继上周五（7月11日）大涨近6个点后，周一早间，蔚来-SW（09866.HK）股价继续强势拉升。截至午间 收盘，股价报32.40港元/股，涨幅10.77%。 随着二季度的结束，新能源汽车在2025年的厮杀已经进入了下半场，规模和利润成为投资者最关注的指 标。 近日，全球咨询公司艾睿铂（AlixPartners）在其年度行业深度分析报告《2025全球汽车展望》中预 测，在2024年销售新能源汽车的129个品牌中，有15个品牌到2030年仍将保持财务活力，市场将出现明 显的整合，只有最具竞争力的品牌有望在未来几年取得成功。该机构还称，经研究测算，车企如果要实 现盈利，纯电车一年40万辆和插混/增程式一年20万辆，将是一个关键的平衡点。 从销售规模来看，今年上半年，蔚来的半年度销量为11.42万辆，其中6月份销售2.49万辆，环比增 7.29%。但无论是以44万辆的年度目标还是机构预测的40万辆平衡点来看，蔚来要在今年四季度实现盈 利，仍然有较大的努力空间。 李斌称，对蔚来靠本事从低谷里面走出来依然有信心。乐道L90能否成为蔚来扭亏为盈的关键力量，三 季度或许会有一个相对明朗的答案。 市场认为，蔚来近日的股价表现， ...

2025.07. 14 本文字数：1088，阅读时长大约2分钟 作者 | 第一财经 葛慧 继上周五（7月11日）大涨近6个点后，周一早间，蔚来-SW（09866.HK）股价继续强势拉升。截 至午间收盘，股价报32.40港元/股，涨幅10.77%。 在L90发布后，机构也对蔚来表现出了较为乐观的预期。 交银国际分析师给予蔚来汽车"买入"评级，预计公司未来将通过边际改善（特别是销量回升）和降 本效果的实现，推动股价迎来短期反弹机会。中金公司发布研报称，当前蔚来港股对应2025年0.7x P/S，维持2025~2026年Non-GAAP净利润，维持跑赢行业评级。考虑公司兑现第四季度实现盈利 转正的指引信心强，维持港股目标价41港元。 随着二季度的结束，新能源汽车在2025年的厮杀已经进入了下半场，规模和利润成为投资者最关注 的指标。 近日，全球咨询公司艾睿铂（AlixPartners）在其年度行业深度分析报告《2025全球汽车展望》中 预测，在2024年销售新能源汽车的129个品牌中，有15个品牌到2030年仍将保持财务活力，市场 将出现明显的整合，只有最具竞争力的品牌有望在未来几年取得成功。该机构还称，经研究测算 ...

出品丨虎嗅汽车组 作者丨肖漫 头图丨视觉中国 "斌哥这回拼了。"在乐道L90技术发布会后，众多现场观众如此热议乐道L90的预售价格，以及在台上讲了近 180 分钟产品技术的李斌。 在四季度盈利目标的压力下，蔚来已经没有犯错的机会。上半年，蔚来已经上市六款新品，手上的牌仅剩三张。 全新产品乐道 L90 承载着蔚来能否逆转命运、实现盈利的希望。打赢了，蔚来可以赢得喘息；输了，蔚来…… 本期车圈脉动，聚焦乐道L90，分析这款关系蔚来生死转折的新车，能否在竞争激烈的市场中打出漂亮一仗。 【乐道二战，L90上场】 乐道L90车身长度5145mm，车宽1998mm，车高1766mm，轴距3110mm，定位旗舰级大三排SUV。 空间大。乐道L90空间利用效率较高，后备箱空间达到430升，前备舱空间达到240L，用李斌的话说，装得下"六人十箱"。 | 参数/车型 | 飛道L90 | 理想i8 | | --- | --- | --- | | 定位 | 纯电大型SUV | 纯电大型SUV (5C超充) | | | (支持换电) | | | 尺寸 (mm) | 5145×1998×1766 | 5085×1960×1740 | | ...

【导读】蔚来港股、美股均大涨，李斌公布乐道 L90 预售价超预期 中国基金报记者 邱德坤 7 月 11 日，蔚来公司港股（蔚来 -SW ） 一度涨超 8% ，收盘涨幅接近 6% ； 7 月 10 日晚间，蔚来公司美股 （ NIO ） 收盘涨超 6% 。 | 29.200 43.3万(24) | | | | | | | --- | --- | --- | --- | --- | --- | | ਐੱਡ | 29.150 35.1万(19) | | | | | | द्रेन् 3 | 29.100 13.3万(17) | | | | | | श्रें प | 29.050 8.0万 (8) | | | | | | ત્રેર્ટ | 29.000 4.7万(35) | | | | | | 28.950 8.5万(12) | 25.200 | -8.70% -8.70% | | | | | 28.900 1.5万 (6) | 成交量 ▼ 1382万股 分时量:116.9万股↑ 现量:103.1万股 参考 | | | | | | 28.850 4.8万 (5) | द्रों, 8 | 117万 | | | | ...

