Summary of Key Points Core Viewpoint The report provides an overview of the electric vehicle (EV) delivery performance of various new car manufacturers in June 2025, highlighting significant growth and declines in sales across different companies. Company Performance - Xiaomi Auto delivered over 25,000 vehicles in June [1] - Lynk & Co sold 26,310 vehicles, marking an 8% year-on-year increase [1] - Zeekr Technology reported sales of 16,702 vehicles, a 17% decline compared to the previous year [1] - Lantu Auto achieved sales of 10,053 vehicles, reflecting an 83% year-on-year growth [1] - Avita Auto sold 10,153 vehicles, with a remarkable 117% increase year-on-year [1] - NIO delivered 24,925 vehicles, up 17.5% year-on-year [1] - Li Auto's deliveries totaled 36,279 vehicles, down 24% year-on-year [1] - Zhiji Auto delivered 6,027 new vehicles in June [1] - Deep Blue Auto achieved total deliveries of 29,893 vehicles, a 79% year-on-year increase and a 17% month-on-month growth [1] - Hongmeng Zhixing set a new monthly sales record with 52,747 vehicles delivered [1] - BYD's new energy vehicle sales reached 382,600 units, up from 341,700 units in the same month last year [1] - Leap Motor delivered 48,006 vehicles, showing over 138% year-on-year growth, with total deliveries exceeding 220,000 units in the first half of the year [1] - Xpeng Motors delivered 34,611 new vehicles, achieving a 224% year-on-year increase and maintaining over 30,000 deliveries for eight consecutive months [1]

Group 1 - The Hong Kong stock market indices experienced a decline, with mixed performance in tech stocks and a notable rise in AI healthcare stocks [1] - Xiaomi launched its first SUV, the Xiaomi YU7, achieving significant pre-orders of 200,000 units in three minutes and over 289,000 units in one hour, surpassing its 2025 annual shipment target by 82.5% [1] - The pricing of the Xiaomi YU7 is competitive, with the standard version priced at 253,500 CNY, lower than Tesla's starting price of 263,500 CNY, indicating strong market expectations [1] Group 2 - The solid-state battery sector is gaining attention, with expectations for product finalization by the end of 2025 and mass production by 2027, which could significantly enhance the competitiveness of electric vehicles [2] - The Hang Seng Technology Index ETF (513180) focuses on high-growth sectors such as artificial intelligence and new energy vehicles, with Xiaomi being the largest weighted stock at 8.34% [2]

Core Viewpoint - Xiaopeng Motors reported a significant revenue increase of 141.5% year-on-year for Q1 2025, reaching 15.81 billion [1]. However, the momentum for high growth appears to be waning, with concerns about the sustainability of this growth trajectory [3]. Group 1: Sales Performance - Xiaopeng's delivery volumes showed a consistent double-digit growth from 2022 to 2024, with deliveries of 121,000 in 2022 (up 23%), 142,000 in 2023 (up 17.3%), and 190,000 in 2024 (up 34.2%) [1]. - The quarterly delivery figures exhibited significant fluctuations, with Q4 2023 seeing a delivery of 61,600 (up 171% year-on-year), followed by a sharp decline to 21,800 in Q1 2024 (up 20% year-on-year) [1]. - In the first five months of 2025, Xiaopeng delivered 163,000 vehicles, a staggering 293% increase year-on-year, with the MONA M03 model accounting for about half of these deliveries [1]. Group 2: Market Position and Competition - The new energy vehicle (NEV) market in China has seen a shift, with traditional automakers increasingly embracing electric vehicles, making it difficult for new entrants to secure a strong foothold [6][7]. - Xiaopeng has consistently ranked fourth among new energy vehicle manufacturers, trailing behind Li Auto, NIO, and newer entrants like AITO and Leap Motor [5][6]. - The competitive landscape indicates that while new entrants can achieve rapid growth, sustaining that growth is challenging, as evidenced by Xiaopeng's fluctuating market position [7][8]. Group 3: Financial Metrics - Xiaopeng's gross profit margin has shown volatility, with a notable recovery from a loss of 1.6% in 2023 to 10.5% in Q1 2025 [11][21]. - The service revenue has outpaced vehicle sales growth, with service income reaching 1.44 billion in Q1 2025, contributing significantly to overall profitability [14][17]. - Despite improvements, the company has faced substantial losses, with a net loss of 660 million in Q1 2025, although this represents a significant reduction from previous quarters [24][26]. Group 4: Future Outlook - The potential for Xiaopeng to achieve profitability in 2025 is contingent on maintaining sales momentum and managing costs effectively, with projections suggesting a possibility of quarterly profitability [26]. - The collaboration with Volkswagen has bolstered service revenue and improved gross margins, indicating a strategic move towards enhancing profitability through service offerings [17][20]. - However, the overall outlook remains cautious, with the company expected to continue facing challenges in a highly competitive market [26].

