周二，小鹏汽车(XPEV.US)涨逾4%，报20.76美元。消息面上，小鹏汽车发布2025年中期业绩公告。报 告期内，小鹏汽车汽车交付量为19.72万辆，同比增长279.0%；总收入为340.9亿元，同比增长132.5%； 毛利率为16.5%，上年同期为13.5%；净亏损为11.4亿元，较上年同期净亏损26.53亿元，同比缩窄 56.95%。 小鹏汽车预计第三季度营收196亿元至210亿元。 小鹏汽车董事长及首席执行官何小鹏表示："2025年二季度，小鹏汽车的各项核心业务和财务指标，包 括销量、收入、毛利率、在手现金，都达到了历史最佳水平。我们在2025年全面完成了智能化和电动化 新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势能，加 速规模增长。" ...

小鹏汽车董事长及首席执行官何小鹏表示："2025年二季度，小鹏汽车的各项核心业务和财务指标，包 括销量、收入、毛利率、在手现金，都达到了历史最佳水平。我们在2025年全面完成了智能化和电动化 新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势能，加 速规模增长。" 智通财经APP获悉，周二，小鹏汽车(XPEV.US)涨逾4%，报20.76美元。消息面上，小鹏汽车发布2025 年中期业绩公告。报告期内，小鹏汽车汽车交付量为19.72万辆，同比增长279.0%；总收入为340.9亿 元，同比增长132.5%；毛利率为16.5%，上年同期为13.5%；净亏损为11.4亿元，较上年同期净亏损 26.53亿元，同比缩窄56.95%。 小鹏汽车预计第三季度营收196亿元至210亿元。 ...

8月19日，蔚来品牌宣布调整100kWh长续航电池包（包含400V、900V平台）价格。即日起，蔚来品 牌100kWh长续航电池包价格从12.8万元下调至10.8万元，电池租用服务费不变；同时，对于电池升 级服务进行部分调整：永久升级服务定价由5.8万下调至3.8万元；电池灵活升级保持定价不变。 ...

本报（chinatimes.net.cn）记者刘凯 北京报道 在新能源汽车市场竞争白热化的2025年，零跑汽车以一份超预期的半年报，彻底改写了行业对"新势力 生存法则"的认知。这家曾被视为"二线玩家"的企业，凭借销量暴涨156%、毛利率突破14.1%、首次实 现半年度盈利等核心数据，不仅跻身新势力销量榜首，更成为继理想之后第二家跨越盈亏平衡线的新势 力车企。 在业内看来，零跑的崛起并非偶然。在价格战持续升级、头部车企纷纷加码的2025年，零跑通过精准的 产品定位（主攻10—20万元价格带）、快速迭代的产品矩阵（C系列改款+B系列新车型）、全域自研的 技术降本能力，以及"1+N"渠道模式与海外扩张的双向驱动，构建起独特的竞争壁垒。 规模效应撬动盈利拐点 零跑汽车2025年上半年业绩报告显示，公司实现了显著的财务转折与业务增长。财务表现上，上半年营 收达242.5亿元，净利润为0.3亿元，经营调整净利润达3.3亿元。这标志着公司首次实现半年度盈利，成 功扭转了2024年同期20亿元的亏损局面。值得一提的是，零跑汽车毛利率的提升尤为亮眼，从去年同期 的1.1%跃升至14.1%，增幅达13个百分点，显著跨越了汽车行业 ...

8月19日，蔚来品牌宣布调整 100kWh长续航电池包（包含400V、900V平台）价格。即日起，蔚来品牌 100kWh长续航电池包价格从12.8万元下调至10.8万元，电池租用服务费不变；同时，对于电池升级服务 进行部分调整：永久升级服务定价由5.8万下调至3.8万元；电池灵活升级保持定价不变。 蔚来官宣降价2万 ...