编者按： YU7并没有"逾期"，反倒是提前了上市发布日期。而雷军的"月底见"，既彰显了小米汽车全体人员的激动心情，同时也让人从这份"迫切"里，读到了一 丝"焦虑"。 昨日，小米创办人、董事长兼CEO雷军在社交媒体上发文宣布：大家非常期待的小米YU7，将于6月底发布。还有很多重磅新品同场一起发布，比如搭载玄 戒O1芯片的第二款平板：小米平板7S Pro。我们正在准备，月底见！ 按照之前传出来的节奏和计划，小米YU7本应该是在7月份才正式上市并公布价格。此时雷军宣布"提档"，这很难不让人产生某些联想。 而后的5月交付量，环比再度下降了2.09%，虽然下降幅度并不算大，但却传递出一个信号：小米汽车以及它唯一在售车型小米SU7的市场认可度，开始有了 下滑的迹象。原先的那部分小米汽车粉丝们，变得不那么坚定了。 此时，如果还按照此前的节奏，按部就班地推进下去，既不符合小米汽车的现状，也无法匹配当下的车市竞争环境。在车企隔三差五就推新车的当下，车企 如果还用旧的节奏来走完首发、预售和上市发布的一系列流程，那么这款车的热度恐怕早就没了，哪怕它是小米。 故而在客观条件允许的情况下，提档才是相对更加明智的事情。小米YU7的提前入 ...

Core Viewpoint - NIO's Q1 financial report shows a year-on-year revenue growth of 21.5%, reaching RMB 120.3 billion, but the net loss increased by 30.2% to RMB 67.5 billion, indicating ongoing challenges in achieving profitability [5][6]. Company Performance - Li Auto reported the highest revenue among new energy vehicle companies at RMB 25.9 billion, while Leap Motor achieved record revenue and gross margin, exceeding RMB 10 billion with a gross margin of 14.9% [1]. - Xpeng Motors improved its gross margin to 15.6%, with a revenue of RMB 15.8 billion, marking a 141.5% year-on-year increase [9]. - NIO's gross margin was 7.6%, up 2.7 percentage points year-on-year, but still reflects a struggle to reach profitability [5][6]. Sales and Deliveries - In May, several new energy vehicle companies reported strong delivery numbers, with Li Auto delivering 40,856 vehicles, a 16.7% increase year-on-year, and NIO delivering 23,231 vehicles, a 13.1% increase [11][16]. - Xpeng Motors delivered 33,525 vehicles in May, a 230% year-on-year increase, while Leap Motor and Zeekr also reported deliveries exceeding 40,000 units [11][12]. Future Outlook - NIO aims to achieve profitability by Q4 2024, with expectations of monthly sales of 50,000 units across its brands and a gross margin exceeding 20% [5][8]. - Xpeng Motors is also targeting profitability in Q4 2024, with a projected revenue of RMB 175 billion to RMB 187 billion for Q2 2024, reflecting a significant year-on-year growth [9]. - The overall industry is expected to transition from a model of increasing revenue without profit to a more sustainable growth phase, driven by competitive pressures and market dynamics [4].

Core Insights - The Chinese passenger car market showed strong growth in May 2023, with retail sales reaching 1.932 million units, a year-on-year increase of 13.3% and a month-on-month increase of 10.1% [1] - The competitive landscape among new energy vehicle manufacturers has shifted, with Leap Motor leading in deliveries for three consecutive months, while NIO has fallen to the bottom among the top four new energy brands [1][3] Group 1: Market Performance - Cumulative retail sales for the year reached 8.811 million units, reflecting a year-on-year growth of 9.1% [1] - Leap Motor, Xpeng, and NIO have shown varying performance in revenue, with Li Auto leading at 25.93 billion yuan, followed by Xpeng at 15.81 billion yuan, NIO at 12.03 billion yuan, and Leap Motor at 10.02 billion yuan [3] - Leap Motor's revenue grew by 187.1% year-on-year, while Xpeng and NIO saw increases of 141.45% and 21.46%, respectively [3] Group 2: Profitability and Margins - The gross margins of new energy vehicle manufacturers improved in Q1 2023, with Li Auto leading at 20.5%, followed by Xpeng at 15.6% and Leap Motor at 14.9% [3][4] - NIO's gross margin improved to 7.6%, but it still reported a significant net loss of 6.891 billion yuan, a year-on-year increase of 31.06% [4] - Leap Motor has identified technology services as a new profit path, achieving a historical high gross margin of 14.9% in Q1 2023 [4][5] Group 3: Strategic Partnerships and Future Outlook - Xpeng's collaboration with Volkswagen has become a key revenue driver, contributing 5.04 billion yuan in revenue for 2024 [5] - Xpeng's service and other business revenues reached 1.44 billion yuan in Q1 2023, accounting for 9.1% of total revenue [5] - The new energy vehicle sector is entering a critical phase, with companies like Leap Motor and Xpeng focusing on achieving profitability by 2025 [8][9] Group 4: Cost Management and Operational Efficiency - NIO has implemented a new operational mechanism called CBU to enhance investment returns and cost management [9] - The company reported a 46.8% year-on-year increase in sales, general, and administrative expenses, while R&D spending was 3.181 billion yuan, up 11.1% year-on-year [9][10] - All new energy vehicle manufacturers are focusing on optimizing their input-output ratios to achieve better results with lower investments [10]

