Macroeconomic Group - The June CPI in the US showed a year-on-year increase of 2.7%, the highest level since February, with a month-on-month increase of 0.3%, marking a new high since January [2] - The core CPI for June was 2.9% year-on-year, slightly below the expected 3.0%, while the month-on-month core CPI was 0.2% [2] - The PPI for June increased by 2.3% year-on-year, the lowest since October 2024, with a month-on-month change of 0.0% [3] Advanced Manufacturing Group - Among 12 car manufacturers, 7 achieved over 40% of their annual sales targets, indicating significant market differentiation [7] - BYD faced a rare decline in both year-on-year and month-on-month sales, highlighting intense market competition [7] - The "Two New" policy and new product launches are expected to be crucial for the second half of the year [8] Consumer Group - The company "匠心家居" anticipates a net profit of 410-460 million yuan for the first half of 2025, representing a year-on-year growth of 43.7%-61.2% [10] - The growth is attributed to the expansion in overseas markets and optimization of product structure, with net profit margins increasing from 11.6% in 2017 to 26.8% in 2024 [10] - The successful launch of the high-end brand MotoMotion in the US market has been a significant driver of performance [10]

Shein 再被传去香港上市。 据媒体报道，Shein 正在筹备转向香港上市，并准备在未来几周向港交所提交招股说明书，上市计 划预计在年内完成。目前港交所和 Shein 都没有回复媒体置评。 从 2020 年传出上市计划至今，Shein 上市传闻的报道从未停止。其上市经历了内部搁置、重启， 到纽约上市被拒，到英敦上市再不顺，现在又转来了香港。在关税变动的巨大不确定下，Shein 上 市的波折大概不会就此停歇。 星舰在第九次试飞中解体。 昨天，SpaceX 进行 "星舰" 第九次试飞任务。一级火箭在发射几分钟后与星舰分离，并返回地球， 但在下降过程中，控制中心与助推器失去联系，据推测它坠入大海，而非按计划进行受控溅落。 发射约半小时后，SpaceX 表示，飞行团队失去了对 "星舰" 的姿态控制，导致飞船在回到大气层途 中发生翻转，在返回地球途中发生了 "非计划内的解体"。 A 股高管去年年薪最高 4180 万元，多名董事长涨薪超 500 万。 Stellantis 美洲区 COO 安东尼奥·菲洛萨将接替唐唯实，出任集团 CEO。 安东尼奥·菲洛萨（Antonio Filosa）将于今年 6 月 23 日起担任 ...

Core Viewpoint - Xiaopeng Motors has exceeded market expectations in vehicle deliveries and operating performance, showcasing strong growth in Q1 2025 with significant revenue and reduced losses [1][2][4]. Financial Performance - In Q1 2025, Xiaopeng Motors achieved revenue of 15.81 billion yuan, a year-on-year increase of 141.5% [2][4]. - The net loss attributable to shareholders was 660 million yuan, a reduction of 71 million yuan compared to the previous year [4]. - The automotive sales revenue was 14.37 billion yuan, reflecting a year-on-year growth of 159.2% [2]. Delivery and Growth - Xiaopeng Motors delivered 94,000 vehicles in Q1 2025, marking a year-on-year increase of 330.81% and a slight increase from 91,500 vehicles in Q4 2024 [3][4]. - The company expects Q2 2025 deliveries to exceed 102,000 vehicles, representing a year-on-year growth of 237.7% to 257.5% [5]. Profitability and Margins - The gross margin for Q1 2025 was 15.6%, an increase of 2.7 percentage points year-on-year [4]. - The automotive business gross margin was 10.5%, up from 5.5% in the same quarter last year [4]. Expansion and R&D - As of the end of March, Xiaopeng Motors had 690 physical sales outlets covering 223 cities and a self-operated charging station network of 2,115 stations [1][9]. - The company invested 19.81 billion yuan in R&D in Q1 2025, a year-on-year increase of 46.74% [9]. International Market Performance - Xiaopeng Motors led the new energy vehicle export market with 7,615 units in Q1 2025, achieving a year-on-year increase of 370% [9]. - The company ranked first in sales among new energy vehicle brands in several countries, including Singapore and Denmark [9]. Future Outlook - The CEO expressed optimism about the company's growth potential, citing new vehicle launches and international expansion as key drivers [7]. - Xiaopeng Motors plans to launch new models in collaboration with Volkswagen, with production expected to begin in early 2026 [10].