2025 年新能源汽车竞争持续激烈，在各家忙于降本增效、扩大新车数量之际，赛力斯稳定向上盈利 趋势，归母净利润 29.41 亿元，同比增长 81.03% ；毛利率同比提升近 4 个百分点，达 28.93% ；研发投入同比激增 154.9% ，超 50 亿元，公司站上规模与利润协同增长的新阶段。 尤其今年第二季度，赛力斯以高端智能电动汽车销量带动营收实现飞轮效应，单季度销量、营收指标 大幅增长。其中，二季度销量环比一季度增长 115.49 % ，二季度营收更是较一季度营收环比暴增 126% 。 得益于卓越的产品力、高质量交付能力和全链体系能力提升，问界撕开传统外资豪华车市场的一道口 子，形成问界 M5 、 M7 、 M8 、 M9 四大序列产品矩阵，为中国汽车产业转型升级提供实践样 本，打造高端品牌护城河，刷新中国新能源豪华品牌交付速度。截至目前，问界累计交付已突破 75 万辆。 高端定位促归母净利润高增超8成 2025 上半年，汽车行业利润率 4.8% ，较去年同期的 5.0% 下降 0.2 个百分点，行业总体仍旧呈 现 " 量增利减 " 的情况，上游成本传导快于终端提价能力，部分企业出现 " 靠规模摊薄成本 ...

Core Insights - The core viewpoint of the article highlights that despite a slight decline in revenue, the company achieved a significant increase in net profit due to optimized product structure and a focus on high-end models [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of 62.402 billion yuan, a year-on-year decrease of 4.06%, while net profit attributable to shareholders surged by 81.03% to 2.941 billion yuan [1][3] - The gross profit margin improved from 24.06% to 28.93%, indicating an increase of approximately 4.9 percentage points [3] Product Performance - The total sales of the company's vehicles reached 198,600 units, achieving the set operational goals, with the "Wenjie" series contributing significantly [1][2] - The "Wenjie" series delivered over 147,000 units in the first half of 2025, with a single vehicle average transaction price exceeding 400,000 yuan [2][3] - In June alone, the "Wenjie" series achieved a record monthly delivery of over 44,000 units, showcasing strong competitiveness in the high-end new energy market [1][3] Market Trends - The analysis indicates a shift in the Chinese automotive market from incremental competition to stock competition, with increasing consumer demand for high-end and intelligent vehicles [2] - The high average price and sales performance of the "Wenjie" series suggest market recognition of high-quality products [2] Technological Advancements - The company invested 5.198 billion yuan in R&D in the first half of 2025, a year-on-year increase of 154.9%, with R&D personnel accounting for 36% of the total workforce [6] - The introduction of the "Magic Cube" platform has enhanced vehicle development efficiency and reduced marginal development costs [7] Production Capacity - The company is advancing the construction of its "super factory" and existing production line upgrades, achieving 100% automation in key production processes [7] - Digital operations cover 90% of business processes, leading to a 17% increase in logistics efficiency and a 35% improvement in team management efficiency [7] Brand Recognition - The "Wenjie" brand ranked first in the brand development confidence index, with the "Wenjie M9" leading in the net promoter score (NPS) for new energy vehicles [4]

8月29日晚，赛力斯发布2025年半年报，营业收入624.02亿元，归属于上市公司股东的净利润29.41亿 元，同比增长81.03%；研发投入51.98亿元，同比增长154.9%。 赛力斯是中国新能源汽车领域持续进取型车企代表。2025年1—6月，赛力斯新能源汽车销量达172,108 辆。 赛力斯对问界的投入已超3年，在新能源汽车赛道上，从"传统豪华+科技豪华"两方面，持续探索新豪华 汽车。赛力斯坚持软件定义汽车，积极构建万物互联的汽车生态体系，联合世界级品牌供应商，探索集 成化、集聚化的汽车产业供应链模式，联合探索汽车产业的中国方案和赛力斯AITO问界实践。 上半年，问界系列新品持续迭代升级，问界新M5 Ultra、问界M9 2025款、问界M8相继上市。 得益于全链体系能力提升，问界继续刷新中国新能源豪华品牌交付速度。截至2025年8月，问界全系累 计交付已超75万辆。其中，问界M9累计交付超22万辆，稳居50万级豪华车市场销冠；问界M8上市即热 销，累计交付突破7万辆，上市4个月蝉联40万级销量冠军。 此前，赛力斯相继落地了赛力斯魔方技术平台、赛力斯超级增程、赛力斯超级工厂等一系列技术成果， 构筑了坚实 ...