Core Insights - Xiaomi's automotive division has expanded its sales network to 298 stores across 82 cities in China as of May 2025, with plans to add 37 more stores in June [1] - The company reported a monthly delivery volume exceeding 28,000 vehicles, positioning itself among the leading new car manufacturers in China [6] Store Expansion - Xiaomi announced the addition of 29 new stores by May 2025, with a total of 298 stores established nationwide [1] - The upcoming store openings in June are set to cover 10 cities, including Baoji and Cangzhou [1] - A detailed list of new store locations includes cities such as Shanghai, Shenzhen, Guangzhou, Chengdu, and more [3][4][5]

Core Viewpoint - Xiaopeng Motors has exceeded expectations with its quarterly performance, showcasing significant growth in revenue and vehicle deliveries despite being in a traditionally slow season for the automotive market [1][2]. Financial Performance - The company reported a revenue of 15.81 billion yuan for Q1 2025, representing a year-on-year increase of 141.5% but a slight decrease of 1.8% compared to Q4 2024 [1]. - Total vehicle deliveries reached 94,000 units in Q1, marking a year-on-year growth of 330.8% and an increase from 91,500 units in Q4 2024 [1]. - Automotive sales revenue was 14.37 billion yuan, up 159.2% year-on-year, but down 2.1% quarter-on-quarter [2]. Profitability Metrics - The gross margin for Q1 was 15.6%, an increase of 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter [2]. - The net loss attributable to shareholders was 660 million yuan, a reduction from a loss of 1.37 billion yuan in the same period last year and a loss of 1.33 billion yuan in Q4 2024 [2]. - Non-GAAP net loss for Q1 was 430 million yuan, compared to a loss of 1.41 billion yuan in the previous year and a loss of 1.39 billion yuan in Q4 2024 [2]. Expenditure and Investment - R&D expenses totaled 1.98 billion yuan, a 46.7% increase from 1.35 billion yuan in the same period last year, driven by product expansion and new technology development [3]. - Selling, general, and administrative expenses were 1.95 billion yuan, up 40.2% year-on-year, primarily due to increased commissions paid to franchise stores as sales rose [3]. Market Expansion and Future Outlook - As of March 2025, the company had 690 physical sales outlets across 223 cities and a self-operated charging station network of 2,115 stations [3]. - In April 2025, the company delivered 35,000 vehicles and projected Q2 deliveries between 102,000 and 108,000 units, representing a year-on-year growth of 237.7% to 257.5% [3]. - Revenue expectations for Q2 are between 17.5 billion and 18.7 billion yuan, indicating a year-on-year growth of 115.7% to 130.5% [3]. - The CEO expressed confidence in the company's growth potential, citing new vehicle launches and international expansion as key drivers for sustainable growth [3]. Stock Market Reaction - Following the earnings report, Xiaopeng Motors' stock price surged by 7.29%, reaching 83.20 HKD per share [4].

