本报记者 刘钊 近日，蔚来集团（以下简称"蔚来汽车"或"蔚来"）发布2025年第一季度财报。数据显示，公司一季度营收超120亿元，同 比增长超21%。公司一季度整车毛利率10%，一季度新车交付4.29万辆，同比增长超40%。尽管销量增长，但公司的净亏损仍处 高位，反映出蔚来汽车在市场竞争加剧、内部调整深化背景下面临阶段性挑战。 g 0 @ F f ®- I 李斌 f 蔚来汽车创始人、董事长李斌在媒体沟通会上发言 公司供图 从规模扩张转向经营质量提升 在媒体沟通会上，李斌多次强调蔚来汽车已进入"技术收获期"。他特别提到全球首款量产5纳米智驾芯片神玑NX9031。 "去年一辆车上四颗Orin芯片，我们花了3亿多美金。今年全部换成自研芯片，成本大幅降低。"李斌表示。 据介绍，这款芯片已搭载于ET9、新款ES6等车型，不仅性能提升，更在供应链自主可控上迈出关键一步。配合"蔚来世界 模型NWM"的推送，构建起从硬件到软件的完整技术闭环。 产品方面，蔚来汽车正经历密集的产品切换周期。旗舰车型ET9在高端市场表现亮眼。据李斌透露，4月份是ET9第一个完 整交付月，销量已超过宝马7系和奥迪A8同期水平。这款行政级轿车，凭借原 ...

小鹏汽车董事长、CEO何小鹏表示，小鹏汽车的全球化路径将聚焦三大核心战略，即以高科技、中高端 差异化定位以及在重点区域构建研发制造与深度本土化服务体系。 中国汽车流通协会乘用车市场信息联席分会秘书长崔东树撰文称，中国新能源汽车出口表现较强。新势 力新能源车企在荷兰和挪威市场有相对较好的表现，几家新势力新能源车企主要在挪威登陆欧洲市场， 形成了一定规模。 如北京大学国家发展研究院副院长黄卓所言，在新形势下，我们见证了从"中国制造"向"中国智造""中 国创造"的转变。中国企业沿着产业链和价值链不断向上攀升，某些领域的技术全球领先，甚至开始制 定行业标准。 他提到，在以电动汽车、锂电池、太阳能电池板为代表的新三样产业中，中国遥遥领先。新能源汽车产 业的发展拉动了中国汽车出口量跃居全球首位。 中新社北京6月5日电 波兰前总理马雷克·贝尔卡日前在深圳出席2025清华五道口全球金融论坛时称，中 国品牌的电动汽车在欧洲市场很有可能取代特斯拉的位置。 据汽车数据情报公司Jato Dynamics的最新数据，4月份，比亚迪在欧洲注册7231辆纯电动汽车，同比增 长169%；特斯拉的注册量为7165辆，同比下降49%。 以德国为 ...

"中国汽车产业的恒大已经存在"。近日，长城汽车董事长魏建军的一番发言，在汽车圈激起了千层浪，矛头直指近两年车圈的价格战。 魏建军在接受访问中指出，纯电动车亏损严重，难以形成商业闭环，这是如今的产业困境。他直言，"什么样的工业产品能降10万元还得到质量保证？" 事实上，魏建军近年已经不止一次呼吁"反内卷"，他认为过度的价格竞争只会导致恶性循环，对于企业正常的发展而言，必须有合理的利润。 在商业世界里，没有一家企业不是奔着"盈利"的目标入场的。但过去两年，已有数十家车企倒下，市场竞争愈发激烈，"价格战"成为了车企们无奈却又不 得不选择的"武器"，试图通过降价来抢占有限的市场份额，缓解库存压力。 只不过，当人人都拾起"低价武器"，与其喊话让市场"停一停，等一等"，当下如何跟上市场节奏，反而才是车企当下最着急的命题。 1 立下盈利军令状 苦于车圈价格战的，并不只有魏建军一位。近日，小鹏汽车董事长何小鹏也谈到了价格战，他表示目前车市的竞争还不算激烈，在下一个5年中的某一年 竞争会更激烈，只是单纯卷价格的能力不足以支撑（企业）发展，应该要卷科技，走出国门。 2023年，小鹏曾一度躺进"ICU"，此后便开始积极调整经营战略 ...

