吉利汽车

Core Viewpoint - The company demonstrated stable gross margins and reduced expense ratios, with significant growth in fuel vehicle sales and a strong performance in the new energy vehicle sector [1][2]. Group 1: Financial Performance - Gross margin remained stable at 16.4%, a slight decrease of 0.3 percentage points year-on-year, attributed to price wars [1]. - Sales expense ratio decreased by 1 percentage point to 5.6%, while R&D expense ratio decreased by 0.2 percentage points to 4.9% [1]. - Net profit reached 6.66 billion yuan, with a net profit margin of 4.5%, an increase of 1.7 percentage points year-on-year [2]. - The net profit per vehicle increased from 3,453 yuan last year to 4,724 yuan this year, indicating a significant improvement [2]. Group 2: Sales Performance - The company achieved a record high sales volume of 1.41 million units in the first half of 2025, capturing a domestic market share of 10.4%, ranking second [1]. - Fuel vehicle sales increased by 21% year-on-year, totaling 474,000 units, with a market share of 9%, making it the top domestic brand [1]. - In the new energy vehicle segment, sales for Galaxy, Lynk, and Zeekr reached 55,000, 15,000, and 9,000 units respectively, with year-on-year growth rates of 232%, 22%, and 3% [1]. Group 3: Future Outlook - The company aims to achieve an annual sales target of 3 million units, with significant pre-orders for the Galaxy A7 exceeding 30,000 units [3]. - The merger with Zeekr is expected to be completed by the end of the year, with a shareholder meeting scheduled for September 15 [3]. - New vehicle launches, including the Starry 6 and Zeekr 9X, are anticipated to enhance average selling prices (ASP) and gross margins, contributing to brand elevation and improved customer perception [3].