Core Insights - The Chinese market is experiencing increased interest from overseas investors, particularly through ETFs, with significant inflows noted from South Korean investors [1][4]. Group 1: ETF Inflows - The top three ETFs tracking Chinese indices have collectively attracted 13 billion yuan (approximately $1.8 billion) in the past month [2][3]. - KWEB, which tracks the China Internet Index, saw inflows of $1.34 billion since July, bringing its total assets to $8.02 billion [2]. - MCHI, tracking the MSCI China Index, received $1.19 billion in inflows, with total assets reaching $7.47 billion [2]. - FXI, which tracks the FTSE China 50 Index, had inflows of $690.6 million, totaling $6.55 billion in assets [2]. Group 2: Investor Behavior - Hedge funds are reportedly buying Chinese ETFs at the fastest pace in seven weeks, with a buy-to-cover ratio of 1.9:1 [4]. - There is a noticeable difference in sentiment between Asian and American investors regarding the Chinese market, with Asian investors showing more interest in the A-share bull market [4]. - South Korean investors have significantly increased their purchases of Chinese stocks, with net buying of $7.29 million in July and $6.63 million from August 1 to August 18 [5][7]. Group 3: Specific Stock Purchases - In July, the top ten Hong Kong stocks purchased by South Korean investors included Alibaba, Ningde Times, and Global X China Core Technology ETF, with a total net purchase of $7.29 million [5][6]. - From August 1 to August 18, the top ten Hong Kong stocks saw a net purchase of $6.63 million, nearly matching the total for July [7]. - The top three A-shares purchased by South Korean investors in August were Zhongji Xuchuang, BYD, and Heng Rui Pharmaceutical, with net purchases of $3.7 million, $2.6 million, and $2.4 million respectively [9].

Core Viewpoint - The establishment of the last battery swap station on the G318 National Highway marks a significant milestone for NIO, enabling full electric travel from Shanghai to Mount Everest, indicating the arrival of the golden era for large three-row electric SUVs [2][4][12]. Group 1: Market Dynamics - The relaxation of the two-child and three-child policies has led to an increase in multi-member families, making the demand for large three-row vehicles more pronounced, especially among the 80s and 90s generations [5][8]. - The market for large three-row electric SUVs is expected to grow significantly, as more brands are entering this segment due to the increasing market size [8][9]. Group 2: Challenges in Production - Historically, few manufacturers have focused solely on pure electric large three-row SUVs, with most options being hybrid or extended-range vehicles [16][18]. - The complexity of providing convenient charging solutions has made it easier for manufacturers to opt for hybrid models, which can alleviate consumer anxiety regarding range [20][35]. Group 3: Technological Advancements - The new NIO L90 and the upcoming ES8 are positioned to meet the growing demand for large three-row electric SUVs, leveraging advanced technology to maximize interior space and comfort [36][38]. - The 900V electric platform architecture allows for significant space optimization, reducing the size of components and enhancing the overall design [64][68]. Group 4: Charging Infrastructure - NIO has established a robust charging infrastructure, with 3,455 battery swap stations and 26,984 charging piles, significantly improving the charging experience for users [106][110]. - The expansion of charging facilities is expected to reduce range anxiety among consumers, making pure electric vehicles more appealing [104][111]. Group 5: Industry Positioning - NIO has maintained a consistent focus on pure electric vehicles, distinguishing itself from competitors who have shifted towards hybrid models in response to market pressures [90][113]. - The company's commitment to building a comprehensive charging network and investing in technology has positioned it favorably in the market, with a significant share in the pure electric segment [115][128].

齐鲁晚报·齐鲁壹点 李璟瑶 8月18日，浙江零跑科技股份有限公司（以下简称零跑汽车）发布2025年半年度财报显示：2025年上半年，零跑汽车 首次实现半年度净利润转正，成为中国造车新势力中第二家实现半年度盈利的企业。 2025年上半年，零跑交付新车221664台，位居中国新势力品牌销量榜首，较2024年同期交付量增长155.7%；实现营业 收入242.5亿元，较2024年同期增加174%；毛利率为14.1%，半年度毛利率创公司成立以来新高；同时，零跑在手资金 充裕达295.8亿元，并保持正向经营现金流与自由现金流。 值得一提的是，7月，零跑还首次入围2025《财富》中国500强榜单，并是榜单中唯一新进的新能源车企；月销量首次 突破5万台，并是当月唯一突破5万台的新势力品牌，连续5个月稳居中国新势力品牌月销量榜首。 产品矩阵全面爆发，科技普惠铸就新能源市场现象级表现 2025年，零跑汽车密集推出B平台两款全新车型及C平台三大焕新产品，以颠覆性产品力重塑大众化新能源市场格局。 其中： 零跑C10上市16个月全球交付破15万台，单月交付量最高超过1.4万台；截至目前，C10连续3个月稳居造车新势力品牌 中型SUV销 ...

