Huaxin Securities: New energy vehicle companies collectively achieve high growth in February, new car models drive sales growth.

Huaxin Securities released a research report stating that mainstream new energy vehicle companies have announced their February delivery status, with new forces delivering eye-catching results in February and multiple brands setting new records. Hongmeng Intelligent Travel delivered a total of 21,517 new vehicles in the month, an increase of +1.8% year-on-year. "Four Boundaries" has consistently topped the list of Chinese automotive brand average transaction prices for nine consecutive months. With various mainstream manufacturers launching models equipped with advanced intelligent driving features, the penetration of high-end intelligent driving is accelerating, and independent car companies are expected to expand their market share in the high-end segment through brand building and intelligent advantages. The Securities firm continues to be bullish on the automotive industry and maintains a "recommended" rating. Key points of Huaxin Securities are as follows: NIO/Xiaopeng/Li Xiang/Xiaomi: Eye-catching February deliveries, multiple brands set new records NIO: NIO delivered 13,192 new vehicles in February, an increase of +62.2% year-on-year. Of the February deliveries, the NIO brand delivered 9,143 new vehicles, up +12.4% year-on-year, while the LEdao brand delivered 4,049 new vehicles. Xiaopeng: Xiaopeng delivered 30,453 new vehicles in February, an increase of +570% year-on-year. This marks the fourth consecutive month the delivery volume has exceeded 30,000 units, making Xiaopeng the only new energy vehicle company to do so in the month. Among them, Xiaopeng MONAM03 has delivered over 15,000 units for three consecutive months, and Xiaopeng P7+ has accumulated over 30,000 deliveries in its first three months on the market, breaking the record for the fastest delivery in the same class. Li Xiang: Li Xiang delivered 26,263 new vehicles in February, an increase of +29.7% year-on-year, setting a new high in delivery volume on a year-on-year basis. The design of the first all-electric SUV, the Li Xiang i8, was unveiled. Xiaomi: Xiaomi delivered over 20,000 units of the Xiaomi SU7 in February, marking the fifth consecutive month that deliveries have exceeded 20,000 units, with a total of over 180,000 units delivered. The Xiaomi SU7 Ultra was officially launched on February 27, with a pre-order volume exceeding 10,000 units, completing the annual task ahead of schedule. Hongmeng Intelligent Travel: Maintains top position in delivery average price for ten consecutive months In February, Hongmeng Intelligent Travel delivered a total of 21,517 new vehicles, an increase of +1.8% year-on-year. "Four Boundaries" has consistently topped the list of Chinese automotive brand average transaction price for nine months in a row. Wenjie: The flagship SUV Wenjie M9 has been the monthly sales champion of luxury cars over 500,000 yuan in the Chinese market for the past 11 months; the national SUV Wenjie New M7 series delivered 5,204 units in February and has been the top-selling new energy vehicle model in the 300,000 yuan class since 2024, setting a new record for the luxury brand. Zhijie: The intelligent coupe SUV Zhijie R7 delivered 8,748 units in February, with a total of 20,168 units delivered in 2025. Xiangjie: The flagship luxury sedan Xiangjie S9 has been the best-selling pure electric luxury sedan over 400,000 yuan for seven consecutive months. Jike/Lingpao/Guangzhou Aion: February deliveries surged year-on-year, international layout and new models as highlights Jike: Jike delivered 14,039 units in February, an increase of +86.9% year-on-year and a 17.6% increase from the previous month. Jike 009 Haohan Intelligent Drive Edition began deliveries, and the tech hunting coupe 007GT will be launched in April. Lingpao: Lingpao delivered 25,287 units in February, an increase of +285% year-on-year. LEAPMOTOR international business is progressing further. Lingpao B10 opened pre-orders on March 10, with over 15,010 units ordered in one hour, breaking the brand's historical record. Guangzhou Aion: Guangzhou Aion delivered 20,863 units in February, an increase of +25% year-on-year and +45% month-on-month, with double-digit growth in both areas. Aion UT Macaw Dragon was officially launched. Risk warnings Automobile industry production and demand are lower than expected; progress in intelligent technology is slower than expected; the rise of independent brands is slower than expected; policy risks such as geopolitical conflicts may hinder automobile exports; recommended attention in case of unexpected company performance.