Investment Rating - The report maintains a "Hold" rating for NIO Inc. with a target price of US$4.00, reflecting a potential upside of 7% from the current price of US$3.75 [1][15]. Core Insights - The target price has been revised down from US$4.90 to US$4.00, indicating an 18% decrease [2][15]. - The company is expected to face challenges in achieving profitability by the fourth quarter of 2025, with significant losses reported in the first quarter of 2025 [6][7][11]. - Revenue projections for 2025 have been adjusted to RMB 75.454 billion, while 2026 and 2027 projections have been slightly reduced to RMB 90.670 billion and RMB 117.416 billion, respectively [10][13][15]. Financial Performance - NIO reported a non-GAAP loss of RMB 62.8 billion in Q1 2025, a 28.2% year-over-year increase, primarily due to a 29.4% rise in operating expenses [6][11]. - The company's cash reserves decreased significantly from RMB 41.9 billion at the end of 2024 to RMB 26 billion by the end of Q1 2025, raising liquidity concerns [6][11]. - The projected earnings per share (EPS) for 2025 is expected to be RMB -9.82, improving to RMB -9.33 in 2026 and RMB -8.25 in 2027 [2][10][14]. Sales and Production Forecast - NIO's management has guided for Q2 2025 sales between 72,000 and 75,000 vehicles, representing a year-over-year growth of 25.5% to 30.7% [8][11]. - The total vehicle sales forecast for 2025 has been slightly increased to 286,000 units, with 2026 sales projected at 417,000 units [8][13]. Valuation - The valuation method used is the Price-to-Sales (P/S) ratio, which has been adjusted to 0.8x for 2025, down from 1.0x, reflecting the deteriorating financial condition of the company [15][21]. - The current market capitalization of NIO is approximately US$7.852 billion [1]. Market Comparison - NIO's P/S ratio of 0.8 is significantly lower than its competitors, such as Xpeng Motors at 1.7 and Li Auto at 1.3, indicating a potential undervaluation relative to peers [21].

新华财经上海6月5日电（记者王鹤）上市新势力车企一季度业绩已悉数披露。理想汽车连续10个季度盈 利；零跑汽车、小鹏汽车虽然亏损，但已大幅收窄，销量表现十分强劲，"向上"趋势清晰；蔚来业绩表 现艰难，但显示出触底反弹的迹象。几家车企高层在财报电话会一致表态，锚定四季度扭亏为盈的目 标。 2025年能否成为新势力集体迈向盈利的"转折年"？近来，又一轮无序"价格战"再起，根治这场没有赢 家、几败俱伤的"内卷式"竞争，汽车行业任重道远。分析认为，伴随竞争升级和淘汰赛压力，整个中国 新能源汽车行业也将告别增收不增利、赔本赚吆喝的经营模式。 蔚来一季度业绩"深蹲"，一季度交付42094辆，同比增长40.1%；总收入120.35亿元，同比增长21.5%； 净亏损67.5亿元，同比扩大30.2%；汽车毛利率10.2%，同比提升1个百分点。 尽管除理想外，其余新势力上市车企均亏损，但一些积极信号正在显现。 比如，零跑汽车营收与毛利率创历史新高，国内销量明显向上，与斯特兰蒂斯（Stellantis）集团合作的 全球化优势凸显，一季度出口7546辆。"技术降本+全球化"双轮驱动，让零跑盈利结构显著优化。 小鹏汽车销量去年四季度开始 ...

转自：新华财经 新华财经上海6月5日电（李一帆）进入6月第一周，尽管全国汽车5月销量尚未官宣，但各家车企已纷纷亮出月度"成绩单"。 新华财经统计了约30家车企的年内销量表现，结果显示行业分化趋势进一步加剧。 | | | | 主流汽车品牌1-5月销 | | --- | --- | --- | --- | | 汽车品牌 | 5月销量 | 間比 | 1-5月累计销量 | | 北亚迪 | 38.25 | > 15.28% | 176.34 | | 奇瑞集团 | 20.57 | 19.10% | 102.65 | | 吉利品牌新能源 | 13.8 | 135.20% | 60.28 | | 上汽通用五菱 | 13.44 | 20.70% | 63.81 | | 一汽-大众 | 12.83 | 3.20% | 60.69 | | 长城汽车 | 10.22 | 11.78% | -45.9 | | 吉利银河 | 10.18 | 273% | 45.82 | | 上汽大众 | 8.87 | -1.43% | 39.94 | | 上汽乘用车 | 7.3 | 34.06% | 30.47 | | 一汽丰田 | 6.81 | 24 ...

