转自：新华财经 2025年8月，蔚来汽车交付新车31305台，同比增长55.2%，创历史新高。其中，蔚来品牌交付新车 10525台；乐道品牌交付新车16434台；firefly萤火虫品牌交付新车4346台。 截至2025年8月31日，蔚来汽车已累计交付新车838036台。其中，蔚来品牌累计交付新车748448台；乐 道品牌累计交付新车75033台；firefly萤火虫品牌累计交付新车14555台。 编辑：湛玮琦 值得一提的是，乐道L90上市首月交付10575台，是蔚来汽车历史上销量破万最快的车型。（张震） ...

Core Viewpoint - NIO's financial performance is under pressure due to its battery swap model, which has led to significant losses, while the company anticipates a 13% revenue growth in Q2 2025 driven by increased vehicle deliveries and product diversification [1][20]. Revenue Growth - In 2024, NIO's total revenue is projected to reach 65.73 billion yuan, representing an 18.2% year-on-year increase, primarily due to a significant rise in delivery volumes and optimized product structure [1]. - NIO delivered 221,970 vehicles in 2024, marking a 38.7% increase compared to the previous year, which directly contributed to the growth in automotive sales revenue [1]. Product Diversification - NIO continues to expand its product line to cater to diverse consumer needs, covering various market segments from compact SUVs to luxury sedans, with price ranges from 300,000 to 800,000 yuan [4]. - Key models like ES6 and EC6 have gained widespread consumer recognition due to their performance, comfort, and advanced technology, significantly driving revenue growth [5]. Profitability Challenges - NIO is facing ongoing losses, with a projected net loss of 22.4 billion yuan in 2024, an increase of 8.1% year-on-year, equating to over 60 million yuan in daily losses [6]. - High research and development costs reached 13.037 billion yuan in 2024, primarily focused on core areas such as autonomous driving and battery technology, which are expected to enhance product competitiveness but are unlikely to yield short-term profitability [6]. - Selling, general, and administrative expenses rose to 15.74 billion yuan in 2024, a 22.2% increase, driven by significant investments in marketing, brand building, and sales channel expansion [6]. Battery Swap Network Costs - The construction and operation of NIO's battery swap network have incurred substantial costs, with losses from the battery swap business amounting to 3.12 billion yuan in 2024 [9]. - As of the end of 2024, NIO had established over 2,300 battery swap stations, but the average daily service frequency per station was only 32, while breakeven requires 50 services per day [9]. Market Position and Competition - In Q1 2025, NIO maintained a growth trajectory with 42,094 vehicle deliveries, a 40.1% year-on-year increase, although its industry ranking fell to eighth place amid fierce competition [10]. - The NIO brand delivered 27,313 vehicles in Q1 2025, while the newly launched brand, Lido, contributed 14,781 vehicles, indicating a growing market presence [11]. Future Product Launches - NIO's Lido brand flagship SUV, Lido L90, is set to launch in Q2 2025, with pricing starting at 265,800 yuan for the six-seat version [16]. - The Lido L80, expected to launch in Q4 2025, aims to compete in the family vehicle segment, while the third-generation ES8 will also debut in Q4 2025, featuring significant technological upgrades [17].

点击蓝字，关注我们 今日上午港股 1. 光伏股早盘走高，信义光能(00968)涨超3%；福耀玻璃(03606)涨超3%；协鑫新能源(00451)涨超3%； 新特能源(01799)涨超1%。 国内头部多晶硅企业纷纷上调报价，市场关注多晶硅产业重组进展。 8. 中国重汽(03808)涨超3%， 根据第一商用车网初步掌握的数据，2025年8月份，重卡销量延续高增态势 机构看好行业景气度。 9. 和誉-B(02256)涨超6%， 和誉近期发布公告称，公司连续回购并获外资股东增持，稳步推进匹米替尼 注册上市。 10. 微创机器人-B(02252)再涨超11%， 花旗发布研报称，微创机器人上半年营收1.76亿元，同比增77%， 机器人行业再迎热度，公司商业化进程稳健推进。 昨日 美股 1. 蔚来(NIO.US)涨3.13%， 蔚来汽车2025年8月交付31,305辆汽车，同比增长55.2%；于2025年至今交付1 66,472辆汽车，同比增长30.0%。 2. 恒瑞医药(01276)再涨超5%， 9月2日，恒瑞医药发布公告，收到国家药监局签发关于HRS-7172片的 《药物临床试验批准通知书》。 3. 青岛银行(0386 ...

