Core Viewpoint - NIO's Q2 2025 financial report shows revenue growth and reduced net loss, indicating a positive trend in sales and operational efficiency [1][3][7] Financial Performance - Q2 2025 revenue reached approximately 19.01 billion yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9% [1][2] - Net loss for Q2 2025 was about 4.99 billion yuan, a decrease of 1% year-on-year and a decrease of 26% quarter-on-quarter [1][2] - Cash reserves stood at 27.2 billion yuan [1] Vehicle Sales and Deliveries - Total vehicle deliveries in Q2 2025 were approximately 72,056 units, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [4][5] - The automotive sales revenue for Q2 2025 was 16.14 billion yuan, reflecting a year-on-year increase of 2.9% and a quarter-on-quarter increase of 62.3% [6][7] Profitability Metrics - The overall gross margin for Q2 2025 was 10%, showing a slight increase of 0.3 percentage points year-on-year and a 2.4 percentage points increase quarter-on-quarter [7] - The company aims for a gross margin of 16% to 17% in Q4 2025, with a long-term target of 20% [3][7] Future Guidance - NIO expects total deliveries for Q3 2025 to reach between 87,000 and 91,000 units, representing a year-on-year growth of 40.7% to 47.1% [3] - Revenue for Q3 2025 is projected to be between 21.81 billion and 22.88 billion yuan, indicating a year-on-year growth of 16.8% to 22.5% [3] Research and Development - R&D expenses for Q2 2025 were approximately 3.007 billion yuan, a decrease of 6.6% year-on-year and 5.5% quarter-on-quarter [9] - The company plans to maintain R&D investments of 2 to 2.5 billion yuan per quarter in 2026 to ensure long-term competitiveness [9]

来源：证券时报网 作者：郭洁 二季度机构加仓的汽车整车概念股出炉。 9月2日晚，东芯股份(688110)发布公告称，公司股票因股票交易异常波动及严重异常波动情形，自8月29日起停牌核查，预计停牌时间不超过3个交易日。 核查工作已完成，公司股票将于9月3日复牌。 公告指出，公司股票价格剔除大盘和板块整体因素后的实际波动幅度较大，可能存在非理性炒作，投资者参与交易可能面临较大的市场风险。此外，公司 基本面未发生重大变化，主营业务未发生重大变化，内外部经营环境未发生重大变化。公司还提醒投资者注意二级市场交易风险，理性决策，审慎投资。 此前，凭借参股砺算科技，东芯股份获市场资金的关注，股价自7月29日起持续上涨，截至8月28日停牌前最后一个交易日，累计涨幅达207.85%。8月31 日晚间，东芯股份公告称，拟与亨通集团有限公司等共同对外投资上海砺算，投资人合计投资金额约为5亿元。其中公司拟通过自有资金人民币约2.11亿 元向上海砺算增资，认购其新增注册资本约80.99万元，本次增资完成后公司持有上海砺算约35.87%的股权。据悉，7月26日，砺算科技在上海发布其首款 6nm GPU芯片"7G100"系列及首款显卡产品 ...

文｜雷递网 雷建平 蔚来汽车(NYSE:NIO;HKEX:9866;SGX:NIO)今日发布截至2025年6月30日的财报，财报显示，蔚来汽车2025年上半年营收为310.43亿元（约43.33亿美 元），较上年同期的273.55亿元增长13.5%。 | | | 截至下列日期止六個月 | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | | | 6月30日 | 6月30日 | 6月30日 | | | 人民幣 | 人民幣 | 美元 | | 收入： | | | | | 汽車銷售 | 24.060.941 | 26.075.419 | 3.639.988 | | 其他銷售 | 3,293.663 | 4.967.975 | 693.503 | | 收入總額 | 27,354,604 | 31,043,394 | 4,333,491 | | 銷售成本: | | | | | 汽車銷售 | (21,386,680) | (23.398.863) | (3.266.355) | | 其他銷售 | (3,791,478) | (4,827,454) | (673, ...

蔚来方面预计，今年第三季度新车交付量在87000至91000辆之间，总收入在218.12亿元至228.76亿元之 间，同比增长约16.8%至22.5%。 "和平时期"的CEO专注于全局，赋予员工做出详细决策的权力；"战时CEO"会做任何事情，旨在保证公 司当前的主要目标得以执行。蔚来当前最主要的目标就是四季度盈利。 美东时间9月2日，美股开盘后，蔚来股价先跌后涨，当日收盘价为6.595美元，上涨3.37%。 为L90、ES8产能让路 时隔8个月，蔚来月交付量再次突破3万台，时隔34个月后首次在销量上超过理想。最新数据显示，8月 蔚来品牌交付10525台；乐道品牌交付16434台，环比增长175%；萤火虫品牌交付4346台，环比增长 84%。其中，乐道L90首月交付10575，成为蔚来公司历史上销量破万最快的车型。 在市场端，最新推出的两款大三排SUV产品乐道L90、蔚来ES8都订单火爆。蔚来汽车CEO李斌在财报 电话会上指出："汽车行业产品竞争力取决于三个层次的能力：首先是技术路线，其次是产品规划，最 后是产品定义。蔚来在技术路线和产品规划方面做得非常好。在产品定义方面过去有很多经验教训。新 一代产品，比如乐 ...

