机构：国金证券 研究员：姚遥 1、业绩符合预期。公司实现了H1的盈利，且扣除股权激励要素公司盈利可达3.3亿元，表观看表现略超 预期。但是实际上，公司本季度虽销量强势，但费用支出增加、且在C系列终端换代促销的影响下毛利 率下降，公司盈利的核心来自于：1）与合作伙伴的合作收入的持续融入：2）与STLA合作碳排放积分 获得收益：3）H1共计获得5.1亿元的其他收入。因此我们认为，创除以上因素后公司实际H1表现走势 与24H1接近，整体符合预期。 2、展望未来，公司经营有望维持强势。1）年内公司有望维持强势： 考虑到年底冲量效应存在，且公司改款后C系列和B系列新车势头强劲，25年年内月销量有望持续提 升，预计H2公司边际改善明显。 2）公司25-26年是新车大年，且自身产品打造能力过硬，低成本路线下产品爆款概率较高，销量有望持 续向上；反内卷情形下公司盈利能力亦有保障。 3）此外，碳排放积分、合作伙伴业务、零部件业务将在25-26年为公司持续贡献利润增长，销量、利润 有望持续超预期，持续看好公司后续销量和盈利兑现。 业绩点评： 8月18日，零跑汽车发布25H1财报，其中： 1、营收：Q2公司共计销售新车13.4万辆 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][3]. Core Insights - The company's performance in H1 2025 met expectations, with a notable increase in vehicle sales and revenue. The company sold 222,000 new cars in H1, a year-on-year increase of 155.7%, generating revenue of 24.25 billion yuan, up 174.2% year-on-year [1][2]. - The report highlights that despite strong sales, increased expenses and a decline in gross margin were observed. The core profit drivers include ongoing collaboration income with partners, carbon emission credits from STLA, and other income totaling 510 million yuan in H1 [2]. - Future outlook remains strong, with expectations of continued sales growth driven by new model launches and strong market demand. The company is projected to sell 577,000, 802,000, and 1,023,000 vehicles in 2025, 2026, and 2027, respectively, with corresponding revenues of 66.17 billion, 97.79 billion, and 116.87 billion yuan [3]. Summary by Sections Financial Performance - In Q2 2025, the company sold 134,000 vehicles, achieving a revenue of 14.23 billion yuan, reflecting a year-on-year increase of 165.5% and a quarter-on-quarter increase of 42% [1]. - The gross margin for Q2 2025 was reported at 13.6%, with a year-on-year increase of 10.8 percentage points, while the net profit attributable to shareholders was 160 million yuan, marking a return to profitability [1][2]. Cost Structure - The report notes a decrease in the expense ratios for sales, administrative, and R&D costs in Q2 2025, indicating improved cost management [1]. Market Position and Strategy - The company adheres to a self-research and self-supply strategy, which continues to enhance its cost advantages and product competitiveness. The report emphasizes the potential for significant profit growth from carbon emission credits and partnerships in the coming years [3].