毛利率持续改善，在手资金充裕。2025Q3，公司毛利率为 14.5%，环比和 同比都有所改善，主要得益于规模效应、成本管控和产品组合优化以及其他 业务产生的收益等。Q3 经营活动产生的现金净额 48.8 亿元，自由现金流38.4 亿元，账面资金及等价物合计 339.2 亿元，公司在手资金充裕。 交付量突破新高，多款车型销量表现亮眼。公司 Q3 单季交付 173852 台， 同比增长 101.77%，环比增长 29.63%。10 月销量 70289 台，同比 84.11%， 月销量首次突破 7 万台，核心车型 C10 单月突破 2 万台，B01、B10、C11、 C16 等多车型实现月销破万。 公司点评 | 零跑汽车 Q3 毛利率持续改善，海外终端订单大幅增长 零跑汽车（09863.HK）跟踪点评 事件：2025Q3，零跑汽车收入 194.5 亿元，同比 97.3%；净利润 1.5 亿元； 毛利率为 14.5%，同比提升 6.4pct，环比提升 0.9pct。当季整车交付 173852 台，同比增长 101.77%。 Q3 研发投入增加，10 月发布全新旗舰 D 平台。Q3 研发费用 12.1 亿元，同 比增长 ...

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Geely Automobile (00175) and raises the target price to HKD 26.01, citing strong revenue growth and significant increases in total sales and core net profit for Q3 2025 [1] Financial Performance - In the first three quarters of 2025, Geely's total revenue increased by 26.5% year-on-year to CNY 239.48 billion, with a gross margin of 16.5%, up 0.3 percentage points year-on-year; core net profit rose by 59% to CNY 10.62 billion [1] - For Q3 2025, total revenue grew by 26.1% year-on-year and 14.7% quarter-on-quarter to CNY 89.19 billion, with a gross margin of 16.6% [1] Sales and Market Share - Geely's total sales in the first three quarters of 2025 increased by 45.7% year-on-year to 2.17 million units, with new energy vehicle sales accounting for 53.8% of total sales, up 17.2 percentage points year-on-year [2] - In Q3 2025, total sales rose by 42.5% year-on-year and 7.9% quarter-on-quarter to 761,000 units, with new energy vehicle sales making up 58.2% of total sales [2] New Model Performance - The Galaxy series has shown strong sales performance, with a year-on-year increase of 205.6% in the first nine months of 2025; new models like Galaxy M9 and Zeekr 9X are expected to drive further sales growth [2] Integration and Global Expansion - The privatization of Zeekr is progressing smoothly, with completion expected by the end of 2025; this integration is anticipated to optimize resources and enhance efficiency [3] - Geely aims to expand its global sales network to over 1,000 locations by 2026, with a target of exporting one million vehicles by 2027 [3] Profit Forecast - The company has raised its net profit forecasts for 2025, 2026, and 2027 by 10%, 3%, and 6% respectively, now projecting CNY 17.74 billion, CNY 19.18 billion, and CNY 21.23 billion [4]

退出中国市场的极星汽车，仍危机四伏。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。据该公 司2025年中报，极星汽车营业收入14.23亿美元，归母净利润-11.93亿美元，同比下滑119.37%，资产负 债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资试 图"救火"，彼时极星汽车股价为1.06美元。仅上述这笔"加仓"投资，李书福5个月时间内浮亏已超50%。 不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研所》了 解，极星汽车目前旗下仅有Polestar4一款车型，Polestar2已停产，Polestar3处于未上市阶段，生产线仍 在国内。 对于汽车的售后维修，客服解释："可以到官方授权的沃尔沃4S店保养，但并非所有授权店都可以提供 服务。以北京为例，大约有三到四家授权店，去前需预约。" 面临退市，售后成难题 公开信息显示，极星汽车由沃尔沃和吉利控股集团合资打造，曾宣称要对标特斯拉，2017年宣布独立。 在新能源汽车市场快速扩张的几年内，极星汽车的销 ...

