Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [27]. Core Insights - The NEV sector in China is experiencing intense competition, with performance among major manufacturers becoming increasingly divergent. The focus is expected to shift from price wars to quality and service upgrades as regulatory scrutiny tightens [8][16]. - BYD's June sales reached 383,000 units, a 12% year-on-year increase, while Geely sold 236,000 units, up 42% year-on-year. Both companies are adjusting their annual targets upwards due to strong first-half performance [9][10]. - Leapmotor achieved record sales of 48,000 units in June, marking a 139% year-on-year increase, while Li Auto and Xiaomi saw month-on-month declines in sales [11][14]. - NIO's wholesale sales were 25,000 units in June, reflecting an 18% year-on-year increase, but the company faces challenges from competitors in the same price segment [15][16]. Summary by Sections Sales Performance - BYD's first-half sales totaled 2.146 million units, achieving 39% of its annual target, while Geely's first-half sales reached 1.409 million units, with 47% of its revised target already met [9][10]. - Leapmotor's cumulative deliveries for the first half were 222,000 units, and it is expected to maintain strong sales momentum with new product launches [11]. - Li Auto's June deliveries were 36,000 units, down 24% year-on-year, while XPeng delivered 35,000 units, marking a 224% year-on-year increase [13][14]. Market Dynamics - The report highlights a shift in competition dynamics, with companies focusing on service upgrades and technological advancements rather than aggressive pricing strategies due to regulatory pressures [8][16]. - The performance of various brands indicates a competitive landscape where established players like BYD and Geely are facing challenges from emerging brands like Leapmotor and NIO [15][16]. Future Outlook - The second half of the year is expected to see continued volatility in sales as new models are launched and companies adapt to stricter regulations. Brands that can offer better value and brand equity are likely to outperform [16].

2025 已推出B10，新款C10，新款C16 三款车型，均取得较好表现，且新车周期仍未结束；①B10：B10 于2025.04.10 上市，定价9.98-12.98 万元，且在11.98（510km 续航）及12.98万元版搭载激光雷达+高通 8295 座舱芯片+高通8650 智驾芯片，性价比高。得益于强劲产品竞争力，零跑B10 在4-5 月批发量分别 为0.66、1.01 万辆，月销已过万，且边际向上趋势不减。 ②新款C10：2026 款C10 于2025.05.15 上市，相比2024 款，新款升级多项配置，如全系电子电气架构升 级至LEAP3.5，高配新增800V 高压快充平台，高配纯电续航提升至605km 等。此外2026 款C10 定价 12.28-14.28 万元，起售价相比老款降低6000 元。得益于降价增配，零跑新款C10 竞争更强，预售24 小 时订单突破1.55 万辆，且智驾版车型占比40%，改款成效显著。 机构：中泰证券 研究员：何俊艺 财务端持续向上，25Q1 毛利率创新高； 2025Q1，公司实现营业收入100.2 亿元，同比+187%。毛利率为14.9%，环比+1.5pct，并达 ...