资料显示，路特斯科技公司是一家领先的豪华纯电动汽车(BEV)制造商,设计、开发和销售豪华生活方式 车(日常使用的非跑车),旗下拥有标志性的英国品牌"Lotus"。凭借70多年的赛车传统和在汽车行业的领 先地位,Lotus品牌象征着性能、设计和工程方面的市场领先标准。融合基于世界一流研发能力的专有下 一代技术和吉利控股授权的轻资产模式,该公司正在电气化,数字化和智能化方面开辟新的领域。 本文源自：金融界 作者：行情君 大事提醒： 8月27日，路特斯科技将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 8月4日，路特斯科技(LOT)盘中上涨3.68%，截至22:15，报1.97美元/股，成交4.2万美元，总市值13.36亿 美元。 财务数据显示，截至2025年03月31日，路特斯科技收入总额9282.3万美元，同比减少46.37%；归母净利 润-1.83亿美元，同比增长29.1%。 ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of Lotus Technology, indicating a significant decline in revenue while showing an increase in net profit [1][2][3] Group 2 - As of August 1, Lotus Technology's stock price increased by 2.43%, reaching $2.11 per share, with a total market capitalization of $1.431 billion [1] - Financial data reveals that as of March 31, 2025, Lotus Technology's total revenue was $92.823 million, representing a year-on-year decrease of 46.37%, while the net profit attributable to shareholders was -$183 million, showing a year-on-year increase of 29.1% [1] - Lotus Technology is recognized as a leading manufacturer of luxury battery electric vehicles (BEVs), focusing on the design, development, and sales of luxury lifestyle vehicles, leveraging over 70 years of racing tradition and a strong market position [2]

财务数据显示，截至2025年03月31日，路特斯科技收入总额9282.3万美元，同比减少46.37%；归母净利 润-1.83亿美元，同比增长29.1%。 大事提醒： 8月27日，路特斯科技将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 7月30日，路特斯科技(LOT)盘中上涨2.94%，截至22:55，报2.1美元/股，成交11.34万美元，总市值14.24 亿美元。 资料显示，路特斯科技公司是一家领先的豪华纯电动汽车(BEV)制造商,设计、开发和销售豪华生活方式 车(日常使用的非跑车),旗下拥有标志性的英国品牌"Lotus"。凭借70多年的赛车传统和在汽车行业的领 先地位,Lotus品牌象征着性能、设计和工程方面的市场领先标准。融合基于世界一流研发能力的专有下 一代技术和吉利控股授权的轻资产模式,该公司正在电气化,数字化和智能化方面开辟新的领域。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Lotus Technology Inc. is set to acquire 100% of Lotus Advance Technologies Sdn Bhd ("Lotus UK") after Etika Automotive Sdn Bhd exercised its put option, following a similar action by Geely International (Hong Kong) Limited, enabling full control and consolidation of Lotus UK's operations [1][2][4]. Group 1 - Etika exercised its put option on June 30, 2025, requiring Lotus Technology to purchase 49% of Lotus UK [1]. - The acquisition will be completed through non-cash transactions based on pre-agreed prices, allowing the company to consolidate Lotus UK's financial results [2][3]. - Lotus UK is responsible for manufacturing Lotus' sportscars and hyper cars, as well as providing consultancy services to OEMs and Tier 1 suppliers globally [3]. Group 2 - The put option agreements with Geely HK and Etika were established in conjunction with a business combination involving L Catterton Asia Acquisition Corp, with conditions based on vehicle sales exceeding 5,000 in 2024 [4]. - As of December 31, 2024, the conditions for exercising the put options were satisfied, allowing the transactions to proceed [4]. - The company will issue new shares valued at $10 per share in exchange for the transfer of Lotus UK shares, with Lotus UK valued at 1.15 times revenue plus cash minus debt [5]. Group 3 - Lotus Technology Inc. operates across the UK, EU, and China, focusing on luxury battery electric vehicles and next-generation automobility technologies [6].