Core Viewpoint - Nezha Auto is facing a new wave of public scrutiny due to issues with its app and website, following previous controversies related to management and operational challenges [2][8]. Group 1: Recent Issues - On May 4, the topic "Nezha Auto App Disconnection" trended on Weibo, with a reading volume of 6.17 million by May 6 [3]. - Users reported problems such as "APP disconnection," inability to use remote control features, and halted data updates on May 2 [3][4]. - The app displayed "network exception" messages, and users encountered "HTTP 502 Bad Gateway" errors when attempting to log in [4][7]. Group 2: Brand Trust and Reputation - The series of technical issues has led to a decline in consumer trust in Nezha Auto's brand, with negative discussions about its "brand vitality" and user base surfacing online [8]. - Previous incidents in April and January also highlighted ongoing issues with the app and website, contributing to a negative perception of the company [7]. Group 3: Company Response and Recovery Efforts - By May 5, the reported issues with the app and website were resolved, with Nezha Auto attributing the problems to a system fault rather than a lack of oversight during the holiday [9][10]. - Nezha Auto's CEO, Fang Yunzhu, has initiated a series of reforms aimed at restoring the company's reputation and operational efficiency, including a plan for employee stock ownership and expansion into international markets [15][16]. Group 4: Future Outlook - Nezha Auto aims to achieve profitability by 2026 and plans to balance its sales between domestic and international markets within the next 2-3 years [15]. - The company has already established partnerships in Bolivia and Indonesia, indicating a strategic push into overseas markets as a growth driver [16].

Core Viewpoint - Neta Auto has faced significant issues with its app connectivity, leading to widespread complaints from users and raising concerns about the company's operational stability and customer satisfaction [1][3][5]. Group 1: App Connectivity Issues - Starting from May 2, many Neta car owners reported problems with the Neta Auto app, including network disconnections and inability to control their vehicles remotely [3]. - Users shared screenshots showing various error messages, such as "no data available" and "HTTP 502 Bad Gateway," indicating severe app malfunctions [5]. - This is not the first instance of app issues for Neta Auto, as similar complaints were reported in April, affecting functionalities like Bluetooth key access and vehicle system connectivity [5]. Group 2: Market Performance and Challenges - In 2022, Neta Auto achieved significant sales success with its models Neta U and Neta V, selling 15,210 units and becoming the top seller among new car manufacturers [6]. - However, in March 2023, other new energy vehicle manufacturers like XPeng and Li Auto surpassed monthly sales of 30,000 units, while Neta Auto struggled with declining sales [6]. - Reports have emerged of dealers protesting at Neta Auto's factory due to issues like delayed rebates and subsidies, as well as unmet delivery schedules [6]. - As of January 2025, Neta Auto's domestic delivery volume was only 110 units, highlighting a drastic decline in performance [6].

【导读】哪吒汽车App又被曝断网、官网已无法访问 中国基金报记者忆山 5月4日，哪吒汽车再次被曝出App断网的问题，相关话题也迅速登上抖音、微博等平台热搜。 App断网、官网无法访问 据多位哪吒车主在社交平台发布的消息，从5月2日开始，不少车主都遇到了哪吒汽车App断网、App控车无法使用等问题。 网友上传的App截图显示，有的首页"发现"一览显示"暂无数据，点击重试"，有的显示"网络不佳，请检查后重试"，有的是无法登录，显示"HTTP502 Bad Gateway"的错误提示。此外，还有车主反映，尽管可以打开App，但汽车定位无法更新，或者无法查看充电提示和续航里程等信息。 值得注意的是，这并非哪吒汽车首次被传出App异常。此前于4月，也有多位车主称哪吒汽车App出现断网的情况，导致蓝牙钥匙失效、车机系统无法联 网、App远程控制失灵等问题。 今年1月初，哪吒汽车官网曾被曝出无法正常打开，仅显示"系统维护中，请稍后再试"，不久后恢复正常。 基金君发现，截至5月4日发稿，哪吒汽车官网已无法访问。 截至目前，哪吒汽车官方尚未正式公开回应该问题。不过，有车主称，其于昨日（5月3日）在微信群里看到通知，哪吒汽车Ap ...