文 | 《次世代车研所》栏目 张奥 退出中国市场的极星汽车，仍危机四伏。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。 据该公司2025年中报，极星汽车营业收入14.23亿美元，归母净利润-11.93亿美元，同比下滑 119.37%，资产负债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资 试图"救火"，彼时极星汽车股价为1.06美元。仅上述这笔"加仓"投资，李书福5个月时间内浮亏已 超50%。 不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研 所》了解，极星汽车目前旗下仅有Polestar4一款车型，Polestar2已停产，Polestar3处于未上 市阶段，生产线仍在国内。 对于汽车的售后维修，客服解释："可以到官方授权的沃尔沃4S店保养，但并非所有授权店都可 以提供服务。以北京为例，大约有三到四家授权店，去前需预约。" 面临退市，售后成难题 回望极星汽车的上市历程，2022年6月24日，极星首次登陆纳斯达克。仅仅三年半时间，极星汽 车的股价已经 ...

文 | 《次世代车研所》栏目 张奥 退出中国市场的极星汽车，仍危机四伏。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。据该公 司2025年中报，极星汽车营业收入14.23亿美元，归母净利润-11.93亿美元，同比下滑119.37%，资产负 债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资试 图"救火"，彼时极星汽车股价为1.06美元。仅上述这笔"加仓"投资，李书福5个月时间内浮亏已超50%。 不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研所》了 解，极星汽车目前旗下仅有Polestar4一款车型，Polestar2已停产，Polestar3处于未上市阶段，生产线仍 在国内。 对于汽车的售后维修，客服解释："可以到官方授权的沃尔沃4S店保养，但并非所有授权店都可以提供 服务。以北京为例，大约有三到四家授权店，去前需预约。" 面临退市，售后成难题 回望极星汽车的上市历程，2022年6月24日，极星首次登陆纳斯达克。仅仅三年半时间，极星汽车的股 价已经从 ...

Summary of BYD Conference Call Industry and Company Overview - The conference call focuses on BYD, a leading electric vehicle manufacturer, and its performance in the global automotive market, particularly in the context of international expansion and market strategies [2][4]. Key Points and Arguments Export Markets and Growth - In 2023, BYD's exports were primarily concentrated in Brazil, Australia, Thailand, and Israel, accounting for 66% of total exports [2][4]. - Brazil is projected to become the largest single market for BYD in 2024, contributing nearly 60,000 units, while Indonesia only contributes 15,000 units, indicating a high market concentration [2][4]. - For 2025, BYD's global expansion includes significant contributions from the UK (38,000 units), Turkey (37,000 units), Australia (30,000 units), and Brazil (26,000 units) [2][4]. Product Strategy - BYD is shifting from a multi-product strategy to a focus on key models, with the C5U (Sea Lion 06) and C207 (Song L) as flagship products [2][4]. - The Sea Lion 06 is expected to achieve an annual increment of over 100,000 units, while the Sea Lion 07 contributes approximately 60,000 units [2][5]. Competitive Positioning - BYD has surpassed Tesla in the European market, becoming one of the fastest-growing brands, with a significant customer base among Turkish and Greek immigrants who prioritize fuel efficiency and cost-effectiveness [2][6]. - The company has achieved a market share of 1% in Europe within the first eight months of 2025, showing exponential growth compared to the previous year [2][8]. Localization and Marketing Strategies - BYD's success is attributed to local production and investment, such as taking over the Ford factory in Brazil, which enhances capacity and creates jobs [6][7]. - The adaptability of products, such as plug-in hybrid SUVs and affordable small cars, has resonated well in emerging markets [6][7]. - Effective marketing strategies, including targeted campaigns and leveraging social media, have improved brand perception and market penetration [6][7]. Additional Important Insights - In the global market, BYD has made significant strides in the Southern Hemisphere and other Asian regions, with a market share of 2.9% in the Southern Hemisphere as of 2025 [8]. - The competitive landscape in Europe remains challenging with traditional automakers like Volkswagen and Renault, but BYD's rapid growth indicates a strong potential for further market share expansion [8][9]. Future Outlook for Geely - Geely is looking to replicate BYD's success by launching multiple new models and entering markets in South America and Europe, with an expected increase in sales of over 200,000 units and a net profit increase of 4-5 billion RMB [3][10].

