【2025年半年报业绩点评/零跑汽车】Q2再次实现正盈利，毛利率表现较佳

Core Viewpoint - The company achieved significant revenue growth and profitability in Q2 2025, driven by new vehicle launches and improved gross margins [2][3][4]. Financial Performance - Q2 2025 revenue reached 14.23 billion yuan, with year-on-year and quarter-on-quarter growth of 165.5% and 42.0% respectively [2][3]. - The net profit attributable to equity holders was 163 million yuan, a turnaround from a loss of 1.2 billion yuan in Q2 2024 and a loss of 130 million yuan in Q1 2025 [2][3][4]. - The gross margin for Q2 2025 was 13.6%, showing a year-on-year increase of 10.8 percentage points and a quarter-on-quarter decrease of 1.3 percentage points [3][4]. Vehicle Sales and Market Expansion - The company launched several new models, including the Leap B10, C10, and C16, achieving a total sales volume of 134,000 units in Q2 2025, representing a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2% [3][4]. - The average selling price (ASP) was 106,000 yuan, with a year-on-year increase of 5.5% but a quarter-on-quarter decrease of 7.3% [3]. Cost Management and Efficiency - The company reported improved expense ratios, with sales, management, and R&D expense ratios at 5.6%, 2.8%, and 7.7% respectively, all showing reductions compared to the previous year and quarter [3]. International Expansion - In Q2 2025, the company exported 13,000 vehicles, a quarter-on-quarter increase of 70% [3]. - The company established over 600 international sales and service points, with a significant presence in Europe [3][4]. Profit Forecast and Investment Rating - The net profit forecast for 2025 has been raised to 880 million yuan from 610 million yuan, with 2026 and 2027 net profit estimates maintained at 4.4 billion yuan and 7.67 billion yuan respectively [5]. - The company is positioned well in the mainstream new energy vehicle market, with clear advantages in R&D, channel management, and supply chain [5].