机构：中金公司 研究员：邓学/常菁/杨东冀 2Q25 业绩符合市场和我们预期 公司公布2Q25 业绩：营收为302 亿元，Non-GAAP 净利润14.7 亿元。 2Q 公司毛利率、费用控制及销量良好，业绩符合市场和我们预期。 发展趋势 业绩符合市场预期，持续保持19%+毛利率。公司2Q25 交付111,074 辆，虽然处于新老车型迭代周期， 但增程焕新版车型表现良好，带动2Q 实现营收为302 亿元。公司综合毛利率为20.1%，其中汽车毛利率 为19.4%，主因零件通用率、交付量及高毛利车型占比提升，毛利率表现符合市场预期。 费用端，2Q 公司研发费用28.1 亿元，销管费用27.2 亿元。综合来看，Non-GAAP 净利润为14.7 亿元， 主因公司毛利率、费用控制及销量良好。 风险 纯电车型不及预期；智能驾驶不及预期；市场竞争加剧。 往3Q25 展望，公司业绩会中表示将持续保持19%以上的毛利率表现。此外，近期上市的新车型理想i8 市场反馈良好，公司表示力争在九月底前累计交付8,000-10,000 辆，此外九月份将正式发布理想i6 车 型。 自研智驾芯片上车路测，看好公司在泛AI 领域布局。此前，公司 ...

Core Viewpoint - Li Auto's Q2 2025 financial results show a mixed performance with a slight increase in vehicle deliveries but a decline in revenue and average selling price (ASP) [1][2] Financial Performance - Q2 vehicle deliveries reached 111,000 units, representing a year-on-year increase of 2.3% and a quarter-on-quarter increase of 19.6% [1] - Q2 revenue was 30.25 billion yuan, down 4.5% year-on-year but up 16.6% quarter-on-quarter; automotive business revenue was 28.89 billion yuan, down 4.7% year-on-year but up 17% quarter-on-quarter [1] - The average selling price (ASP) for Q2 was 260,000 yuan, down 6.9% year-on-year and 3.2% quarter-on-quarter [1] - For the first half of 2025, cumulative sales were 204,000 units, up 7.9% year-on-year, with revenue of 56.18 billion yuan, down 2% year-on-year [1] Cost and Profitability - Q2 gross margin was 20.1%, up 0.6 percentage points year-on-year but down 0.4 percentage points quarter-on-quarter; automotive gross margin was 19.4%, up 0.7 percentage points year-on-year but down 0.4 percentage points quarter-on-quarter [2] - Non-GAAP net profit for Q2 was 1.468 billion yuan, down 2.3% year-on-year but up 46.8% quarter-on-quarter; non-GAAP net profit per vehicle was 13,000 yuan, down 4.5% year-on-year but up 22.7% quarter-on-quarter [2] - For the first half of 2025, non-GAAP net profit was 2.468 billion yuan, down 11.2% year-on-year, with net profit per vehicle at 12,000 yuan, down 17.7% year-on-year [2] Market Outlook - The company expects Q3 vehicle deliveries to be between 90,000 and 95,000 units, a year-on-year decrease of 37.8% to 41.1%; Q3 revenue is projected to be between 24.8 billion and 26.2 billion yuan, a year-on-year decrease of 38.8% to 42.1% [3] - Factors affecting Q3 performance include intense market competition, lack of promotional policies for the L series, and the impact of the i8 launch on brand strength [3] Strategic Focus - The company is advised to monitor pricing strategies and promotional adjustments for its range-extended vehicles, as well as the competitive positioning of upcoming models [3] - Li Auto's core strengths include product development capabilities, strategic planning, and refined management, despite current operational pressures [4]

