每经记者｜孙磊 每经实习编辑｜余婷婷 零跑汽车今年第一季度的成绩单出炉。 5月19日晚，零跑汽车发布2025年一季度财报。报告期内，零跑汽车实现营收100.2亿元，同比增长187.1%。零跑汽车方面表示，营收同比增长主要由于销量 增加。数据显示，零跑汽车今年一季度汽车交付量为87552辆，较2024年同期增长162.1%。 从净利润方面来看，零跑汽车今年一季度亏损1.3亿元，较2024年同期亏损11.3亿元大幅收窄。零跑汽车方面解释道，亏损收窄的主要原因是毛利改善水平高 于费用开支的增加。 此外，财报数据显示，零跑汽车今年一季度的研发开支为8.0亿元，较2024年同期的5.2亿元增加53.8%。"公司将持续加大资源投放，预计今年在智驾方面总 投入8亿元，同时引入智能驾驶领域的优秀人才。"零跑汽车副总裁李腾飞在财报电话会上表示。 此外，李腾飞还补充道："二季度新品的定价是基于全年毛利率目标而来。从销量来看，我们整体的趋势还是非常好，预估二季度的销量在13万至14万辆。 基于毛利率和销量的预测，我们预计在二季度实现当季的盈亏平衡。" 图片来源：每经记者 孙磊 摄 就2025年全年毛利率而言，李腾飞表示公司的目标是 ...

Group 1: Investor Relations Activity Overview - The company held an annual performance briefing on May 14, 2025, via online platform [3] - Attendees included the chairman, general manager, financial director, board secretary, and sponsor representative [3] Group 2: Key Questions and Responses - **New Capacity Projects**: The new capacity project is progressing well and is expected to commence production in the second half of 2025. Current lithium battery capacity remains tight, with a focus on lithium manganese and lithium iron batteries for future development [4] - **Stock Price and Dividends**: The company's stock price is influenced by macro policies and market conditions. The company emphasizes investor returns and will continue to consider cash dividends based on profitability and future plans [5] - **Employee Changes**: The company experienced a significant increase in employee numbers due to rising sales orders, which is a normal hiring demand without risks of technology leakage [5] - **Lithium Carbonate Prices**: The decline in lithium carbonate prices does not directly correlate with lithium metal prices, which are influenced by market supply and demand. The company typically procures raw materials 2-3 months in advance and is not currently hedging in the secondary market [6][7] - **Gross Margin Decline**: The gross margin in Q1 2025 decreased due to changes in export tax rebate policies [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Views - The company reported Q1 2025 revenue and net profit attributable to shareholders of $202.9 million and $7.6 million, respectively, showing a year-on-year growth of 1.3% and a decline of 24.2%, which was below market expectations [2]. - The decline in net profit was primarily due to uneven capacity utilization across manufacturing plants, inefficiencies in production, and rising labor costs due to increased hiring and wage inflation [2][3]. - The manufacturing ASP (Average Selling Price) turned positive after five consecutive quarters of decline, with Q1 2025 manufacturing revenue and net profit at $132.8 million and $6.4 million, respectively, reflecting a year-on-year increase of 5.9% and a decline of 24.6% [3]. - The retail business saw a further decline in revenue in April 2025, with Q1 retail revenue and net profit at $51.07 million and $1.38 million, respectively, down 5.4% and 20.7% year-on-year [4]. Summary by Sections Financial Performance - Q1 2025 manufacturing gross margin, operating net margin, and net margin attributable to shareholders were 17.7%, 5.7%, and 4.8%, respectively, down 2.6, 2.7, and 2.0 percentage points year-on-year [3]. - The company expects to maintain revenue forecasts for 2025-2027 at $8.69 billion, $9.09 billion, and $9.43 billion, while lowering net profit forecasts for the same period to $460 million, $520 million, and $560 million [5][7]. Market Position and Outlook - The company is positioned as a global leader in athletic shoe manufacturing, benefiting from a strong market share among top global sports brands and a vertically integrated supply chain [5]. - The company exports 29% to the U.S. and can cover tariffs through increased production capacity in Vietnam and Indonesia, with expectations of maintaining low to mid-single-digit growth in orders for the year [5]. - The report anticipates that despite short-term challenges from tariffs and inflation affecting consumer confidence, the company is likely to see growth driven by production expansion and positive price momentum [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.0 HKD [7][8]. Core Views - The company achieved Q1 2025 revenue of 541 million USD, reflecting a year-over-year increase of 17.6% and a quarter-over-quarter increase of 0.3%, primarily driven by increased wafer shipments [16][20]. - The gross margin for Q1 2025 was 9.2%, up 2.8 percentage points year-over-year but down 2.2 percentage points quarter-over-quarter due to depreciation from new production lines [16][20]. - For Q2 2025, the company guides revenue between 550-570 million USD, with a gross margin forecast of 7-9%, mainly impacted by depreciation [21]. Summary by Sections Revenue and Profitability - Q1 2025 revenue reached 541 million USD, with wafer shipments of 1.231 million pieces, a year-over-year increase of 20.0% [16][20]. - The company expects full-year revenue growth driven by sustained capacity utilization and an increase in 12-inch capacity [16][18]. Capacity and Production - The production capacity utilization rate was 102.7% in Q1 2025, with the second 12-inch production line expected to ramp up steadily [2][21]. - The company aims to shorten ramp-up time and increase shipment volumes to stabilize gross margins [2]. Pricing and ASP - The average selling price (ASP) in Q1 2025 decreased by 0.9% quarter-over-quarter, but the company anticipates stable pricing for the year, with potential increases in 12-inch prices [3][5]. - The company believes that 2024 will be the price low point, with opportunities for price increases if supply-demand conditions tighten [3]. Segment Performance - Q1 2025 revenue from analog and power management grew by 12% quarter-over-quarter, benefiting from increased demand for power management chips [4][26]. - The 12-inch wafer revenue reached 310 million USD in Q1 2025, a year-over-year increase of 40.8% [24]. Financial Forecast - The report maintains revenue forecasts for 2025, 2026, and 2027 at 2.168 billion USD, 2.453 billion USD, and 2.739 billion USD respectively, with net profit estimates of 52.31 million USD, 82.49 million USD, and 97.02 million USD [5][18][19]. - The target price of 43.0 HKD is based on a 1.5 times price-to-book ratio for 2025 [5][29].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating ongoing challenges in the competitive landscape and pressure on profitability [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.15 billion, a year-on-year decrease of 18%, and a net profit of 460 million, down 55.1% [1]. - For Q4 2024, revenue was 830 million, a decline of 22.5%, with a net loss of 6.736 million, a decrease of 103.5% [1]. - In Q1 2025, revenue was 1.16 billion, a slight decrease of 1.5%, while net profit increased by 0.5% to 180 million [1]. Product and Regional Performance - In 2024, revenue from personal care appliances, household appliances, and other products was 3.96 billion, 60 million, and 110 million respectively, with year-on-year declines of 17.1%, 38.7%, and 36.3% [2]. - Domestic revenue was 4.13 billion, down 18.2%, while international revenue was 4.516 million, a decrease of 26.8% [2]. - Direct sales and distribution channels generated revenues of 2.16 billion and 1.97 billion respectively, with declines of 16.8% and 19.6% [2]. Profitability and Cost Structure - The company's gross margin decreased by 2.5 percentage points to 54.6% in 2024, with specific margins for personal care appliances, household appliances, and other products at 55.4%, 38.5%, and 32.8% respectively [3]. - The expense ratios for sales, management, finance, and R&D were 35.8%, 4.4%, -0.1%, and 2.3%, reflecting increases in sales expenses due to intensified competition [3]. - In Q1 2025, gross margin slightly decreased by 0.9 percentage points to 56.2%, while net margin improved by 0.3 percentage points to 15.6% [3]. Earnings Forecast - The company forecasts EPS for 2025, 2026, and 2027 to be 2.03, 2.43, and 2.76 respectively, maintaining a "hold" rating [4].

