毛利率创新高，极氪科技交出“冲高端”成绩单

Group 1 - Geely Auto reported a total delivery of 703,800 vehicles in Q1 2025, a year-on-year increase of 48%, with total revenue reaching 72.5 billion yuan, up 25% year-on-year [1][22] - Zeekr Technology delivered 114,011 vehicles in Q1 2025, a 21.1% increase year-on-year, with total revenue of 22.02 billion yuan, reflecting a 1.1% year-on-year growth [1][9] - Geely's electric transformation is successful, with Q1 2025 new energy vehicle sales reaching 339,000 units, a 135% increase, accounting for 48.1% of total sales [1][22] Group 2 - Geely announced plans to acquire all remaining shares of Zeekr Technology, which will lead to Zeekr's delisting from the US stock market and becoming a wholly-owned subsidiary of Geely [2][22] - The merger of Zeekr and Lynk & Co is seen as a significant step in Geely's strategy to consolidate its multiple brands and improve operational efficiency [4][22] Group 3 - Zeekr's overall gross margin reached 19.1% in Q1 2025, an increase of 2.8 percentage points year-on-year, marking the highest gross margin in its history [5][9] - The gross margin for Zeekr vehicles was 21.2%, up 6.8 percentage points year-on-year, while Lynk & Co's gross margin was 11.4%, down 0.4 percentage points year-on-year [5][8] Group 4 - In Q1 2025, Zeekr's R&D expenses were 2.908 billion yuan, a year-on-year increase of 25% but a quarter-on-quarter decrease of 25.6% [11] - The merger is expected to save over 5% in production costs and 10%-20% in R&D and management expenses [9][25] Group 5 - Zeekr aims to target the luxury market above 300,000 yuan, focusing on pure electric mid-sized cars and hybrid large vehicles, while Lynk & Co will target the market above 200,000 yuan [19][20] - The integration of Zeekr and Lynk & Co is expected to enhance their market presence and operational efficiency, with a clearer product strategy [26]