8月26日晚，极氪科技集团副总裁、领克品牌产品组长朱凌博士发文称，由于工作岗位变动，不再适合代表极氪和 领克发布信息和表达观点。新岗位去向仍待官方公布。 公开资料显示，朱凌于2014年加入吉利汽车。2025年初，在极氪与领克合并成立极氪科技之后，朱凌担任极氪科 技集团副总裁，负责产品研发及相关工作。 资料显示，极氪品牌7月销量为16,977辆，同比微增8%。1-7月累计销售107,717辆，同比增长4%，增速相对平稳。 领克品牌7月销量为27,216辆，同比增长28%。1-7月累计销售181,353辆，同比增长23%，保持稳健增长。 朱凌表示，从去年十二月开始兼管领克，到现在开始陆续交作业。除了全新的07、08，接下来还有几款作业会陆 续发布，包括第三代的03、03+，同时还有极氪007的年款、极氪7x的年款以及极氪X的年款。 （校对/黄仁贵） ...

机构：辉立证券(香港) 研究员：章晶 公司簡介 吉利汽車是我國自主品牌乘用車領軍企業之一，主營乘用車及核心零部件的研發、生產和銷售，自主掌 握汽車領域核心技術，廣泛佈局主流車型市場。公司旗下產品包括吉利、幾何、領克、極氪、睿藍、銀 河六大子品牌，覆蓋A0 至C 級乘用車市場。 投資概要 上半年業績強勁，核心淨利同比翻番 吉利汽車公佈2025 年中期業績，2025 年上半年的總收入達到 1502.8 億元（人民幣，下同），同比 +26.5%，創歷史新高；歸母淨利潤92.9 億元，同比-13.9%；如果剔除外匯匯兑收益、減值虧損及2024 年視為出售附屬公司之收益後，核心歸母利潤為 66.6億元，同比+102%。 第二季度單季度，公司實現營業收入777.9 億元，同/環比分別+28.4%/+7.3%；我們測算扣除匯兑收益及 一次性收益影響後的核心歸母淨利潤約31.8 億元，同/環比分別+127%/-8.7%。 新能源車銷量快速增加，占比超50% 上半年公司累計總銷量達到140.9 萬輛，同比+47.4%，遠高於同期國內乘用車行業+13%的銷量同比增 速。其中，新能源車累計72.5 萬輛，同比+126.5%，占比5 ...

Core Insights - The article discusses the challenges and inefficiencies associated with mechanical parking systems in urban areas, particularly in China, highlighting the growing mismatch between vehicle sizes and parking space dimensions [12][11][33] - It emphasizes the increasing demand for innovative parking solutions, such as fully automated parking systems, to address the parking difficulties faced by urban drivers [20][21][25] Group 1: Mechanical Parking Systems - The current mechanical parking systems in China have a high vacancy rate, with approximately 42% overall and over 60% in non-residential projects, leading to significant economic losses estimated at over 8 billion yuan [12][14] - The design of these systems often does not accommodate the increasing size and weight of modern vehicles, resulting in operational inefficiencies and increased risk of damage during parking [18][11] - The historical popularity of mechanical parking systems has declined as vehicle dimensions have outgrown the original specifications, leading to a preference for traditional parking solutions [9][11][33] Group 2: Innovative Parking Solutions - New automated parking systems, such as the Shanghai Mingyuan eup smart parking facility, are being developed to provide efficient and space-saving solutions, with the ability to park vehicles in under 90 seconds [20][21][23] - These modern systems utilize vertical space and require significantly less ground area compared to traditional parking layouts, making them suitable for densely populated urban centers [23][25] - Despite the advantages, the economic viability of such projects remains a concern, as the return on investment may take decades without government subsidies or high occupancy rates [25][26]

