Ge Long Hui·2025-09-12 11:22Group 1 - The company's Q2 2025 performance met expectations, with significant cost reduction and efficiency improvement [1] - Q2 2025 revenue reached 19.01 billion yuan, with a year-on-year increase of 57.9% and a quarter-on-quarter increase of 9.0% [1] - Vehicle sales revenue was 16.14 billion yuan, showing a year-on-year increase of 62.3% and a quarter-on-quarter increase of 2.9% [1] - The overall gross margin for Q2 2025 was 10.0%, with a year-on-year increase of 2.4 percentage points [1] - The company delivered 72,000 vehicles in Q2 2025, representing a year-on-year increase of 71.5% [1] - The company expects Q3 2025 vehicle deliveries to reach between 87,000 and 91,000 units, marking a historical high [1] Group 2 - The company reported an operating loss of 4.91 billion yuan in Q2 2025, with an adjusted net loss of 4.13 billion yuan [1] - R&D expenses in Q2 2025 were 3.01 billion yuan, a decrease of 13.8% year-on-year [1] - SG&A expenses were 3.965 billion yuan, with a quarter-on-quarter increase of 2.4% [1] - The company launched the L90 electric SUV, achieving sales of 10,575 units in its first month, the fastest in the company's history [1] - The new ES8 model was pre-sold on August 21, 2025, with an expected launch in late September [1] Group 3 - The company revised down its net profit expectations for 2025-2026 due to increased industry competition, projecting losses of 17.9 billion yuan and 12.8 billion yuan respectively [2] - A new forecast for 2027 indicates a net loss of 5.6 billion yuan [2] - Despite the challenges, the company maintains a "buy" rating due to its comprehensive technology layout and marketing strategies [2]