【2025年中报点评/蔚来SW】新车表现强劲，降本增效效果显著

Core Viewpoint - The company's Q2 2025 performance met expectations, with significant cost reduction and efficiency improvement measures yielding positive results [2] Group 1: Revenue Performance - In Q2 2025, the company reported revenue of 19.01 billion yuan, with a quarter-on-quarter increase of 9.0% and a year-on-year increase of 57.9% [3] - Vehicle sales revenue reached 16.14 billion yuan, reflecting a quarter-on-quarter increase of 2.9% and a year-on-year increase of 62.3% [3] - The company delivered a total of 72,000 vehicles in Q2 2025, representing a quarter-on-quarter increase of 25.6% and a year-on-year increase of 71.5% [9] Group 2: Profitability and Margins - The overall gross margin for Q2 2025 was 10.0%, with a year-on-year increase of 2.4 percentage points [3] - The gross margin for vehicle sales was 10.3%, showing a year-on-year decrease of 1.9 percentage points [12] - The company expects gross margins to gradually improve in Q3 and Q4 2025 as new models are introduced [12] Group 3: Cost Management - R&D expenses in Q2 2025 were 3.01 billion yuan, down 13.8% quarter-on-quarter and 9.9% year-on-year, with an R&D expense ratio of 15.8% [12][13] - Selling, general, and administrative (SG&A) expenses were 3.965 billion yuan, reflecting a quarter-on-quarter increase of 2.4% but a year-on-year decrease of 12.6% [13] - The company's comprehensive cost reduction and efficiency improvement measures have shown effectiveness [13] Group 4: Losses and Adjusted Net Loss - The operating loss for Q2 2025 was 4.91 billion yuan, with an adjusted net loss of 4.13 billion yuan, showing a reduction in losses compared to previous quarters [17] - The loss per vehicle, calculated from the adjusted net loss divided by the number of vehicles sold, was 57,000 yuan, significantly narrowing from previous quarters [17] Group 5: New Product Launches - The electric large SUV, L90, was launched on July 31, 2025, with a starting price of 265,800 yuan, achieving 10,575 deliveries in its first month [19] - The new ES8 model was pre-sold on August 21, 2025, with a starting price of 416,800 yuan, expected to officially launch in late September [19] Group 6: Profit Forecast and Investment Rating - Due to increased industry competition, the company has revised its net profit forecast for 2025-2026 to -17.9 billion yuan and -12.8 billion yuan, respectively [21] - The company maintains a "buy" rating based on its comprehensive technology layout and marketing strategies [21]