Group 1: Industry Overview - In the first half of the year, domestic automobile production and sales in China exceeded 15 million units, achieving over 10% year-on-year growth [1] - New energy vehicle sales accounted for 44.3% of total automobile sales [1] Group 2: Company Performance - BYD and SAIC Motor both surpassed 2 million units in sales, while Great Wall Motors sold only 569,800 units, ranking last among major automakers [1] - Geely Automotive recorded the highest growth rate at 47% year-on-year, while Great Wall Motors' growth was only 1.81%, significantly below the national average [1] Group 3: Great Wall Motors Specifics - Great Wall Motors' Ora brand saw its sales halved, and the Tank brand sold 103,700 units, down 10.67% year-on-year, a sharp decline from a 99% growth last year [3] - The Tank brand, which is positioned as a high-end off-road vehicle, faces intense competition from new entrants like BYD's Fangchengbao series, which has gained market share due to its cost-performance advantage [3] - Despite weak sales growth, Great Wall Motors increased its marketing expenses by 34.57%, the highest among A-share listed automakers [3] Group 4: Financial Performance - As of July 10, Great Wall Motors' stock price had dropped approximately 17%, contrasting with significant gains for companies like Xpeng Motors and BYD, which saw increases of over 40% [5] - In the first quarter, Great Wall Motors experienced an operating cash outflow of nearly 9 billion yuan, while BYD had an operating cash inflow of 8.58 billion yuan [5] - Great Wall Motors' cash and cash equivalents at the end of the first quarter were 28.6 billion yuan, lower than other major automakers [5] - The company's short-term debt repayment capability is concerning, with a cash to short-term debt ratio of only 0.63, ranking it among the lowest in the A-share market [5]

Core Insights - The retail sales of new energy vehicles in China's passenger car market reached 135,000 units from July 1 to July 6, representing a year-on-year increase of 21% [1] - However, this figure shows a month-on-month decline of 11% compared to the previous month [1] - The retail penetration rate for new energy vehicles stands at 56.7%, with cumulative retail sales for the year reaching 6.583 million units, a year-on-year growth of 37% [1] Wholesale Data - During the same period, wholesale sales of new energy vehicles by manufacturers totaled 125,000 units, marking a year-on-year increase of 31% [1] - The month-on-month growth for wholesale sales remained flat at 0% compared to the previous month [1] - The wholesale penetration rate for new energy vehicles is recorded at 53.6%, with cumulative wholesale sales for the year amounting to 5.594 million units, reflecting a year-on-year increase of 33% [1]

Core Insights - The new energy vehicle market in China is experiencing robust growth and intense competition, with several new players reporting significant sales figures for June [1][2][3] Company Performance - Hongmeng Zhixing achieved a record delivery of 52,700 vehicles in June, marking a historical high for both monthly and daily sales, and leading the new energy vehicle market [2] - Leap Motor delivered 48,000 vehicles in June, a year-on-year increase of over 138%, with cumulative deliveries exceeding 800,000 [2] - Li Auto's deliveries fell to 36,300 units in June, a decrease of 24.1% compared to the same month last year, but plans to accelerate the launch of new electric models in the second half of the year [2] - Xpeng Motors reported a significant increase in deliveries, with 34,600 vehicles delivered in June, a year-on-year growth of 224% [3] - Deep Blue Automotive delivered 29,900 vehicles in June, a year-on-year increase of 79% [4] - Xiaomi Automotive delivered over 25,000 vehicles in June, with a notable order volume for its new SUV model, the Xiaomi YU7 [4] - NIO delivered 24,900 vehicles in June, a year-on-year increase of 17.5% [5] - Zeekr delivered 43,000 vehicles in June, maintaining a delivery volume above 40,000 for four consecutive months [6] Market Trends - The June sales performance was influenced by various factors, including promotional activities during the Dragon Boat Festival and increased family car purchases due to the end of the college entrance examination [1] - The shift in consumer behavior is evident, with a focus on practicality and cost-effectiveness in vehicle purchases [6] - The new energy vehicle market is seeing a reshuffling of delivery rankings, indicating changing dynamics and competition among new players [6]

Core Insights - The retail sales of passenger cars in China from June 1 to June 22 reached 1.269 million units, representing a year-on-year increase of 24% [1] - Compared to the same period last month, there was an 8% growth in retail sales [1] - Cumulatively, the retail sales for the year have reached 10.086 million units, showing an 11% year-on-year growth [1] New Energy Vehicle Market - During the same period, retail sales of new energy vehicles amounted to 691,000 units, marking a year-on-year increase of 38% [1] - This represents an 11% growth compared to the previous month [1] - The penetration rate of new energy vehicles in the national market is 54.5%, with cumulative retail sales for the year at 5.049 million units, reflecting a 35% year-on-year increase [1]

6月9日，乘联分会数据显示，5月新能源乘用车市场零售102.1万辆，同比增长28.2%，环比增长12.1%； 1-5月累计零售435.1万辆，增长34.1%。 ...

