上海市商务委数据显示，2025年1—10月，上海新增首店848家，其中餐饮业首店498家、零售业首 店275家。高能级首店表现尤为亮眼，新增全球及亚洲首店13家、全国及内地首店134家，合计占比达 17.3%，品牌来源覆盖美、法、意、英、韩、德等多个国家。 今年以来，霍伽（HOKA）全球首家体验中心、蔻驰（COACH）全球首家度假区门店等高能级项 目纷纷落子上海。5月下旬，阿迪达斯旗下三叶草全球旗舰店在安福路开业；7月，法国户外运动品牌萨 洛蒙全球首家概念店成了它的邻居。9月，暇步士（Hush Puppies）中国首家主题旗舰店入驻上海合生 汇。临近岁末，外资开首店、新店势头依然不减。10月，纽约潮奢珠宝品牌APORRO中国首店在静安 国际中心启幕，意大利手工户外鞋品牌CRISPI中国首店落户浦东嘉里城。11月，继地标性的巴黎芳登 广场26号与东京银座之后，开云集团旗下的法国高端珠宝品牌宝诗龙全球第三家旗舰店入驻新天地。如 今，该品牌已在中国内地拥有17家精品店。 与以往单纯布局门店不同，外资零售业顺应市场变化，更加聚焦供给侧与需求侧的"深度适配"。 第一个应变之道是扩大体验消费。今年成为上海商贸零售行业现象 ...

Investment Rating - The report maintains an "Overweight" rating for the company [4] Core Views - The company is in a transitional phase with new and old products, awaiting the launch of pure electric models and the realization of AI technology [1] - The management has guided for a delivery volume of 123,000 to 128,000 units in Q2 2025, influenced by the clearance of old models and the ramp-up of new models [2] - The company is expected to release new pure electric SUV models i8 and i6 in July and September 2025, respectively, which may fill a market gap for electric SUVs priced above 300,000 yuan [3] Financial Performance Summary - In Q1 2025, total revenue was 25.93 billion yuan, a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 41.4% [1] - The automotive business revenue in Q1 2025 was 24.68 billion yuan, with a year-on-year increase of 1.8% but a quarter-on-quarter decrease of 42.1% [2] - Non-GAAP net profit for Q1 2025 was 1.02 billion yuan, reflecting a year-on-year decrease of 20.3% and a quarter-on-quarter decrease of 74.7% [1][2] - Free cash flow for Q1 2025 was 2.5 billion yuan, with total cash on hand amounting to approximately 110.7 billion yuan [2] Profitability and Cost Structure - The gross margin for Q1 2025 was 20.5%, with a year-on-year decrease of 0.1 percentage points and a quarter-on-quarter increase of 0.2 percentage points [1] - R&D expense ratio in Q1 2025 was 9.7%, a year-on-year decrease of 2.2 percentage points [2] - Non-GAAP net profit margin for Q1 2025 was 3.9%, down 1.1 percentage points year-on-year and 5.2 percentage points quarter-on-quarter [2] Future Outlook - The company is expected to focus on the recovery of L-series sales and the ramp-up of pure electric models in 2025 [4] - The forecast for Non-GAAP net profit for 2025-2027 has been adjusted downwards by 27%, 33%, and 12% to 8 billion yuan, 12.4 billion yuan, and 17.8 billion yuan, respectively [4] - The company plans to expand into lower-tier cities, potentially adding over 100,000 units in sales by 2026 [3]