1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the domestic lithium carbonate production increased by 656 tons week - on - week to 18,100 tons. There is an incremental expectation for non - integrated supply in June due to the reduction in lithium ore costs. In May, the amount of lithium carbonate exported from Chile to China was 9,700 tons, a significant month - on - month decrease of 38%. The domestic social inventory of lithium carbonate increased by 1,117 tons week - on - week to 133,500 tons, with smelters and other sectors having a slight inventory build - up, and the overall inventory remaining at a high level. In the medium - to - long term, the pressure of oversupply of lithium carbonate in the next two years is still large [5][6]. - In June, downstream demand was basically flat month - on - month. The production schedule of the power sector declined, while there was a certain behavior of rush - exporting for energy - storage cells. The terminal market maintained a relatively fast growth rate. In May, the sales volume of the new - energy passenger vehicle market in China was 1.307 million, a year - on - year increase of 36.9% [6]. - This week, the price of spodumene concentrate was basically flat week - on - week, while the price of lepidolite concentrate increased by 3.4% week - on - week. Overseas mines had a strong sentiment of price support, but downstream lithium salt plants had low willingness to take delivery [6]. - Considering the decrease in imported lithium carbonate, it is expected that the supply and demand will be in a tight balance or there will be a slight inventory reduction in June, but the medium - term oversupply pattern is difficult to change. Near the end of the second quarter, both upstream and downstream have certain inventory management needs. The high inventory exerts a certain suppression on lithium prices, but further downward movement is likely to trigger supply disturbances. It is expected that lithium prices will fluctuate. In the medium term, the idea of shorting on rallies is recommended, and attention should be paid to the trends at the mine end [6]. 3. Summary According to the Directory Supply Side - **Lithium Spodumene Import Volume in April Increased Slightly Month - on - Month**: From January to April, China imported 2.315 million tons of lithium spodumene. In April, the import volume was 622,900 tons, a month - on - month increase of 16.5%. Among them, 1.179 million tons were imported from Australia, accounting for 50.9%; 343,000 tons from South Africa, accounting for 14.3%; and 315,000 tons from Zimbabwe, accounting for 13.6% [10]. - **The Decline of Lithium Concentrate Slowed Down**: This week, the price of spodumene concentrate was basically flat week - on - week, and the price of lepidolite concentrate increased by 3.4% week - on - week. Overseas mines on the spodumene side had a strong sentiment of price support, with the SC6 quotation remaining above $630 per ton. Some traders were eager to sell due to factors such as hedging or inventory pressure [13]. - **Domestic Lithium Carbonate Production in June May Slightly Increase Month - on - Month**: In May, the total production of SMM lithium carbonate decreased by 2% month - on - month and increased by 15% year - on - year. By raw material, the production of lithium carbonate from spodumene and recycling decreased by 4% and 13% month - on - month respectively, while the production from lepidolite and salt lakes increased by 2% and 3% month - on - month respectively. It is expected that the domestic lithium carbonate production will slightly increase month - on - month in June as the profitability of subcontractors has recovered and the production of the salt - lake sector has increased with the warming weather [17]. - **Lithium Carbonate Import Volume and Its Changes**: From January to April, China imported 78,900 tons of lithium carbonate, a year - on - year increase of 26.8%. Among them, 53,200 tons were imported from Chile, a year - on - year increase of 9.8%, and 22,600 tons from Argentina, a year - on - year increase of 80.7%. According to Chilean customs, in May, the scale of lithium carbonate exported from Chile to China was 9,700 tons, a month - on - month decrease of 38%. It is expected that this part of lithium carbonate will arrive in China from late June to July [20]. - **Spot Prices Were Basically Flat Week - on - Week**: This week, the spot price of battery - grade lithium carbonate was 60,700 yuan per ton, basically flat week - on - week. Market transactions were relatively dull. Lithium salt plants were reluctant to sell at low prices, but downstream buyers mostly adopted a wait - and - see attitude and mainly made purchases based on rigid demand. The price of industrial - grade lithium carbonate was 59,050 yuan per ton, also basically flat week - on - week [21]. Demand Side - **The Global New - Energy Vehicle Market Started Well**: The new - energy vehicle industry accounts for about 62% of the global lithium carbonate demand. In the first quarter of 2025, the global sales volume of electric vehicles was 4.1 million, a year - on - year increase of 29%. Among them, the sales volume in Europe was 900,000, a year - on - year increase of 22%; in North America, 500,000, a year - on - year increase of 16%; and in China, 2.4 million, a year - on - year increase of 36%. The markets in China and Europe had strong growth, while the growth rate in the United States declined due to political factors [26]. - **The Production of Power Batteries Maintained a High Growth Rate**: In April, the total production of power and other batteries in China was 118.2 GWh, a month - on - month decrease of 0.03% and a year - on - year increase of 49.0%. From January to April, the cumulative production was 444.6 GWh, a cumulative year - on - year increase of 67.1%. From January to April, the cumulative sales volume was 403.9 GWh, a cumulative year - on - year increase of 73.7%. Among them, the cumulative sales volume of power batteries was 303.9 GWh, accounting for 75.2% of the total sales volume, with a cumulative year - on - year increase of 56.8%; the cumulative sales volume of other batteries was 100.0 GWh, accounting for 24.8% of the total sales volume, with a cumulative year - on - year increase of 157.8% [36]. - **The Year - on - Year Increase of Domestic Mobile Phone Shipments Was Slight**: In the first quarter of 2025, the shipment volume of the domestic smartphone market was 71.6 million, a year - on - year increase of 3.3%. From January to December 2024, the production volume of electronic computer units in the first quarter was 85.322 million, a year - on - year increase of 9.6%, showing positive growth for two consecutive quarters, which was driven by the upgrading of the entire industrial chain under the impetus of technologies such as cloud computing and artificial intelligence [41]. - **The Energy - Storage Installation in May Maintained a High Growth Rate**: According to incomplete statistics from CNESA DataLink, in May this year, the newly commissioned installed capacity of new - energy storage projects in China totaled 6.32 GW/15.85 GWh, a year - on - year increase of 193%/228%. The "531" rush - installation contributed a certain increment. The joint release of the "Guiding Opinions on Further Promoting the Development of New - Energy Storage" by the National Development and Reform Commission and the National Energy Administration clarified that "new - energy projects should not be required to be equipped with energy storage compulsorily". After the cancellation of the compulsory energy - storage installation, the energy - storage installation ratio will decrease, which may affect the demand for lithium iron phosphate by about 3% [46]. - **The Downstream Production Schedule in June Increased Slightly Month - on - Month**: This week, the theoretical production profit of ternary material enterprises was 3,430 yuan per ton, a decrease of 40 yuan per ton compared with last week. The profit of ternary material enterprises increased slightly month - on - month, but the overall profitability was not optimistic. According to research, downstream demand in June may increase slightly month - on - month. The production schedule at the power end declined, and there was a certain behavior of rush - exporting for energy - storage cells [52]. Other Indicators - **The Cost of Non - Integrated Lithium Salt Plants Was Inverted**: Recently, as the price of lithium concentrate stabilized, the production cost of lithium salt plants increased slightly. The theoretical production cost of manufacturers processing with purchased spodumene was 70,242 yuan per ton, a week - on - week increase of 779 yuan per ton. At the current lithium price, manufacturers processing with purchased spodumene have fallen into losses. The theoretical production profit was - 9,442 yuan per ton, a week - on - week decrease of 679 yuan per ton [49]. - **The Basis Widened This Week**: This week, the basis of lithium carbonate was 710, with the spot price at a premium to the futures price. The closing price of the main futures contract of lithium carbonate was 59,940 yuan per ton, and the basis of the contract widened. The price difference between battery - grade and industrial - grade lithium carbonate was flat week - on - week, at 1,600 yuan per ton [55]. - **The Spread Between Contracts Narrowed**: This week, the term structure of lithium carbonate contracts was a horizontal structure, and the spread between the first - month and near - month contracts was negative. The spread between the first - month and near - month contracts was - 40, an increase of 340 compared with last week, and the spreads between different contracts narrowed [59].

