蔚来品牌交付量连续四个月增长，乐道品牌交付同比增长132.1%，firefly萤火虫品牌交付量连续四个月 创历史新高。蔚来全新ES8新增订单持续稳定增长，12月生产交付将进一步大幅加速，助推蔚来公司12 月交付量冲刺历史新高。 2025年11月，蔚来公司(09866)交付新车36,275台，同比增长76.3%。其中，蔚来品牌交付新车18,393 台；乐道品牌交付新车11,794台；firefly萤火虫品牌交付新车6,088台。截至目前，蔚来公司已累计交付 新车949,457台。其中，蔚来品牌累计交付新车797,712台；乐道品牌累计交付新车119,415台；firefly萤 火虫品牌累计交付新车32,330台。 ...

Core Insights - Li Auto reported a significant decline in revenue and net loss for Q3 2025, with revenue at 27.4 billion yuan, down 36.2% year-over-year and 9.5% quarter-over-quarter [1] - The company delivered 93,211 vehicles in Q3 2025, representing a 39.0% decrease compared to the same period last year [1] Financial Performance - Q3 2025 revenue was 27.4 billion yuan, a year-over-year decline of 36.2% and a quarter-over-quarter decline of 9.5% [1] - Net loss for Q3 2025 was 624.4 million yuan, compared to a net profit of 2.8 billion yuan in the same quarter last year and a net profit of 1.1 billion yuan in the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 359.7 million yuan, down from a net profit of 3.9 billion yuan year-over-year and a net profit of 1.5 billion yuan quarter-over-quarter [1] Operational Metrics - As of October 31, 2025, the company operated 551 retail centers across 157 cities and 554 after-sales service centers in 225 cities [1] - Li Auto has established 3,508 charging stations equipped with 19,400 charging piles [1]

Core Insights - NIO's chairman Li Bin stated that the decline in replacement subsidies in Q4 will significantly impact the market, but the company remains confident in achieving profitability in Q4 due to strong orders for high-margin models like the new ES8 [1][2] - The company aims for a vehicle gross margin of around 18% in Q4, with the new ES8 expected to exceed a gross margin of 20% [1][2] Financial Performance - In Q3, NIO delivered 87,071 vehicles, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Q3 revenue reached 21.79 billion yuan, marking a year-on-year growth of 16.7% and a quarter-on-quarter growth of 14.7%, both setting historical highs [1] - The overall gross margin for Q3 was 13.9%, the highest in nearly three years [2] Future Guidance - NIO's delivery guidance for Q4 is set between 120,000 to 125,000 vehicles, indicating a year-on-year growth of 65.1% to 72.0% [2] - Achieving the Q4 delivery target and increasing the gross margin to 18% would allow NIO to reach its goal of quarterly profitability for the first time [2]

Core Insights - The delivery figure of 31,767 units for October 2025 is considered low, with specific model expectations to be clarified by November 10 [1] - The i8 model faces production capacity issues due to low configuration selection rates, which are only around 2% [2] - The L series orders are underperforming, attributed to various hypotheses including competition, product iteration speed, and economic conditions [7] Group 1: Delivery and Production Issues - The October 2025 delivery number is low, with expectations for model-specific data to be available later [1] - The i8's production capacity is constrained by its low configuration selection rate, which is significantly lower than other models [2][5] - The i6 model will not be delivered with the Xinwanda battery version in 2025, further complicating production capacity issues [6] Group 2: Model Configuration and Market Dynamics - The configuration distribution for various models shows significant differences, with the i8 having a much lower low configuration rate compared to the L series [5] - The L series model distribution indicates a varied preference among consumers, with specific configurations being more popular [3] - The underperformance of L series orders may be linked to multiple factors, including competitive pressures and market conditions [7] Group 3: Future Expectations and Strategic Decisions - There is speculation that the i6's order volume may exceed expectations, suggesting potential adjustments in production strategy [6] - The company may consider a joint venture with Xinwanda for battery production to address future supply chain challenges [6] - The overall sentiment indicates a need for improved product strength and value communication to enhance market performance [7]

Core Viewpoint - Xiaopeng Motors achieved a record monthly delivery of 42,013 vehicles in October 2025, marking a significant milestone in its operational performance [1] Delivery Performance - The company delivered 42,013 new vehicles in October, setting a historical high for monthly deliveries [1] - This marks the second consecutive month where deliveries exceeded 40,000 units [1] - Cumulatively, from January to October, Xiaopeng Motors delivered 355,209 vehicles, representing a year-on-year growth of 190% [1]