每经记者｜孙磊 每经实习编辑｜余婷婷 "我们会根据真实的市场需求，推出价格更合适的MPV和轿车产品，这些产品也会满足中国，以及其他亚洲和欧洲市场的需求。"理想汽车董事长、CEO 李想在2025年第一季度财报电话会上说道。 需要注意的是，李想所提及的产品规划，是建立在实现一年3000亿元人民币营收规模的基础之上。然而就现阶段而言，理想汽车仍在朝着这一目标努力迈 进中。 展望第二季度，理想汽车预计交付新车12.3万至12.8万辆，同比增长13.3%至17.9%；当期收入总额为325亿元至338亿元，同比增长2.5%至6.7%。"二季度 销量和收入指引双双低于市场预期，尤其是销量指引。其实一定程度隐含L系列订单量低于市场预期。"海豚投研方面表示。 不过，理想汽车销售与服务高级副总裁邹良军在财报电话会上透露："目前，我们每周的销量已经超过了1万辆。五月份截止到目前（5月29日），在20万 元以上NEV（新能源汽车）的市占率我们已经达到了14.7%。我们很有信心焕新版车型的销量将很快回到月销5万辆的水平。" 图片来源：理想汽车公众号 对于二季度的毛利率，理想汽车CFO李铁表示："4月至5月早些时候，理想MEGA Hom ...

按照此前规划，未来理想汽车将形成L系列、i系列和MEGA三大产品系列。L系列在售产品为四款增程 SUV产品，MEGA不久前推出了MEGA Home版车型，而i系列为纯电产品尚未推向市场。其中，首款纯 电SUV理想i8计划在今年7月份上市，第二款纯电产品i6也将在下半年上市。 值得注意的是，当前市场价格竞争激烈，在2024年和今年初，理想汽车也曾推出一定促销政策。不过， 该公司管理层强调，理想汽车将针对市场需求灵活调整，强调价值避免激进的价格战。 邹良军认为，2025年20万元以上新能源车市场预计达380万辆，其中纯电销量预计超210万辆，随着i8和 i6上市，理想将切入更大的纯电增量市场。 "当现有的SUV车型，包括增程式SUV和纯电SUV以及其他相关车型全部交付后，达到3000亿元的年营 收规模，且产品覆盖范围达到一定程度后，会根据真实的市场需求，推出价格更合适的MPV和轿车产 品。"理想汽车CEO李想5月29日晚间在2025年一季度财报电话会上表示。 目前，理想汽车在售产品为SUV和纯电MPV，尚未推出轿车产品。该公司去年营收规模为1445亿元， 略不及上述提及3000亿元的一半。 近日有消息称，理想汽车 ...

