机构：中泰证券 研究员：张潇/吴思涵 安踏体育公布2025 年中期业绩：报告期实现收入385.44 亿元，同增14.3%，若剔除去年同期Amer Sports 上市事项的一次性利得，归母净利润为70.31 亿元，同增14.5%，整体表现符合预期。公司期末拟派息 每股137 港仙，派息率达50.2% 分渠道看：线上保持高增，新零售模式优化渠道质量。期内主品牌电商收入61.31 亿元，同比增长 10.1%。线下方面，期内直营/批发业务分别同比+5.3%/-10.6%至94.13/14.06 亿元。截至2025 年6 月末， 安踏成人/安踏儿童/FILA/DESCENTE/KOLONSPORT 门店数分别为7187、2722、2054、241、199 家。 公司持续推进"千店千面"战略，超级安踏、冠军店等新店型有效提升了单店效率和购物体验。具体来 看，安踏殿堂级/安踏作品集/安踏冠军/超级安踏的门店数量达到77/62/97/69 家。 产品结构调整毛利率略有波动，运营效率提升盈利持续优化。1) 2025H1 公司毛利率同比下降0.7pp 至 63.4%，主要受安踏及FILA 分部因产品组合及成本投入策略调整的影响， ...

机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 新收购规划：狼爪和Maia 仍在早期阶段、短期对于业绩暂无正面贡献，25 年8 月与MUSINSA 成立合 资公司探索时尚体育领域。公司于25H1 完成对于狼爪的收购，今年将制定具体的3-5 年的复兴计划； Maia 目前处于产品测试阶段，将推出新品类。此外，2025 年8 月27 日，公司宣布和韩国时尚平台 Musinsa 成立合资公司（安踏持股40%），探索体育+时尚结合的全新领域。 元/-8.9%，若不包括Amer 上市及配售事项权益摊薄所致的非现金会计利得约16 亿元， 归母净利为70.3 亿元/+14.5%；经营活动现金流净额为109.3 亿元/+15.9%。公司拟派发中期股息每股1.37 港元、分红率 为50.2%。 简评 安踏主品牌：25H1 稳健增长，折扣加深下毛利率略降，营销费率下降和政府补助助力营业利润率提 升。安踏品牌25H1 营收为169.5 亿元/+5.4%, H1 流水同比增长中单位数。其中DTC、电商、批发业务营 收分别为94.13、61.31、14.06 亿元，同比+5.3%、+10.1%、-10.6%。库销比维持在5 左右， ...

Core Viewpoint - The company reported a decline in total revenue and vehicle sales for the first half of 2025, but managed to improve its overall gross margin and net profit, indicating resilience in profitability despite market challenges [1][2]. Financial Performance - In H1 2025, the company achieved total revenue of 56.2 billion yuan, a year-on-year decrease of 2.0% - Vehicle sales revenue was 53.6 billion yuan, down 1.8% year-on-year - Gross profit totaled 11.4 billion yuan, a decline of 0.7% year-on-year, while the overall gross margin improved from 20.0% to 20.3% - Net profit reached 1.7 billion yuan, an increase of 3.0% year-on-year [1]. Sales and Delivery - The company delivered 203,938 vehicles in H1 2025, a year-on-year increase of 7.9% - Sales figures for models L6, L7, L8, and L9 were 96,000, 47,000, 28,000, and 27,000 respectively, with L6 showing a year-on-year increase while L7, L8, and L9 saw declines of 39.0%, 25.0%, and 25.4% respectively - The delivery guidance for Q3 2025 is set at 90,000 to 95,000 vehicles, representing a year-on-year decline of 37.8% to 41.1% [1]. Cost Control and Profitability - The company demonstrated strong cost control, with R&D expenses decreasing by 12.4% to 5.32 billion yuan and selling, general, and administrative expenses down by 9.4% to 5.25 billion yuan - Operating profit turned from a loss of 1.169 billion yuan to a profit of 1.1 billion yuan [2]. Product Development and Market Position - The company launched the VLA (Vision-Language-Action) driver model to enhance its competitive edge and began deliveries of the i8 model in August - The monthly sales of the pure electric MEGA model have reached approximately 3,000 units, with expected deliveries of the i8 model between 8,000 to 10,000 units by the end of September - The upcoming i6 model is anticipated to achieve steady monthly sales exceeding 10,000 units due to its competitive pricing and strong brand capabilities [2]. Revenue Forecast - Based on the Q3 delivery and revenue guidance, the company's revenue projections for 2025-2027 have been adjusted to 129.4 billion, 205.3 billion, and 229.1 billion yuan respectively, with year-on-year growth rates of -10.5%, 58.7%, and 11.6% - The net profit forecasts have been revised to 7.79 billion, 12.44 billion, and 15.8 billion yuan respectively [3].

