三季度营收超300亿，极氪、领克交接棒，吉利新能源进入再平衡周期

Core Insights - The Chinese electric vehicle industry is transitioning from rapid expansion to maturity, with a shift in competitive focus from scale to quality [1] Revenue Growth and Structural Changes - Zeekr Technology reported Q3 2025 revenue of 31.562 billion yuan, a 9.1% increase year-over-year [5] - Total deliveries reached 140,195 units, marking a 12.5% year-over-year and 7.1% quarter-over-quarter growth [5] - The Zeekr brand delivered 52,860 units, while Lynk & Co delivered 87,335 units, with Lynk & Co becoming a significant contributor to growth [5][6] - Lynk & Co's revenue surged by 40.8% year-over-year, indicating a shift in revenue dynamics within Zeekr Technology [5] Competitive Landscape and Market Dynamics - The high-end electric vehicle market is experiencing slower growth, with increased competition leading to price wars and a shift in consumer preferences towards cost-effectiveness [6] - Lynk & Co's diverse product offerings, including fuel, hybrid, and extended-range vehicles, allow it to adapt to market changes more effectively [6] - The growth of Lynk & Co is seen as a structural necessity in response to market conditions, indicating a multi-route coexistence in the electric vehicle sector [6] Cost Management and Profitability Challenges - Despite revenue growth, Zeekr Technology faces challenges in improving profitability due to industry-wide profit pressures and fluctuating costs from new product launches [9] - Q3 operating costs were 25.516 billion yuan, a 4.1% year-over-year increase, with a significant rise from the previous quarter [9] - Gross profit for Q3 was 6.046 billion yuan, with a gross margin of 19.2%, indicating a need for better cost control and pricing strategies [9][10] Future Outlook and Strategic Questions - The dual-brand strategy of Zeekr and Lynk & Co is expected to bring a phase of rebalancing within Geely's new energy system [7][12] - The key questions for Zeekr Technology moving forward include whether it can establish a strong brand presence, product capability, and profitability in a competitive environment [12]