智通财经APP获悉，5月14日，乘联分会发文称，5月1-11日，全国乘用车新能源市场零售29.4万辆，同比去年5月同期增长32%，较上月同期增长29%，新能 源市场零售渗透率51.3%，今年以来累计零售361.8万辆，同比增长35%；5月1-11日，全国乘用车厂商新能源批发25.7万辆，同比去年5月同期增长30%，较 上月同期增长1%，新能源厂商批发渗透率55.3%，今年以来累计批发423.8万辆，同比增长41%。 乘用车：5月1-11日，全国乘用车市场零售57.4万辆，同比去年5月同期增长12%，较上月同期增长34%，今年以来累计零售744.6万辆，同比增长8%;5月1-11 日，全国乘用车厂商批发46.4万辆，同比去年5月同期增长25%，较上月同期下降2%，今年以来累计批发893.2万辆，同比增长12%。 2025年5全国乘用车零售市场平稳 5月第一周全国乘用车市场日均零售4.2万辆，同比去年5月同期下降11%，较上月同期增长19%。 5月第二周全国乘用车市场日均零售6.1万辆，同比去年5月同期增长30%，较上月同期增长44%。 5月1-11日，全国乘用车市场零售57.4万辆，同比去年5月同期增长12%， ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - The lithium carbonate market is currently in a situation of excess supply and inventory accumulation, but the supply growth rate may slow down due to production cuts [2]. - The option market shows a bullish sentiment, with a slightly decreasing implied volatility [2]. - Technically, the 60 - minute MACD has double - lines below the 0 - axis and the red bars are converging [2]. - The recommended operation is to conduct light - position short - term long trades at low prices and control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 63,220 yuan/ton, down 820 yuan; the net position of the top 20 is - 26,740 lots, down 3,735 lots; the position volume of the main contract is 294,226 lots, up 9,895 lots; the spread between near and far - month contracts is - 1,200 yuan/ton, down 240 yuan; the Guangzhou Futures Exchange warehouse receipts are 36,194 lots/ton, down 157 lots [2]. 3.2现货市场 - The average price of battery - grade lithium carbonate is 64,600 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate is 62,950 yuan/ton, unchanged; the basis of the Li₂CO₃ main contract is 1,380 yuan/ton, up 820 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 753 US dollars/ton, down 13 US dollars; the average price of amblygonite is 7,340 yuan/ton, down 85 yuan; the price of lepidolite (2 - 2.5%) is 1,855 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly production of lithium carbonate is 43,180 tons, up 7,490 tons; the monthly import volume is 18,125.49 tons, up 5,797.53 tons; the monthly export volume is 220.03 tons, down 197.10 tons; the monthly operating rate of lithium carbonate enterprises is 50%, up 8%; the monthly production of power batteries is 118,200 MWh, down 100 MWh; the price of lithium manganate is 29,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 55,000 yuan/ton, unchanged; the price of lithium cobalt oxide is 220,000 yuan/ton, unchanged; the price of ternary material (811 type) in China is 147,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 125,000 yuan/ton, unchanged [2]. 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 129,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 48%, up 8%; the price of lithium iron phosphate is 31,500 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 57%, unchanged; the monthly production of new energy vehicles (CPCA) is 1,251,000 vehicles, down 26,000 vehicles; the monthly sales volume is 1,226,000 vehicles, down 11,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CPCA) is 42.74%, up 1.58%; the cumulative sales volume of new energy vehicles and its year - on - year increase is 4,300,000 vehicles, up 1,360,000 vehicles; the monthly export volume of new energy vehicles is 200,000 vehicles, up 42,000 vehicles; the cumulative export volume of new energy vehicles and its year - on - year change is 642,000 vehicles, up 221,000 vehicles; the 20 - day average volatility of the target is 16.84%, up 0.14%; the 40 - day average volatility of the target is 16.68%, up 0.14% [2]. 3.6 Option Situation - The total subscription position is 100,491 lots, down 66,895 lots; the total put position is 40,393 lots, down 21,369 lots; the total put - call ratio of positions is 40.2%, up 3.2977%; the at - the - money IV implied volatility is 0.25%, down 0.0079% [2]. 3.7 Industry News - From January to April, China's automobile production and sales reached 10.175 million and 10.06 million vehicles respectively, a year - on - year increase of 12.9% and 10.8% [2]. - As of May 11, 2025, the application volume for automobile trade - in subsidies reached 3.225 million, with 1.035 million for vehicle scrapping and replacement and 2.19 million for replacement. The cumulative application volume has exceeded 10 million since the implementation of the policy [2]. - Xiaomi SU7 won the sales championship in the price range above 100,000 yuan in the Chinese automobile market in April [2]. - In April, China's automobile production and sales were 2.619 million and 2.59 million vehicles respectively, a year - on - year increase of 8.9% and 9.8%. The production and sales of new energy vehicles were 1.251 million and 1.226 million vehicles respectively, a year - on - year increase of 43.8% and 44.2%. In April, automobile exports were 517,000 vehicles, a year - on - year increase of 2.6% [2]. - The US will suspend the implementation of a 24% ad - valorem tariff on Chinese goods for the first 90 days, and China will take measures to suspend or cancel non - tariff counter - measures against the US [2].

智通财经5月8日电，乘联分会发布数据，4月1-30日，全国乘用车市场零售179.1万辆，同比去年同期增 长17%，较上月下降8%，今年以来累计零售691.8万辆，同比增长9%；4月1-30日，全国乘用车新能源 车市场零售92.2万辆，同比去年同期增长37%，较上月下降7%，新能源市场零售渗透率52.3%，今年以 来累计零售334.2万辆，同比去年增长37%。 乘联分会：4月1-30日全国乘用车市场零售179.1万辆 同比增长17% ...