费用端：OpEx 小幅优化，费用率持续优化，控费能力卓越。 Q2 OpEx(仅三费)2.30 亿元，YoY-3.0%。其中，Q2 销售/管理/ 研发费用率分别为6.3%/8.3%/36.0%， 同 比-1.5pp/-3.7pp/-9.0pp。 盈利预测、估值与评级 我们调整公司25~27 年营业收入分别为22.2/34.3/50.0 亿元，归母净利润分别为-2.76/0.29/4.11 亿元。公 司股票现价对应PS 估值为6.9/4.5/3.1 倍，维持"买入"评级。 机构：国金证券 研究员：孟灿 业绩简评 2025 年8 月21 日，公司发布25 年中报业绩。 收入&利润端：如期回归增长轨道，毛利率环比提升。1）收入端：Q2 营收4.55 亿元，YoY+24.4%，环 比Q1 增速已大幅转正，略超我们的预期。2）出货量：Q2 总计出货15.8 万颗激光雷达，YoY+28.6%。 其中ADAS 12.4 万颗，YoY+4.6%；Robotics 3.4 万颗，YoY+631.9%。3）利润端：Q2 亏损0.50亿元，同 比减亏63.6%，经调整净亏损0.24 亿元，同比减亏79.9%（1H25 经调整与未经调 ...

Industry Overview - As of July 4, the price of battery-grade lithium carbonate is between 61,300 to 63,300 CNY per ton, with an average price of 62,300 CNY per ton, reflecting a week-on-week increase of 200 CNY per ton. Industrial-grade lithium carbonate is priced between 60,200 to 61,200 CNY per ton, with an average of 60,700 CNY per ton, also up by 200 CNY per ton week-on-week. The spot price of lithium carbonate continues to show a slight upward trend due to improved demand expectations for July and strong support from rigid demand [1] - The penetration rate of new energy vehicles (NEVs) in June is expected to reach a new high, with wholesale sales of NEV manufacturers estimated at 1.26 million units, a year-on-year increase of 29%. Cumulatively, from January to June, wholesale sales reached 6.47 million units, a year-on-year increase of 38% [6][5] - In May, the export value of automotive goods reached 20.67 billion USD, marking a year-on-year increase of 12.2%. The total import and export value of automotive goods for May was 25.06 billion USD, with imports valued at 4.38 billion USD and exports at 20.67 billion USD [5][6] Company Developments - XPeng Motors launched the new AI smart family SUV, XPeng G7, with a starting price of 195,800 CNY. The vehicle features advanced AI capabilities and is the world's first L3-level AI car, achieving 2250 TOPS of effective computing power [7] - GAC Group announced that its first model in collaboration with Huawei is expected to be launched in 2026, focusing on the high-end market segment priced around 300,000 CNY [8] - NIO's founder Li Bin stated that the company has achieved its strategic goal of self-developed chips, with the global first automotive-grade 5nm intelligent driving chip, Shenji NX9031, now being applied in several models [9] Policy and Market Trends - The Ministry of Commerce will enhance guidance on the export of used cars to promote healthy and orderly development in this sector. The export business for used cars was officially launched nationwide in February 2024 [4] - Jinan city has initiated its first round of automotive consumption subsidies for the second half of 2025, with a total subsidy amount of 12 million CNY available for individuals and enterprises purchasing non-operational passenger vehicles [4]

Core Viewpoint - The automotive industry is undergoing a rapid elimination process, with predictions that only a handful of companies will survive in the domestic market, highlighting the intense competition and challenges faced by companies like Xiaopeng Motors [1][2]. Group 1: Company Performance - Xiaopeng Motors aims for profitability by the fourth quarter of this year, with recent models like MONA M03 and P7+ showing promising sales, but the company still faces significant challenges [1][2]. - In 2024, Xiaopeng delivered 190,000 new vehicles, a year-on-year increase of 34.2%, with total revenue reaching 40.87 billion yuan, up 33.2%, yet the company reported a net loss of 5.79 billion yuan, indicating ongoing financial struggles despite improved gross margins [2][3]. - The average monthly sales of MONA M03 showed a significant decline from 15,335 units to 10,900 units, a drop of 28.92%, raising concerns about the sustainability of its sales momentum [3][5]. Group 2: Competitive Landscape - Xiaopeng faces fierce competition from established players like Tesla's Model Y and emerging competitors like Xiaomi's YU7, which are expected to challenge Xiaopeng's market share in the mid-to-high-end SUV segment [7][11]. - Tesla's Model Y has maintained strong sales, with retail figures showing a decline in Tesla's overall sales in China, suggesting a potential opportunity for Xiaopeng to capture market share if it can effectively position its products [8][10]. - The upcoming launch of Xiaomi's YU7 is anticipated to create additional pressure on Xiaopeng, as it has garnered significant pre-launch attention and interest [11]. Group 3: Strategic Focus - Xiaopeng is focusing on AI technology as a core capability for future growth, with plans to enhance its product offerings through advanced AI features and capabilities [12][13]. - The company is transitioning from a reliance on high-cost hardware to a more cost-effective pure vision-based autonomous driving solution, aiming to improve its competitive edge while managing costs [14][15]. - Xiaopeng's strategy includes a mix of new energy vehicles and advanced technology, with the introduction of the G01 model featuring a new range-extending hybrid system, which is expected to compete with similar offerings from rivals [18][20].