Core Viewpoint - Li Auto reported its Q2 2025 performance, showing a slight year-on-year decline in revenue and net profit, but a significant quarter-on-quarter increase in both metrics, indicating a recovery trend in the automotive business. Financial Performance - In Q2 2025, the company achieved revenue of 30.2 billion yuan, down 4.5% year-on-year but up 16.7% quarter-on-quarter; net profit was 1.1 billion yuan, down 0.4% year-on-year but up 69.6% quarter-on-quarter; Non-GAAP net profit was 1.5 billion yuan, down 2.3% year-on-year but up 44.7% quarter-on-quarter; operating profit was 827 million yuan, up 76.7% year-on-year and up 204.4% quarter-on-quarter [1] Automotive Business Insights - The automotive segment generated revenue of 28.9 billion yuan in Q2 2025, down 4.7% year-on-year but up 17% quarter-on-quarter; vehicle deliveries reached 111,000 units, up 2.3% year-on-year and up 19.6% quarter-on-quarter; the average selling price (ASP) was 272,000 yuan, down 7,000 yuan quarter-on-quarter [1] - The year-on-year revenue decline is attributed to changes in sales structure and increased discounts, while the quarter-on-quarter growth is driven by higher delivery volumes [1] Profitability and Cost Management - The gross margin for automotive sales was 19.4%, up 0.7 percentage points year-on-year but down 0.3 percentage points quarter-on-quarter; the year-on-year increase is driven by cost reductions and higher MEGA model sales, while the quarter-on-quarter decline is due to promotional efforts for older models [2] - The profit per vehicle was 10,000 yuan, unchanged year-on-year but up 3,000 yuan quarter-on-quarter; operational efficiency continues to improve with a noticeable reduction in expense ratios [2] Research and Development - R&D expenses in Q2 2025 were 2.8 billion yuan, down 7.2% year-on-year but up 11.8% quarter-on-quarter; the year-on-year decrease is mainly due to reduced personnel costs, while the quarter-on-quarter increase is influenced by new model development [2] Cash Flow and Financial Position - As of the end of Q2 2025, cash reserves were 106.9 billion yuan, a decrease of 3.8 billion yuan from Q1; net cash flow from operating activities was -3 billion yuan, worsening from -1.7 billion yuan in Q1, primarily due to increased payments for inventory [2] Future Outlook - For Q3 2025, the company expects to deliver between 90,000 and 95,000 vehicles, with projected revenue between 24.8 billion and 26.2 billion yuan [3] - The company is focusing on enhancing its smart driving and AI capabilities, with the VLA model expected to significantly improve user interaction and drive sales growth [3] - The pure electric vehicle series is well-positioned for a product cycle, with the i6 model set to launch soon and strong market potential in the high-end electric vehicle segment [3]

Core Viewpoint - The company has adjusted the target prices for Li Auto (LI.US) to $26.4, indicating a potential upside of 17%, and for Li Auto-W (2015.HK) to HKD 102.6, indicating a potential upside of 16% while maintaining a "Buy" rating due to expected stable gross margins despite fluctuations in vehicle sales guidance for Q3 [1][2]. Group 1: Financial Performance - In Q2, the company's revenue reached RMB 30.2 billion, a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [2]. - The gross margin was 20.1%, with the automotive sales gross margin at 19.4%, reflecting a year-on-year increase of 0.7 percentage points and a quarter-on-quarter decrease of 0.3 percentage points, indicating relative stability [2]. - The company has provided a Q3 delivery guidance median of 92,500 vehicles, with a revenue median of RMB 25.5 billion, representing a year-on-year decline of nearly 40% and a quarter-on-quarter decline of about 16% primarily due to fluctuations in L-series sales [2]. Group 2: Strategic Initiatives - The company is actively adjusting and optimizing its sales strategy, including direct management from headquarters, localized approaches, and penetrating lower-tier markets to boost sales motivation [2]. - An investment of RMB 6 billion in artificial intelligence is anticipated this year, with the VLA large model expected to be integrated into the AD MAX model via OTA updates in September [2]. - The company expects cumulative deliveries of the i8 model to reach 8,000-10,000 units by the end of September, with the i6 model set to launch [2]. Group 3: Valuation - The company employs a sum-of-the-parts valuation method, using price-to-sales ratios of 1.6x for automotive sales and 0.9x for other revenues, leading to a target price of $26.4 for Li Auto (LI.US) and HKD 102.6 for Li Auto-W (2015.HK) [3].

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 ...