Core Viewpoint - NIO's Q2 2025 financial report shows significant growth in vehicle deliveries, revenue, and gross margin, indicating a positive turnaround and enhanced market confidence in the company's future prospects [1][2]. Financial Performance - In Q2 2025, NIO delivered 72,056 vehicles, a 71.2% increase quarter-over-quarter [1]. - Total revenue reached 19.01 billion yuan, with a quarter-over-quarter growth of 57.9% and a year-over-year increase of 9% [1]. - The overall gross margin improved to 10%, reflecting a notable increase from previous quarters [1]. - Cash reserves rose to 27.2 billion yuan, and operating cash flow turned positive [1]. Operational Improvements - NIO has successfully navigated a critical operational turning point, with significant improvements in both cost and profitability due to internal organizational changes and timely market policy adjustments [2]. - The self-developed NX9031 chip has optimized vehicle costs by over 10,000 yuan per unit [2]. - The company reported a more than 30% reduction in operating losses quarter-over-quarter [2]. Product Strategy - The launch of the Lido L90 and the upcoming ES8 models are pivotal in driving NIO's operational turnaround, with the L90 achieving over 10,000 deliveries in its first month [3][5]. - Both models are positioned to meet the growing demand for large electric SUVs in the Chinese market, aligning with consumer preferences for spacious vehicles [3][5]. Market Response - NIO's stock has surged over 90% since the pre-sale of the Lido L90, reflecting increased investor confidence and trading activity [4]. - The dual positive signals from the consumer and capital markets are providing strong support for the company's recovery [4]. Technological Advancements - NIO is experiencing a "technology harvest year" in 2025, with the mass production of its 5nm autonomous driving chip and the application of its SkyOS operating system [6]. - The company has established a comprehensive charging and battery swap network, with over 8,200 charging and battery swap stations built, enhancing the user experience and addressing charging concerns [6]. Organizational Efficiency - NIO has implemented a CBU (Core Business Unit) mechanism to enhance operational efficiency, resulting in a doubling of employee productivity despite a 40% reduction in frontline sales staff [7]. - August delivery data showed a significant increase, with 31,305 vehicles delivered, marking a nearly 50% increase from the previous month [7].

瑞银发表研究报告指，蔚来第二季业绩符合预期。由于蔚来旗下乐道汽车的销售增长势头强劲，该行将 2025至27年销售预测上调2至19%，目标价由5.4美元上调至6.2美元，维持"中性"评级。 ...

造车11年，蔚来依然亏损224亿，李斌从理想主义者变身现实斗士。过去他只算大账，不在乎小账，如 今每个部门都得单独算账，砍项目，降服务，连自家的手机业务都快绝版。换电站投入60亿却难盈利， 连昂贵的服务也开始外包。不过蔚来坚持高端，死磕用户体验，哪怕卖一辆亏十万，李斌也硬扛，今天 就来聊聊李斌。 ...

