri dengan beradab, Laman Web Zhongche menghubungi PR dan jurujual Kumpulan GAC, yang pertama membalas: Hyper adalah manifestasi akumulasi teknologi GAC, operasi jenama semasa normal, semua tertakluk kepada pengumuman rasmi.

Sedangkan jurujual yang rapat dengan GAC dalam perbualan mengakui dengan jujur: "Sekarang kumpulan mengomongkan pertumbuhan tinggi kenderaan elektrik di luar, penggabungan BU adalah cara pemecahan masalah yang paling mudah. Tetapi KPI dalaman masih ditanggung berasingan, indeks stok Hyper dan diskaun hujung, jauh lebih buruk daripada Aion.

Penggabungan Aion dan Hyper dalam industri automotif juga bukanlah contoh tunggal, selepas pemain besar tradisional gagal mencapai puncak, menggunakan "penggabungan" untuk menyembunyikan jenama gagal dalam jualan jenama induk, adalah做法 yang tidak perlu dibincangkan. Tetapi jualan boleh digabungkan, persepsi pengguna tidak boleh digabungkan – apabila satu jenama memerlukan jenama adik beradik untuk disokong hanya untuk muncul dalam ringkasan laporan kewangan, subjektiviti pasarnya sendiri sudah pun longgar.

Empat Tahun Mencapai Puncak Tidak Berjaya

Hyper pada September 2022 muncul sebagai "jenama bawah bertaraf tinggi Aion", SSR permulaan lumba super sejuta, slogan "Peta Penanda Aras Kenderaan Elektrik Pintar Bertaraf Tinggi China", dan ketika itu Kumpulan GAC memberinya harapan besar.

Masa sampai tahun 2024, untuk menanggalkan label teksi dalam talian Aion, Hyper dipisahkan menjadi bebas; Januari 2025 naik pangkat menjadi tiga jenama sendiri setara dengan Trumpchi dan Aion, Feng Xingya di lokasi prapembukaan HL berjanji "pelaburan tiga tahun hadapan tiada had".

Tetapi perkembangan perkara nampak tidak lancar, 2025 keseluruhan Hyper jualan runcit kira-kira 15,150 unit, hanya menyiapkan kurang daripada dua puluh peratus sasaran awal 80,000 unit; SSR seluruh tahun 7 unit, GT 802 unit, model utama HT 9,885 unit turun 31% tahun ke tahun, HL 4,464 unit. Disember 2025, selepas 11 bulan bebas dikembalikan semula ke Aion BU.

Letakkan pandangan pada garisan produk Hyper juga menunjukkan rasa "pecah": SSR/GT/HT zaman cakap prestasi sukan, HL tiba-tiba beralih "faham mewah keluarga", A800 menerima Huawei Qiankun pintar memandu ke arah teknologi perniagaan, S600 kemudian menurunkan harga bermula ke 179,900, kelengkapan penuh tetapi naratif bertaraf tinggi nampaknya tidak jalan.

Satu galeri paparan pada masa sama ada lumba super 1.28 juta dan SUV 180,000, jurujual sama ada cakap pecut 0-100 dalam 1.9 saat atau kerja HarmonyOS, pengguna terhadap imej jenama Hyper secara semula jadi terkikis dalam bergoyang kiri kanan.

Melihat ke seluruh sejarah panjang industri automotif, hakikat jenama bertaraf tinggi adalah kelangkaan dan keseragaman. Porsche dari 911 ke Cayenne mengelilingi "mesin memandu", Mercedes dari S hingga A hanya menghantar "kemewahan dan keagungan". Hyper empat tahun cuba semuanya – lumba super, SUV keluarga, kenderaan pintar Huawei, SUV harga berpatutan – setiap satu adalah panas industri masa itu, disambung jadi bukan satu strategi.

Enjoo Atas, Hyper Tergantung

Posisi Hyper selepas jenama Enjoo dilancarkan, menjadi semakin canggung.

Enjoo adalah hasil gabungan原生 asal "GAC + Huawei Qiankun 'kantor bersama, keputusan selaras'", GT7 pertama pada Jun 2026 dilancarkan, pemasangan sulung global Qiankun ADS 5, Julai selesai 1 bilion pelaburan strategik tambahan memperkenalkan CATL, Feng Xingya jelas "Enjoo diletakkan keutamaan tertinggi kumpulan". 资源、话术、渠道重心明显迁移。

Maka Hyper terjebak dalam canggung dua hala: ke bawah, harga bermula S600 turun ke 179,900, dan Aion N60/i60 jalur harga bertindih, takut menolak asas Aion; ke atas, A800 guna solusi Huawei tetapi tidak jual kalah GAC Toyota Bomin 7 platform sama, lebih lagi kena dengan Enjoo GT7 Huawei tulen sokongan; dalam berkongsi rangkaian bekalan saluran dengan Aion, luaran pemikiran masih "Aion sedikit mahal"; luar tiada kelebihan berbeza, April 2026 A800 sebulan jualan runcit 59 unit, SSR sudah lama sifar.

