59%;BYD’s“618”promAcuratedcompilationofthemosttopicalchartsonweeklypassengervehiclemarketperformanceorganizedintothefollowingcategories:(1)PVandNEVindustryweeklyinsuranceregistrationvolume/penetration,(2)KeyNEVbrands’weeklyinsuranceregistrationvolume/marketshare,(3)Keyeventstowatch,(4)NEVbrandorders,(5)NEVMSRPtracker,(6)NEV/ICEdealerpricediscounttracker,(7)Upstreambatterypricingdynamics.Passengervehicleweeklyinsuranceregistrationswere406kunits,+4%wowfrom390kunitsinthepreviousweek.Newenergyvehicleweeklyinsuranceregistrationswere240kunits,+10%wowfrom218kunitsinthepreviousweek.Newenergyvehiclepenetrationwas59.1%,+3.2ppvs.55.9%inthepreviousweek.Fire?y/Luxeed/AITOshowedthestrongestgrowthat36%/30%/17%wow.BYD/TeslaChina/LiAutorankedtop3involume,withmarketshareof22%/5%/4%.AITO/LiAuto/Luxeedsawthebiggestmarketsharegainsof0.2pp/0.1pp/0.1ppwow;BYD/TeslaChina/Xiaomisawthebiggestmarketsharelossesof3.0pp/0.5pp/0.4ppwow.AsofMay11,theMinistryofCommercetrade-ininformationplatformhasreceived3.2mnapplicationsfortheautotrade-insubsidyprogram.Therewere32kaveragedailynewapplicationsduringMay5-May11(vs.15kduringMay1-M4,perthepreviouspressrelease).May28:XPengMONAM03MaxversionwillbeResearch|Equity+86(21)2401-8694|tina.hou@GoldmanSachs(China)SecuritiesCompanyLimited+86(21)2401-8792|sylvia.hu@GoldmanSachs(China)SecuritiesCompanyLimitedGoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.3WAUTO汽車干貨群免費干貨：每日免費分享4+篇精選干貨+不定期大尊重原創(chuàng)賦能作者如有侵權(quán)請聯(lián)系我們，第一時間刪除下架kof?ciallylaunched.oMay29:LiAuto1Q25results.oMay31:MaextroS800willbeof?ciallylaunched.oJun1:NEVOEMmonthlyvolumerelease.oDuring2025week21(May19,2025-May25,2025),LiAuto/HIMA/Leapmotor/XPengobtained10k/10k/9k/7kunitsofneworders.oWeobserved2of?cialMSRPcutsonNEVmodelsduring2025week21-Dongfenglaunchedeπ007EREV/EVonMay21withaveragepriceRmb10k/33k(-7%/-20%)lowervs.previousversion.oTherehavebeen47pricecutsYTDof7%onaverage.oNEV:averagediscountofdealerpricesvs.MSRPwas9.09%asofMay26,vs.7.65%asofMay19;BYDannounced“618”promotionson22ofitsDynastyandOceanseriesmodelsonMay25(seeournote),leadingtoaveragediscountofdealerpricesvs.MSRPat7.72%asofMay26,vs.2.78%asofMay19.oICE:averagediscountofdealerpricesvs.MSRPwas23.28%asofMay26,vs.22.78%asofMay19.oBatterygradelithiumcarbonatepricewasRmb63.6k/ton,-2.9%wow,-41%/-22%/-17%/-16%vs.averageof2Q24/3Q24/4Q24/1Q25.oLFPprismaticcellpricewasRmb0.338/Wh,?atwow,-9%/-5%/-4%/?atvs.averageof2Q24/3Q24/4Q24/1Q25.oNCMprismaticcellpricewasRmb0.435/Wh,?atwow,-6%/-3%/-2%/?atvs.averageof2Q24/3Q24/4Q24/1Q25.kKeyindustrytrendsduring2025week21(May19,2025-May25,2025):nPassengervehicleweeklyinsuranceregistrationswere406kunits,+4%wowfrom390kunitsinthepreviousweek.nNewenergyvehicleweeklyinsuranceregistrationswere240kunits,+10%wowfrom218kunitsinthepreviousweek.nNewenergyvehiclepenetrationwas59.1%,+3.2ppvs.55.9%inthepreviousweek.Keybrandtrendsduring2025week21(May19,2025-May25,2025):nFire?y/Luxeed/AITOshowedthestrongestgrowthat36%/30%/17%wow.nBYD/TeslaChina/LiAutorankedtop3involume,withmarketshareof22%/5%/4%.nAITO/LiAuto/Luxeedsawthebiggestmarketsharegainsof0.2pp/0.1pp/0.1ppwow;BYD/TeslaChina/Xiaomisawthebiggestmarketsharelossesof3.0pp/0.5pp/0.4ppwow.nAsofMay11,theMinistryofCommercetrade-ininformationplatformhasreceived3.2mnapplicationsfortheautotrade-insubsidyprogram.nTherewere32kaveragedailynewapplicationsduringMay5-May11(vs.15kduringMay1-May4,perthepreviouspressrelease).Week22(May26-Jun1)nMay28:XPengMONAM03Maxversionwillbeof?ciallylaunched.nMay29:LiAuto1Q25results.nMay31:MaextroS800willbeof?ciallylaunched.nJun1:NEVOEMmonthlyvolumerelease.nJun3:Nio1Q25results.nJun8:CPCAwillreleaseMayPV/NEVindustryandbymodelwholesale/retaildata.nJun:XPengwilllaunchG7.nJun:Leapmotorwillstartpre-salesofB01.nJun-Jul:Lynk&CowilllaunchPHEVversionofZ10.nJun:BYDwilllaunchSeal06nDuring2025week21(May19,2025-May25,2025),LiAuto/HIMA/Leapmotor/XPengobtained10k/10k/9k/7kunitsofneworders.knWeobserved2of?cialMSRPcutsonNEVmodelsduring2025week21-Dongfenglaunchedeπ007EREV/EVonMay21withaveragepriceRmb10k/33k(-7%/-20%)lowervs.previousversion.nTherehavebeen47pricecutsYTDof7%onaverage.2025pricecut86420551Jan-25Feb-25Mar-25Apr-25.Count◆Avepri502024pricecut6632103210.Count◆Avepricecutas%ofcarprice0.0%-2.0%-4.0%-6.0%-8.0%-10.0%-12.0%-14.0%-16.0%-18.0%864202023pricecut7777666664421knNEV:averagediscountofdealerpricesvs.MSRPwas9.09%asofMay26,vs.7.65%asofMay19;BYDannounced“618”promotionson22ofitsDynastyandOceanseriesmodelsonMay25(seeournote),leadingtoaveragediscountofdealerpricesvs.MSRPat7.72%asofMay26,vs.2.78%asofMay19.nICE:averagediscountofdealerpricesvs.MSRPwas23.28%asofMay26,vs.22.78%asofMay19.Batterycellpricesremainedstablewhilebatterygradelithiumcarbonatepricesdeclinedwow:nBatterygradelithiumcarbonatepricewasRmb63.6k/ton,-2.9%wow,-41%/-22%/-17%/-16%vs.averageof2Q24/3Q24/4Q24/1Q25.nLFPprismaticcellpricewasRmb0.338/Wh,?atwow,-9%/-5%/-4%/?atvs.averageof2Q24/3Q24/4Q24/1Q25.nNCMprismaticcellpricewasRmb0.435/Wh,?atwow,-6%/-3%/-2%/?atvs.averageof2Q24/3Q24/4Q24/1Q25.