Core Viewpoint - NIO's Q2 2025 financial report reveals significant challenges, but the strong sales of the L90 and the pre-sale success of the new ES8 provide a glimmer of hope for the company's future [1][4]. Financial Performance - As of June 30, 2025, NIO's cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 27.2 billion [5]. - The company reported an operating loss of RMB 4.9089 billion for Q2 2025, with a net loss of RMB 4.9948 billion, and an adjusted net loss of RMB 4.1267 billion [7]. - Operating expenses included R&D costs of RMB 3.007 billion, down 6.6% year-over-year and 5.5% quarter-over-quarter, while selling, general, and administrative expenses rose 5.5% year-over-year but fell 9.9% quarter-over-quarter [8]. Delivery and Production Guidance - NIO delivered 72,056 vehicles in Q2 2025, marking a 25.6% year-over-year increase and a 71.2% quarter-over-quarter increase [10]. - For Q3, the delivery guidance is between 87,000 and 91,000 vehicles, representing a year-over-year growth of 40.7% to 47.1% [10]. - The company aims for a monthly delivery target of 50,000 vehicles in Q4, with total deliveries exceeding 150,000 for the quarter [10][11]. Gross Margin and Profitability - NIO's gross margin for Q2 2025 was 10.0%, an increase from 9.7% year-over-year and 7.6% quarter-over-quarter [14]. - The long-term goal is to achieve a 20% overall gross margin, with specific targets for different brands: 25% for NIO, over 15% for the Lido brand, and around 10% for the Firefly brand [14]. - The company expects to reach breakeven with a gross margin of 16%-17% by Q4 [14]. Future Product Plans - NIO plans to maintain quarterly R&D expenses between RMB 2 billion and 2.5 billion in 2026, significantly lower than previous levels [15]. - Upcoming product launches include the Lido L80 and two large SUVs, the ES9 and the five-seat SUV ES7, indicating a strategic shift in response to competitive pressures [15].

Core Insights - The company, Hongmeng Zhixing, has demonstrated strong growth momentum in August, delivering 44,579 new vehicles [1] - Cumulatively, the total vehicle deliveries have surpassed 900,000 units [1] Delivery Performance - In August, the company achieved a delivery of 44,579 new vehicles [1] - The total cumulative deliveries reached over 900,000 units [1]

Core Insights - The Chengdu Auto Show 2025 officially opened on August 29, showcasing the latest delivery data from Leda Auto, which reached a record high in August [1] Delivery Data Summary - Leda Auto's delivery volume has shown a fluctuating upward trend from September last year to August this year, starting with 832 vehicles in September last year and gradually increasing [1] - There was a slight decline at the beginning of this year, with February deliveries at 4,049 vehicles, but the numbers began to recover from March onwards [1] - In July, Leda Auto delivered 5,976 vehicles, followed by significant growth in August [1] Notable Events - Actor Guo Tao, along with his wife and daughter, appeared at the Leda exhibition booth, highlighting the brand's visibility [1] - NIO co-founder Qin Lihong presented the 10,000th Leda L90 vehicle to Guo Tao's family at the event [1]

Core Viewpoint - Nomura analysts predict that BYD's delivery volume this year may range between 5 million to 5.2 million vehicles [1] Group 1 - The potential delivery volume for BYD is estimated to be between 5 million and 5.2 million vehicles for the year [1] - The company may introduce new models or upgrade existing ones, which could provide some bottom-up opportunities for BYD [1]

Core Viewpoint - Leap Motor achieved a significant milestone in July 2023, with total deliveries surpassing 50,000 units for the first time, reaching 50,129 units, maintaining a top-three position in monthly sales within the domestic market [1] Delivery Performance - The July delivery volume increased by 4% month-on-month and over 126% year-on-year [1] - Leap Motor has expanded its overseas channels to over 600, covering more than 30 international markets including Europe, the Middle East, Africa, and Asia-Pacific [1] - From January to June 2025, Leap Motor exported 20,375 units to overseas markets [1] Product Highlights - The Leap Motor C10 is the main product, with 26 variants launched, achieving over 10,000 units sold for three consecutive months [1] - The pure electric version of the C10 features an 800V high-voltage silicon carbide platform, with a CLTC range of 605 km and fast charging from 30% to 80% in 16 minutes [1] - The extended-range version offers a comprehensive range of 1,190 km, with a pure electric range of 210 km and a low fuel consumption of 5.1L/100km [1] - The C10 utilizes a front MacPherson and rear five-link independent suspension system, along with an advanced braking and steering system [1] Resale Value - According to the "2025 Half-Year China Automotive Resale Value Research Report," the Leap Motor C10 ranks second in the resale value list for pure electric mid-size SUVs, only behind the Tesla Model Y [1]