Core Viewpoint - The ultra-luxury car market in China is experiencing a significant downturn, with a 53% year-on-year drop in sales of vehicles priced over one million yuan in Q1 2025, indicating a faster contraction than the overall industry [1] Group 1: Market Performance - In Q1 2025, sales of million-level luxury cars fell to 21,000 units, a stark contrast to the stable annual sales of around 200,000 units from 2021 to 2023 [1][2] - Lotus Technology reported a 46% decline in revenue year-on-year, but also showed signs of recovery with a 56% reduction in operating losses and an increase in gross margin from 3% in 2024 to 12% in Q1 2025 [2][4] Group 2: Financial Metrics - Lotus's operating loss decreased from $233 million in the previous year to $103 million, while adjusted EBITDA improved from -$200 million to -$136 million, reflecting a 33% reduction [4] - The gross margin increased from 7% to 12% in Q1 2025, indicating a strong recovery despite still being lower than the previous year [5][6] Group 3: Market Strategy - Lotus is focusing on cost control and efficiency improvements, with a continuous decline in operating expenses over six quarters [4] - The company is also diversifying its market presence, achieving a balanced distribution of sales across Europe, China, and North America, each accounting for 32% of total sales [8] Group 4: Future Outlook - The ultra-luxury car market in China is expected to have a long-term demand ceiling, despite current challenges, as the economic level continues to rise [11] - Lotus aims to leverage its historical brand value and technological advancements to differentiate itself in a competitive market, focusing on electric and hybrid models [13][14]

Core Viewpoint - Lotus Technology Inc. (NASDAQ: LOT) is recommended as a Sell for long-term investors despite its storied brand [1] Company Analysis - The analysis begins coverage of Lotus Technology Inc. with a negative outlook for long-term investors [1] - The company has a recognized brand, but further scrutiny reveals potential weaknesses [1]

Group 1: Financial Performance - Lotus Technology reported a total global delivery of 1,274 units in Q1 2025, generating revenue of $93 million [2] - The gross margin for the quarter increased to 12%, showing significant improvement compared to the previous year [2] Group 2: Product Development and Market Strategy - Lotus expanded and upgraded its product matrix, launching updated models Eletre and Emeya, with expected deliveries in the Chinese market in Q2 [2] - The company introduced the EMIRA Clark Edition, a limited edition model honoring legendary racer Jim Clark, with only 60 units available globally [2] - Lotus aims to maintain a differentiated strategy and optimize product configurations to enhance its product matrix amid fierce competition in the global automotive market [2] Group 3: Brand Revival - The return of the Lotus brand name in China is seen as a significant milestone for brand revival, emphasizing its historical importance and connection to the company's legacy [3] - The CEO highlighted the importance of the Lotus name as a guiding asset and a symbol of the brand's heritage and future aspirations in the electric vehicle sector [3] Group 4: Brand Philosophy - Lotus continues to uphold its brand philosophy "For The Drivers," focusing on high-performance electric sports cars that enhance driving experiences [4]

Financial Performance (Q1 2025 vs Q1 2024) - Deliveries decreased by 42%, from 2,194 units in 1Q2024 to 1,274 units in 1Q2025 [13] - Revenues decreased by 46%, from $173 million in 1Q2024 to $92.823 million in 1Q2025 [13, 33] - Cost of revenues decreased by 43%, from $143 million in 1Q2024 to $81.674 million in 1Q2025 [13, 33] - Gross profit decreased by 63%, from $30 million in 1Q2024 to $11.149 million in 1Q2025 [13, 33] - Gross profit margin decreased by 6%, from 18% in 1Q2024 to 12% in 1Q2025 [13] - Operating loss decreased by 56%, from $(233) million in 1Q2024 to $(102.995) million in 1Q2025 [13, 33] - Net loss decreased by 29%, from $(258) million in 1Q2024 to $(182.825) million in 1Q2025 [13, 33] - Adjusted EBITDA decreased by 33%, from $(204) million in 1Q2024 to $(136.403) million in 1Q2025 [13, 35] Assets and Liabilities (Mar 31, 2025 vs Dec 31, 2024) - Total current assets decreased from $1,042.938 million to $1,013.737 million [28] - Total assets decreased from $2,285.663 million to $2,266.871 million [28] - Total current liabilities decreased from $2,467.397 million to $2,246.432 million [28] - Total liabilities increased from $3,145.889 million to $3,308.082 million [30] - Total shareholders' deficit increased from $(860.226) million to $(1,041.211) million [30]

