新势力：销量提升盈利向好，加速布局智能化全球化

Investment Rating - The report maintains an "Add" rating for the automotive industry, indicating a positive outlook for the sector [5]. Core Insights - The new energy vehicle sector is experiencing significant sales growth, with companies like XPeng, Xiaomi, and Leap Motor launching multiple new models targeting the 100,000 to 500,000 yuan market. In the first half of 2025, XPeng, Leap Motor, and Xiaomi achieved sales of 197,000, 222,000, and 158,000 units respectively, with year-on-year growth rates of 279%, 156%, and a stable performance from Xiaomi [1][13]. - The second half of 2025 will see the launch of several new models, enhancing the product matrix and driving sales growth. Companies are also focusing on smart technology and global expansion, with XPeng and Leap Motor establishing factories in Europe and planning to enter overseas markets [3][16]. Summary by Sections New Vehicle Cycle Drives Sales and Profitability - The automotive industry is witnessing a new vehicle cycle that is boosting sales and improving profitability. In 2025, several new models have been launched, and companies are optimizing their strategies and partnerships. For instance, XPeng has released upgraded models and is enhancing its product offerings, while Leap Motor is focusing on the mid-to-low-end market [10][12]. Financial Performance - In the first half of 2025, XPeng and Leap Motor reported gross margins of 17% and 14%, respectively, reflecting improvements of 3 and 13 percentage points year-on-year. In Q2, the gross margins for XPeng, Leap Motor, and Xiaomi were 17%, 13.6%, and 26%, showing significant year-on-year growth [2][17]. Smart Technology and Global Expansion - The report highlights the acceleration of smart technology and global expansion among automotive companies. XPeng has integrated its Turing chip into vehicles, while Leap Motor and Xiaomi are also enhancing their smart driving capabilities. The global strategy includes establishing manufacturing bases in Europe and targeting international markets [3][16]. Investment Recommendations - The report suggests investors focus on the new vehicle cycle and emphasizes the potential of XPeng, NIO, Xiaomi, Leap Motor, and Li Auto as key players in the market [19].