极氪三季报：销量营收毛利都升了，年底前完成与吉利合并交割

Core Insights - Zeekr Technology (ZK.N) reported significant growth in key metrics for Q3 2025, including sales, revenue, and gross profit, alongside progress in its merger and privatization with Geely Automobile [1][3] Sales Performance - Total deliveries reached 140,200 units in Q3 2025, marking a year-on-year increase of 12.5% and a quarter-on-quarter increase of 7.1% [1] - Zeekr brand delivered 52,900 units, while Lynk & Co brand delivered 87,300 units, with new energy vehicles accounting for 72.4% of total sales [1] Financial Results - Total revenue for Q3 2025 was 31.562 billion RMB, reflecting a year-on-year growth of 9.1% and a quarter-on-quarter growth of 15.1% [2] - Vehicle sales revenue was 26.527 billion RMB, up 7.3% year-on-year and 15.8% quarter-on-quarter, driven by the launch of new and updated models [2] Profitability - Gross profit for Q3 2025 was 6.046 billion RMB, a year-on-year increase of 37.1% and a quarter-on-quarter increase of 6.9% [3] - Overall gross margin stood at 19.2%, up 4 percentage points year-on-year, while vehicle gross margin was 15.6%, up 3 percentage points from the previous year [3] Research and Development - R&D expenditure for Q3 2025 was 2.743 billion RMB, with an R&D expense ratio of 8.7%, down 1.7 percentage points year-on-year [3] - The merger with Lynk & Co has significantly improved R&D efficiency since the completion of the equity transfer in February [3] Merger and Privatization Progress - Geely Automobile plans to acquire all issued shares of Zeekr Technology, with the privatization process expected to complete by the end of the year [3] - Legal obstacles to the merger have been resolved, and the process is currently underway [3]