一、经营概况 二季度公司交付 72,056 辆智能电动汽车，同比增长。蔚来品牌完成四款 2025 年型产品焕新，竞争力进一步提升；组织效率提升与品牌认知增强，ONVO 品牌在家用车市场持续 向好；萤火虫定位高端精品小车，市场反响热烈。 7 月交付 21,017 辆，8 月交付 31,305 辆。7 月末 ONVO L90 上市、8 月末全新 ES8 预售，市场反馈强劲，用户信心提升，整体 销量抬升。预计第三季度总交付 8.7–9.1 万辆，同比增长 40.7–47.1%，再创季度新高。 财务端： 整车毛利率保持稳定，其他业务毛利率显著改善；通过基于基本经营单元机制的全面降本增效举措的落地，成本优化效果显著。二季度non gaap经营亏损环比收窄逾 30%。 自二季度 ET9 交付以来，在行政旗舰轿车市场表现强劲。持续研发投入下， 蔚来率先在 ET9 及 2025 款 ET5、ET5T、ES6、EC6 上量产搭载自研智能驾驶芯片及全域操作系统。6 月下旬，NIO World Model 向所有搭载自研智驾的蔚来车型全量推送 ；5 个月内实现跨 5 款车型核心模型应用无缝迁移，创中国及行业首个自研旗舰智驾芯片全功 ...

招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,497 | -0.47 | 27.10 | | 恒生国企 | 9,108 | -0.15 | 24.94 | | 恒生科技 | 5,728 | -1.22 | 28.21 | | 上证综指 | 3,858 | -0.45 | 15.11 | | 深证综指 | 2,414 | -2.04 | 23.35 | | 深圳创业板 | 2,872 | -2.85 | 34.12 | | 美国道琼斯 | 45,296 | -0.55 | 6.47 | | 美国标普 500 | 6,416 | -0.69 | 9.08 | | 美国纳斯达克 | 21,280 | -0.82 | 10.20 | | 德国 DAX | 23,487 | -2.29 | 17.97 | | 法国 CAC | 7,654 | -0.70 | 3.71 | | 英国富时 100 | 9,117 | ...

消息面上，8月新能源车市保持增长态势。9月2日，据乘联分会消息，根据月度初步乘联数据综合预 估，8月全国新能源乘用车厂商批发销量130万辆，同比增长24%，环比增长10%；今年1~8月累计批发 893万辆，同比增长34%。 近期，港股多家造车新势力陆续公布8月交付数据。其中，零跑汽车8月全系交付57066辆，同比增长超 88%，连续6个月稳居新势力榜首。小鹏汽车8月交付新车37709辆，同比增长近169%，环比增长近3%， 单月交付量再创历史新高。蔚来8月交付新车31305辆，同比增长超55%，交付量同样创历史新高。 9月3日早盘，港股三大指数震荡走低，恒生科技指数转跌。主流ETF方面，恒生科技指数ETF （513180）跟随指数震荡下行，持仓股中，阿里健康、蔚来、百度集团、理想汽车、京东集团等涨幅居 前；港股通汽车ETF（159323）小幅上涨，持仓股中升控股、理想汽车等上涨，比亚迪股份、地平线机 器人、小鹏汽车等下跌。 光大证券指出，虽然今年以来港股市场整体表现较好，但其估值仍具有一定的性价比。除了南下资金流 入的动力之外，美联储降息有望进一步提升外部流动性环境，指数或有不错表现。该机构建议关注港股 汽车 ...

9月3日早盘，港股三大指数集体上涨。盘面上，黄金板块震荡走高，机器人概念盘中活跃。A股同赛道 规模最大的恒生科技指数ETF（513180）跟随指数上涨，持仓股阿里健康、蔚来、京东健康、理想汽 车、百度集团、京东集团等涨幅居前，其中蔚来绩后一度涨超4%。 财通证券表示，据各公司发布的8月销量数据，零跑、小鹏、蔚来单月交付量均创历史新高。此外，新 发布车型销量表现较好，带动整体销量持续增长。华泰证券观点认为，考虑到蔚来L90爆款上量，公司 9~12月新车周期更加密集，且全新ES8和后续新车有望继续沿用爆款路线实现热销；以及规模效应释放 和内部降本增效等均为关键边际变好。 南向资金年内净买入突破万亿港元，近期主要流向港股AI核心资产。截至9月2日，南向资金已连续8日 净买入阿里巴巴。公开信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬 科技兼备，成分股深度聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪 等有望成为中国科技股"七巨头"。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键 布局中国AI核心资产。（场外联接A/C：013402/01 ...