在这场销量的"涨跌战"中，部分城市的表现尤为突出。西安销量环比骤降25.09%，天津更是大幅下滑 44.03%，下滑幅度令人关注。与之形成鲜明对比的是长沙，其销量环比增长 19.38%，在榜单中表现亮 眼，涨势强劲。 而郑州在 7月的表现稳健，以38590辆的销量成绩，稳居全国第六位，在激烈的市场竞争中占据了一席 之地，展现出当地汽车消费市场的稳定态势。 一线城市依旧占据销量榜前列，北京、成都、上海稳居前三，7月销量分别为5.61万、5.19万、4.74万 辆。但这三个城市的销量环比均出现下滑，北京下降13.75%，成都下降 10.21%，上海下降9.78%。值得 一提的是，成都1-7月累计销量同比增长3.27%，展现出较强的市场韧性。 2025年7月，国内乘用车终端市场呈现出 "降温" 态势，终端销量达184.9万台，环比下降13.92%，不过 同比仍有 1.7%的增长。在这场市场波动中，全国仅53个城市实现销量环比增长，多数城市承压明显。 从累计数据来看，1-7月国内乘用车累计销售1261.1万台，同比增长7.1%，有265个城市实现同比增长， 市场长期向好的趋势未改。 ...

Investment Rating - The report maintains an investment rating of OVERWEIGHT for the company [1][5]. Core Views - The company reported a revenue of RMB12.0 billion in Q1 2025, reflecting a year-on-year increase of 21% but a quarter-on-quarter decrease of 39%. The attributable net loss was RMB6.9 billion, up 31% year-on-year and down 3% quarter-on-quarter. The revenue slightly missed the company's estimate due to intense competition in the battery electric vehicle (BEV) market [1]. - The report suggests monitoring the sales ramp-ups of new models such as the Onvo L90 and L80 in the second half of 2025, alongside ongoing cost cuts and efficiency gains, which could lead to marginal improvements [1]. - The company delivered 42,000 new vehicles in Q1 2025, a 40% increase year-on-year but a 42% decrease quarter-on-quarter. The gross profit margin (GPM) for the quarter was 7.6%, with the automobile GPM at 10.2%. The decline in automobile GPM quarter-on-quarter is attributed to lower output and rising manufacturing costs [2]. - The Onvo L90 and L80 models are expected to leverage spacious interiors and competitive pricing to capture market share in the RMB200,000-300,000 family-facing BEV segment [3]. - The deployment of the NIO World Model (NWM) has improved safety and user experience, with a 40% improvement in precision for highway and urban scenarios [4]. - The company maintains its 2025/2026/2027 attributable net profit forecasts at RMB-14.5 billion, RMB-7.7 billion, and RMB-1.9 billion respectively, with a target price of USD4.09 [5]. Financial Summary - The company expects revenue growth from RMB55.6 billion in 2023 to RMB149.9 billion in 2027, with a compound annual growth rate (CAGR) of 19.42% [12]. - The net profit attributable to the parent is projected to improve from a loss of RMB21.1 billion in 2023 to a loss of RMB1.9 billion in 2027 [12]. - The gross profit margin is expected to increase significantly over the forecast period, reaching RMB31.8 billion by 2027 [12]. - The company’s market capitalization is approximately USD8.14 billion, with a potential upside of 13% from the current closing price of USD3.63 [8].