Bei Jing Ri Bao Ke Hu Duan·2025-09-06 09:38Core Viewpoint - The new energy vehicle (NEV) companies are at a critical juncture in their journey towards profitability, with varying degrees of success and challenges ahead [1][12]. Group 1: Li Auto - Li Auto reported a revenue of 561.72 billion yuan for the first half of 2025, a slight decrease of 1.99% year-on-year, marking its first mid-year revenue decline since going public [2] - The net profit for Li Auto was 17.43 billion yuan, a year-on-year increase of 2.82%, with a strong second quarter showing a revenue of 302 billion yuan, up 16.7% from the first quarter [2] - However, the company anticipates a significant drop in third-quarter vehicle deliveries, projecting only 90,000 to 95,000 units, a year-on-year decline of 37.8% to 41.1% [2][3] Group 2: Leap Motor - Leap Motor emerged as a "profit dark horse," with a revenue of 242.5 billion yuan in the first half of 2025, a staggering increase of 174% year-on-year, and a net profit of 33.03 million yuan, marking its first half-year profitability [4] - The company achieved a total delivery of 221,700 vehicles, a year-on-year increase of 155.7%, and plans to adjust its full-year profit target to a net profit of 500 million to 1 billion yuan [4][5] Group 3: Xpeng Motors - Xpeng Motors reported a total revenue of 340.9 billion yuan for the first half of 2025, a year-on-year increase of 132.5%, with a cumulative delivery of 197,200 vehicles, up 279% [6][7] - Despite a narrowing net loss of 11.4 billion yuan for the first half, the company has accumulated losses of 42.74 billion yuan since inception [7] - Xpeng aims to achieve profitability in the fourth quarter of 2025, focusing on optimizing its cost structure [7] Group 4: NIO - NIO's revenue for the first half of 2025 reached 310.43 billion yuan, a 13.5% increase from the previous year, with a second-quarter revenue of 190.1 billion yuan, up 57.9% quarter-on-quarter [8][9] - The company reported a net loss of 49.9 billion yuan in the second quarter, a slight improvement from previous quarters, but cumulative losses for the first half reached 117.5 billion yuan [8] - NIO's CEO emphasized the necessity of achieving quarterly profitability in the fourth quarter, contingent on maintaining strong vehicle sales [9] Group 5: Xiaomi Auto - Xiaomi's automotive segment generated revenue of 398.43 billion yuan in the first half of 2025, with a significant contribution from over 80,000 vehicle deliveries in the second quarter [10] - The automotive business's gross margin reached 26.4%, with a narrowed operating loss of 3 billion yuan in the second quarter [10] - Analysts believe Xiaomi is on track to achieve profitability this year, contingent on reducing per-vehicle costs or increasing per-vehicle margins [10][11]