Core Viewpoint - The company reported its Q2 2025 financial results, showing a decline in revenue but resilience in gross margin, with a focus on upcoming product launches and technological advancements in the electric vehicle sector [1][4]. Revenue Performance - In Q2 2025, total revenue reached 30.25 billion yuan, reflecting a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 16.7% [1]. - Automotive revenue was approximately 28.89 billion yuan, with a year-on-year decline of 4.7% and a quarter-on-quarter increase of 17.0% [1][2]. - The average selling price (ASP) decreased from 266,000 yuan in Q1 2025 to 260,000 yuan in Q2 2025 [2]. Sales Volume - The company delivered 111,000 vehicles in Q2 2025, representing a year-on-year increase of 2.3% and a quarter-on-quarter increase of 19.6% [2]. - The sales distribution for key models in Q2 2025 included L9 (13.0%), L8 (13.3%), L7 (23.8%), L6 (46.8%), and Mega (3.1%) [2]. Profitability - The automotive business gross profit was 5.61 billion yuan, with a year-on-year decrease of 1.3% but a quarter-on-quarter increase of 15.1% [2]. - The gross margin for automotive business stood at 19.4%, showing a year-on-year increase of 0.7 percentage points but a quarter-on-quarter decrease of 0.3 percentage points [2]. - The net profit attributable to shareholders was 1.09 billion yuan, with a year-on-year decrease of 0.8% but a quarter-on-quarter increase of 68.0% [1]. Research and Development - R&D expenses for Q2 2025 were 2.81 billion yuan, reflecting a year-on-year decrease of 7.2% but a quarter-on-quarter increase of 11.8% [3]. - The R&D expense ratio was 9.3%, showing a year-on-year decrease of 0.3 percentage points [3]. Future Outlook - The company anticipates Q3 2025 vehicle deliveries to be between 90,000 and 95,000 units, with a year-on-year decline of 41.1% to 37.8% [4]. - The upcoming launch of the Li Auto i6, a mid-large five-seat pure electric SUV, is expected in September 2025, with a starting price of 250,000 yuan [4]. - The VLA (Vehicle Learning Architecture) system is set to enhance the driving performance of new models, with significant updates planned for the end of 2025 [4]. Investment Recommendations - The company is expected to leverage its user insights and efficient organizational structure to continue innovating in product offerings, particularly in the electric vehicle market [4]. - Revenue projections for 2025-2027 are estimated at 127.21 billion, 178.04 billion, and 200.95 billion yuan, with net profits of 5.01 billion, 11.41 billion, and 14.55 billion yuan respectively [4].

机构：国海证券 2025H1 毛利率48.39%（同比-4.5pct），主要系销量增长带动商品成本上升及新SKU 对高精度及多腔模 具的需求，导致模具数量和模具折旧增加。2025H1 经调整净利率23.9%（同比-4pct），销售/研发/管理 费用率13.22%/9.63%/3.53%，同比+1.67/+2.36/-35.08pct，管理费用同比下降88.31%至4722 万元，主要 系2024 年4 月根据股份激励计划授出购股权的一次性以股份为基础的薪酬3.59 亿元。 持续丰富IP 矩阵，用户结构向更大年龄层发展。 (1) 2025H1 拼搭角色类玩具收入13.3 亿元（YOY+29.5%），占比99.1%，毛利率48.52%（同 比-4.7pct），持续聚焦积木人主业；积木玩具收入1251 万元（YOY-45.5%），毛利率32.77%（同 比-5.1pct）。①截至2025H1 末，共计推出925 个SKU，2025H1 推出243 个SKU。 ② 2025H1 公司6-16 岁/16 岁以上年龄段产品收入占比分别为82.6%/14.8%，16 岁以上用户群体占比提 升（同比+4.4pct）；且推出了 ...

前蔚来、理想高管加入FF，贾跃亭又得一员大将 贾跃亭再次出人意料。 近日，前蔚来、理想高管李隽正式加入贾跃亭创立的法拉第未来（FF），担任全球供应链副总裁、中国区首席战略与业务增长官。 先是在理想汽车，历任动力总成和热管理系统供应链管理高级总监、供应链零部件集群总经理，主导核心零部件供应体系建设。 再是来到蔚来汽车，调任供应链助理副总裁，负责供应链管理优化，是蔚来供应链体系的资深专家。 如今，李隽加入贾跃亭的造车团队，发挥自己供应链整合方面的经验，协助FF打通中美市场资源。 图源：微博 据悉，早在2024年8月，李隽就在洛杉矶拜访过FF，支持贾跃亭的桥梁战略。今年8月，李隽接下了大洋彼岸的贾跃亭伸出的橄榄枝。 最为吸引外界目光的，是李隽此前在汽车行业累积的将近20年的工作经验。 2005年，李隽入职德尔福（中国）汽车系统有限公司，工作将近10年，当上了动力总成系统亚太区采购总监。 此后，他分别在麦格纳汽车技术（上海）有限公司、佛吉亚（中国）投资有限公司就职。 2020年，李隽迎来职业生涯的转折，他从零部件公司转入主机厂工作。 李隽的加入，也被外界视为贾跃亭"中美汽车产业桥梁"战略的关键人才布局。 所谓的"中美 ...