Laman Web Zhongche perhatikan dalam perakuan mesyuarat pertengahan tempoh GAC, Hyper "terus melengkapkan susun atur produk bertaraf tinggi", S600 lengkapkan matriks bertaraf tinggi – tetapi apabila jenama bertaraf tinggi perlu buktikan masih ada kehadiran dengan "179,900 bermula", perkataan "bertaraf tinggi" sendiri sudah menjadi candaan.

Melihat ke perkembangan Hyper beberapa tahun kebelakangan ini, tidak sukar melihat, ia pijak, sebenarnya adalah ganggang umum kereta tradisional naik ke puncak新能源 – tapak tidak kukuh, tergesa-gesa naik bangunan.

Ia lahir di titik tinggi tenaga Aion, tetapi label Aion adalah Segmen B dan nilai kos, Segmen C tinggi persepsi hampir kosong; Trumpchi juga tidak boleh sokong pintu depan jenama utama bertaraf tinggi. Pabrik lama zaman kereta minyak pun tidak berdiri, harap tukar nama akan ubah nasib di zaman新能源, sendiri adalah bangunan di udara.

Lebih fatal lagi, tinggi perlu rasa kelangkaan dan eksklusiviti, Hyper apabila bebas susah payah isi kerja pasukan dan saluran, keputusan bertukar gabung BU, saluran kongsi, dinding pemisah terakhir itu juga sendiri bongkar.

Sedangkan paling pengguna tidak tahu arah, adalah ia daripada mula ke hujung tiada satu garis utama menyelami tiga tahun – lumba super permulaan, tambah hibrid, bertaruh enam kerusi besar, pegang Huawei, harga turun sepanjang, setiap langkah tepat pijak panas, tetapi juga tepat pecahkan pengenalan jenamanya sendiri.

Strategi kumpulan tukar, jenama belok, pengguna baru ingat dipadam, ini "mahu buat semua, tiada yang jaga" bergoyang, adalah dia sebenar mata kelemahan.

Kumpulan GAC setengah tahun pertama 2026 kerugian dianggarkan 4.06 bilion - 4.57 bilion Yuan, kerugian tahun ke tahun meningkat lebih daripada 60%, naik jenama sendiri bakar wang, jualan luaran jatuh, Hyper saluran pembinaan berulang kos tenggelam, semua papan latar. Dalam pandangan penganalisis Wang Ying, dalam tekanan kewangan ini, janji "tiada had" pasti letak pada "berhenti darah dahulu" – gabung BU sendiri pencegahan kerugian, bukan pengupayaan.

Dari buku besar semasa nampak, Kumpulan GAC keseluruhan dalam Operasi Panyu keluar tempoh penyesuaian, kenderaan elektrik dan eksport tarik lengkung kedua, Enjoo menggantikan naratif tinggi, Trumpchi M8 PHEV sebagai ke-30 juta kerota siap dihantar Thailand pengguna, wajah kumpulan terjamin.

Tetapi Hyper tergantung adalah sebenar: dia tidak seperti Nio, Li Auto那样 guna nilai tunggal jelas berdiri, juga tidak seperti Geely Galaxy yang rela jadi urutan produk dalam jenama induk; bebas apabila tidak cabut bayang Aion, gabung balik bayang juga kembali ke Aion. 2026 sebulan jualan tiga digit, 1-7 bulan jualan runcit terpotong separuh, bermaksud dia sudah keluar daripada persaingan "jenama utama bertaraf tinggi", tinggal adalah kumpulan mahu beri satu lagi sumber, dengan nama apa menutup masalah.

Operasi Panyu dua tahun, Kumpulan GAC kembali ke saluran pertumbuhan; manakala Hyper dari "Tiada Had" berjalan ke "Jualan Bulanan Tiga Digit". Satu kumpulan, satu reformasi, naik ke atas dan ke bawah boleh berlaku serentak – hanya ke bawah itu garis, mungkin semestinya perlu jadi anak tangga ke depan.