证券时报记者严翠 9月1日晚，汽车企业集中发布8月新能源车销售"成绩单"。 比亚迪8月产销简报显示，8月比亚迪新能源汽车销量37.36万辆，与上年同期的37.31万辆基本持平，1— 8月新能源汽车累计销量为286.4万辆，同比增长23%。比亚迪表示，公司2025年8月出口新能源汽车合 计8.08万辆。 长城汽车公告，2025年8月汽车销量11.56万辆，同比增长22.33%，其中新能源车销量3.75万辆。1—8月 总销售78.97万辆，同比增长5.94%。 鸿蒙智行宣布，8月交付新车4.46万辆，全系累计交付突破90万辆，再创新势力品牌达成速度纪录。同 时，鸿蒙智行8月成交均价38万元，实现了量价齐飞。目前，鸿蒙智行已形成"五界十车"的产品矩阵， 覆盖多元用户需求。随着多款重磅新车发布，鸿蒙智行即将迈向百万销量里程碑。 上汽集团公告，2025年8月公司整车产量为37.69万辆，同比增长44.05%，其中新能源汽车产量为14.05 万辆，同比增长60.08%。8月整车销量为36.34万辆，同比增长41.04%，其中新能源汽车销量为12.98万 辆，同比增长49.89%。据了解，上汽集团与华为联合打造了"尚界"智 ...

Core Viewpoint - NIO Inc. is expected to report a loss of 30 cents per share on revenues of $2.76 billion for Q2 2025, indicating a year-over-year revenue growth of approximately 15% despite operational challenges [1][2][8]. Financial Performance - The loss estimate for Q2 2025 has remained unchanged over the past 60 days, showing an improvement from a loss of 34 cents in the same quarter last year [2]. - For the full year 2025, NIO's revenue is projected at $13.7 billion, reflecting a 50.2% increase year-over-year, with an expected loss of $1.02 per share, improving from a loss of $1.51 per share in 2024 [3]. - NIO's vehicle margins improved to 10.2% in Q1 2025, up from 9.2% in Q4 2024, driven by increased deliveries and cost optimization [6][8]. Delivery and Sales - In Q2 2025, NIO delivered 72,056 vehicles, a 25.6% increase from the previous year, although sales of the NIO brand cars declined by approximately 18% compared to Q2 2024 [5][6]. - The ONVO and Firefly brands contributed significantly to the delivery numbers, with 17,081 and 7,843 units sold, respectively [5]. Operational Challenges - NIO has faced operational inefficiencies, with SG&A expenses rising 46.8% year-over-year, impacting profit margins [9]. - Increased personnel costs and spending on sales and marketing are expected to continue affecting the company's financial performance [9]. Stock Performance and Valuation - Over the past six months, NIO's stock has risen by 50%, outperforming competitors like Li Auto and XPeng [10]. - NIO currently trades at a forward price-to-sales ratio of 0.78, which is above the industry average of 0.45 but below Li Auto's 0.93 and XPeng's 1.36 [13]. Strategic Initiatives - NIO's product lineup, including models like ES6, ES8, and the upcoming redesigned ES8, is expected to support future deliveries [15]. - The company is investing in its battery swap network, with over 3,400 swap stations and plans to build 1,000 new stations annually, which could enhance EV adoption [16]. Long-term Outlook - NIO aims to narrow its losses in 2025 and achieve breakeven by Q4 2025, although this target may be ambitious given the current financial landscape [17]. - The company's long-term debt to capital ratio stands at 0.76, significantly higher than the industry average of 0.28, indicating potential financial strain [17].

Group 1 - In August, the competition in the automotive market intensified, with brands experiencing significant sales growth, indicating a critical period leading into the peak sales months of September and October [1] - BYD's passenger car sales reached 371,501 units in August, with a year-to-date total of 2.32 million units, showcasing a strong market position that is difficult for competitors to surpass [5] - Geely's total sales in August were 250,167 units, with 147,347 units being new energy vehicles, indicating a solid performance from its Galaxy brand [6][10] Group 2 - SAIC Group sold 363,371 units in August, with 129,771 units being new energy vehicles, reflecting a year-on-year growth of 208.6% for its passenger car segment [11][14] - Changan Automobile's sales exceeded 233,000 units in August, with over 88,000 units being new energy vehicles, marking an 80% year-on-year increase [19][31] - Leap Motor achieved a delivery of 57,066 units in August, indicating a strong upward trend in sales driven by new models and overseas market expansion [32] Group 3 - NIO delivered 31,305 units in August, marking a historical high, with the new ES8 and the L90 model contributing significantly to this growth [49][55] - Xiaomi's delivery volume exceeded 30,000 units in August, with the YU7 model performing exceptionally well, although challenges remain in scaling production [56] - Ideal Auto delivered 28,529 units in August, with ambitious targets set for its upcoming electric models, indicating confidence in future sales performance [62] Group 4 - GAC Aion's sales reached 27,044 units in August, supported by significant investments in charging infrastructure, positioning the brand for future growth [64] - BAIC New Energy sold 13,530 units in August, with the Arcfox brand achieving over 10,000 units, indicating a successful product strategy [68] - Lantu Auto delivered 13,505 units in August, maintaining a stable sales base with expectations for further growth due to new model launches [70]

