理想汽车-W(02015)发布截至2025年6月30日止季度的未经审计财务业绩，车辆销售收入288.85亿元(人 民币，下同)，同比减少4.7%;收入总额302.46亿元，同比减少4.5%;归母净利润10.93亿元，同比减少 0.91%;每股基本净收益0.54元。 理想汽车首席财务官李铁先生补充道："第二季度，在不断变化的市场环境中，我们持续聚焦成本优化 与运营效率提升，取得了稳健的盈利表现，彰显出我们的财务韧性与高效执行力。本季度收入达人民币 302亿元，毛利率保持在20.1%的健康水平，季度净利润环比增长69.6%至人民币11亿元。依托坚实的财 务基石，我们将加速以创新驱动增长。我们有信心在进一步巩固行业领先地位的同时，持续推动汽车与 智能生态系统实现突破。" 理想汽车董事长兼首席执行官李想先生表示："我们坚持以用户为中心的技术与产品创新，巩固了理想 汽车在人民币20万元及以上新能源汽车市场的中国汽车品牌销量冠军地位。凭借理想MEGA Home版热 烈的市场反响，理想MEGA自5月起登顶人民币50万元以上MPV销量榜首。我们亦继续推进在纯电车与 智能领域的举措。7月，我们发布家庭六座纯电SUV理想i8、自 ...

Market Overview - The market showed a "two-headed" trend during the May Day to Dragon Boat Festival period, but the customer flow (lead volume) gradually weakened after May Day, with a brief spike during the Dragon Boat Festival followed by another decline [1] - The passenger car sales off-season has returned to the pre-2020 model, with this year's off-season starting earlier in mid to late May, compared to early June in previous years [2] - The June market is expected to be weaker compared to May, with some brands potentially seeing short-term highlights due to new car launches or strong incentive policies, but the overall market is showing a clear downward trend month-on-month [3] Brand Sales Observations - BYD: Daily average orders have decreased by 10%-15% year-on-year, with retail pressure significant and main brand order volume maintaining at around 60,000 to 70,000 units [4] - Geely Galaxy: Achieved approximately 120,000 units in May, with a target of 120,000 units for June. Recent weekly orders are around 18,000 to 20,000 units due to pricing concerns [5] - Li Auto: The L6 new version launched in May, with weekly orders dropping to about 10,000 units after a spike during the Dragon Boat Festival [6] - AITO Wenjie: Recent orders mainly driven by the Greater Bay Area, with a decline in order volume when excluding orders from the Greater Bay Area and intermediaries [7] - Leap Motor: Orders remain relatively stable, with weekly orders around 8,000 to 9,000 units [8] - Zeekr: Orders are around 3,000 to 3,500 units [9] - XPeng: Total orders last week were about 11,000 units, with the MONA03 accounting for 6,000 to 7,000 units [10] - Tesla: Orders are highly volatile, with promotional measures leading to a rebound in orders [11] Outlook for the Second Half of the Year - The industry needs to endure the off-season in June and July, with some brands adjusting their semi-annual targets [13] - Fuel vehicles, especially B-class sedans/SUVs, may see a surge in sales around the half-year assessment [14] - Negative factors include tightening or halting of vehicle trade-in subsidies in cities like Zhengzhou, which may lengthen consumer decision-making cycles [15] - Consumer behavior shows a clear trend of downgrading, with a significant increase in A0-class electric vehicles, while mid-to-high-end vehicle consumption remains cautious [16] New Energy Vehicle Penetration and Competition - The penetration rate of new energy vehicles fluctuates between 50%-55%, with traditional fuel vehicles still showing resilience [17] - Fuel vehicles are favored for their cost-effectiveness, long-term stability, and durability, while electric vehicles face challenges due to rapid technological iterations and concerns over second-hand value [18] - Brands like Leap Motor and Geely are primarily capturing market share from BYD, with BYD's market share dropping from nearly 40% to 25%-28% [19] Policy Impact on Vehicle Purchase Tax - The expected reduction of the vehicle purchase tax exemption from 30,000 yuan to 15,000 yuan by 2026 will lower the taxable price threshold significantly [20] - The current average transaction price of passenger cars is around 168,000 yuan, with the new policy potentially covering about 75% of sales [20] Key New Vehicle Launches 1. XPeng G7: Positioned between G6 and G9, expected to sell 8,000 to 10,000 units monthly if priced reasonably [21][22] 2. Xiaomi YU7: High initial interest with a projected monthly sales of over 25,000 units [23][24][25][28] 3. Li Auto i8: Aiming for over 5,000 units monthly, with a competitive pricing strategy [29][30][31] 4. Li Auto MEGA Home Edition: High demand for the top configuration, with a unique market position [32] Export and Market Dynamics - BYD has shown strong export performance in regions like Europe, America, and South Asia due to its competitive pricing and parameter advantages [33] - The competition in the 300,000+ mid-to-large SUV market is primarily targeting the share of joint venture and foreign fuel vehicles [34] - The market capacity for fuel vehicles in 2024 is estimated at around 530,000 units, with new energy vehicles expected to capture an additional 100,000+ units [35]

关税造成的最大情绪冲击已经过去，全球主要权益市场普遍实现修复，但仍需警惕特朗普政策反复持续扰动资本 市场 文｜《财经》特约撰稿人 成孟琦 编辑｜杨秀红 五一假期内，仍然开市的港股，迎来5月开门红。 截至5月2日收盘，恒生指数收涨1.74%，报22504.68点；恒生科技指数收涨3.08%，报5244.06点；恒生中国企业指 数涨1.92%。大市成交1337亿港元。 本周内，恒生指数累涨超2%，已是第三周连涨；恒生科技指数涨超5%，为第二周连涨。 从行业表现看，恒生行业指数日内集体上涨，资讯科技业涨超3%、非必要性消费涨2.58%、医疗保健业涨1.7%。 当日，科技股成为市场亮点。大型科技股中，阿里巴巴-W涨3.83%，腾讯控股涨2.22%，京东集团-SW涨3.28%， 小米集团-W涨6.31%，网易-S涨1.08%，美团-W涨1.69%，快手-W涨2.23%，哔哩哔哩-W涨2.56%。 消息面上，电商闪送战局持续，花旗研报认为，阿里加入即时电商鏖战令竞争更加白热化，关注拼多多会否加入 战局。最受影响的可能是美团，其次是京东。 新势力车企4月"成绩单"出炉，汽车股集体走高。零跑汽车涨7.01%、小鹏汽车收涨6. ...