中国汽车专家访谈没有直接降价但竞争仍将持续（英）

Research AnalystsChina Autos&Auto PartsJoel Ying, CFA-NIHKjoel.ying@nomura.com+85222522153Global EVBatteries&MaterialsEthan Zhang - NIHKethan.zhang@nomura.com+85222522157ProductionCo: 2025-07-08 17:34 UTC Xiaomi YU7's phenomenal orders drive incremental demand for BEV models, andpeers are likelytobenefit fromdemand spilloverTalking about Xiaomi's YU7 performance, considering the very strong order situation andwith a waiting period of around 50 weeks for now, Mr. Sun mentioned that the strongfully fulfilled; therefore, some customers are turning to models from peers in the premiummarket, as long as those OEMs are providing some promotions.In terms of impact to individual brands from Xiaomi's Yu7, the expert expressed that theXPENG G7 was launched too close to Xiaomi's YU7 launch; therefore, potentialcustomers are raising their standards for the G7 given its exterior appearance, in terms ofrush, did not place orders for the YU7 due to the one-year waiting period, while also notplacing orders for the G7.For other premium brands, Mr. Sun mentioned that they will wait until August orcustomers or potential customers turn impatient, which sounds like a good choice.Adilemma between promotingEv industryand protectingtraditional icEplayersand JVs; waiting for further policies or for companies like Huawei and Xiaomi tochange the competition landscapeTalking about the relatively muted EV penetration so far in FY25, Mr. Sun mentioned thatindustry, while also trying to protect traditional iCE car players and JVs to survive in thebelieves that Huawei and Xiaomi, the two leaders in the China consumer electronicsmarket, may have a chance to change the China auto market landscape. As the twofamous brands in the China market turn to the NEV sector, it may trigger public perceptionchanges, moving from traditional ICE cars to EVs. Hence, possibly, these two brands mayhelp the market to further increase EV penetration in the future. Appendix A-1See Disclaimers for Nomura Group entity details.Analyst CertificationI, Joel Ying, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investmentbanking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company.Important DisclosuresOnline availability of research and conflict-of-interest disclosuresNomura Group research is available on www.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG.Important disclosures may be read at http://go.nomuranow.com/research/m/Disclosures or requested from Nomura Securities International, Inc.If you have any difficulties with the website, please email grpsupport@nomura.com for help.Theanalysts responsibleforpreparing this report have received corportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenotregistered/gualifiedasresearchanalystsunderFiNRArules,maynotbeassociatedpersonsofNSlandmaynotbesubiecttoFiNRARule2241 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered withthe Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and Nlplc aregenerally engaged in the trading of swaps and other derivative products, any of which may be the subject of this report.Distribution of ratings (Nomura Group)The distribution of all ratings published by Nomura Group Global Equity Research is as follows:53% have been assigned a Buy rating which, for purposes of mandatory disclosures,are classified as a Buy rating; 37% of companies with thisrating are investment banking clients of the Nomura Group*. o% of companies (which are admitted to trading on a regulated market in the EEA)with this rating were supplied material services** by the Nomura Group.44% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 58% of companies withEEA) with this rating were supplied material services by the Nomura Group3% have been assigned a Reduce rating which, for purposes of mandatory disclosure:rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA)with this rating were supplied material services by the Nomura Group.As at 30 June 2025.*The Nomura Group as defined in the Disclaimer section at the end of this report.** As defined by the EU Market Abuse Regulatio