Core Viewpoint - Alibaba reported its Q1 2026 earnings, showing a revenue of 247.65 billion RMB, a 2% year-on-year increase, but a decline in operating profit and net profit [1][2]. Financial Performance - Revenue for the quarter ending June 30, 2025, was 247.65 billion RMB, up 2% year-on-year [1][2]. - Operating profit was 34.99 billion RMB, down 3% year-on-year [2][5]. - Non-GAAP net profit was 33.51 billion RMB, a decrease of 18% year-on-year [1][2]. - Adjusted earnings per ADS were 14.75 RMB [1]. Segment Performance - Alibaba's China e-commerce group revenue was 140.07 billion RMB, a 10% increase year-on-year, with e-commerce business revenue at 118.58 billion RMB [1][2]. - The international digital commerce group generated 34.74 billion RMB, a 19% increase year-on-year, driven by strong cross-border business performance [7]. - The cloud intelligence group reported revenue of 33.40 billion RMB, a 26% increase year-on-year, primarily from public cloud business growth [7][8]. Strategic Developments - The company made significant strategic adjustments to enhance user experience, including the integration of Taotian Group, Ele.me, and Fliggy into the Alibaba China e-commerce group [1][2]. - The launch of "Taobao Flash Purchase" service aimed to meet consumer demand for instant delivery across various product categories [5]. - The 88VIP membership program, representing the highest purchasing power consumer group, exceeded 53 million members, continuing to grow at double-digit rates year-on-year [7]. Market Position and Future Outlook - Alibaba's CEO emphasized a focus on consumer and AI + cloud strategies to achieve strong growth, with significant investments in instant retail and cloud services [9]. - The company repurchased 56 million shares for a total of $815 million during the quarter [9]. - As of the report date, Alibaba's stock was trading at 115.7 HKD per share, with a market capitalization of $285.1 billion [9].

Core Viewpoint - 恒基地产的2025年中期业绩显示出显著的盈利下降，主要由于去年同期的特殊收益影响，同时公司通过发行可换股债券来筹集资金以支持其业务发展和再融资 [1][2][3] Financial Performance - 恒基地产2025年半年报实现营业收入87.11亿元，净利润27.29亿元，每股收益0.6元，毛利128.8亿元，市盈率20.7倍 [1] - 股东应占基础盈利为30.48亿港元，同比减少44%，去年同期为54.41亿港元 [2] - 每股基础盈利为0.63港元，较去年同期的1.12港元下降 [2] Bond Issuance - 恒基地产完成发行80亿港元的可换股债券，年利率为0.5%，到期日为2030年 [2][3] - 预计债券的净筹资额约为79.2亿港元，主要用于一般公司用途及再融资 [2][3] - 初始换股价为36港元，较发行时的收市价溢价27% [3]

冯蓉丽获重新委任为公司第四届监事会主席，任期自2025年8月29日起生效，直至第四届监事会任期届 满为止。 陈玉卿、刘毅获委任及Wenjie Zhang、朱俊、陈启宇、Xingli Wang、苏德扬、宋瑞霖获重新委任为董事 会战略委员会成员;其中，Wenjie Zhang获重新委任为战略委员会主席。 陈力元、苏德扬、宋瑞霖、Wenjie Zhang、朱俊获重新委任为董事会环境、社会及管治委员会成员;其 中，陈力元获重新委任为环境、社会及管治委员会主席。 吴以芳、文德镛及赵国屏因退任公司非执行董事及独立非执行董事而不再担任相关董事会专门委员会成 员。有关董事会专门委员会的委任及退任均自2025年8月29日起生效。 Wenjie Zhang获重新委任为第四届董事会主席，任期自2025年8月29日起生效，直至第四届董事会任期 届满为止。 复宏汉霖 分时图 日K线 周K线 月K线 77.90 3.90 5.27% 8.11% 5.41% 2.70% 0.00% 2.70% 5.41% 8.11% 68.00 70.00 72.00 74.00 76.00 78.00 80.00 09:30 10:30 12:00/1 ...

优越集团控股(01841)发布公告，公司独立非执行董事梁兆康先生并无于股东周年大会上重选连任，并 已于股东周年大会结束时轮席退任。于彼退任后，梁先生亦不再为公司薪酬委员会主席及公司审核委员 会及提名委员会的成员。 余铭维先生已于股东周年大会上获选为公司独立非执行董事。余先生亦已获委任为公司审核委员会、提 名委员会及薪酬委员会成员，自2025年8月29日起生效。 分时图 日K线 周K线 月K线 0.21 -0.01 -2.33% 2.33% 2.33% 2.33% 2.33% 2.33% 2.33% 2.33% 0.21 0.21 0.21 0.21 0.22 0.22 0.22 09:30 10:30 12:00/13:00 14:00 16:10 0 0 1 1 优越集团控股 ...

佳宁娜 分时图 日K线 周K线 月K线 0.12 0.00 1.69% 1.69% 1.69% 1.69% 1.69% 1.69% 1.69% 1.69% 0.12 0.12 0.12 0.12 0.12 0.12 0.12 09:30 10:30 12:00/13:00 14:00 16:10 0 0 1 1 佳宁娜(00126)发布公告，安永会计师事务所(公司的现任核数师)的当前任期将于2025年9月25日即将举 行的股东周年大会结束时届满。 董事会在审核委员会的推荐下决议建议公司股东考虑(并酌情批准)于即将举行的股东周年大会上选举中 汇安达会计师事务所有限公司为新核数师，任期至将于2026年举行的股东周年大会结束时为止。 ...