Group 1 - The article discusses the complexities of collision testing for passenger vehicles, particularly in relation to truck collisions, emphasizing the importance of understanding the testing methods and standards involved [1][3][4] - Three key elements of collision testing are identified: impact angle, impact energy, and center of gravity, which are crucial for evaluating vehicle safety [3][16][26] Group 2 - Impact angle is detailed with various collision scenarios, including 100% frontal impact, 40% offset, and side impacts, highlighting the need for fair testing standards that account for vehicle height differences [6][10][30] - Impact energy is explained in terms of its relationship with speed, noting that recent updates to testing standards have increased collision speeds, resulting in significant increases in energy absorption requirements [18][20][22] - The center of gravity is noted as a critical but often overlooked factor in collision testing, affecting vehicle stability and safety during impacts [26][27] Group 3 - The article explores the rise of non-official testing methods, including manufacturer tests, independent media tests, and automotive internet platform assessments, which are becoming more common due to the demand for diverse testing scenarios [35][39][45] - Each type of non-official testing has its own characteristics and challenges, with manufacturer tests focusing on internal validation, media tests aiming for entertainment and engagement, and internet platforms leveraging big data for safety analysis [39][42][46] - The potential for non-official tests to complement traditional official tests is acknowledged, with a call for greater transparency and standardization in testing practices to enhance vehicle safety [47][48]

Core Viewpoint - The article discusses the evolving landscape of electric and hybrid vehicles in China, highlighting the growing acceptance and infrastructure supporting electric vehicle (EV) usage, particularly during holiday travel periods [1][3][26]. Group 1: Electric Vehicle Infrastructure - As of May 2025, the total number of charging infrastructure in China has exceeded 14.4 million units, representing a year-on-year increase of 45.1% [4]. - Among the 7,692 highway service areas, 5,929 have charging facilities, with approximately 35,000 charging piles constructed [4][9]. - NIO has established over 8,000 charging and battery swap facilities nationwide, with 3,371 of those being battery swap stations [8][9]. Group 2: User Experience and Sentiment - The perception of charging as a significant issue has diminished, with users reporting that charging wait times have significantly decreased, often not exceeding one hour during peak times [11][21]. - Navigation software has adapted to provide tailored options for EV users, improving the overall experience of finding charging stations [14]. - Users express a preference for hybrid vehicles, as they combine the benefits of both electric and traditional fuel vehicles, allowing for flexibility in travel [15][23]. Group 3: Market Trends and Future Outlook - The article suggests that the transition to electric vehicles is inevitable, but the timeline and process remain unpredictable, akin to the cooling of a hot beverage [23][24]. - The market for electric vehicles is rapidly evolving, with various factors influencing consumer choices and the development of supporting infrastructure [26].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][9]. Core Insights - The company achieved a 54% year-over-year increase in March automobile sales, selling 232,000 vehicles, which outperformed its peers. Cumulatively, from January to March, the company sold 704,000 vehicles, a 48% increase year-over-year. Electric vehicles accounted for 339,000 units sold, representing 48.2% of total sales, marking an 18.2 percentage point increase from the previous year [7][9]. - The company is accelerating its electrification transformation, with competitive products across various price segments. The integration of its brands is expected to reduce costs, and the company has a technological edge that may contribute to future profit growth. The impact of U.S. tariffs on the company is expected to be minimal as its products have not yet entered the U.S. market [7][9]. - The company anticipates significant improvements in its 2024 performance, with projected revenues of 240.2 billion RMB, a 34% increase year-over-year, and a net profit of 16.6 billion RMB, a 213% increase. The sales target for 2025 is set at 2.71 million vehicles, a 24.5% increase, with electric vehicle sales expected to reach 1.5 million units, a 69% increase [9][11]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of HKD 13.42 and a market capitalization of 135.24 billion RMB. The stock has seen a 12-month high of HKD 18.98 and a low of HKD 7.47 [2][3]. Recent Performance - The company reported a significant increase in sales, with March sales showing a 54% year-over-year growth. The sales of electric and hybrid vehicles are gaining traction, contributing to the overall sales growth [7][9]. Financial Projections - The company forecasts net profits of 13.2 billion RMB, 17.5 billion RMB, and 21.8 billion RMB for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 44%, 32%, and 24.5% [9][11].