External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We summarize the May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - New Models to Stabilize Chinese OEMs’ Discounts

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>XPEV US : The new Xiaopeng car will collaborate on the development of Huawei's HUD solution (+)</li>
<li>NIO US: Onvo to Provide Ride-Hailing Vehicles for Didi (-)</li>
<li>New Energy Vehicle: 2025 May 26 – June 1 NEV Delivery Rankings(/)</li>
</ul>


XPEV US : The new Xiaopeng car will collaborate on the development of Huawei's HUD solution (+)
NIO US: Onvo to Provide Ride-Hailing Vehicles for Didi (-)
New Energy Vehicle: 2025 May 26 – June 1 NEV Delivery Rankings(/)


[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by artificial intelligence (AI) have become one of the hottest investments for China’s big tech companies as they look to broaden their revenue streams.</li><li>Since ChatGPT developer OpenAI surprised the world with its text-to-video model Sora in February 2024, Chinese companies have rapidly rolled out similar tools that have been used to make short films and video series.</li><li>Law / China bolsters graft watchdog with new powers China is set to grant its powerful anti-corruption watchdog new investigative powers and significantly extend detention limits for suspects, signaling a further toughening of President Xi Jinping’s signature anti-graft campaign.</li></ul>

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by artificial intelligence (AI) have become one of the hottest investments for China’s big tech companies as they look to broaden their revenue streams.Since ChatGPT developer OpenAI surprised the world with its text-to-video model Sora in February 2024, Chinese companies have rapidly rolled out similar tools that have been used to make short films and video series.Law / China bolsters graft watchdog with new powers China is set to grant its powerful anti-corruption watchdog new investigative powers and significantly extend detention limits for suspects, signaling a further toughening of President Xi Jinping’s signature anti-graft campaign.

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet 

<ul>
<li>XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)</li>
<li>LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)</li>
<li>New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)</li>
</ul>


XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)
LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)
New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)


[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

<ul>
<li>XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)</li>
<li>1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)</li>
<li>Macro: Shanghai slightly enhances support measures for catering businesses (/)</li>
</ul>


XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)
1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)
Macro: Shanghai slightly enhances support measures for catering businesses (/)


[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle

Xiaopeng car partners with Huawei for HUD solution, Onvo to supply vehicles for Didi ride-hailing, NEV delivery rankings for May 26 - June 1.

Blue Lotus Research Institute

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by...

Caixin Global

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle

​Xiaopeng car partners with Huawei for HUD solution, Onvo to supply vehicles for Didi ride-hailing, NEV delivery rankings for May 26 - June 1.

Blue Lotus Research Institute

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by...

Caixin Global

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

​XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

​XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

Xiaopeng car partners with Huawei for HUD solution, Onvo to supply vehicles for Didi ride-hailing, NEV delivery rankings for May 26 - June 1.

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.