Flash | 22 Aug 2025 00:14:58 ET │ 10 pages Buy On 21-Aug, Nio started the pre-sales of its new ES8 (link), with pre-sales pricing starting from Rmb416.8k or Rmb308.8k (under BaaS mode). If the final price of the new ES8 is in the Rmb285-300k range, we would expect monthly sales of 5k units; if it is lower than Rmb285k, we would expect monthly sales to be 7-8k units. Also read: China Auto Manufacturers: In the middle of a short-lived Aug earnings-rerating cycle; Weekly retail sales also recovered and Open 30 ...

Key Takeaways Li Auto delivered more vehicles in Q2, but NIO's 25.6% growth outpaced Li's 2.3% gain.Li Auto leads on profitability with a 19.8% vehicle margin versus NIOs 10.2%.NIO shares rose 27% in six months, while Li Auto fell 25%, reflecting diverging sentiment.Two of China’s biggest noted vehicle makers, NIO Inc. (NIO) and Li Auto (LI) , are about to report their second-quarter 2025 results. Li Auto will release its numbers this Thursday, while NIO will follow next Tuesday. Ahead of their results, the ...

8月26日，据追风交易台消息，摩根士丹利在最新研报中称，蔚来股价此前已经触及50.7港元（6.5美 元）的目标价位，其本轮涨势主要由四大因素驱动： ES8车型预订量强劲增长、资金流入良性、市场情绪显著改善，以及股价上涨的自我强化效应。 研报指出，大摩分析师注意到客户对蔚来基本面需求和执行风险的询问大幅减少，更多关注即将推出的 L60和L80改款车型。 大摩预测，蔚来2025年净收入预计达到1012.44亿元人民币，2026年增长至1393.23亿元人民币，2027年 进一步攀升至1753.39亿元人民币，预计将在2028年实现净利润盈亏平衡。 摩根士丹利维持蔚来"增持"评级，目标价6.5美元，较当前6.34美元的收盘价仍有3%的上升空间。 ES8预订单火爆 摩根士丹利的调研显示，蔚来ES8车型的预订单表现超出预期。截至上周末，ES8的预订单（需缴纳 5000元人民币可退还定金）可能已突破30000辆，且数字仍在持续增长。 虽然真实需求仍需看订单转化率，但积极的反馈强化了市场对ES8可能像上月L90一样火爆的预期，这 为蔚来集团从10月开始实现月销4-5万辆的目标提供了有力支撑。 资金流入呈现良性态势 过去两天 ...

另外，花旗发表报告，给予蔚来目标价8.1美元，并列出支持其"买入"评级的五大理由：1)该行预计L90 车型于2025年9月产量将突破10,000辆。2)若新ES8月销量达到5000至8000辆且毛利率为15%至20%，将 显著提升公司整体毛利率。3)凭借强劲的销量动能和成本控制，该行预计蔚来将于2025年第四季度实现 净利润收支平衡。4)2026年购置税减免政策减半对蔚来相对有利，因BaaS模式下的电池费用无需缴纳购 置税。5)该行预计ES9及L80车型将于2026年上半年推出，其中ES9定位为旗舰SUV，定价约50万元。 (格隆汇) 蔚来(NIO.US)盘前涨超5.6%，报6.7美元；H股盘中创近十个月新高，最终收涨超15%，报52.7港元。 消息面上，蔚来于8月21日正式开启新ES8车型预售，预售价格为41.68万元起，采用电池租用服务 (BaaS)模式则为30.88万元起。蔚来汽车总裁秦力洪在新车发布翌日透露，"蔚来不公布订单数量，但是 如果按照小时算，到目前为止，全新ES8的订单量是超过上个月乐道L90的。" ...