"从三季度开始，销量的增长将来源于多品牌战略的落地和实施。" 随着乐道L90、蔚来全新ES8的热销，蔚来驶出"危险期"的信号还在释放。 9月2日晚间，美股开盘前，蔚来汽车发布2025年第二季度业绩报告，财报显示多项指标趋势向好，降本 增效显著，并瞄准第四季度实现非GAAP口径盈亏平衡。 具体来看，得益于二季度交付量同比增长25.6%，环比增长71.2%至72056台；蔚来二季度总营收达到 190.1亿元，同比增长9.0%，环比大幅增长57.9%。 美东时间9月2日，美股开盘后，蔚来股价先跌后涨，当日收盘价为6.595美元，上涨3.37%。为L90、 ES8产能让路 时隔8个月，蔚来月交付量再次突破3万台，时隔34个月后首次在销量上超过理想。最新数据显示，8月 蔚来品牌交付10525台；乐道品牌交付16434台，环比增长175%；萤火虫品牌交付4346台，环比增长 84%。其中，乐道L90首月交付10575，成为蔚来公司历史上销量破万最快的车型。 在市场端，最新推出的两款大三排SUV产品乐道L90、蔚来ES8都订单火爆。蔚来汽车CEO李斌在财报 电话会上指出："汽车行业产品竞争力取决于三个层次的能力：首先是技术 ...

Core Insights - The Chinese new energy vehicle market showed significant differentiation in August, driven by policy support and technological innovation, with various new players redefining market rules through differentiated strategies [1] Group 1: Company Performance - Leap Motor achieved a record delivery of 57,066 vehicles in August, marking a year-on-year increase of over 88%, and has surpassed 900,000 cumulative deliveries, setting a solid foundation for its annual target of 580,000 to 650,000 vehicles [3] - Hongmeng Zhixing delivered 44,579 vehicles in August, with a cumulative total exceeding 900,000, and an average transaction price of 380,000 yuan, indicating strong competitiveness in the high-end market [5] - Xiaopeng Motors delivered 37,709 vehicles in August, a year-on-year increase of 169%, and announced an expansion of its strategic cooperation with Volkswagen Group, enhancing its technological output capabilities [7] - NIO delivered 31,305 vehicles in August, a year-on-year increase of 55.2%, with the Leado brand surpassing the NIO brand in sales for the first time, driven by the new model Leado L90 [9] - Xiaomi Motors maintained a delivery level above 30,000 vehicles for two consecutive months, with plans to expand its store network significantly [11] - Li Auto delivered 28,529 vehicles in August, falling out of the "30,000 club," highlighting challenges in its transition to pure electric vehicles [13] - Zeekr brand sold 17,626 vehicles in August, with strong competition in its segment, while Lantu Motors delivered 13,505 vehicles, achieving a historical high with a year-on-year increase of 119% [15] - Avita's sales reached 10,565 vehicles in August, a year-on-year increase of 185%, driven by strong performance from models Avita 07 and 06 [17] - IM Motors delivered 6,108 vehicles in August, facing challenges compared to leading brands, but saw promising pre-sale orders for its new LS6 model [19] Group 2: Market Trends - The new energy vehicle market is experiencing intensified competition among new players, with various companies launching new models and expanding their market presence [19] - The overall performance of new energy vehicle companies indicates a shift towards high-end markets and differentiated product offerings, reflecting changing consumer preferences and technological advancements [1][5][7]

中银国际发表研究报告指，蔚来第二季总收入按季升58%，符预期。整车利润率维持稳定，但受惠于新 增的高利润技术研发服务，综合毛利率按季增长2.4个百分点至10%。公司第三季业绩指引暗示9月交付 量将达到创纪录的3.5万至3.9万辆。管理层重申第四季目标，包括实现月均销量5万辆，汽车利润率达到 16%至17%，与非通用会计准则(non-GAAP)计达收支平衡目标保持一致。 该行将今年及明年销量预测分别上调至33.5万辆和45万辆，今年收入预测上调6.4%至835亿元，明年收 入预测上调10%至1173亿元。该行将蔚来美股目标价由9.5美元上调至10.5美元，评级为"买入"。 ...

招银国际发表研究报告指，认可蔚来在成本削减方面的努力，这在今年第二季度财报中已部分反映。该 行将蔚来2025财年销量预测上调至34.5万辆，其中，第四季度销量预计为15.8万辆，车辆毛利率为 15.7%。该行维持蔚来"持有"评级，美股目标价从4美元上调至7美元，H股目标价由31港元上调至55港 元。 ...

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%。 (本文来自第一财经) ...

摩根大通发表研究报告指，蔚来管理层透露2026财年新车型推出计划及成本控制措施，重申目标在第四 季实现季度销量15万辆及非通用会计准则经营收支平衡。摩通对蔚来维持正面看法，相信通过控制成本 及推出新车型等一系列举措，蔚来竞争力将得以提升，财务表现将改善，预期市场将上调盈利预测，维 持"增持"评级，目标价为8美元。 ...