Core Insights - Leap Motor has significantly increased its sales, achieving a record of 45,067 units in May 2025, representing a growth rate of over 148% year-on-year, and has become the sales champion among new energy vehicle manufacturers for three consecutive months [1][6] - The company has officially entered the Hong Kong market with two models available for pre-sale, marking a step in its global expansion strategy [1][6] - Leap Motor's CEO, Zhu Jiangming, emphasizes a "fully self-research" strategy, with over 65% of core components being self-developed, which has effectively reduced vehicle costs and improved competitiveness [1][5] Company Overview - Leap Motor was founded in December 2015 by Zhu Jiangming, who transitioned from the security industry to the electric vehicle sector after recognizing the potential of smart vehicles [3][4] - The company faced initial challenges with its first model, the S01, which had high pricing and low sales, leading to a strategic shift in pricing and product development for subsequent models [5][6] - The second model, T03, was launched with a focus on high cost-performance, leading to significant sales growth [5] Financial Performance - In Q1 2025, Leap Motor reported revenue of 10.02 billion yuan, a year-on-year increase of 187.1%, with a gross margin of 14.90%, the highest in its history [6] - Although the company still reported a net loss of 130 million yuan, this was a significant reduction from a loss of 1.01 billion yuan in the same period the previous year [6][7] Market Position and Future Goals - Leap Motor aims to sell between 500,000 and 600,000 vehicles in 2025, with a long-term goal of reaching 1 million vehicles in three years and 4 million in six years [7][8] - The company has opened nearly 600 stores overseas, primarily in Europe, and is actively working on building its brand image in international markets [6][7]