Group 1 - NIO, an electric vehicle start-up, missed estimates for its first fiscal quarter despite strong demand for its EVs and an increase in ONVO deliveries, including the popular L60 SUV [1] - The company is listed on the NYSE under the ticker NIO and also trades on the OTC market as NIOIF [1] Group 2 - The article does not provide any additional insights or data regarding the broader industry trends or competitive landscape [2] - There are no specific financial metrics or performance indicators mentioned beyond the missed estimates for NIO [2]

Group 1 - NIO's sub-brand, Lido, is reportedly entering the ride-hailing market by partnering with Didi, specifically for high-end car services [1][3] - There are mixed reactions from the public regarding Lido's move into the ride-hailing sector, with some expressing concerns about potential brand dilution and impact on private car sales [3] - Lido's L60 model is positioned for Didi's premium service, which differs from competitors like XPeng's MONA M03 that may only serve lower-tier ride-hailing options [3] Group 2 - Recent reports indicate that the BMW i3 has been selected for Didi's premium ride-hailing service, with a rental scheme involving a deposit of 15,000 yuan and a monthly fee of 6,200 yuan [5] - The significant price reduction of the BMW i3, now available for around 170,000 yuan after discounts, has made it an attractive option for ride-hailing services [5] - Other luxury models, such as the BMW i7, are also being integrated into Didi's offerings, with reports of its price dropping below 600,000 yuan, reflecting a broader trend of premium vehicles entering the ride-hailing market [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company's revenue for Q1 2025 showed a year-on-year increase of 21.5% but a quarter-on-quarter decrease of 38.9%, totaling 12.04 billion RMB. The gross margin decreased by 4.1 percentage points quarter-on-quarter to 7.6% [1]. - The management expects Q2 2025 delivery volumes to be around 72,000 to 75,000 units, with potential recovery in gross margins starting from June 2025 as new models are delivered [2]. - The company is focusing on multiple strategies to improve its fundamentals, including cost reduction, enhancing sales channels, and launching new models equipped with self-developed chips [3]. Summary by Sections Financial Performance - Q1 2025 total revenue was 12.04 billion RMB, with a gross margin of 7.6%. Non-GAAP net loss was 6.28 billion RMB, which is a year-on-year increase of 28.2% [1]. - The automotive business revenue for Q1 2025 was 9.94 billion RMB, with a gross margin of 10.2% [2]. Cost Management - R&D expense ratio decreased by 2.6 percentage points year-on-year to 24.2%, while SG&A expenses increased by 5.4 percentage points year-on-year to 35.0% [2]. - The company is implementing various cost-cutting measures, which are expected to gradually reflect in financial results [3]. Future Outlook - The management anticipates a recovery in gross margins starting from June 2025, driven by the delivery of new models [2]. - The company aims to achieve a monthly sales volume of 25,000 units for both NIO and the new brand by Q4 2025 [3]. Valuation and Estimates - The report adjusts the Non-GAAP net loss estimates for 2025 to 17.2 billion RMB, down from a previous estimate of 17.8 billion RMB [4]. - Revenue projections for 2025 are set at 84.64 billion RMB, with a growth rate of 28.8% [5].

| 特斯拉 | 10695.2 | + -393.65 | 332.05 | | --- | --- | --- | --- | | (9) 丰田汽车 | 2449.63 | + -44.9 | 187.96 | | והו 小米汽车 | 1765.65 | + +3.52 | 6.86 | | 比亚迪 | 1543.04 | + -2.94 | 50.07 | | ANI 法拉利 | 857.09 | 1 +9.33 | 480.96 | | 梅赛德斯奔驰 | 564.6 | + -2.72 | 58.63 | | 宝马汽车 | 543.69 | -2.68 | 87.87 | 金十图示：2025年06月05日（周四）全球汽车制造商市值变化 2 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM t 2016 - 11:50 - 11 - 11 - 11 - 11 - | 入》 大众汽车 | 534.66 | + -3.99 | 106.26 | | --- | --- | --- | --- | | 通用汽车 | 458.32 | + -13.35 | 47.67 | | >6 玛鲁蒂 ...