1）营收层面： 公司Q2营收环比改善。 广汽乘用车/广汽埃安Q2批发销量分别为7.7/6.2万辆， 同比分别-25%/-21%，环比分别+11%/+31%，埃安S/埃安Y销量环增较多；广汽自主Q2 ASP为 16.4万元，同环比分别+20%/-4%。 2）毛利率： 公司Q2销售毛利率为-3.4%，同环比 为-10/-3.6pct。毛利率转负主要原因为报告期内推出的几款重点新能源车型，销量仍处于爬坡 期，未达计划目标，同时集团降本工作仍处推进中。 3）投资收益：广丰表现相对较佳，广本 销量/利润仍承压。 广汽本田/广汽丰田Q2销量分别为6.2/18.3万辆，同比分别-32%/+2%，环比 分别-33%/+13%。广本/广丰25H1利润分别为-4.1/33.1亿元，单车盈利分别为-0.3/1.0万元。公司 Q2投资收益总额为12.3亿元，同环比分别-13%/+5%。 4）最终公司Q2实现归母净利润为-18.1 亿元（2024Q2为+3.0亿元，2025Q1为-7.3亿元）。 盈利预测与投资评级： 未经许可，不得转载或者引用。 | 投资要点 | | --- | 公司公告： 广汽集团发布2025年半年报业绩，2025 ...

Group 1 - The core viewpoint of the article is the strategic partnership between Sinopec and CATL to enhance the battery swapping ecosystem in China, aiming to build a nationwide network of battery swapping stations [1][2] - The agreement includes the construction of at least 500 battery swapping stations this year, with a long-term goal of establishing 10,000 stations [1] - Sinopec has a vast network of energy service capabilities, with 30,000 comprehensive energy stations and over 10,000 fast charging stations, serving more than 200 million customers daily [2] Group 2 - CATL is recognized as the world's largest power battery supplier, possessing advanced battery technology and battery swapping system development capabilities [2] - The collaboration aims to standardize energy and power systems, creating a smart energy microgrid that integrates solar, storage, charging, and battery swapping [2] - The partnership will also focus on expanding energy aggregation operations and building comprehensive energy infrastructure in China, contributing to global energy transition efforts [2]

Core Viewpoint - CATL aims to build no less than 500 battery swap stations this year, with a long-term goal of expanding to 10,000 stations, marking a significant step in establishing a comprehensive battery swap ecosystem in collaboration with Sinopec [1][2]. Group 1: Strategic Partnerships - CATL has signed a cooperation framework agreement with Sinopec to deepen their long-term strategic partnership, focusing on building a nationwide battery swap ecosystem that supports the "dual carbon" goals [2][5]. - The collaboration leverages Sinopec's extensive gas station network to establish battery swap stations, optimizing land resources and enhancing entry into the new energy service market [4][5]. Group 2: Industry Transformation - The battery swap model is a crucial part of CATL's transition from a pure battery manufacturer to an energy service provider, allowing for battery sharing and reducing vehicle ownership costs through battery leasing and swap services [4][6]. - This model promotes efficient energy replenishment and battery recycling, contributing to reduced energy consumption and carbon emissions, thus facilitating low-carbon transformation in the transportation and energy sectors [4]. Group 3: Market Expansion - CATL's battery swap ecosystem is rapidly expanding, with partnerships established with several major automotive manufacturers to develop compatible vehicles, including models from Chang'an, Aion, and FAW [6]. - The collaboration with Sinopec marks a new phase in the systematic construction of the battery swap ecosystem, aiming to create a nationwide integrated energy infrastructure [7].