Group 1 - The company provided guarantees for its subsidiaries, including a maximum guarantee of USD 60 million for Shengtun Metal International and USD 800,000 for Brother Mining SASU [2][4] - The total amount of external guarantees provided by the company and its subsidiaries is CNY 664,977.12 million, accounting for 42.97% of the company's latest audited net assets [10] - The company has no overdue external guarantees [3][5] Group 2 - The company reported a revenue of CNY 25.73 billion in 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of CNY 2.005 billion, an increase of 657.63% [11][12] - The main business gross profit margin reached 19.15%, an increase of 8.21 percentage points compared to the previous year, driven by significant revenue growth in cobalt and copper products [11][13] - The company’s copper product gross margin was 35.23%, while cobalt product gross margin was 43.55%, reflecting strong profitability in these segments [16][17] Group 3 - The company’s overseas assets amounted to CNY 14.392 billion, accounting for 38.35% of total assets, with overseas revenue of CNY 14.466 billion, representing 57.71% of total revenue [35][36] - The overseas business gross margin has consistently exceeded that of domestic operations by more than 24 percentage points over the past three years [35][36] - The company’s overseas projects in the Democratic Republic of Congo and Indonesia have significantly contributed to its revenue growth, with the Congo project showing a revenue increase of 79.09% [38][39]