Financial Data and Key Metrics Changes - In Q1 2025, the company delivered nearly 1,300 vehicles to distributors, down 42% year on year, while user vehicle deliveries exceeded 2,000 units, up by more than 10% year on year [6][7] - Quarterly revenues narrowed to $93 million, but gross margin improved to 12%, recovering from negative territory in Q4 of the previous year [8][10] - Cost of revenue decreased by 43% year on year to $82 million, resulting in a gross profit of $11 million [9] - The operating loss for Q1 was $103 million, a 56% year on year decrease, while the net loss was $183 million, representing a 29% reduction [10] Business Line Data and Key Metrics Changes - Lifestyle vehicles accounted for 56% of total Q1 deliveries, consistent with full year 2024 figures [8] - The company is revamping its Electro HyperSUV and EMEA Hyper GT Landmap with upgraded configurations, with deliveries expected to begin in Europe in Q3 [7] Market Data and Key Metrics Changes - By region, Europe, China, and North America each contributed approximately one-third of total deliveries, with the rest of the world accounting for 4% [8] - Current regional share of deliveries since 2024 is 22% in North America, 38% in Europe, 14% for the rest of the world, and 26% for China [19] Company Strategy and Development Direction - The company emphasizes brand establishment, particularly in the sports car segment, and has launched a national level GT1 racing series to enhance brand awareness [11][12] - The company is focusing on developing hyper hybrid EV technology, which has gained significant interest and is expected to debut at the end of this year [13][15] - The strategy includes localization plans in the U.S. to mitigate the impact of tariff hikes [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the PHEV market is growing rapidly in both China and the U.S., and the company is confident in the acceptance of its hyper hybrid technology [23][24] - The company aims to balance delivery distribution across markets, targeting 30% in the U.S., 30% in the EU, and 30% in China [18] Other Important Information - The company has successfully reduced operating expenses for six consecutive quarters through efficient enhancement plans [10] - The new hyper hybrid model is expected to feature a range of 300 kilometers on electric power and over 1,000 kilometers combined driving range [17] Q&A Session Summary - No formal Q&A session was held, but management addressed questions regarding hyper hybrid initiatives and global market strategies [22] - Insights shared included the unique advantages of Lotus's PHEV technology, which combines ICE and electric motor benefits for performance and energy efficiency [23][24]

Financial Data and Key Metrics Changes - The company delivered nearly 1,300 vehicles to distributors, down 42% year on year [7] - User vehicle deliveries exceeded 2,000 units, up by more than 10% year on year [8] - Quarterly revenues narrowed to $93 million, with a gross margin recovery to 12% [9] - Cost of revenue decreased by 43% year on year to $82 million, resulting in a gross profit of $11 million [10] - Operating loss for Q1 was $103 million, a 56% year on year decrease, while net loss was $183 million, representing a 29% reduction [10] Business Line Data and Key Metrics Changes - Lifestyle vehicles accounted for 56% of total Q1 deliveries, consistent with full year 2024 figures [9] - The company is revamping its Electro HyperSUV and EMEA Hyper GT Landmap with upgraded configurations, with deliveries expected to start in Q2 [8] Market Data and Key Metrics Changes - Deliveries were approximately one-third from Europe, China, and North America, with the rest of the world accounting for 4% [9] - Current regional share of deliveries since 2024: 22% in North America, 38% in Europe, 14% for the rest of the world, and 26% for China [22] Company Strategy and Development Direction - The company emphasizes brand establishment, particularly in the sports car segment, and launched a national level GT1 racing series [13][14] - The focus is on performance and sustainable practices, with the introduction of hyper hybrid EV technology [15] - The company plans to leverage its PHEV and BEV products in the U.S. market while discussing localization plans to mitigate tariff impacts [21][23] Management Comments on Operating Environment and Future Outlook - Management noted the growing interest in PHEV technology, which combines ICE and electric motor advantages [26] - The company believes that its hyper hybrid technology can meet performance and energy-saving demands, particularly in markets with low BEV penetration [18][28] - Future plans include prioritizing hyper hybrid technology for both lifestyle and sports vehicles [29] Other Important Information - The company has successfully reduced operating expenses for six consecutive quarters [11] - The new performance-oriented hyper hybrid model is expected to debut at the end of this year, with deliveries starting in Q1 next year [20] Q&A Session Summary Question: What is the progress of the hyper hybrid initiatives and global market strategies? - Management highlighted the rapid growth of the PHEV market in China and the U.S., emphasizing the unique performance capabilities of their PHEV products [26] - The company is investigating the feasibility of a hyper hybrid sports car to cater to both ICE and electric vehicle enthusiasts [28]