专题：蔚来公司李斌、秦力洪媒体会 随后李斌和大家考古了MPV的由来，他谈到，中国本土创新的就是别克GL8，G18在中国它是公务车的 一个市场，接待用车的市场，这是另外一条线。 8月22日，蔚来汽车创始人李斌在全新ES8见面会上表示，过去几年被问的最多的问题就是"斌哥什么时 候有个MPV？" "如果推MPV就能挣大钱，我不是傻吗？我就推呗，但我这个人有的时候还是比较喜欢刨根问底，至少 要过我自己的心里的关。比如说我们家有三个孩子，我们家也没有MPV，我N多年前我有过一辆 MPV，后来也没有了。"他说。 事情到了今天他很多都在发生变化。他谈到，前段时间跟一个政府领导开会，他突然提出来。看见L90 发售后，179800正好低于18万的公务用车的标准，他说这个不比GL8好使吗？这是他主动提的。 李斌表示，如果产品定义真正满足的需求，什么样的产品形态是满足他需求最好的一个方式，这就是我 们在思考的东西。"其实在我脑子里面没有MPVSUV，没有这回事，要跳出形态看，长得像MPV，他就 是MPV"。 责任编辑：李思阳 ...

申万宏源近期指出，蔚来新品牌乐道推出的L90车型，凭借26.58万元（BaaS方案下为17.98万元）的起 售价获得了积极的市场反应。该行认为乐道品牌对于蔚来平衡销量与盈利具有重要的战略意义，有望改 变主品牌此前高定价下难以实现持续高销量的局面。随着乐道与萤火虫两大新品牌旗下车型销量的逐步 爬升，预计蔚来的整体盈利模型将因规模效应得到显著改善。 智通财经APP获悉，蔚来-SW(09866)涨超9%，截至发稿，涨9.66%，报45.16港元，成交额1.19亿港元。 消息面上，8月21日晚，蔚来全新ES8产品技术发布会在成都举行。蔚来董事长李斌现场公布新款ES8预 售价，整车购买预售价41.68万元起，电池租用方式购买预售价30.88万元起。全新ES8将于2025年9月下 旬上市交付。 ...

8月蔚来公司交付预测： 3、乐道：1.8万左右，L90约1-1.1万，L60约7000以上。 总计：3.65万左右。 大家意下如何？ 保守一下，3.5万以上，应该是蔚来最高交付记录。 1、蔚来品牌1.5万左右，考虑到L90拉动和免息促销。 2、萤火虫3500 开玩笑：蔚来将成为乐道旗下高端品牌. 期推荐 往 主机厂电芯采购：兼顾性能和成本 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 比亚迪出海：发力东南亚 CATL ：储能市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除。 ...

Group 1 - NIO Inc. shares increased by 10.8% to close at $5.01, with trading volume significantly higher than usual, and a total gain of 31.8% over the past four weeks [1] - The surge in NIO stock followed the announcement of the L90 model's official launch date on July 31, with deliveries starting on August 1, which is seen as a key catalyst for the stock [2] - The company is expected to report a quarterly loss of $0.30 per share, reflecting an 11.8% year-over-year change, with revenues projected at $2.76 billion, up 14.8% from the previous year [3] Group 2 - The consensus EPS estimate for NIO has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - NIO holds a Zacks Rank of 3 (Hold), while Honda Motor, a competitor in the same industry, has a Zacks Rank of 4 (Sell) [5][6] - Honda's consensus EPS estimate has also remained unchanged at $0.51, representing a significant decline of 67.5% from the previous year [6]