2025.06. 06 本文字数：2453，阅读时长大约4分钟 作者 | 第一财经 李隽 2025年行将过半，"厮杀"方酣的纯电技术路线的造车新势力，纷纷设定了在今年四季度实现盈利的 目标。 小米创始人雷军新近在该公司投资者大会上称，小米汽车业务预计将在今年三、四季度盈利。而蔚来 （09866.HK）、小鹏汽车（09868.HK）等该公司的创始人，也不约而同将"扭亏为盈"汽车业务实 现盈利目标时间，定在了今年第四季度。 业内人士认为，这些纯电路线的车企要在第四季度实现盈利，需要有一定的条件，首先销售量必须能 够继续扩大规模，通过规模效应来降低平均成本；管理方面，也要通过细化管理实现"降本增效"； 另一方面，智能化和全球化的发展，也是车企能否实现盈利的关键所在。 另一方面，关于汽车行业的"价格战"，近日工信部、中汽协相关发言人均就国内乘用车"内卷式"竞 争发声呼吁改善目前的态势；业内人士认为，如果"价格战"暂缓下来的话，有望改善行业竞争格 局，将会对这些车企利润状况有正面影响。 纷纷设定四季度实现盈利目标 标 ， 也 是 四 季 度 实 现 盈 利 ， 并 预 期 二 季 度 的 总 交 付 量 为 7.2 万 ...

Core Viewpoint - The new energy vehicle companies in China are showing improved financial performance in Q1 2025, with several companies providing specific timelines for achieving profitability, indicating a potential shift towards sustainable business models in the electric vehicle sector [1][2]. Financial Performance - Li Auto reported revenue of 25.93 billion yuan, a year-on-year increase of 1.1%, and a net profit of 646.6 million yuan, up 9.4% [2]. - Xpeng Motors achieved revenue of 15.81 billion yuan, a year-on-year growth of 141.5%, with a net loss of 660 million yuan, significantly reduced from a loss of 1.37 billion yuan in the same period last year [2]. - Leap Motor generated revenue of 10.02 billion yuan, a year-on-year increase of 187.1%, with a loss attributable to equity holders of 130 million yuan, also showing a significant reduction in losses [2]. Profitability Timelines - Leap Motor aims to achieve breakeven in Q2 2025, projecting sales between 130,000 to 140,000 units [3]. - Xpeng Motors' chairman expressed confidence in achieving profitability in Q4 2025, alongside high sales growth [3]. - NIO's CEO indicated that cost control measures implemented in Q1 2025 would yield results in Q2, with a focus on achieving profitability by Q4 [3]. - Xiaomi's chairman revealed that the smart electric vehicle segment is expected to reach profitability in Q3 or Q4 2025 [3]. Industry Trends - The anticipated collective profitability of new energy vehicle companies is attributed to enhanced scale effects and improved cost control capabilities [4]. - Financial improvements among these companies are expected to accelerate industry consolidation, directing resources towards technology leaders and pressuring traditional automakers to accelerate their transformation [4]. - The sustainability of profitability hinges on building a "differentiated moat," with companies like Leap Motor focusing on self-research and development, and Xpeng Motors positioning itself as an AI automotive technology firm [4]. Long-term Strategies - Maintaining long-term profitability will require continuous breakthroughs in technology and cost control, such as self-research to lower costs and innovative manufacturing processes [4]. - Companies must avoid blind expansion into niche markets that could dilute resources and should focus on reconstructing business models to include software services and lifecycle value management [4][5].

Core Viewpoint - The electric vehicle (EV) industry is focusing on achieving profitability by the fourth quarter of this year, with several companies setting specific targets to turn losses into profits [1][2][3]. Group 1: Profitability Goals - Companies like Xiaomi, NIO, and Xpeng have all set targets to achieve profitability in their automotive divisions by the fourth quarter of this year [1][2]. - Ideal Auto, Leap Motor, and Seres have already achieved profitability due to lower battery procurement costs and simpler technology [2]. - NIO reported a revenue of 12.035 billion yuan in Q1, but a net loss of 6.891 billion yuan, with a goal to achieve profitability in Q4 [3]. Group 2: Conditions for Profitability - Key conditions for achieving profitability include significant sales volume increases, effective cost control, and optimization of supply chain management [4][6]. - Companies must balance R&D and marketing investments to avoid excessive spending that could impact profits [4][6]. - The industry is expected to consolidate, with companies that cannot achieve annual sales of 300,000 units facing challenges [6]. Group 3: Industry Dynamics - The current "price war" in the domestic passenger car market is driven by previous high investments and the need for scale effects [7]. - Regulatory bodies are calling for improvements in the competitive landscape to alleviate the "involution" in the market [7]. - The future automotive landscape is anticipated to be dominated by a few major players with strong financial backing and innovative capabilities [5][6].