Core Viewpoint - Li Auto delivered 31,767 vehicles in October 2025, bringing the total cumulative deliveries to 1,462,788 vehicles as of October 31, 2025 [1] Group 1: Vehicle Deliveries and Orders - The cumulative orders for the Li Auto i6 have surpassed 70,000 units, indicating strong demand for the model [1] - The company is actively working to accelerate the delivery process [1] Group 2: International Expansion - Li Auto has opened its first overseas authorized retail center in Uzbekistan, selling models L9, L7, and L6 [1] - Two more authorized retail centers are set to open in Kazakhstan in November [1] - The company aims to prioritize expansion in Central Asia, the Middle East, Europe, and the Asia-Pacific region as part of its global strategy [1] Group 3: Retail and Service Network - As of October 31, 2025, Li Auto has established 551 retail centers across 157 cities [1] - The company operates 554 after-sales service and authorized repair centers, covering 225 cities [1] - Li Auto has deployed 3,508 supercharging stations with a total of 19,417 charging piles nationwide [1]

Core Insights - Geely Auto has accelerated its overseas expansion by officially entering the UK market with its pure electric model, Geely International EX5 [1] - The company plans to launch 15 new models in Europe over the next five years and aims to establish a network of over 1,000 dealerships and service centers, positioning itself as a mainstream automotive brand in Europe [1] - Geely's CEO, Gan Jiayue, reported a significant increase in sales in the new energy vehicle market, with sales rising from 82,000 units in 2021 to 1.17 million units from January to September this year, surpassing Tesla in September with a monthly sales figure of 165,000 units, ranking second globally [1]

Group 1 - Chery Automobile successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion, with funds allocated for R&D, next-generation technology, global market expansion, production facility upgrades, and working capital [1] - The company aims to strengthen its domestic market position and leverage international capital to enhance its overseas channels and diversify revenue through global expansion [1] - Projected total revenue for 2022-2024 is CNY 926 billion, CNY 1,632 billion, and CNY 2,698 billion, with a 65.4% year-on-year growth in 2024 and a net profit of CNY 14.33 billion, reflecting a 37.2% increase [1] Group 2 - Chery covers various market segments through five brands (Chery, Jetour, Exeed, iCAR, and Zhijie), addressing diverse consumer needs in performance, intelligence, and cost-effectiveness [2] - The company has a comprehensive technology stack, including powertrain systems, automotive development platforms, intelligent cockpit systems, and advanced driver assistance systems, supporting its electric and intelligent vehicle initiatives [2] - The listing of Chery and other companies like Seres indicates a shift in the Chinese automotive industry from local competition to global competition, potentially improving the overall profitability of domestic brands [2]

Core Viewpoint - The automotive industry in China is set to achieve stable growth through a comprehensive work plan aimed at boosting domestic consumption, enhancing supply quality, optimizing the development environment, and deepening open cooperation, with specific targets for vehicle sales and production by 2026 [1][2][3]. Group 1: Industry Growth Targets - The work plan aims for approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales targeted at around 15.5 million, reflecting a 20% increase [1][2]. - The plan emphasizes maintaining stable growth in automotive exports and a 6% increase in the added value of the automotive manufacturing industry [1]. Group 2: Domestic Consumption and Market Confidence - The work plan includes measures to expand domestic consumption and accelerate the marketization of new energy vehicles, such as promoting electric vehicles in public transport and logistics across 25 pilot cities [2][3]. - The implementation of the "two new" policies has significantly boosted consumer demand, with over 8.3 million applications for vehicle trade-ins recorded by September 10 [3]. Group 3: Supply Quality and Industry Stability - The automotive industry has seen production and sales exceed 21 million units in the first eight months of the year, with year-on-year growth of approximately 12.7% and 12.6% respectively [4]. - The work plan's conservative growth targets are seen as a strategy to stabilize market confidence and encourage rational growth, moving away from price wars towards innovation and value creation [5]. Group 4: Open Cooperation and Globalization - Companies like XPeng Motors are expanding their global footprint through partnerships, such as with Magna in Austria for localized production, indicating a strategic move towards international collaboration [6][7]. - The participation of Chinese companies in international auto shows highlights their commitment to sharing products and collaborating with European firms, reflecting a shift from being merely a market to becoming a key partner in innovation and supply chain development [7][8]. Group 5: Future Outlook - Experts predict that while domestic sales may stabilize around 28 million units in the next five to ten years, global sales of products related to the Chinese automotive industry could exceed 40 million units, indicating a shift in production dynamics [9]. - The focus will be on integrating into local economies and contributing to local development, emphasizing the importance of cultural and economic integration in global markets [9].