零跑汽车（09863）：7月销量突破5万辆，B01正式上市

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - In July 2025, the company delivered 50,129 vehicles, representing a year-on-year growth of 126.9% and a month-on-month growth of 4.4%. Cumulatively, from January to July, the total sales reached 272,000 vehicles, up 149.8% year-on-year. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][8]. Summary by Sections Sales Performance - The company achieved a record high in July with 50,129 vehicle deliveries, marking a 126.9% increase year-on-year and a 4.4% increase month-on-month. The total sales from January to July reached 272,000 vehicles, reflecting a 149.8% year-on-year growth [5][8]. Future Outlook - The company has set a sales target of 500,000 vehicles for 2025, expecting sustained high growth. The launch of the B01 model on July 24, priced from 89,800 yuan, received strong market interest with 10,132 orders within 72 hours. The company plans to introduce 2-3 new products globally each year over the next three years [8]. Product and Market Strategy - The company is expanding its product lineup across different price segments, with models priced between 50,000 to 200,000 yuan. The overseas strategy includes partnerships with Stellantis to leverage their global resources for a more agile market entry. The company aims to enhance profitability through exports and localized production [8]. Distribution Network - As of June 10, 2025, the company operates 942 stores in China, including 303 main stores and 492 experience centers, covering 286 cities. Internationally, it has over 600 sales and service points across more than 24 markets [8].