（4）零跑汽车 ：8月交付57,066辆，同比增长88%，连续多月突破5万辆，新车型B10等推动销量增长。 零跑正在加速全球化进程，今年以来的出口销 量稳居新势力前列，近期欧洲订单更是创下历史新高。 （5）小鹏汽车： 8月交付37,709辆，同比增长169%，连续10个月交付超3万辆。 1-8月，累计交付新车271,615辆，同比增长251.79%。其中，小鹏G7 截至8月累计交付超万辆；小鹏MONA M03在8月交付超15,000辆，总交付量突破16万辆。 （6）蔚来： 8月交付31,305辆，同比增长55.2%，其中乐道品牌L90首月交付破万，推动整体销量增长。 （1）比亚迪： 8月，比亚迪汽车销售373626辆，同比增长0.1%，环比增长8.5%；1-8月份累计销量约286.4万辆，同比增长23%。 | | | 商量 | | | | 銷量 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目類別 | 本月 | 去年同期 本年累計 去年累計 | | 累計同比 | 本月 | 去年同期 本年累計 去年累計 累計同比 | | | 新能源汽車 | 3 ...

Core Insights - Domestic automakers in China reported record delivery numbers for August 2025, with several companies achieving significant year-on-year growth in electric vehicle sales [1][5][11][12][13][16][17][18][19][20] Group 1: BYD - BYD's electric vehicle sales reached 373,626 units in August 2025, a decrease from 373,100 units in the same month last year, but cumulative sales for the first eight months of 2025 increased by 23% to 2.864 million units [1] - In August, BYD exported a total of 80,813 electric vehicles [1] Group 2: Geely - Geely's total vehicle sales for August 2025 were 250,200 units, marking a 38% increase year-on-year [5] - Pure electric vehicle sales reached 93,400 units, up 98% year-on-year, while plug-in hybrid vehicle sales were 54,000 units, up 90% [5] - Geely's new energy vehicle sales exceeded 147,000 units in August, with cumulative sales surpassing one million units for the year [5] Group 3: SAIC Motor - SAIC Motor reported electric vehicle sales of 129,800 units in August 2025, a year-on-year increase of 49.89% [11] - The total vehicle production for August was 376,900 units, up 44.05% year-on-year, with cumulative production for the year reaching 2.8346 million units, a 22.58% increase [11] Group 4: Great Wall Motors - Great Wall Motors sold 115,600 vehicles in August 2025, a 22% increase year-on-year, with electric vehicle sales at 37,500 units [12] - Cumulative vehicle sales for the year are approximately 790,000 units, reflecting a 5.94% increase [12] Group 5: Leap Motor - Leap Motor delivered 57,066 vehicles in August 2025, achieving over 88% year-on-year growth [13] Group 6: NIO - NIO delivered 31,305 vehicles in August 2025, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,000 units [13] - The August deliveries included 10,525 high-end smart electric vehicles and 16,434 family smart electric vehicles [13] Group 7: Xpeng Motors - Xpeng Motors delivered 37,709 smart electric vehicles in August 2025, a 169% year-on-year increase, setting a new monthly delivery record [16] - Cumulative deliveries for the first eight months of 2025 reached 271,615 units, up 252% from the previous year [16] Group 8: Li Auto - Li Auto delivered 28,529 new vehicles in August 2025, with a total cumulative delivery of 1,397,070 vehicles [17] - The CEO expressed confidence in achieving sales targets for new electric SUV models [17] Group 9: Xiaomi Auto - Xiaomi Auto continued to deliver over 30,000 vehicles in August 2025, with plans to expand its retail presence [18] Group 10: Lantu Motors - Lantu Motors delivered 13,505 vehicles in August 2025, marking a 119% year-on-year increase [19] Group 11: Harmony Auto - Harmony Auto reported total new vehicle deliveries of 44,579 in August 2025, with cumulative deliveries surpassing 900,000 units [20]

