证券研究报告 零跑汽车 (9863 HK) 港股通 销量连创新高，首次半年度盈利 2025 年 8 月 21 日│中国香港 乘用车 公司发布半年报，25H1 营收 242.50 亿元（yoy+174.15%），归母净利 0.33 亿元（同比转正），扣非净利-0.58 亿元（yoy-97.47%）；Q2 营收 142.30 亿元（yoy+165.48%、qoq+42.01%），归母净利+1.63 亿元（24Q2 和 25Q1 分别为-12.00/-1.30 亿）。考虑到公司销量强力持续向上&看好 ABCD 四大 平台车型竞争力&海外市场拓展加速&战略合作和零部件业务等增厚业绩， 我们预计公司 25-27 年营收将保持高速增长并逐步释放盈利弹性，我们本次 上调公司盈利预测并上调目标价。维持买入评级。 收入：销量连创新高&结构优化，B/C 平台销量占比提升 1）25Q2 公司实现销量 13.4 万辆，同环比+152%/+53%，7 月销量再次新 高破 5 万，连续 5 个月位列新势力销冠；2）销量结构持续优化，25Q2 B/C 平台销量占比 57.6%/24.4%，价格较低的 T03 占比 18.0%，同环比-7. ...

Core Viewpoint - The articles highlight the growing trend of green consumption in China, driven by initiatives such as carbon footprint labeling, the promotion of the second-hand economy, and technological innovations that facilitate sustainable living practices [1][2][3][4][6]. Group 1: Carbon Footprint and Green Labels - Various regions are implementing carbon footprint labels on products to guide low-carbon consumption, with examples like bamboo kitchenware in Anji showing specific carbon emissions data [1]. - Anji County has introduced carbon footprint labels for bamboo products, aiming to promote low-carbon consumption and help businesses identify carbon reduction opportunities [1]. Group 2: Second-Hand Economy - Chongqing is focusing on developing the second-hand economy as a means to promote green consumption, with a projected transaction scale of 69.75 billion yuan by 2024 and plans for 57 second-hand markets [2]. - The city is also fostering an "Internet + second-hand" model, leading to the emergence of new business formats like live-streaming for second-hand goods [2]. Group 3: Technological Innovations - The Green Life Ecological Platform launched in April 2023 utilizes a points system to encourage sustainable consumption, allowing users to earn rewards that can be redeemed for discounts [3]. - Shanghai's Carbon Inclusive Platform enables users to track their carbon footprint through a personal account, rewarding green behaviors with carbon credits that can be exchanged for benefits [4]. Group 4: Sustainable Lifestyle Practices - The shift towards green consumption is evident in urban lifestyles, with individuals opting for local and seasonal foods, and using reusable containers to minimize waste [6][8]. - The promotion of bamboo products in Anji not only reduces plastic waste but also enhances local cultural identity, with significant reductions in single-use plastic items reported [6][8]. Group 5: Economic Implications - Green consumption is expected to drive the rise of green industries, creating new economic opportunities and reinforcing the importance of sustainable practices in consumer behavior [8].

Core Viewpoint - Tesla's second-quarter financial results show a significant decline in both revenue and net profit, attributed to falling vehicle sales and reduced carbon credit income [1][2]. Financial Performance - Tesla reported second-quarter revenue of $22.496 billion, a year-on-year decrease of 12%, below market expectations of $22.826 billion [1]. - The net profit for the second quarter was $1.172 billion, down 23% year-on-year, slightly above the market expectation of $1.136 billion [1]. - Adjusted earnings per share were $0.40, also a 23% decline compared to the previous year, with expectations set at $0.42 [1]. Automotive Business - Revenue from Tesla's automotive business was $16.661 billion, reflecting a 16% year-on-year decline, following a 20% drop in the first quarter [2]. - The number of vehicles sold in the second quarter was 384,122, a decrease of 13.5% from 443,956 units sold in the same period last year [4]. Carbon Credit Income - Tesla's income from carbon credits was $439 million, less than half of the $890 million earned in the same quarter last year [2]. - The reduction in carbon credit income is expected to continue due to recent changes in U.S. federal tax laws that eliminate many electric vehicle subsidies and tax credits for the traditional automotive industry [2]. Strategic Adjustments - To attract buyers, Tesla has introduced a series of updates and financing incentives, including upgrades to the popular Model Y and the release of a lower-priced version of the Cybertruck [3]. - The company aims to improve and expand its Robotaxi service, with plans to allow half of the U.S. population access to autonomous ride-hailing by the end of the year [4]. Future Outlook - Tesla is seeking regulatory approval for its Robotaxi service in various states, including California, Nevada, Arizona, and Florida [4]. - The company is also adjusting its plans for the Optimus humanoid robot, aiming for mass production next year and a target annual output of 1 million units within five years [4].

