【2025半年报点评/北汽蓝谷】业绩符合预期，享界放量可期

Core Viewpoint - The company's Q2 2025 performance met expectations, with significant revenue growth and improvements in sales volume and gross margin despite ongoing losses [1][2][4]. Financial Performance Summary - Revenue: In Q2 2025, the company achieved revenue of 5.744 billion yuan, representing a year-on-year increase of 156.8% and a quarter-on-quarter increase of 52.2% [1]. The sales volume reached 39,000 units, with a year-on-year growth of 120.5% and a quarter-on-quarter growth of 42.3% [2]. - Net Profit: The net profit attributable to the parent company for Q2 2025 was -1.355 billion yuan, an improvement from -1.555 billion yuan in Q2 2024 and -0.953 billion yuan in Q1 2025 [1]. The adjusted net profit was -1.374 billion yuan [1]. - Gross Margin: The gross margin for Q2 2025 was -4.14%, showing improvements in both year-on-year and quarter-on-quarter comparisons [2]. - Expense Ratios: The company reported significant improvements in expense ratios for Q2 2025, with sales, management, and R&D expense ratios at 8.8%, 3.7%, and 10.2%, respectively [2]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 to -3.8 billion, -1.5 billion, and 1.3 billion yuan, respectively, due to intensified industry competition [4]. However, the potential for increased sales volume of the Xiangjie model remains promising, leading to a maintained "buy" rating [4].