每经记者｜李星 孙桐桐 每经实习编辑｜余婷婷 对于记者看到的恒生云谷在大门玻璃上张贴的"搬离"告示，上述哪吒汽车内部人士表示自己并不知情。"我今天早上去拿电脑的时候，还没看到有贴这个告 示。"该内部人士向记者透露，"哪吒汽车刚通知大家明天去公司拿东西。 " 离职员工：未按照仲裁规定时间支付工资 "还得交房贷，实在是没办法了。"一位参与申请薪酬支付的哪吒汽车离职员工说。 "合众新能源股份有限公司员工现已居家办公，目前正在办理搬离手续，现场已无该司人员。"6月12日，《每日经济新闻》记者在哪吒汽车位于上海市闵行 虹桥商务区的新办公室大门上看到上述告示内容，落款方为上海恒生云创科技发展有限公司（以下简称恒生云谷）。 图片来源：每经记者 孙桐桐 摄 这则告示意味着刚入住"新家"的哪吒汽车还要搬离。"我们是端午节后正式搬到这里来办公的，已经有一周多时间了。"6月12日，哪吒汽车相关工作人员向 记者透露。记者在现场看到，哪吒汽车的新办公室内已空无一人，只有个别工位上还有笔记本电脑和个人物品没有拿走。 就在6月11日，哪吒汽车经历了一次离职员工薪酬风波。"哪吒汽车目前租用的办公楼，是从别的企业转租过来的，大楼物业都不知情。 ...

6月3日，工业和信息化部办公厅等五部门发布《关于开展2025年新能源汽车下乡活动的通知》(以下简 称《通知》)，组织开展2025年新能源汽车下乡活动，加快补齐乡村地区新能源汽车消费使用短板，构 建绿色低碳、智能安全的乡村居民出行体系。 据悉，"新能源汽车下乡"的提法首次出现是在2020年，活动自启动以来，得到了各地政府、行业企业的 大力支持，有力支撑了全国新能源汽车销量快速增长。同时，也带动了农村地区汽车营销、服务网络以 及充换电基础设施的建设。 洪勇认为，新一轮新能源汽车下乡活动将利好新能源汽车制造业、充电设施建设和运营产业、售后服务 网络以及相关金融服务产业。同时，活动还将带动农村地区的就业增长和经济发展，为促进乡村振兴增 添新的活力。 2025年新能源汽车下乡活动共选取了124款新能源汽车车型，参与车型数量继续增长。《通知》还提 出，鼓励各类新能源汽车生产、销售、金融、充换电及售后服务等领域市场主体共同参与，结合以旧换 新、县域充换电设施补短板等政策工具，定制"购车优惠+用能支持+服务保障"一体化促销方案，健全 覆盖购车、用车、养车全周期售后服务网络。 从活动内容上看，此轮新能源汽车下乡将选取满足乡村地 ...

Core Insights - High-end electric vehicle manufacturer High合 is attempting to restart operations after a year-long halt due to financial difficulties, with new funding from Lebanese capital through EV Electra Ltd [2][3][6] - The company has a significant debt burden exceeding 10 billion yuan, complicating its recovery efforts [5][11] - High合's production capabilities are currently limited, relying on a partnership with Yueda Kia for manufacturing, and it lacks independent production qualifications [4][11] Financial and Operational Status - High合 registered a new company with a capital of approximately $143 million, with EV Electra Ltd holding 69.8% of the shares [2] - The company aims to produce 20,000 vehicles this year, primarily for export, and plans to resolve debts with suppliers by October 2025 [6][7] - High合's previous production capacity was 150,000 vehicles annually, which it intends to maintain despite the current challenges [7] Supply Chain and Production Challenges - High合 is in the process of assessing its supply chain and has reached out to former employees regarding their willingness to return [2][3] - The company has received inquiries from parts suppliers about resuming operations, indicating a potential path to restart production [2][6] - EV Electra has committed to providing High合 with at least 100,000 vehicles or $3 billion in overseas orders over the next three years, although its own operational history raises concerns [3][12] Market Position and Competitive Landscape - High合's luxury positioning in the electric vehicle market is under threat due to a year-long absence from the market and increasing competition [14][15] - The company faces challenges in technology and research and development, with a significantly smaller team compared to competitors like Xpeng and Huawei [15] - High合's pricing strategy for its models HiPhi X and HiPhi Y ranges from 339,000 to 800,000 yuan, but sales figures have been low, with only 4,237 and 4,349 units sold in 2021 and 2022 respectively [15]