-- -- ----FangchengbaoYangwang-8.07.0-8.07.06.05.0-20241/29-2/4 20242/5-2/11 20255/12-5/18 20241/29-2/4 20242/5-2/11 20251/6-1/12 20253/31-4/620255/12-5/18---- 202410/28-11/3202412/9-12/15 20244/1-4/7 20244/15-4/21 202410/28-11/3202412/9-12/15 20253/31-4/620254/28-5/4Luxeed4.5%4.5%2.0% BYD 20242/5-2/11 20248/5-8/11 202410/28-11/3 BYD202412/9-12/15 4.5%4.5% 20242/5-2/11 20248/5-8/11 20253/31-4/620254/28-5/4 20243/18-3/24 20249/16-9/22 202410/28-11/3202412/9-12/15 20241/29-2/4 20242/5-2/1120243/4-3/10 20244/29-5/520245/27-6/220247/8-7/14 20248/5-8/11 202410/28-11/3202411/25-12/1202412/9-12/15kWe,TinaHouandSylviaHu,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespeci?crecommendationsorviewsexpressedinthisreport.TheGoldmanSachsFactorPro?leprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ouruniverseofratedstocks)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspeci?cmetricsforeachstock.Thenormalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthe?scalyear,industryandregion,butthestandardapproachisasfollows:Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(for?nancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(for?nancialstocks,onlyROE),withahigherpercentileindicatingacompanywithhigher?nancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(for?nancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturnspercentileand(100%-Multiplepercentile).FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthe?scalyear-endatleastthreequartersinthefuture.Growthusesinputsforthe?scalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).ForamoredetaileddescriptionofhowwecalculatetheGSFactorPro?le,pleasecontactyourGSrepresentative.Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailed?nancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.GoldmanSachsInvestmentResearchglobalEquitycoverageuniverseGlobalGlobal49%34%17%63%57%42%AsofApril1,2025,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson3,016equitysecurities.GoldmanSachsassignsstocksasBuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellforthepurposesoftheabovedisclosurerequiredbytheFINRARules.See‘Ratings,Coverageuniverseandrelatedde?nitions’below.TheInvestmentBankingRelationshipschartre?ectsthepercentageofsubjectcompanieswithineachratingcategoryforwhomGoldmanSachshasprovidedinvestmentbankingserviceswithintheprevioustwelvemonths.Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasaprincipalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analystasof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanof?cer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.Distributionofratings:Seethedistributionofratingsdisclosureabove.Pricechart:Seethepricechart,withchangesofratingsandpricetargetsinpriorperiods,above,or,ifelectronicformatorifwithrespecttomultiplecompanieswhicharethesubjectofthisreport,ontheGoldmanSachswebsiteat/research/hedge.html.Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaf?liatesarenotauthoriseddeposit-takinginstitutions(asthattermisde?nedintheBankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.Thisresearch,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.Inproducingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespeci?ccircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsany?nancialproductadvice,itisgeneraladviceonlyandhasbeenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,?nancialsituationorneeds.Aclientshould,beforeactingonanysuchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,?nancialsituationandneeds.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicyStatementareavailableat:/disclosures/australia-new-zealand/index.html.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat/worldwide/brazil/area/gir/index.html.Whereapplicable,theBrazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asde?nedinArticle20ofCVMResolutionn.20,isthe?rstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersofsecuritiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunderapplicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldmanSachsCanadaInc.,anaf?liateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:FurtherinformationonthesecuritiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,ResearchAnalyst-SEBIRegistrationNumberINH000001493,951-A,RationalHouse,AppasahebMaratheMarg,Prabhadevi,Mumbai400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybene?ciallyown1%ormoreofthesecurities(assuchtermisde?nedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompaniesreferredtointhisresearchreport.Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybeforeinvesting.RegistrationgrantedbySEBIandcerti?cationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedcomplianceof?cerandinvestorgrievancecontactdetailscanbefoundatthislink:/disclosures/hedge.html-/general/equity.Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:Goldman