Core Viewpoint - Leapmotor has significantly changed the perception of "new forces" survival rules in the electric vehicle market with its impressive half-year report, achieving a 156% surge in sales, a gross margin exceeding 14.1%, and its first half-year profit, positioning itself as a leader among new energy vehicle brands [2][3]. Financial Performance - In the first half of 2025, Leapmotor reported revenue of 24.25 billion yuan and a net profit of 30 million yuan, marking a turnaround from a loss of 2 billion yuan in the same period of 2024 [3]. - The gross margin increased from 1.1% in the previous year to 14.1%, surpassing the critical 10% profitability threshold [3]. - Operating cash flow reached 2.86 billion yuan, a tenfold increase year-on-year, while free cash flow improved to 860 million yuan from a negative 480 million yuan [3]. Sales and Delivery - Leapmotor's total delivery volume in the first half of 2025 reached 221,664 units, a year-on-year increase of 155.7%, setting a new record for the company [3]. - In July 2025, Leapmotor achieved a monthly delivery of over 50,000 units, becoming the first new energy vehicle company to reach this milestone in the year [3]. Product Strategy - The company launched two new models based on the B platform and upgraded three existing models on the C platform, effectively covering a broader range of consumer needs [4]. - The C10 model achieved cumulative global deliveries of over 100,000 units within 13 months, while the C11 surpassed 250,000 units by June 2025 [4]. Sales Network and Channel Strategy - Leapmotor expanded its sales network to 286 cities, with over 800 stores, focusing on channel penetration strategies [4]. - The "1+N" model and "Golden Seed" plan enhanced single-store operational efficiency and improved customer conversion rates through a digital retail system [4]. Research and Development - The company significantly increased its investment in R&D, particularly in intelligent driving, with team size and computational resources nearly doubling compared to the previous year [5]. - Leapmotor aims to enhance its R&D resources in end-to-end algorithms and VLA technology, targeting the launch of city NOA (Navigation Assisted Driving) by the end of 2025 [5]. Global Expansion - Leapmotor's international strategy is accelerating, with 20,375 units exported in the first half of 2025, capturing a 1% share of the competitive German BEV market [6]. - The new B10 model is set to launch in Europe, with plans for localized production and R&D by the end of 2026 [6][7]. Long-term Strategy - The company emphasizes a "long-termism" approach in its overseas strategy, prioritizing brand recognition and sustainable market share over immediate high margins [8]. - Leapmotor aims to establish a complete ecosystem covering R&D, manufacturing, sales, and service in key overseas markets, with a sales target of 1 million units by 2026 [8].

Core Viewpoint - The article highlights the increasing interest of overseas investors in A-shares, particularly through ETFs, with significant inflows observed in recent months, indicating a potential bullish sentiment in the Chinese market [2][4][8]. Group 1: ETF Inflows - The top three ETFs have collectively attracted 13 billion RMB (approximately 1.31 billion USD) in the past month [3][6]. - The KWEB ETF, tracking the China Internet Index, saw inflows of 1.34 million USD on August 15, totaling 1.16 billion USD since July [4]. - The MCHI ETF, tracking the MSCI China Index, received 1.19 million USD on August 15, with total inflows of 581 million USD since July [4]. - The FXI ETF, tracking the FTSE China 50 Index, had inflows of 690.6 million USD since July [4]. - In contrast, the ASHR ETF, tracking the CSI 300 Index, experienced a net outflow of 80.1 million USD on August 13, totaling 65.19 million USD since July [4]. Group 2: Investor Behavior - Retail investors typically enter the Chinese market through ETFs, but hedge funds have also contributed to net inflows, buying at the fastest pace in seven weeks [8]. - There is a noticeable difference in sentiment between domestic and overseas investors, with Asian clients inquiring about the A-share bull market, while U.S. clients remain hesitant [8]. - The fear of missing out (FOMO) among overseas investors is expected to intensify, although many still exhibit a selling bias [8]. Group 3: Korean Investors - In August, Korean investors accelerated their purchases of Chinese stocks, with net buying of 72.94 million USD in July for the top ten Hong Kong stocks [10]. - From August 1 to August 18, Korean investors net bought 66.27 million USD in the top ten Hong Kong stocks, nearly matching the total for July [10]. - For A-shares, Korean investors net bought 21.03 million USD from August 1 to August 18, surpassing the 16.43 million USD net buying in July [13].