Core Viewpoint - The electric vehicle market in May remains robust, with leading companies like BYD, Geely, and Chery implementing limited-time discounts to boost sales, while the overall sales landscape is experiencing fluctuations in rankings among brands [1][2]. Group 1: BYD Performance - BYD's total passenger car sales in May reached 376,930 units, with the Dynasty and Ocean series contributing 348,393 units, marking a year-on-year growth of 10.5% [2][5]. - The sales of BYD's Fangchengbao model surged by 418.2% year-on-year, while Tengshi and Yangwang also showed positive growth of 29.3% and minimal sales respectively [5][6]. - BYD's monthly sales have stabilized around 400,000 units, indicating a need for price adjustments to maintain its leading position amid increasing competition [8]. Group 2: Geely Performance - Geely's new energy vehicle sales in May totaled 138,021 units, with the Galaxy brand achieving over 100,000 units, demonstrating effective cost reduction strategies [9][10]. - The performance of Geely's Lynk and Zeekr brands is nearly equal, indicating a successful tiered strategy in its high-end market approach [12]. Group 3: Other Notable Performances - SAIC-GM-Wuling's new energy sales reached 74,201 units, reflecting strong demand for affordable electric vehicles [13][16]. - Leap Motor achieved a record delivery of 45,067 units, marking a year-on-year growth of over 148% [17][20]. - AITO's total deliveries in May were 44,454 units, with the M9 model contributing significantly to the overall performance [21][22]. - Li Auto delivered 40,856 units, showing steady growth amid increasing competition in the extended-range electric vehicle market [29]. - XPeng Motors reported 33,525 units delivered, with a year-on-year growth of 230%, continuing a trend of over 30,000 units for seven consecutive months [30][33]. - Great Wall Motors' new energy sales reached 32,638 units, benefiting from the launch of new models [35]. - NIO delivered 23,231 units, with a year-on-year growth of 13.1%, indicating a stable performance despite a quieter market presence [46][49]. - Changan's QiYuan brand delivered 18,899 units, showing effective penetration in lower-tier cities [52]. - BAIC's new energy sales reached 17,120 units, with its subsidiary, ARCFOX, achieving a record high of 13,509 units [54]. - Avita and Lantu both reported deliveries of 12,767 and 10,022 units respectively, indicating stable performance in the high-end segment [57][59].

Core Viewpoint - The competition among domestic new energy vehicle manufacturers is intensifying, with significant changes expected in June and July as companies launch new products and enhance their delivery capabilities [2][9][19]. Group 1: Sales Performance - BYD reported May sales of 382,500 units, a year-on-year increase of 15.27%, with cumulative sales from January to May reaching 1.7634 million units, up 38.70% [1]. - Leap Motor achieved a record delivery of 45,067 units in May, marking a year-on-year growth of 148.10% and a month-on-month increase of 9.82% [3][4]. - Ideal Auto delivered 40,856 units in May, reflecting a year-on-year increase of 16.70% and a month-on-month increase of 20.38% [3][5]. - Xiaopeng Motors delivered over 28,000 units in May, failing to surpass the 30,000-unit mark for the third consecutive month [2][9]. - NIO's May delivery was 22,231 units, showing a year-on-year growth of 13.08% [13]. Group 2: Competitive Landscape - The new energy vehicle market is expected to see heightened competition, with several companies launching new products in May and June [2][9]. - Leap Motor's delivery volume has consistently ranked first among new car manufacturers for three consecutive months [4]. - Xiaopeng Motors has maintained a monthly delivery of over 30,000 units for seven consecutive months, with a May delivery of 33,525 units, up 230.43% year-on-year [19]. Group 3: Strategic Developments - Leap Motor emphasizes self-research in core technologies to maintain cost and quality advantages, launching the 2026 C10 model at a starting price of 122,800 yuan [5]. - Ideal Auto is focusing on expanding its charging network and preparing for the launch of its first pure electric SUV, the Ideal i8, in July [12]. - NIO is undergoing significant changes, with its second brand, Lido, achieving a delivery of 6,281 units in May, a month-on-month increase of 42.8% [18].

