零跑汽车

Performance Highlights - The company achieved a total vehicle delivery of 221,664 units in the first half of 2025, ranking first among new force brands in China, with a year-on-year increase of 155.7% [14] - The company recorded its first half-year net profit of RMB 0.3 billion, becoming the second new force brand in China to achieve half-year profitability [5][6] - The gross margin for the first half of 2025 was 14.1%, a significant increase from 1.1% in the same period of 2024 [6][5] Sales Guidance - The company has raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units for 2025, with expectations for Q3 sales to be between 170,000-180,000 units [19][24] - The company is confident in challenging a target of 1 million annual sales for the next year, with expectations for overseas sales to double [24][26] Cost and Profitability Guidance - The company anticipates a slight increase in gross margin in the second half of the year, aiming for an overall gross margin of 14-15% for 2025 [20][23] - Absolute expenses are expected to rise, but the expense ratio is projected to decrease rapidly [21] New Vehicle Planning - The B05 model will have its global debut at the Munich Auto Show next month, with a domestic launch planned for November [23] - The D platform, representing the culmination of the company's 10 years of vehicle manufacturing capabilities, will be unveiled in October, with D series products expected to launch in Q1 of next year [23] International Expansion - The company exported 20,375 units in the first half of 2025, ranking first among new force brands in China [14][26] - The company plans to establish a localized production base in Europe by the end of 2026, further enhancing its global market presence [26] Channel Development - As of June 30, 2025, the company's sales and service network covered 286 cities, with plans to add coverage in 60 more cities by the end of 2025, increasing urban coverage to 90% [12] Smart Technology - The company has significantly increased its investment in smart driving technology, with team size and computational resources nearly doubling compared to 2024 [9][27] - The company plans to enhance its end-to-end and VLA technology research resources in the second half of 2025, aiming to achieve urban NOA capabilities by the end of the year [9][27] Strategic Partnerships - The company signed a strategic cooperation memorandum with China FAW Group to jointly develop new energy passenger vehicles and components [16] ESG Initiatives - The company received an MSCI ESG AA rating for the second consecutive year, reflecting its commitment to environmental protection and social responsibility [18]