Core Viewpoint - Tesla is facing significant challenges with declining sales and revenue, leading to a major drop in stock price and market value, as CEO Elon Musk acknowledges the difficulties the company is experiencing [3][6][20]. Financial Performance - In Q2, Tesla reported revenue of $22.5 billion, a 12% year-over-year decline, marking the largest drop in a decade. The automotive segment saw a 16% revenue decrease, while energy business revenue fell by 7% [6][8]. - The gross profit for the quarter was $3.88 billion, down 15.3% year-over-year, and free cash flow was only $146 million, significantly below the expected $760 million [6][8]. - Tesla's vehicle deliveries dropped by 13.5% year-over-year, from 443,000 to 384,000 units, with total deliveries for the first half of the year at 720,000, a 13.24% decline [8][10]. Market Challenges - Tesla's sales are declining across major markets, with a 13% drop in the U.S. and a 33% decline in Europe during the first half of the year. In California, sales fell by 21% for the second quarter [9][10]. - In China, Tesla's sales totaled 129,000 units in Q2, down 12% year-over-year, and 364,000 units in the first half, a 15% decline [10][13]. Management Changes - Following the sales decline, several high-ranking executives responsible for U.S. and European markets have left the company, indicating a significant management restructuring under Musk's leadership [13][15]. Brand Image Issues - Musk's controversial political actions and associations have negatively impacted Tesla's brand image, particularly among liberal consumers in the U.S. and Europe, contributing to the sales decline [15][17]. - Increased competition in the Chinese market from brands like BYD and new entrants like Xiaomi is further eroding Tesla's market share [17][19]. Future Strategies - To boost sales, Tesla may need to lower prices or introduce more affordable models, although Musk has previously canceled plans for a lower-cost model [20][21]. - Musk is focusing on future technologies like autonomous vehicles and robotics as potential new revenue sources, despite current operational challenges in these areas [21][24]. Autonomous Vehicle Developments - Tesla has launched a small fleet of autonomous taxis in Austin, Texas, but the technology still requires human oversight and has faced safety concerns [28][30]. - Musk has made ambitious claims about expanding the autonomous taxi service, despite regulatory challenges and the need for further technological development [31][32].

Core Viewpoint - Tesla is facing significant challenges with declining sales and revenue, leading to a bleak outlook for the company, as highlighted by CEO Elon Musk's repeated use of the term "difficult" during the earnings call [1][3][10]. Financial Performance - Tesla reported Q2 revenue of $22.5 billion, a 12% year-over-year decline, marking the largest drop in a decade [3]. - The automotive segment saw a 16% decrease in revenue, while the energy business declined by 7% [3]. - Gross profit for the quarter was $3.88 billion, down 15.3% year-over-year, and free cash flow was only $146 million, significantly below the expected $760 million [3]. Sales and Deliveries - Q2 vehicle deliveries fell by 13.5%, from 443,000 units in the same period last year to 384,000 units [4]. - Total vehicle deliveries for the first half of the year were 720,000, a 13.24% decrease compared to the previous year [4]. - In the U.S., Tesla's sales dropped by 13% in the first half of the year, with California experiencing a 21% decline in Q2 [6][7]. Market Challenges - Tesla is facing intense competition in the Chinese market, with Q2 sales of 129,000 units, a 12% year-over-year decline [7]. - The company is undergoing significant management changes in response to declining sales, with several key executives leaving [7]. Strategic Issues - Musk's controversial political actions have negatively impacted Tesla's brand image, particularly among liberal consumers in the U.S. and Europe [10]. - The cancellation of electric vehicle incentives and carbon credit trading could further harm Tesla's sales and revenue [14]. Future Outlook - Musk is focusing on autonomous vehicles and robotics as potential new revenue sources, despite current challenges in these areas [16][20]. - Tesla plans to expand its autonomous taxi service, although it faces regulatory hurdles and safety concerns [23]. - The company is expected to introduce a lower-priced version of the Model Y, which may help boost sales [15].

中国 证券研究 2025 年 6 月 29 日 中国汽车行业 小米 Yu7 SUV - 中国电车市场的"拉布布"？ 除了女性买家外，我们还惊讶地发现，我们在店内遇到的几位客户仅 仅因为 6 月 26 日在线上观看了产品发布会，便下了订单。他们大多选 择中高端版本（约 28 万元人民币和 33 万元人民币）而非入门级版本 （25 万元人民币）。 3. 中国电车市场中的"拉布布"现象？近期，泡泡玛特（由尹贺覆盖） 生产的玩具拉布布在中国和海外市场需求旺盛，一部分原因是产品稀 缺。小米也面临产能限制。我们与门店销售人员的交流显示，Yu7 将 分析师声明及重要披露，包括非美国分析师披露，见第 7 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存在 利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑因素 之一。 亚太汽车行业研究主管 证券分析师: 赖以哲 AC (86-21) 6106 6353 nick.yc.lai@jpmorgan.com 登记编号: S1730520030008 证券分析师: 沈佳捷, CFA ...

Core Viewpoint - Xiaomi's introduction of the "Xuanjie O1" chip marks a significant advancement in its technology narrative, positioning the company among the top global chip designers and highlighting the challenges faced by Chinese tech firms in the high-end chip sector [2][4]. Group 1: Chip Development Journey - Xiaomi's chip development journey began in 2014, culminating in the launch of the Xuanjie O1, which required over 135 billion yuan in R&D investment [4][12]. - The Xuanjie O1 is the first 3nm flagship processor from Xiaomi, making it the first in mainland China and the fourth globally to master 3nm process technology [4][10]. - The chip features a 10-core CPU, 16-core GPU, and a transistor density of 19 billion, although it still lags behind Apple's performance [4][12]. Group 2: Strategic Implications - The launch of the Xuanjie O1 is a critical step for Xiaomi to reduce its dependency on Qualcomm, addressing the broader issue of self-sufficiency in high-end chips for Chinese tech companies [4][10]. - Xiaomi's "human-vehicle-home ecosystem" strategy is being realized through self-developed chips, which aim to integrate various devices and enhance overall functionality [4][8]. Group 3: Market Position and Challenges - Xiaomi's high-end smartphone shipment share in mainland China is projected to reach 23.3% in 2024, reflecting a 3 percentage point increase year-on-year, yet it still trails behind Apple and Huawei [10]. - The company faces significant challenges, including achieving a production volume of over 10 million units to avoid losses, maintaining cost control, and advancing baseband technology [10][14]. - The competitive landscape in the semiconductor industry is intensifying, with major players like Apple and Qualcomm continuously innovating, while Xiaomi plans to invest 200 billion yuan over the next five years [10][11]. Group 4: Future Outlook - Xiaomi's commitment to long-term investment in chip development is seen as a potential transformation from a "price killer" to a "technology benchmark" [11][12]. - The introduction of the YU7 SUV, which utilizes an 800V high-voltage platform and a 700 TOPS computing power auxiliary driving chip, reflects Xiaomi's ambition in the automotive sector [5][13]. - The company aims to redefine its market perception, moving from being viewed as a budget brand to a technology-driven entity, which will require a shift in consumer mindset and brand narrative [14][15].