On March 17, BYD (SZ002594, stock price 372 RMB, market value 1.13 trillion RMB) unveiled its Super e-platform at a press conference, introducing the flash charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips. The flash charging battery boasts a charging power of 1 megawatt (1000 kW), enabling a charging speed that can reach up to 2 kilometers per second at peak performance. The Han L model equipped with the flash charging battery can travel 400 kilometers after just 5 minutes of charging.
This groundbreaking technology addresses the “ceiling of charging efficiency” that has hindered the widespread adoption of electric vehicles. Compared to Tesla’s V4 supercharging station, which has a current technical parameter of 500 kW, BYD has elevated charging power to the megawatt level, making it feasible for electric vehicles to compete with gasoline vehicles in terms of energy replenishment efficiency.
From an industrial evolution perspective, the commercial implementation of the “megawatt flash charging” technology is expected to bring about three significant transformative effects: First, it will alleviate user concerns about range anxiety, converting them into a trust in technology, thereby accelerating the transition from gasoline vehicles to electric vehicles; second, it will compel traditional automakers to expedite the iteration of their three-electric systems, reshaping industry competition thresholds; and third, it will drive the upgrade of charging infrastructure towards “super high voltage, high compatibility, and intelligence,” fostering the birth of a new charging network for the era of electric vehicles.
As technological innovation transitions from isolated breakthroughs to systemic reconstruction, the tipping point for electric vehicles to replace gasoline vehicles may arrive more swiftly.
Major Announcements
GAC Group (SH601238): Launches intelligent technology brand “Starlink Smart Mobility”
On March 18, GAC Group held a press conference in Beijing to announce the GAC Starlink Smart Mobility Action Plan and the pre-sale of the Haobo HL. They revealed multiple key updates: the ADiGO intelligent driving interconnect ecosystem has been upgraded to version 6.0, now officially named “Starlink Smart Mobility,” and the ADiGO PILOT intelligent driving system has been upgraded to ADiGO GSD (GAC Self-Driving). This year, GAC Group will initiate mass production and sales of the country’s first L3 autonomous driving model, along with the delivery of the industry’s first L4 autonomous driving model. By early 2026, GAC aims to be the first domestic automaker to steadily advance the large-scale operation of L4 autonomous driving products.
Commentary: The launch of the “Starlink Smart Mobility” brand signifies a pivotal step in GAC Group’s strategic positioning within the autonomous driving sector, showcasing its intentions in intelligent driving technology.
Performance Announcements
Tencent Holdings (HK00700): Projects 2024 revenue of 660.26 billion RMB, an 8% year-over-year increase
On March 19, Tencent Holdings released its annual performance report for 2024. The company reported revenues of 660.26 billion RMB, marking an 8% increase year-over-year; gross profit and operating profit (Non-IFRS) grew by 19% and 24%, reaching 349.25 billion RMB and 237.81 billion RMB, respectively. The report indicated that Tencent’s R&D investment for 2024 reached 70.7 billion RMB, with capital expenditure surpassing 76.7 billion RMB, a 221% year-over-year increase, setting a new record. This is the fourth consecutive quarter of triple-digit year-over-year growth in capital expenditure.
Commentary: Tencent’s 2024 growth is driven by its gaming business and AI strategy. With the further implementation of AI technology, Tencent is expected to enhance advertising efficiency and extend game lifecycles, continuing to propel its performance growth.
Xiaomi Group (HK01810): 2024 revenue reaches 365.9 billion RMB, a historic high
On March 18, Xiaomi Group released its 2024 financial report, showing revenues of 365.9 billion RMB, representing a 35% year-over-year increase, with adjusted net profits of 27.2 billion RMB, up 41.3%. The smartphone segment generated approximately 191.8 billion RMB, maintaining its position as the third-largest global vendor, while shipments of air conditioners, refrigerators, and washing machines all reached new highs.