8月29日，赛力斯发布2025年半年报。数据显示，赛力斯上半年营业收入624.02亿元，归属于上市公司股东的净利润29.41亿元，同比增长81.03%；研发投入51.98亿元，同比增长154.9%。 高端智能电动汽车销量的显著增长，带动了公司利润大幅提升。这一成绩得益于问界卓越的产品力和高质量的交付能力：魔方技术平台支撑系列车型高效开发、超级工厂实现新车快速垂直上量、 问界新品持续迭代 问界M9/M8稳居市场销冠 值得一提的是，家庭智慧旗舰SUV问界M8纯电版已于8月25日登陆市场，全新问界M7也计划于9月正式推出。随着新品不断推出，问界将进一步完善产品矩阵，满足用户多元化购车需求，持续巩 深耕技术创新 高强度投入研发 技术创新是企业持续向上的核心驱动力，赛力斯始终坚持高强度研发投入，大力培育新质生产力，在技术领域取得丰硕成果。数据显示，2025年上半年研发投入51.98亿元，同比增长154.9% 今年上海车展，赛力斯智能安全发布，首创以场景定义安全，构建了包括"生命保护""车身防护""健康呵护""隐私守护"四大安全领域的智能安全体系，为用户提供全生命周期的安全保障，树立 此前，赛力斯相继落地了赛力斯魔方技术 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 62.402 billion yuan and net profit at 2.941 billion yuan, marking a year-on-year increase of 81.03% [1] - The company's R&D investment surged to 5.198 billion yuan, reflecting a 154.9% increase, indicating a strong commitment to innovation and product development [1][3] - The sales of new energy vehicles reached 172,108 units in the first half of 2025, driven by the success of high-end intelligent electric vehicles [1] Sales Performance - The AITO brand's new models, including the M9 and M8, have achieved significant market success, with the M9 becoming the best-selling model in the 500,000-level luxury car market, delivering over 220,000 units [2] - The M8 has also performed well, with over 70,000 units delivered within four months of its launch, securing the top position in the 400,000-level sales category [2] - Cumulatively, the AITO brand has delivered over 750,000 vehicles as of August 2025, showcasing strong consumer demand and brand loyalty [2] Technological Innovation - The company emphasizes high-intensity R&D investment, with 6,984 R&D personnel, accounting for 36% of the total workforce, reflecting a focus on technological advancement [3] - The introduction of the intelligent safety system at the Shanghai Auto Show highlights the company's commitment to safety and innovation, establishing a new industry benchmark [3] - The establishment of the "factory within a factory" model in the super factory enhances product integration and innovation capabilities [3] Brand Value and Market Position - The company has significantly improved its brand value, ranking 169th in the 2025 Fortune China 500 list, a rise of 235 places from the previous year [4] - It also ranked 92nd in the TopBrand 2025 China Brand 500 list, with a brand value of 175.523 billion yuan, placing it among the top ten in the automotive sector [4] - The company is recognized as the fourth global new energy vehicle manufacturer to achieve profitability, indicating strong market confidence [4][5] Market Outlook - The capital market remains optimistic about the company's growth potential, with nearly 40 brokerage firms issuing "buy" ratings, anticipating continued high growth in the second half of the year [5]