Summary of NIO's Q1 2025 Earnings Conference Call Company Overview - **Company**: NIO Inc. - **Industry**: Smart Electric Vehicles (EVs) Key Financial Results - **Total Revenues**: 12 billion RMB, up 21.5% year-over-year, down 38.9% quarter-over-quarter [6] - **Vehicle Sales**: 9.9 billion RMB, up 37.2% year-over-year, down 5.9% quarter-over-quarter [6] - **Vehicle Margin**: 10.2%, compared to 9.2% in Q1 last year and 13.1% last quarter [6] - **Overall Gross Margin**: 7.6%, compared to 4.9% in Q1 last year and 11.7% last quarter [6] - **R&D Expenses**: 3.2 billion RMB, up 11.1% year-over-year, down 12.5% quarter-over-quarter [7] - **Net Loss**: 6.8 billion RMB, up 30.2% year-over-year, down 5.1% quarter-over-quarter [7] Delivery and Production Highlights - **Q1 Deliveries**: 42,094 smart EVs, up 4.1% year-over-year [1] - **Q2 Delivery Guidance**: Expected between 72,000 and 75,000 units, representing 25.5% to 30.7% growth year-over-year [2] - **New Model Launches**: Successful launch of ES6, EC6, EQ5, and EQ5P in late May [2] Product and Technology Updates - **New Models**: EP9 deliveries surpassed BMW 7 Series and Audi A8 L in China [2] - **Smart Driving Innovations**: Deployment of NS9031 smart driving chip and full-domain vehicle operating system, SkyOS [3] - **NIO World Model (NWM)**: Enhancements in active safety, urban and highway driving, and parking features [4][15] Operational Efficiency and Cost Management - **Cost Reduction Efforts**: Focus on improving operational efficiency across R&D, supply chain, sales, and service functions [5][11] - **Target for Q2**: Achieve a 15% efficiency increase compared to Q1 [12] - **Long-term Goals**: Aim for a profit-loss balance by Q4, with R&D costs controlled between 2 to 2.5 billion RMB per quarter [13] Market Position and Competitive Strategy - **Brand Performance**: NIO's new models are expected to drive significant sales growth, with a target of 25,000 units per month by Q4 [9][10] - **Sales Strategy**: Focus on maintaining price stability while improving vehicle gross margins [10] - **Expansion Plans**: Continued international expansion and partnerships in over 15 core markets [4] User Feedback and Market Response - **User Feedback on New Models**: Positive reception for new ES6, EC6, and ET5 models, with improvements in product competitiveness noted [29] - **Battery Technology**: Current models utilize 400-volt systems, with no immediate plans to switch to 900-volt systems [30] Additional Insights - **Power Swap Network**: NIO operates 3,408 power swap stations globally, with over 75 million swaps provided to users [4] - **Sales Network Development**: Over 440 stores in China, with ongoing improvements in sales and service efficiency [20] - **Future Product Launches**: L90 expected to launch in Q3, with strong market anticipation [22] This summary encapsulates the key points from NIO's Q1 2025 earnings conference call, highlighting financial performance, product developments, operational strategies, and market positioning.

在访谈过程中，李斌没有回避蔚来的财务情况，也深知蔚来所处的经营境况和竞争环境。其认为，在 内部调整和产品推新并行的举措下，蔚来的转机即将到来。 "最低的谷底已经在今年一季度过去了。" 在2025年一季度财报发布次日，李斌在接受多家媒体访谈 时提到。 对一季度的财务表现，蔚来已有预期。背后有多方面原因：一是一季度本就是销售淡季，难以延续四 季度的涨势；二是财报周期正值蔚来内部调整时期，部分调整成效未能释放；再者，一季度蔚来产品 尚未焕新，新产品势能仍有保留。 李斌上调了二季度的交付预期，并依旧维持四季度盈利的目标。在泥潭之中的蔚来，需要向外界解释 ——今年销量到底从哪儿来？四季度盈利目标如何实现？蔚来的整改动作，是否能够带来实际成效？ 最难的时候已经过去 今年一季度，蔚来营收超120亿元，同比增长超21%。一季度整车毛利率10%，整体毛利率为 7.6%， 环比有所下滑。李斌解释称由于前期存在清库和促销活动，实际上二季度蔚来新车的平均售价已经提 升 10% 以上，毛利率也因此提升了近 10 个百分点。 相比去年同期，蔚来的销量已有明显提升。一季度交付新车 42094 辆，同比增长 40.1%。受季节性 因素影响， ...