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - Leap Motor's cumulative deliveries reached 328,859 vehicles from January to August, reflecting a year-on-year growth of 136.4% [1][2] - The overall market for new energy vehicles showed a positive trend, with a total retail sales estimate of 1.1 million units in August, achieving a penetration rate of 56.7% [9][10] Company Performance - **Leap Motor**: Delivered 57,066 vehicles in August, with a cumulative total of 328,859 vehicles for the year, and is expected to reach 1 million cumulative deliveries by the end of the year [1][2] - **Xpeng Motors**: Achieved 37,709 deliveries in August, a year-on-year increase of 168.7%, with a total of 271,615 vehicles delivered from January to August [2][3] - **NIO**: Delivered 31,305 vehicles in August, a 55.2% year-on-year increase, with cumulative deliveries reaching 838,036 vehicles [5][6] - **Xiaomi Motors**: Exceeded 30,000 deliveries for the second time since its launch, with plans to expand its retail presence [6] - **Li Auto**: Reported 28,529 deliveries in August, with a total of 1,397,070 vehicles delivered historically [6] Market Trends - The overall retail sales of narrow passenger vehicles in August were estimated at approximately 1.94 million units, showing a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [9][10] - The market is expected to perform better in September due to the traditional peak season and the implementation of various subsidies [10]

Core Insights - The electric vehicle market in August experienced a significant rebound, with brands like Leapmotor, Xpeng, and NIO achieving historical sales highs, while Li Auto faced a decline for three consecutive months [2] Group 1: Company Performance - BYD sold 373,626 vehicles in August, a slight increase from 373,083 units year-on-year, with overseas sales growing by 146.4% to 80,464 units [3][5] - SAIC-GM-Wuling's total sales reached 132,000 units, up 18.5% year-on-year, with new energy vehicle sales increasing by 10.6% to 80,611 units [8][12] - Leapmotor achieved a record high of 57,066 deliveries in August, marking an over 88% year-on-year growth [18] - Xpeng delivered 37,709 vehicles, a 169% increase year-on-year, setting a new monthly delivery record [21] - NIO's deliveries reached 31,305 units, a 55.2% year-on-year increase, also a historical high [24] - Xiaomi maintained a delivery volume exceeding 30,000 units for two consecutive months, indicating strong market performance [28] - Li Auto delivered 28,529 vehicles, experiencing a decline for three consecutive months [30][31] - Lantu delivered 13,505 vehicles, achieving a 119% year-on-year growth [34] - Avita's sales reached 10,565 units, a 185% increase year-on-year [37] - Zhiji delivered 6,108 vehicles, with the new Zhiji L6 performing well in the market [42] - Jishi delivered 1,358 vehicles, marking a continuous growth trend [44] - Hongmeng Zhixing delivered 44,579 vehicles, with total deliveries surpassing 900,000 units, showcasing strong market acceptance [50]

【 导读 】 比亚迪8月销量停滞不前，新势力交付量分化凸显纯电上升趋势 中国基金报记者 邱德坤 9月1日，比亚迪发布的产销快报显示，8月新能源汽车销量为37.36万辆，同比增长0.15%， 环比增长8.52%。 | | | | 产量 | | | | | 销量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 353, 090 | 366, 973 | 2,808, 015 | 2, 319, 858 | 21.04% | 373, 626 | 373, 083 | 2, 863, 876 | 2, 328, 449 | 23.00% | | -乘用车 | 351, 080 | 364, 744 | 2, 769, 458 | 2. 310. 207 | 19.88% | 371, 501 | 370, 854 | 2, 825, 802 | 2, ...

一图速览>> 来源:车企官网 制图: 丁源 阿维塔 10565 V *蔚来交付量数据包括蔚来、乐道、firefly萤火虫品牌,其中蔚来品牌10525辆, 乐道品牌16434辆, firefly萤火虫品牌4346辆 *极氪科技交付量包括极氪、领克品牌，其中极氪品牌17626辆，领克品牌27217辆 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of new energy vehicle manufacturers in August, with significant sales increases for several companies [1][2][3] - Leap Motor leads the sales chart with over 57,000 units delivered in August, marking a year-on-year increase of over 88% [1] - Xiaopeng Motors achieved a record high of 37,700 units delivered in August, reflecting a year-on-year growth of 169% and a month-on-month increase of 3% [1][2] Group 2 - NIO's new models, the L90 and ES8, contributed to a sales rebound, with over 31,000 units delivered in August, a year-on-year increase of 55.2% [2] - The new L90 model became a key driver for NIO's sales, achieving over 10,000 deliveries in its first month [2] - Li Auto experienced a decline in sales, delivering approximately 28,500 units in August, while the MEGA model saw over 3,000 units delivered [2]