鸿蒙智行9月跌29%，华为赛力斯刚签下新五年

Huawei and Seres signed a new five-year deal, while HIMA's September deliveries fell 29%

全文约 1150 字，读完约 5 分钟
About 1150 Chinese characters, a 5-minute read

10月1日傍晚6点半，鸿蒙智行和问界官方账号同步发文：9月30日，鸿蒙智行问界业务升级战略合作签约仪式在深圳举行，华为与赛力斯达成新五年合作，联合组建问界业务专属团队，余承东和张兴海都到了现场。半个月前，外界还在传两家“分手”。先把这个说法放一边——我的判断是，这次合作从来没有中断过；9月15日那轮调整，分出去的只是渠道和运营的活儿，技术关系的部分纹丝没动。

On October 1 at 6:30 pm, HIMA and Aito posted simultaneously: the signing ceremony for the Aito business upgrade was held in Shenzhen on September 30, where Huawei and Seres agreed on a new five-year deal and will jointly build a dedicated Aito business team, with Yu Chengdong and Zhang Xinghai both present. Half a month earlier, the market was talking about a split. Set that aside — my call is the cooperation was never broken; what the September 15 adjustment handed over was channels and operations, while the technology side never moved.

我把这半个月的官方动作按时间排了一遍。9月15日晚，双方公告问界“探索新合作模式”：产品定义、产品设计、品牌营销、渠道零售、服务体系由赛力斯主导，华为终端转为支持角色；尊界、享界、智界、尚界四个品牌不动，仍由华为全流程主导。9月18日，赛力斯副总裁康波回应“含华量不会降低”；9月24日，余承东第一次公开解释：“他们想自己主导，我们支持他们”；9月28日，张兴海在央视对谈里否认分手；9月30日签约，10月1日官宣。从公告到新签约，正好15天。

I lined up the official moves over these two weeks. On the evening of September 15, both sides announced Aito would explore a new model: product definition, design, brand marketing, retail and service led by Seres, with Huawei Terminal moving into a supporting role; the other four brands stay fully Huawei-led. On September 18 Seres VP Kang Bo said the “Huawei content” would not drop; on September 24 Yu Chengdong explained publicly for the first time: “They wanted to lead it themselves, and we support that.” On September 28 Zhang Xinghai denied a breakup on camera; the signing came September 30, the announcement October 1 — fifteen days in total.

产品端的数字其实很好看。全新一代问界M9今年5月27日发布、6月13日首批交付，到9月30日——上市16周，累计交付突破4万台，月度交付连续破万，持续保持50万元以上车型销量第一。预售阶段拿了7万台订单，上市1小时锁单1.1万台，大定均价超过60万元，顶配车型占比超过三成。一台均价60万以上的国产SUV，周均交付2500台，这个成绩放在任何一年都算硬。

The product numbers look strong. The new Aito M9 launched May 27, first deliveries June 13; by September 30 — sixteen weeks on — cumulative deliveries had passed 40,000, monthly volume above 10,000 every month, still No.1 among cars priced over 500,000 yuan. Pre-orders hit 70,000; 11,000 units locked within an hour of launch; average order value topped 600,000 yuan, the top trim taking over a third. A Chinese SUV averaging 600,000 yuan and delivering about 2,500 a week is hard to argue with in any year.

但把它放回鸿蒙智行整体，另一组数字就没那么好看。9月鸿蒙智行交付37,490台，同比跌29.15%，已经是连续第四个月同比下滑、连续第三个月环比下滑；1-9月累计交付367,229台，增速从1-8月的11.42%放缓到5.27%。同一天发榜的新势力里，零跑交付105,656台、同比涨59%；极氪37,216台、涨103.85%，连续第六个月创纪录。同一个市场，同一个金九。

But put it back into HIMA as a whole and the picture is less flattering. HIMA delivered 37,490 vehicles in September, down 29.15% year on year — the fourth straight monthly decline and the third straight drop from August. The nine-month total of 367,229 grew just 5.27%, slowing sharply from 11.42% over the first eight months. On the same day's scorecards, Leapmotor delivered 105,656, up 59%; Zeekr 37,216, up 103.85%, a sixth straight record. Same market, same Golden September.

我的账是这么算的：这套合作模式本身没有问题，真正紧的是资源分配。问界8月卖了20,652台，占鸿蒙智行将近一半；智界8,561台，尚界7,888台，享界1,627台，尊界749台——后面三个界都还在爬坡。五个品牌共享一套智驾、一套座舱和一支营销队伍，问界最成熟、最不需要华为亲手管，把它交出去是资源压力下最合理的一步。余承东那句“聚焦尊界、享界、智界、尚界”，说的就是这个。

Here is my arithmetic: the model itself is fine; what is tight is resource allocation. Aito sold 20,652 units in August, nearly half of HIMA; Luxeed 8,561, the SAIC brand 7,888, Stelato 1,627, Maextro 749 — the last three still ramping. Five brands share one driving stack, one cockpit and one marketing team. Aito is the most mature and the least in need of Huawei's hands-on management; handing it over is the most rational move under pressure. Yu's line about focusing on the other four brands says exactly that.

赛力斯接得住，依据都在明面上。问界用户突破120万，专属专营用户中心全国已有400家；赛力斯研发工程师超过1万人，占员工总数43%；它还是引望10%的股东——115亿买来的位置，华为最新技术会第一时间给到问界，这是“含华量”的结构性保障，不靠谁的口头承诺。2024年赛力斯花25亿把问界商标买了回来，加上这115亿的股权，资产的绳早系好了。把这三个依据转给还在传“华为撤出”的人，一次说清。

Seres can carry it, on three counts that are all public. Aito users have passed 1.2 million, with 400 dedicated user centres nationwide; Seres employs over 10,000 R&D engineers, 43% of its workforce; and it holds 10% of Yinwang — the seat bought for 11.5 billion yuan — which structurally guarantees Huawei's latest technology reaches Aito first, no verbal promise required. Seres bought the Aito trademark back for 2.5 billion in 2024, and with the equity, the asset side was settled long ago. Forward these three counts to anyone still repeating “Huawei is pulling out” — that settles it in one pass.

所以这次官宣要修的东西里，股权和技术关系排不上号，排在第一位的是叙事。9月15日那轮公告没有把“动的是分工、不动的是关系”讲清楚，叠加交付数据的下滑，市场往最坏的方向读了一次，15天后就得用一场签约仪式补回来。留给你的问题：问界交给赛力斯之后，第一个该被检验的是什么——交付节奏，还是服务口碑？评论区聊。

So what this announcement really repairs ranks equity and technology nowhere near the top — the first item is the narrative. The September 15 notice never made clear that what changed was the division of work and nothing about the relationship; with deliveries sliding, the market read it the worst way, and a signing ceremony fifteen days later paid for it. A question for you: with Aito now in Seres' hands, what should be tested first — delivery pace or service reputation? Tell me in the comments.

#华为#  #赛力斯#  #问界#  #鸿蒙智行#  #问界M9#  #新能源汽车#  #赛力斯华为合作#  #新势力销量#

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