本报记者 张文湘 见习记者 占健宇 8月22日晚，上海妙可蓝多食品科技股份有限公司（以下简称"妙可蓝多"）发布2025年半年报，2025年 上半年，妙可蓝多实现营业收入25.67亿元，同比增长7.98%；实现归属于上市公司股东的净利润1.33亿 元，较上年同期大幅增长86.27%。 公开资料显示，妙可蓝多主营业务为以奶酪为核心的特色乳制品的研发、生产和销售，其中奶酪产品可 以进一步细分为即食营养系列、家庭餐桌系列和餐饮工业系列。 半年报显示，2025年上半年，妙可蓝多与蒙牛奶酪双品牌融合协同效应增强，即食营养系列、餐饮工业 系列、家庭餐桌系列分别实现营业收入10.83亿元、8.16亿元、2.36亿元，三大奶酪产品系列均延续正增 长。其中，餐饮工业系列营业收入同比增长36.26%，同时国产奶酪进程推进亦带来毛利率持续提升； 家庭餐桌系列受益于渠道合作深化及整合带来的优势品项扩充，营业收入同比增长28.44%。 细分来看，今年上半年，即食营养奶酪方面，儿童营养奶酪系列已形成涵盖多款不同形态产品的矩阵， 全面覆盖儿童食用场景；成人休闲奶酪系列推出奶酪小三角、云朵芝士等新品以及多款功能奶酪产品。 同时，公司不断拓宽常 ...

Core Viewpoint - The global electric vehicle (EV) industry is entering a highly competitive phase in 2025, with companies like Tesla and BYD leading the charge, while Zeekr Technology showcases impressive financial results, marking a significant milestone in China's EV sector's high-end and global expansion [1][14]. Financial Performance - In Q1 2025, Zeekr Technology reported total revenue of 22 billion yuan (approximately 3.04 billion USD), with vehicle sales revenue dominating at 19.1 billion yuan, reflecting a year-on-year growth of 16.1% [3]. - The company achieved a gross profit of 4.213 billion yuan (about 580 million USD), up 18.8% from the previous year, and a comprehensive gross margin of 19.1%, the highest in its history [3][4]. - Zeekr's net loss decreased by over 60% year-on-year, achieving a profit of 510 million yuan under Hong Kong accounting standards, marking three consecutive quarters of profitability [3][4]. Cost Management and Efficiency - Total costs for Q1 2025 were 17.8 billion yuan (approximately 2.54 billion USD), down 2.4% year-on-year and 38.6% from the previous quarter [4]. - Sales and marketing expenses were 2.645 billion yuan (around 364 million USD), a decrease of 9.2% year-on-year [4]. - The integration of Zeekr and Lynk & Co has led to significant cost reductions and improved operational efficiency [4][6]. Strategic Developments - The merger of Zeekr with Lynk & Co and its planned integration into Geely Auto is a strategic move aimed at enhancing market competitiveness and operational synergy [6][7]. - Zeekr and Lynk & Co are adopting differentiated competition strategies, with Zeekr focusing on the luxury market above 300,000 yuan and Lynk & Co targeting the market above 200,000 yuan [8]. Global Expansion - As of April 2025, Zeekr has entered over 60 international markets and established more than 1,200 stores, gaining the trust of over 1.9 million global users [11]. - Geely Auto is also expanding its overseas presence, with plans to launch multiple models in key markets like the Middle East and Europe [11][12]. Technological Advancements - Zeekr is innovating with its "three 800" ecosystem solution, including the V4 ultra-fast charging station capable of delivering peak power of 1.3 megawatts [9]. - The company is also enhancing its technology capabilities through shared R&D efforts between Zeekr and Lynk & Co, focusing on intelligent driving solutions and smart cockpit technologies [8][9]. Conclusion - Zeekr's Q1 2025 financial performance reflects the effectiveness of its "technology-driven high-end" strategy, showcasing growth in both scale and profitability while breaking the trend of "burning cash for volume" typical of new entrants in the EV market [14].