Core Insights - Geely Automobile's subsidiary Zeekr reported a total vehicle delivery of 114,011 units in Q1 2025, marking a year-on-year increase of 21.1% [1] - The Zeekr brand delivered 41,403 vehicles, up 25.2% year-on-year, while the Lynk brand delivered 72,608 vehicles, reflecting an 18.9% increase, with 52.4% of deliveries coming from new energy vehicles [1] - Zeekr's automotive sales revenue for Q1 2025 reached RMB 19,096 million, a 16.1% increase compared to Q1 2024 [1] Financial Performance - The automotive profit margin for Q1 2025 was 16.5%, compared to 13.1% in Q1 2024 and 14.3% in Q4 2024 [1] - Zeekr's gross profit for Q1 2025 was RMB 4,213 million, an 18.8% increase from Q1 2024, with a gross profit margin of 19.1% [1] - The profit margin for the Zeekr brand reached a record high of 21.2% in Q1 2025 [2] Strategic Developments - The company achieved a significant milestone in Q1 2025 with the full integration of Zeekr and Lynk, expanding its global user base to over 1.9 million [2] - The CEO highlighted the initial technical integration of the two brands, optimizing R&D and sharing platforms to enhance profitability [2] - The CFO emphasized the strengthening of platform synergies and supply chain management, leading to historic high profitability levels [2]

Core Insights - The first quarterly report of Zeekr Technology Group shows a significant reduction in net losses, with a reported profit of 510 million yuan under Hong Kong accounting standards [2][3] - The company achieved a total revenue of 22.019 billion yuan in Q1, marking a year-on-year growth of 1.1% [3] - The gross profit margin reached a record high of 19.1%, with vehicle gross margin at 16.5%, an increase of 3.4 percentage points year-on-year [3] Financial Performance - Net loss for Q1 was 763 million yuan, a reduction of over 60% compared to the previous year [3] - Gross profit for the quarter was 4.213 billion yuan, up 18.8% year-on-year, but down 33.8% quarter-on-quarter [3] - The company reported a profit of 214 million yuan for the entire year of 2024 under Hong Kong accounting standards, indicating a significant improvement in profitability [3] Sales and Deliveries - Zeekr sold 114,011 vehicles in Q1, maintaining the top position in high-end luxury sales among new forces in China [3] - Monthly deliveries approached 40,000 units, demonstrating significant scale effects following the merger of Zeekr and Lynk & Co [3] Brand Strategy and Product Development - The company follows a dual-brand strategy with Zeekr focusing on the luxury market above 300,000 yuan and Lynk & Co targeting the market above 200,000 yuan [4] - New product launches include the Zeekr 007GT and the flagship Zeekr 9X, with the latter set to launch in Q3 [4] - R&D investment for Q1 was 2.9 billion yuan, reflecting an increase aimed at enhancing technological competitiveness [4] Global Expansion - Zeekr has entered over 60 international markets and operates more than 1,200 stores globally, covering five continents [4][5] - The user base has exceeded 1.9 million globally, indicating strong market penetration [5]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company reported a revenue of 19.15 billion yuan in Q1 2025, a year-on-year decrease of 27.9%, but achieved a net profit of 750 million yuan, reflecting a significant increase of 240.6% year-on-year [4]. - Despite a decline in sales, the company's profitability exceeded market expectations, primarily due to an increase in the sales proportion of the higher-margin model, the Wanjie M9 [7]. - The company has initiated a Hong Kong stock financing to accelerate its global strategy, with funds aimed at R&D, new marketing channels, and operational capital [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 19.15 billion yuan, down 27.9% year-on-year, while net profit rose to 750 million yuan, up 240.6% year-on-year [4]. - The gross margin for Q1 reached 27.6%, an increase of 6.1 percentage points year-on-year, despite a decline in sales [7]. Sales and Market Position - The company experienced a 45.7% year-on-year decline in sales volume, with 45,279 units sold in Q1 2025, attributed to a high base from the previous year [7]. - The launch of the 2025 models, Wanjie M9 and M8, has generated strong order demand, indicating potential for recovery in sales [7]. Future Outlook - The company forecasts net profits of 9.8 billion yuan, 13.1 billion yuan, and 15.5 billion yuan for 2025, 2026, and 2027 respectively, reflecting strong growth potential [8]. - The report emphasizes the company's leadership position in the high-end new energy vehicle sector and the expected performance boost from new model launches [8].

国产百万级豪车，销量突破了1万辆！ 4月21日，仰望汽车正式官宣累计销量突破10000台，成为首个销量破万的国产百万级汽车品牌，创造了 中国百万级汽车新纪录。比亚迪方面表示："这不仅是中国汽车品牌向上突破的里程碑时刻，更展示了 中国汽车工业在新能源赛道上的硬实力。" 仰望汽车打造"企业家朋友圈" 民生证券研报称，仰望定位为超高端智能电动车品牌，对标奔驰的AMG、迈巴赫等顶级豪华品牌，通 过极致的性能、创新的技术和豪华的体验，冲击百万元以上市场。 据了解，仰望汽车是比亚迪旗下百万级高端新能源品牌，目前已经形成了覆盖越野、赛道、城市多场景 的高端产品矩阵，并且以易四方、云辇—Z等多项颠覆性技术持续"破圈"。 仰望销售的第一万辆汽车是仰望U8，新东方创始人俞敏洪成为其车主。在交付仪式上，俞敏洪表 示："非常高兴成为第10000名仰望车主，也很开心中国能够有这样一款符合企业家气质，也符合我个人 气质的好车。" 本次交付的仰望U8是仰望汽车旗下的首款车型，于2023年9月正式上市，售价为109.8万元，曾凭借独有 的原地掉头、应急浮水、高速爆胎稳行等独有功能出圈。此前美国超级网红甲亢哥（英文网名 IShowSpeed） ...