【2025三季报业绩点评/零跑汽车】Q3维持正盈利，新品周期强势

Core Viewpoint - The company reported significant growth in revenue and profitability in Q3 2025, indicating a strong recovery and positive market response to new vehicle launches [2][3][4]. Financial Performance - Q3 2025 revenue reached 19.45 billion yuan, with year-on-year and quarter-on-quarter growth of 97.3% and 36.7% respectively [2]. - The net profit attributable to equity holders for Q3 2025 was 150 million yuan, a significant improvement from a loss of 690 million yuan in Q3 2024 [2][4]. - The overall average selling price (ASP) for vehicles was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [3]. Sales and Production - The company sold 174,000 vehicles in Q3 2025, marking a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [3]. - The new vehicle model, Leap B01, launched on July 24, 2025, contributed to the sales growth [3]. Profitability Metrics - The gross margin for Q3 2025 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [3]. - The company achieved a profit of 150 million yuan in Q3 2025, with a profit per vehicle of 90 yuan, although this represented a quarter-on-quarter decrease of 29% [4]. Cost Management - The company reported improvements in expense ratios, with sales, management, and R&D expense ratios at 4.9%, 3.2%, and 6.2% respectively, showing reductions compared to previous periods [3]. Market Expansion - As of September 2025, the company had expanded its sales and service network to 292 cities, adding 88 cities year-on-year, with a total of 866 sales outlets [3]. - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36%, and established over 700 international sales and service points [3]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 downwards due to increased industry competition, now expecting 700 million, 3.3 billion, and 6.8 billion yuan respectively [5]. - The upcoming launch of new models, including Lafa5 in Q2 2026, is anticipated to strengthen the company's market position [5].