Core Points - The Shanghai Carbon Benefit platform officially launched on June 25, 2025, allowing citizens to convert carbon reduction from daily green behaviors into digital currency and various rewards [1][14][16] - The platform has gained popularity, with 130,000 users participating in the initial experience phase, demonstrating the public's engagement with low-carbon actions [16][18] - The carbon reduction mechanism aims to make carbon reduction actions visible, measurable, and rewarding, fostering a culture of low-carbon living among citizens [18][23] Group 1: Carbon Benefit Mechanism - The core of the carbon benefit mechanism is to enable various societal entities to see, quantify, and receive rewards for their carbon reduction efforts, thus motivating low-carbon lifestyles [18][19] - The platform integrates multiple daily life scenarios for carbon reduction, including public transport, shared bicycles, and electric vehicles, allowing users to accumulate carbon credits [24][37] - Each gram of carbon reduction corresponds to one carbon credit, which can be exchanged for rewards, enhancing the perceived value of low-carbon actions [16][27] Group 2: Platform Features and Structure - The Shanghai Carbon Benefit system is designed with a focus on individual carbon accounts, supported by a top-down approach that encourages government leadership, public participation, and market operations [23][24] - The platform has established a comprehensive and user-friendly carbon benefit system, addressing challenges such as data silos and limited reward options [19][25] - The carbon credit marketplace allows users to exchange their accumulated credits for a variety of rewards, thus linking individual actions to broader carbon market transactions [26][30] Group 3: Regulatory and Technical Framework - The Shanghai government has implemented a series of regulations and guidelines to ensure the effective operation of the carbon benefit system, including the establishment of legal attributes for carbon credits [32][33] - A standardized methodology for calculating carbon reduction has been developed, ensuring the credibility of carbon credits and facilitating their integration into the carbon market [33][34] - Blockchain technology is utilized to secure data and manage identities, enhancing the reliability and transparency of the carbon benefit platform [35]

成就新汽车人 视 野 跨 男 球 战 际 E / 推 O 为避免被罚, 欧洲车企攒了俩碳排放联盟 汽车制造商希望在电动汽车销量未如预期增长的情况下避免 碳罚款，保护自身利益 编译 / 钱 亚 光 设计 / 师 超 来源 / w w w. a u t o n e w s. c o m , e u l e r p o o l . c o m , w w w. w i w o . d e "团结就是力量（"Unity is strength'）"——这一说法对汽车制造商来说已如此亲切，以至于有些制造商决定将其付诸实践。 事实上，他们已开始建立了"碳排放池（CO 2 pooling）"联盟，电动汽车销量较少的公司与电动汽车领先企业"联合"，从竞争对手那里购买碳积分，以降 低其总体排放平均值，共同应对欧盟针对二氧化碳排放的罚款。 1月1日，欧盟大幅降低了汽车二氧化碳排放上限，大多数汽车制造商今年需要电动汽车至少占其总销量的 20%，否则将面临巨额罚款。 2021年开始，欧盟为制造商设定了其在欧盟销售车队的二氧化碳排放量上限，迄今为止这一数值为每辆车每公里115.1克二氧化碳，到2025年将降至93.6 克，到2030年 ...