合并领克、回归吉利，亏损近300亿的极氪如何盈利突围？

Core Insights - July marks a critical juncture for Zeekr, with June sales figures showing a total of 43,012 units, but core brand deliveries at only 16,702 units, reflecting a 17% year-on-year decline [1] - The launch of the new flagship SUV 9X on July 9 is highly anticipated, as its market response will significantly impact investor sentiment amid increasing competition from Xiaomi's YU7 SUV [1][3] - Zeekr's challenges include declining delivery volumes, a lackluster market response, and ongoing financial losses, with a cumulative net loss of 26.22 billion yuan from 2021 to 2024 [5][6] Company Overview - Zeekr was established as an independent brand by Geely in 2021 to target the high-end electric vehicle market, successfully launching the Zeekr 001, which sold over 70,000 units in its first full year [3][4] - The company went public on the New York Stock Exchange in May 2024, but has since struggled with market competition and valuation, currently valued at around $6.5 billion, significantly lower than competitors like NIO and Li Auto [5][6] Market Dynamics - The competitive landscape in the Chinese electric vehicle market is intensifying, with new entrants like Xiaomi and established players like BYD and Geely increasing their market share [4][10] - Zeekr's market position is under pressure, as it has not consistently ranked among the top in monthly delivery figures, and its stock performance has been underwhelming [5][10] Financial Performance - Zeekr's financial struggles are evident, with net losses of 4.5 billion yuan in 2021, 7.66 billion yuan in 2022, 8.26 billion yuan in 2023, and 5.79 billion yuan in 2024, totaling 26.22 billion yuan [6][7] - The company's gross margin improved to 16.5% in Q1 2025, with Zeekr brand gross margin reaching 21.2%, indicating potential for operational efficiency post-integration with Geely [7][8] Strategic Moves - The integration back into Geely is seen as a strategic move to reduce costs and enhance operational efficiency, with expectations of significant benefits from shared resources and capabilities [6][8] - The upcoming Zeekr 9X is positioned as a critical test for the brand's ability to demonstrate its high-end product and technology capabilities, which will influence its valuation and investor confidence [12][13]