【吉利汽车（0175.HK）】3Q25业绩超预期，看好销量与业绩兑现前景——2025年三季报业绩点评报告（倪昱婧/邢萍）

Core Viewpoint - The company has demonstrated strong performance in Q3 2025, with significant revenue growth and improved core net profit, indicating a positive outlook for future quarters [4][5]. Group 1: Financial Performance - In the first three quarters of 2025, the company's total revenue increased by 26.5% year-on-year to 239.48 billion yuan, with a gross margin of 16.5%, up by 0.3 percentage points [4]. - For Q3 2025, total revenue reached 89.19 billion yuan, reflecting a year-on-year increase of 26.1% and a quarter-on-quarter increase of 14.7% [4]. - The net profit attributable to shareholders decreased by 0.8% year-on-year to 13.11 billion yuan, while the core net profit rose by 59% to 10.62 billion yuan [4]. Group 2: Sales and Market Share - The company's total sales volume in the first three quarters of 2025 increased by 45.7% year-on-year to 2.17 million units, with new energy vehicle sales accounting for 53.8% of total sales, up by 17.2 percentage points [5]. - In Q3 2025, total sales volume was 761,000 units, representing a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9% [5]. - The company’s market share reached 10.2% in the first three quarters of 2025, driven by strong sales of the Galaxy series [5]. Group 3: Strategic Developments - The privatization of Zeekr is progressing smoothly, with the merger with Geely expected to be completed by the end of 2025, which aligns with the company's strategy to optimize resources and enhance efficiency [6]. - The company is accelerating its global expansion, with plans to exceed 1,000 overseas sales networks by 2026 and aims for export sales to reach one million units by 2027 [6]. - The company is focusing on high-end intelligent vehicles, with the Zeekr 9X featuring advanced driving capabilities, and 80% of pre-sale orders coming from customers of luxury brands [6].