Core Insights - Multiple new energy vehicle companies reported their sales figures for May, showcasing significant growth across the sector [1] Group 1: Company Performance - Zeekr Technology achieved sales of 46,538 units in May, marking a year-on-year increase of 15.2% and a month-on-month increase of 12.6%, maintaining over 40,000 monthly sales for three consecutive months [2] - Leap Motor delivered 45,067 vehicles in May, with a growth rate exceeding 148%, solidifying its position as a leader among new car manufacturers [4] - Hongmeng Zhixing reported a record delivery of 44,454 vehicles in May, with significant contributions from various models including 15,481 units of the Aito M9 [6] - Li Auto delivered 40,856 vehicles in May, reflecting a year-on-year growth of 16.7%, with a cumulative delivery of 1,301,531 vehicles as of May 31, 2025 [9] - XPeng Motors delivered 33,525 vehicles in May, achieving a remarkable year-on-year growth of 230%, and has maintained over 30,000 deliveries for seven consecutive months [12] - Xiaomi Auto reported over 28,000 vehicle deliveries in May, while preparing for mass production of the Xiaomi YU7 [14] - NIO delivered 23,231 vehicles in May, with a year-on-year increase of 13.1%, bringing its total deliveries to 760,789 vehicles [16] - Avita achieved sales of 12,767 vehicles in May, a year-on-year increase of 179%, marking its third consecutive month of sales exceeding 10,000 units [17] - Lantu Auto reported sales of 10,022 vehicles in May, reflecting a year-on-year growth of 122% [19]

Group 1 - The core viewpoint of the news highlights that Leap Motor achieved a record high in vehicle deliveries in May 2025, with a total of 45,067 units delivered, representing a year-on-year growth of over 148%, maintaining its leading position among new car manufacturers for three consecutive months [1] - Leap Motor's strong growth in the mass-market electric vehicle sector reflects the brand's increasing reputation and product competitiveness in the context of rational consumer trends [1] - The founder and CEO of Leap Motor, Zhu Jiangming, emphasized the importance of in-house technology development since the company's inception in 2015, which has led to controllable costs and quality advantages, allowing consumers to enjoy high-quality products at lower prices [4] Group 2 - The 2026 model Leap C10 was officially launched on May 15, featuring high-end configurations such as an 800V high-voltage platform and laser radar-assisted driving, aimed at redefining the value baseline for family SUVs in the 140,000 RMB market segment [6] - The Leap C11, which has been a best-seller for four years, has surpassed cumulative sales of 250,000 units, showcasing a trend of "reverse internet celebrity" with its superior product quality [8] - Looking ahead, Leap Motor plans to continue focusing on user-centric strategies, enhance brand value, innovate technology, and accelerate internationalization to create more value for users and improve their overall experience [8]

Core Viewpoint - He Xiaopeng has transformed from an internet technology enthusiast to a manufacturing-oriented CEO, focusing on the technological core of XPeng Motors as it emerges from a challenging period in the Chinese electric vehicle market [1][5] Group 1: Technological Advancements - The launch of the MONA M03 Max, priced under 130,000 yuan, features dual NVIDIA Orin-X chips and 27 visual sensors, enabling advanced navigation assistance capabilities [1] - High computing power is essential for intelligent driving, allowing real-time processing of complex road conditions and enhancing safety and efficiency [2] - XPeng aims to achieve L4-level autonomous driving by 2025-2030, marking a significant era for smart vehicles [2] Group 2: Market Strategy and Performance - XPeng's "increase features and decrease prices" strategy has led to the MONA M03 series achieving 100,000 units in just seven months, with a 330% year-on-year increase in total deliveries [2][3] - The average selling price of vehicles dropped to 153,000 yuan, resulting in a slight revenue decline, but gross margin reached a record high of 15.6% [3] - The company aims for profitability by Q4 and plans to double annual sales, with new models set to launch quarterly in 2025 [3][4] Group 3: Growth Opportunities - XPeng has identified three growth curves: AI-driven vehicles focusing on smart features and cost-effectiveness, international expansion with a 370% increase in overseas sales, and humanoid robots with plans for a 2026 launch [4] - XPeng's collaboration with Volkswagen has generated 462 million yuan in revenue, with plans for a joint vehicle launch within 24 months [5] Group 4: Challenges and Future Outlook - XPeng faces scrutiny regarding its market response, technological leadership, and international expansion, particularly in demonstrating compliance with local regulations [6] - The shift from a technology-centric approach to a customer-oriented strategy has been pivotal for XPeng's evolution, emphasizing cost control and product pricing [5][6]