Core Viewpoint - The article discusses the launch of the Mengshi M817, the first model built on Huawei's "Tianyuan Architecture," positioning it as the "smart off-road first car" in the market [1]. Group 1: Product Overview - The Mengshi M817 is set to be launched around the Chengdu Auto Show, targeting the off-road market with an expected price range of 400,000 to 500,000 yuan [2]. - The vehicle is a result of a strategic partnership between Mengshi Technology and Huawei, marking Mengshi as the fourth company to adopt Huawei's HI model after BAIC, Changan, and Dongfeng [2]. - The M817 will feature a high level of integration with Huawei's technologies, including the latest intelligent driving system "Kunlun Intelligent Driving ADS 4.0," HarmonyOS smart cockpit, and Huawei Cloud [3]. Group 2: Strategic Significance - The collaboration aims to combine Dongfeng's military-grade quality with Huawei's smart capabilities, expanding the Mengshi brand from high-end off-road vehicles to urban intelligent driving scenarios [3]. - The M817 is designed to cater not only to outdoor off-roading but also to urban commuting and long-distance travel, indicating a versatile market approach [3]. - The success of the M817 in the market will depend on whether its high technological integration can translate into sales [3].

Core Viewpoint - The recent challenges faced by Xiaomi's founder and CEO Lei Jun have prompted a period of reflection and adjustment for the company, particularly in the electric vehicle sector, following a serious incident involving the Xiaomi SU7 [1][2]. Group 1: Company Challenges and Responses - Lei Jun described the past month as the most difficult since founding Xiaomi, leading to a temporary withdrawal from public engagements and social media [1]. - The company has faced scrutiny after an accident involving the Xiaomi SU7, resulting in a rebranding of "smart driving" to "assisted driving" on their vehicle ordering page [1]. - Despite these challenges, Lei Jun expressed gratitude for the support received, which has helped him regain confidence and motivation [1]. Group 2: Product Development and Future Outlook - The Xiaomi SU7 Ultra is currently undergoing testing at the Nürburgring, indicating the company's commitment to advancing its electric vehicle technology [2]. - Xiaomi's participation in the Shanghai Auto Show showcased its products, including the SU7 Ultra, and highlighted the company's ongoing efforts in the automotive sector [1]. - The company remains focused on addressing the incident's implications while continuing to push forward with its electric vehicle initiatives [2].

Core Viewpoint - The rapid development of intelligent driving in China has surpassed expectations, with domestic brands like Great Wall Motors leading the charge through technological innovation and strategic foresight [1][10]. Group 1: Intelligent Driving Technology - Great Wall Motors showcased its "Parking to Parking" intelligent driving technology in a challenging environment, demonstrating its advanced obstacle avoidance and path planning capabilities [3][4]. - The challenge route included complex scenarios such as multi-level interchanges, cross-river bridges, and urban parking, highlighting the robustness of Great Wall's Coffee Pilot Ultra system [3][5]. Group 2: Long-term Strategy and Investment - Great Wall Motors has consistently invested in intelligent driving technology since 2011, with R&D expenditures reaching 11.034 billion yuan in 2023, accounting for 6.37% of revenue [7][8]. - The company has a significant workforce dedicated to R&D, with 29.3% of employees involved in this area, including a specialized team of 6,000 in intelligent technology [7]. Group 3: Competitive Landscape - In response to Tesla's Full Self-Driving (FSD) entry into China, Great Wall Motors acknowledges the challenges posed by local road conditions and consumer expectations, emphasizing its commitment to exceeding user expectations in intelligent driving [10][12]. - Great Wall's intelligent driving technology has achieved a high activation rate of 97.76% and a successful parking rate of 83.98%, indicating strong user acceptance and performance [11]. Group 4: Future Outlook - The next phase of competition in the automotive industry will focus on intelligent driving technology and corporate development strategies, with Great Wall Motors positioning itself as a model for other domestic brands [12].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 轮到车企研究 B 站了。 焦虑的车企，正在寻找营销的新解药。 车企过去靠配置来划分体验，进而在不同市场、不同用户中精准攫取利润。但新能源时代，产品差异化更 小，技术探索更深，车企需要在传播上花费更多精力，给用户讲清楚自己的产品特点和技术实力。 与此同时，消费者对车企的关注正在从意想不到的地方出现，品牌传播方式也随之变化。广州车展，最火 的是雷军的串场视频，"雷军的移动城堡" 话题上了热搜；再往前，特斯拉把 Cybertruck 直接开到了 B 站 大楼；还有更多车企高管走进直播间，主动跟用户互动。 汽车作为大件消费，天生需要更长的决策路线。碎片化的文字信息、短视频等内容，很难提供系统性的组 织和梳理，让用户对产品形成有效判断。 相比之下，B 站的长视频内容生态，更适合呈现深度内容。根据尼尔森发布的汽车营销趋势报告，9 成的 用户在购车前刷 B 站的深度内容，在所有主要平台中渗透率第一。 在其他平台做视频要做减法，但在 B 站需要做加法。从保镖的车库做 3 年 UP 主的经验来看， ...