2、MRR 增长逆势小幅提速： 反映订阅业务的 MRR（月重复性收入）指标本季末为$1.82 亿每月，与市场预期的 1.83 亿大体相当。同比增长 20.5%，相比上季度 有 1pct 的提速 ，增长趋势有所改善。 结合高频数据，1Q 公司的 App 下载量增速较上季度是有所放缓的，但 MRR 增长却逆势提升。可能是 公司的商户订阅产品结构向高端产品倾斜 ，或者公司在 先 前推广的免费试用活动有所调整 （例如减少了活动的推广范围）。 3、商家服务变现率走高：营收上，商家服务本季收入$17.4 亿，同比增长 28.9%，虽较上季降速 3.7%，但比市场预期高出约 2pct。 按商家服务收入/GMV 计算的 商家 服务变现率同比走高了 10.9bps 到 2.33%，高于预期的 2.29%。 结合管理层电话会中表示支付渗透率为 64%（没有提及具体小数位）同比提升 3.5pct，以及 PayPal 渠道支付确认口径变为 1P，公司推广的 Shop Pay 支付和线下 POS 支付等都 有利于支付渗透率的提升 （反应为 GPV 占 GMV 比重的提升），从而传导到变现率的提升上。 4、本季订阅服务收入则为$6.2 ...

Group 1: Company Overview - The company introduced its annual and quarterly performance for 2024 and 2025 during the investor relations activity [2] - The meeting was attended by key executives including the Chairman and General Manager, Sun Songhe, and the Vice General Manager, Wu Changfeng [2] Group 2: Competitive Advantages and Challenges - The core advantage of the company lies in its online capabilities, which are essential for expanding offline store operations [2] - The main challenge is selecting franchisees who can understand young consumer needs and effectively integrate online and offline operations [2] Group 3: Product Development and Market Trends - The company focuses on consumer research and incorporates international fashion trends into product design, blending Chinese culture with Western aesthetics [2] - The decline in gross margin for 2024 is attributed to a shift from embedded products to gold products, alongside the growth of e-commerce channels [2][3] Group 4: Pricing Strategy and Consumer Acceptance - The company is exploring which products can transition from weight-based pricing to fixed pricing, with two categories identified: gold embedded products and low-weight products [3] - The average transaction value for offline purchases ranges from 4,000 to 6,000 yuan, benefiting from enhanced consumer experience through guided displays [3] Group 5: Compliance and Communication - The company adhered to its information disclosure and investor relations management protocols during the meeting, ensuring no significant undisclosed information was leaked [3] - Discussions included brand building and product development, with references to the recent investor relations activity record and periodic reports [3]

Core Viewpoint - The company is facing significant challenges due to a decline in stock price and industry competition, but it remains committed to long-term growth and innovation despite short-term fluctuations [2][3][23]. Group 1: Company Performance - The company reported a main revenue of 1.382 billion yuan in Q1 2025, a slight increase of 0.07% year-on-year [25]. - The net profit attributable to shareholders was -42.7699 million yuan, an improvement of 51.09% year-on-year [25]. - The gross margin for Q1 2025 was 3.86%, indicating a modest increase in profitability [25]. Group 2: Stock and Investment Strategies - The company has been exploring stock repurchase and shareholding increase strategies but has not yet implemented significant actions [2][3][4]. - The stock price has fallen significantly, currently trading far below net asset value, raising concerns among investors [2][3][13]. - The company is considering the impact of national policies on stock repurchase and is studying further actions [2][4][18]. Group 3: Industry Context - The BOPET industry is experiencing a concentrated release of production capacity, with an annual growth rate of over 20% in capacity release over the past three years [23]. - Despite the competitive landscape, the overall market demand in the industry is still growing at a rate of over 10% annually [23]. - The company is positioned as a leading player in the BOPET industry, focusing on innovation and market expansion to maintain its competitive edge [23]. Group 4: Product Development and Market Strategy - The company is actively developing new products, with 32 new product development and technology projects planned for the year [19][25]. - The MLCC release film is expected to reach a production capacity of 500 million square meters, contributing significantly to revenue [24]. - The company is also exploring strategic partnerships with leading battery manufacturers to enhance its market position [19][23].

Core Viewpoint - Rivian's Q1 2025 performance exceeded expectations with a total revenue of $1.24 billion, significantly higher than the market's forecast of around $1 billion, driven by strong automotive and software service revenues [1][4] Financial Performance - The overall gross margin improved to 16.6%, marking a 7 percentage point increase from the previous quarter, contrasting with the market's expectation of a negative gross margin of -13.5% [1][4] - The automotive business revenue exceeded expectations by $160 million, while software service revenue surpassed forecasts by $100 million [1] Market Concerns - Despite the positive revenue figures, Rivian's guidance for 2025 raised concerns, with management lowering the annual delivery target to 40,000-46,000 vehicles and increasing capital expenditures by $100 million [2][4] - The company faces additional challenges due to tariff impacts, which could further complicate its operational outlook for the year [2][4]