极氪二季度整车销售229亿元 “零公里二手车”疑云未消

Core Viewpoint - Zeekr has reported a strong performance in vehicle deliveries and revenue for the first half of 2025, but it faces significant challenges regarding profitability and market perception due to the "zero-kilometer used car" controversy [2][19]. Financial Performance - In the first half of 2025, Zeekr delivered a total of 244,877 vehicles, marking a year-on-year increase of 14.5% [2]. - Total revenue reached 49.45 billion yuan, with a year-on-year growth of 8% [2][13]. - In Q2 2025, total revenue was 27.43 billion yuan, and the comprehensive gross margin reached 20.6%, an increase of 2.6 percentage points year-on-year, setting a historical high [2][7][14]. - Vehicle sales revenue for Q2 was 22.92 billion yuan, reflecting a year-on-year growth of 2.2% [2][11][10]. Cost Management - The R&D expense ratio and sales expense ratio both decreased year-on-year, indicating improved cost control [19][12]. - Despite these improvements, Zeekr still reported a net loss in Q2, although the loss amount has narrowed compared to previous periods [19]. Market Challenges - Zeekr is currently embroiled in controversy regarding "zero-kilometer used cars," which has raised concerns about the legitimacy of its vehicle sales [19]. - The controversy is particularly sensitive as Zeekr is in the process of privatization, with Geely Auto signing a merger agreement to take Zeekr private [19]. - The combination of delivery growth and profitability challenges, along with the "zero-kilometer used car" issue, poses a risk to Zeekr's market trust and future performance [19].