Commentary: Xiaomi’s record revenue in 2024 is primarily due to the synergistic growth of its smartphone, IoT (Internet of Things), and automotive businesses. Moving forward, with AI technology empowering the “people, vehicle, home ecosystem,” Xiaomi is likely to make further breakthroughs in the high-end market and global expansion.
Operational Measures
JD Group-SW (HK09618): Has signed formal labor contracts with over 10,000 full-time delivery riders
On March 20, JD’s delivery service announced that it has signed formal labor contracts with over 10,000 full-time riders and is gradually implementing the payment of social insurance and housing funds. All costs associated with social insurance for full-time riders, including the portions they are required to pay, will be covered by JD, ensuring that riders’ cash income will not decrease due to these contributions. This initiative applies to both existing and new riders.
Commentary: This move not only enhances rider security but also boosts JD’s delivery service competitiveness and brand image. By optimizing rider benefits, JD’s delivery service is poised to attract high-quality delivery resources and improve service efficiency, laying the groundwork for market expansion.
New Product Launch
LONGi Green Energy (SH601012): Releases new household solar energy solution “LONGi eHome”
On March 18, LONGi Green Energy launched its new household solar energy solution “LONGi eHome.” This solution introduces comprehensive and systemic innovations in system installation design, intelligent components, and storage-inverter equipment, with a wide range of application scenarios covering household rooftops, wall surfaces, terrace awnings, and carports, providing more possibilities for the integration of photovoltaics and architecture.
Commentary: The launch of the “LONGi eHome” solution marks LONGi Green Energy’s deeper commitment to the distributed photovoltaic sector. This initiative aligns with LONGi’s “Solar for Solar” strategy and aims to accelerate the adoption of green energy through the integration of photovoltaics and architecture.
Technological Innovation
Kunlun Wanwei (SZ300418): Officially opens its first industrial multimodal reasoning model Skywork R1V
On March 18, Kunlun Wanwei officially open-sourced its first industrial multimodal reasoning model, Skywork R1V. This model achieves top-tier logical reasoning and mathematical analysis capabilities. In terms of visual understanding, Skywork R1V successfully transfers its text reasoning and chain of thought deductive abilities efficiently to visual tasks.
Commentary: Visual reasoning models are designed to tackle visual tasks that require a chain of thought, gradually deriving final results through multiple logical reasoning and analysis steps. Kunlun Wanwei’s open-sourcing of this model signifies a significant breakthrough in the AI large model domain, accelerating technological iteration and is expected to attract more developers for optimization.
BYD (SZ002594): Launches Super e-platform technology with “megawatt flash charging”
On March 17, BYD held a press conference to unveil its Super e-platform technology and the pre-sale of the Han L and Tang L models, introducing the flash charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips. The flash charging battery achieves a charging power of 1 megawatt (1000 kW) and can reach a peak charging speed of 2 kilometers per second. The Han L equipped with this battery can travel 400 kilometers in just 5 minutes of charging.
Commentary: The introduction of the Super e-platform not only addresses the pain points of electric vehicle charging efficiency but also significantly enhances user experience. This is expected to accelerate BYD’s positioning in the high-end electric vehicle market and drive technological upgrades across the industry. In the future, as silicon carbide chips and flash charging technology become more widespread, BYD is likely to capture a larger share of the global electric vehicle market.
Significant Collaboration
CATL (SZ300750): Partners with NIO for battery swapping collaboration
On March 17, CATL signed a strategic cooperation agreement with NIO. Under this agreement, both parties will leverage their respective strengths in technology, management, platforms, and brand resources to establish the largest and most advanced battery swapping service network for passenger vehicles globally, in line with the trends of transformation and upgrading within the global automotive industry. CATL will support the development of NIO’s battery swapping network, and future new models under NIO’s “Firefly” brand will be introduced to CATL’s “Chocolate” battery swapping standard and network in a timely manner.
Commentary: This collaboration will further promote the standardization and popularization of battery swapping technology. By integrating resources, both parties are expected to establish technological barriers in the battery swapping sector, accelerating the enhancement of the pure electric mobility ecosystem and providing more efficient energy solutions for the global electric vehicle market.
