时隔半年，蔚来汽车（下称"蔚来"）再获外部"输血"。 根据公告，此次发行涉及合共约1.81亿股公司A类普通股，包括发行美国存托股和A类普通股。其中美国存托股以5.57美元/股的公开发行价发行，A类 普通股的发行价为43.36港元/股。 蔚来给出了具体时间，预计美国存托股发行将于2025年9月11日前后交割，普通股发行将于2025年9月17日前后交割。公司表示已向股权发行的承销商 授予一项为期30天的期权，该期权允许承销商额外购买至多2727.27万股美国存托股，即美国存托股享有超额配售权，"若该期权获行使，将仅以美国存托 股进行结算"。 融资落地后，这些资金将用于投资智能电动汽车核心技术的研发、开发旗下品牌的未来技术平台及车型、扩大充换电网络、进一步强化资产负债表， 以及用于一般企业用途。 左宇摄 百亿市值蒸发 消息放出后，市场很快给出回应。 蔚来汽车美股（NIOIF.F）盘前一度跌超9%，当日（美东时间9月9日）低开低走，最终收跌8.92%，总市值较前一个交易日缩水超12亿美元，相当于 近90亿元人民币。 资本市场波动还在继续。 9月10日晚间，蔚来披露关于10亿美元（合约77.875亿港元）的募资计划。 ...

Core Viewpoint - Geely is positioned to challenge BYD's dominance in the NEV market, with expectations of revenue growth and improved profitability driven by domestic market share expansion and overseas growth initiatives [1][10]. Financial Performance - In 2Q25, Geely's revenue grew by 7.3% QoQ to RMB77.8 billion, while core net profit slightly decreased to RMB3.2 billion from RMB3.5 billion in 1Q25 [1][2]. - The gross margin improved by 1.3 percentage points QoQ to 17.1%, although it eroded by 0.7 percentage points YoY due to lower sales from higher-margin exports and increased marketing expenses [2][6]. - The company maintains a 2025 net profit forecast of RMB15 billion and raises the 2026 forecast by 13% to RMB20 billion, reflecting higher volume assumptions and positive margin outlook [1][6]. Market Strategy - Geely's management has outlined a comprehensive global expansion strategy, restructuring operations into five regional hubs to enhance local expertise while maintaining global coordination [3]. - The company aims to increase its domestic market share, having secured 11.44% of the NEV market in 1H25, and plans to launch several new models to fill product gaps in cost-sensitive segments [3][7]. - Geely's dual-track export strategy will include both ICE and NEV models, with a forecasted 50% YoY increase in overseas volume to 600,000 units in 2026 [8]. Technological Advancements - A major integration of Geely's intelligent driving units has been executed, consolidating teams to enhance technological capabilities and streamline resources [4][5]. - This consolidation is expected to reinforce Geely's leadership in autonomous driving technology and innovation [5]. Valuation - Geely's shares are currently trading at a significant discount, with a P/E ratio of 12x for 2025E and 9x for 2026E, compared to BYD's 18-20x [9]. - The target price has been raised to HK$32.00 based on a 15x 2026E P/E multiple, reflecting confidence in Geely's potential to close the valuation gap with BYD [10].