ASP 坚挺，M8 垂直上量贡献盈利支撑，单车利润重回增长轨道。1）销量方面，问界系列25Q2 实现销 量10.7 万台，同/环比分别+8.1%/+135.8%，实现同/环比增长，主要原因为 M8 Q2 垂直上量，实现销量 4.1 万台。2）单车ASP 来看，公司25Q1/25Q2 ASP 分别为36.7/39.3 万元，锚定高端豪华品牌定位。3 ） 单车利润来看， 单车归母利润2.1 万元， 同/ 环比分别+44.4%/+24.4%，单车扣非利润1.9 万元，同/环比 分别+45.5%/+124.0%，重回增长轨道，主要原因为M8 上市后贡献盈利支撑。 事件：赛力斯披露25H1 财报，实现收入624.0 亿元，同比-4.1%，其中Q2实现收入432.5 亿元，同/环比 分别+12.4%/+125.9%；25H1 实现归母净利润29.4 亿元（预增公告27.0-32.0 亿元），同比+81.0%。其 中，Q2 实现归母净利润21.9 亿元，同/环比分别+56.1%/+193.3%。25H1 实现扣非归母净利润24.7 亿元 （预增公告22.3-27.3 亿元），同比+72.1%。其中，Q2 实现扣非归母净利润 ...

Group 1 - The company reported June sales of 46,100 new energy vehicles, with year-on-year and month-on-month growth of 4.44% and 15.27% respectively, while the sales of the Seres brand reached 43,500 units, with year-on-year and month-on-month growth of 4.81% and 19.21% respectively [1] - The new vehicle cycle is strong, with the launch of the new M9 and M8 models reigniting growth. The AITO M8 began pre-sales in March 2025, surpassing 120,000 orders shortly after, and has delivered over 30,000 units within 58 days of its official launch [1] - The company is positioned as a high-end luxury brand, with the AITO M9 achieving cumulative deliveries of over 200,000 units, setting a new record for luxury vehicles priced above 500,000 yuan in China, and maintaining its position as the top-selling luxury car in this price range for 15 consecutive months [1] Group 2 - The company submitted an application for an H-share listing on April 28, aiming for an IPO in Hong Kong. It has expanded its presence in Europe, the Middle East, the Americas, and Africa through various strategies, including self-built operations and strategic partnerships [2] - The company expects to achieve revenue of 191.9 billion, 228.6 billion, and 255.7 billion yuan from 2025 to 2027, with net profit attributable to shareholders projected at 9.8 billion, 12 billion, and 13.6 billion yuan respectively, maintaining a "strong buy" rating [2]

Core Viewpoint - The company reported its Q1 2025 performance, showing significant fluctuations in revenue and net profit, while new product launches are expected to drive future growth [1][2][3] Group 1: Financial Performance - The company achieved revenue of 19.147 billion, with year-on-year and quarter-on-quarter declines of 27.9% and 50.3% respectively [1] - The net profit attributable to shareholders was 750 million, reflecting a year-on-year increase of 240.60% but a quarter-on-quarter decrease of 60.81% [1] - The adjusted net profit was 390 million, with a year-on-year increase of 244.34% and a quarter-on-quarter decrease of 78.24% [1] Group 2: Product and Sales Performance - The company experienced sales fluctuations in Q1 due to a wait-and-see effect regarding new products, with total sales of 45,300 units for the Wanjie brand [1] - Sales for the new M9 and M8 models have shown promising early results, with M9 deliveries exceeding 10,000 units within 25 days and M8 pre-orders surpassing 60,000 units as of April 29 [1] Group 3: Profitability and R&D Investment - The gross margin for Q1 was 27.6%, representing a year-on-year increase of 6.1 percentage points, significantly higher than the average gross margin of 14.7% for comparable companies [2] - The R&D expense ratio was 5.49%, with year-on-year and quarter-on-quarter increases of 1.9 percentage points and 2.3 percentage points respectively, supporting the development of core technologies [2] Group 4: Strategic Initiatives - The company submitted an application for an H-share listing on April 28, aiming to accelerate its international expansion [3] - The company plans to use the net proceeds from the IPO to enhance R&D investment, diversify its product offerings, and expand its international market presence [3] Group 5: Future Outlook - The company is expected to capture the luxury market with the launch of the M8 and 2025 M9 models, and forecasts revenues of 191.9 billion, 228.6 billion, and 255.7 billion for 2024-2026, with net profits of 9.8 billion, 12 billion, and 13.6 billion respectively [3]