Business Overview - In Q2, the company delivered 72,056 smart electric vehicles, representing a year-on-year growth. The NIO brand refreshed four models for 2025, enhancing competitiveness. The ONVO brand showed positive trends in the family car market, while the Firefly model received a strong market response as a high-end compact car. Deliveries in July and August were 21,017 and 31,305 vehicles, respectively. The company expects total deliveries in Q3 to reach 87,000 to 91,000 units, a year-on-year increase of 40.7% to 47.1% [1][2][3] - Financially, the gross margin for complete vehicles remained stable, while the gross margin for other businesses improved significantly. The non-GAAP operating loss in Q2 narrowed by over 30% quarter-on-quarter due to cost optimization measures [1][4] Key Financial Data - Total revenue reached 19 billion yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9%. Vehicle sales revenue was 16.1 billion yuan, up 2.9% year-on-year and 62.3% quarter-on-quarter, primarily driven by increased delivery volumes [4][5] - The gross margin for complete vehicles was 10.3%, down from 12.2% year-on-year but stable compared to the previous quarter. This decline was mainly due to changes in product structure, partially offset by a decrease in unit material costs [4][5] - The comprehensive gross margin improved to 10% from 9.7% year-on-year and 7.6% quarter-on-quarter, driven by an increase in the proportion of revenue from used cars and technical services [5] - R&D expenses were 3 billion yuan, down 6.6% year-on-year and 5.5% quarter-on-quarter, mainly due to differences in design and development phases [6] - Operating loss was 4.9 billion yuan, a decrease of 5.8% year-on-year and 23.5% quarter-on-quarter. Adjusted operating loss was 4 billion yuan, down 14% year-on-year and 32.1% quarter-on-quarter [7] - Net loss was 5 billion yuan, a decrease of 1% year-on-year and 22% quarter-on-quarter. Adjusted net loss was 4.1 billion yuan, down 9% year-on-year and 34.3% quarter-on-quarter [7] Product and Market Strategy - The company launched the new third-generation ES8 and ONVO L90, which are expected to drive the full electrification of large luxury SUVs and boost overall sales. The battery swap network's effects are becoming more apparent, attracting more users to experience its unique value [4][8] - The company has established a comprehensive sales and service network with 176 NIO centers, 416 NIO spaces, and 414 online stores, along with 388 service centers and 68 delivery centers [3] - The global battery swap stations reached 3,542, with over 8.4 million swaps completed. The company also has over 27,000 fast charging and destination charging piles, leading the industry in charging infrastructure [3] - The company aims for a long-term gross margin target of 20%, with specific targets for different brands: NIO brand at 25%, ONVO at no less than 15%, and Firefly around 10% [10]

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 ...

Group 1 - The Hong Kong stock market indices collectively rose, with the gold sector showing volatility and the robotics concept being active [1] - NIO reported its Q2 2025 earnings, with total revenue reaching 19.009 billion yuan, a year-on-year increase of 9%, and an adjusted net loss of 4.127 billion yuan, a year-on-year reduction of 9% [1] - NIO's vehicle delivery volume reached 72,100 units, a year-on-year increase of 25.6%, with Q3 revenue expected to be between 21.8 billion and 22.9 billion yuan [1] Group 2 - Southbound funds have net bought over 100 billion Hong Kong dollars this year, primarily flowing into Hong Kong's AI core assets [2] - Southbound funds have continuously net bought Alibaba for eight consecutive days [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain [2]

9月3日港股开盘，恒指涨0.64%，恒生科技指数涨0.99%。 蔚来、理想汽车涨超3%，京东集团、百度集团涨超2%，小米集团涨近2%。 ...

9月3日早盘，港股三大指数集体高开，恒生指数高开涨0.64%，恒生科技指数涨0.99%。盘面上，受纽 约黄金期货价格持续上涨带动，黄金股集体走强，汽车股表现活跃。A股同赛道规模最大的恒生科技指 数ETF（513180）跟随指数上涨，持仓股蔚来、百度集团、京东集团、理想汽车、京东健康领涨，其中 蔚来绩后一度涨超4%。 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 （002594）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：013402/013403） 东吴证券表示，展望后市，海外方面，美国PMI、非农就业人口数据若转弱，美元利率下行将直接抬升 恒科估值；若数据超预期，美债收益率反弹则压制科技板块。国内方面，8月CPI等数据决定盈利预期 能否企稳，数据向好可对冲关税与政策不确定 ...

Market Performance - Hang Seng Index (HSI) fell by 120 points or 0.5%, closing at 25,496 points[1] - National Index dropped by 13 points or 0.2%, ending at 9,108 points[1] - Hang Seng Tech Index decreased by 70 points or 1.2%, closing at 5,728 points[1] - Total market turnover was HKD 328.119 billion[1] Economic Indicators - People's Bank of China conducted a 7-day reverse repurchase operation of CNY 255.7 billion at a steady rate of 1.4%[1] - CNY appreciated by 17 points against USD, with a midpoint rate of 7.1089[1] A-Share Market Trends - A-share indices experienced declines, with Shenzhen Component Index and ChiNext Index dropping over 2%[1] - Shanghai Composite Index reached a high of 3,885 points before closing down 17 points or 0.45% at 3,858 points[1] Real Estate Market Insights - Shanghai's second-hand housing market saw a daily net signing of 1,103 units on August 30, a three-month high[3] - August's second-hand home transactions exceeded 19,900 units, marking a year-on-year increase of approximately 12% and a month-on-month increase of 3.44%[3]

蔚来、理想汽车涨超3%，京东集团、百度集团涨超2%，小米集团涨近2%。 9月3日港股开盘，恒指涨0.64%，恒生科技指数涨0.99%。 ...

智通财经APP获悉，蔚来-SW(09866)绩后涨超4%，截至发稿，涨4.31%，报53.25港元，成交额3042.02 万港元。 消息面上，蔚来汽车发布第二季度业绩，营收190.1亿元，同比增长9%，环比增长57.9%；净亏损则收 窄至人民币49.948亿元。公司二季度交付72056台，同比增长25.6%，环比增长71.2%。三季度交付指引 87000台至91000台，同比增长40.7%至47.1%，三季度营收指引218.1亿元至228.8亿元。均创历史新高。 值得一提的是，今年8月，蔚来汽车交付新车3.13万辆，同比增长55.2%，创历史新高。其中，蔚来品牌 交付新车1.05万辆，乐道品牌交付新车1.64万辆，firefly萤火虫品牌交付新车4346辆。乐道L90上市首月 交付1.06万辆，是蔚来历史上交付破万辆最快的车型。 ...

值得一提的是，今年8月，蔚来汽车交付新车3.13万辆，同比增长55.2%，创历史新高。其中，蔚来品牌 交付新车1.05万辆，乐道品牌交付新车1.64万辆，firefly萤火虫品牌交付新车4346辆。乐道L90上市首月 交付1.06万辆，是蔚来历史上交付破万辆最快的车型。 消息面上，蔚来汽车发布第二季度业绩，营收190.1亿元，同比增长9%，环比增长57.9%；净亏损则收 窄至人民币49.948亿元。公司二季度交付72056台，同比增长25.6%，环比增长71.2%。三季度交付指引 87000台至91000台，同比增长40.7%至47.1%，三季度营收指引218.1亿元至228.8亿元。均创历史新高。 蔚来-SW(09866)绩后涨超4%，截至发稿，涨4.31%，报53.25港元，成交额3042.02万港元。 ...