Core Viewpoint - The article highlights the expansion of various Chinese companies into international markets, showcasing their strategic moves and growth in overseas operations. Group 1: Company Expansions - Meituan's international delivery brand Keeta has launched in Doha, Qatar, with plans to expand into Brazil in the coming months [5] - Great Wall Motors has completed the construction of its factory in Brazil, with an annual production capacity of 50,000 vehicles [5][7] - Tea brand Cha Baidao has announced its first store in North America, located in New York, marking its entry into the U.S. market [5] - Lenovo is establishing a regional headquarters in Riyadh, Saudi Arabia, as part of its strategic expansion in the Middle East [6] Group 2: Financial Performance and Growth - Zero Run Auto reported its first half-year profit, with overseas markets becoming a significant growth driver, exporting 24,980 vehicles in the first seven months of 2025 [8] - Pop Mart plans to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [8] - Xiaomi's automotive division aims for profitability in the second half of the year, maintaining its 2027 overseas expansion target [9] Group 3: New Business Models and Innovations - AliExpress has launched an "overseas hosting" model in Australia, following its success in other markets [5] - Yimutian, a major agricultural B2B platform, has gone public on NASDAQ, aiming to expand its offline services and international business [10] - Shouqu Technology has secured nearly 100 million yuan in angel funding to enhance its battery management systems and accelerate global market expansion [11] Group 4: Industry Trends - The global photovoltaic industry is witnessing increased competition, prompting Chinese companies to enhance their international presence and supply chain resilience [15] - The user-side energy storage market is recovering, with significant growth expected in commercial storage due to supportive policies and mature business models [14]

零跑汽车发布《截至2025 年6 月30 日止六个月的中期业绩公告》。 公司25H1 实现营收242.5 亿元，同比+174.0%；实现净利润0.3 亿元，首次实现半年度净利润转正，成 为中国造车新势力中第二家实现半年度盈利的企业。分季度来看，公司25Q2 实现营收142.3 亿元，同比 +165.5%，环比+42.0%；实现净利润1.6 亿元，同环比均转正。 业绩表现亮眼：交付量与毛利率创历史新高，半年度净利润转正。 机构：国泰海通证券 研究员：刘一鸣/张觉尹/潘若婵 本报告导读： 零跑汽车发布2025 年中期业绩公告，业绩表现亮眼。考虑到新车周期开启驱动销量提升，海外市场拓 展加速，维持"增持"评级。 投资要点： 维持"增持" 评级。考虑到新车周期开启驱动销量提升，海外市场拓展加速， 我们上调公司2025/26/27 年营业收入预测至653/1098/1545 亿元，归母净利润为13/48/76 亿元。我们用PS 法为公司估值，参考可 比公司，我们上调公司2025 年估值至1.6 倍PS，对应目标价85.78 港元（按1 港元=0.9106 人民币汇率换 算）。维持"增持"评级。 2025H1，零跑汽车累 ...

每经编辑 张锦河 零跑汽车上涨12.98%，盘中一度涨超15%，股价创下历史新高，今年以来其股价已经涨超70%，今日市值增加87.57亿港元（约合人民币81.84亿元）。 4月2日，港股汽车股多数上涨。 吉利汽车涨超4%，理想汽车、蔚来涨超1%。 | | 汽车[HK] | | | | --- | --- | --- | --- | | | 877.062 1.28% | | | | 新闻 | 成分股 | | | | 零跑汽车 | 57.000 - | 12.98% | 2.97 | | HK HK9863 | | | | | 越南制造加工出口 | 0.520 | 5.05% | 0.00' | | HK HK0422 | | | | | 吉利汽车 | 17.400 | 4.69% | 1.16 | | HK HK0175 | | | | | 理想汽车-W | 100.200 | 1.21% | 0.46 | | HK HK2015 | | | | | 劇来-SW | 29.650 | 1.19% | 0.67 | | HK HK9866 | | | | 4月1日，各大车企发布了3月的成绩单。 4月1日，蔚来在 ...

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 66, corresponding to a valuation of HKD 885 billion, which is 1.5x the estimated 2025 P/S ratio [4][7]. Core Views - Leap Motor achieved profitability in Q4 2024, with expectations for full-year profitability in 2025. Q4 2024 sales exceeded 120,000 units, leading to revenue of RMB 13.44 billion and a gross margin improvement of 6.6 percentage points year-on-year to 13.3% [1][4]. - The launch of the LEAP 3.5 technology architecture and the B10 model is expected to drive strong product cycles, with pre-sale orders for the B10 model reaching 31,688 units within 48 hours [2][4]. - A strategic partnership with FAW aims to enhance cost and scale advantages through joint development and component cooperation, potentially lowering production costs [3][4]. Financial Summary - The projected sales volume for Leap Motor is expected to exceed 500,000 units in 2025, with total revenue forecasted at RMB 54.94 billion, reflecting a year-on-year growth rate of 71% [4][13]. - The company anticipates a net profit margin of 0.6% in 2025, improving to 6.2% by 2027, with net profit estimates of RMB 336 million in 2025 and RMB 6.036 billion in 2027 [4][12]. - Key financial metrics include a projected revenue of RMB 32.16 billion in 2024, increasing to RMB 54.94 billion in 2025, with a gross profit of RMB 5.968 billion and a gross margin of 10.9% [6][13].

零跑汽车 摘要 • 零跑汽车 2025 年销售目标为 50 万辆，基于 2024 年月均销量 3-4 万辆， 将推出 B 系列三款新车并全面更新至 3.5 架构平台，C 系列也将进行质量 提升和高阶智驾切换，续航里程平均提升 50 公里。 Q&A 零跑汽车在 2024 年的业绩表现如何？ • 零跑汽车预测，至 2027-2028 年中国新能源汽车渗透率将达 80%- 90%，电动车经济性将推动全球市场发展，使用成本仅为燃油车的四分之 一，部分地区甚至更低。 • 中国市场全面电动化将削弱传统燃油车企（如 BBA）的市场份额，中国新 能源车企的全球渗透将进一步侵蚀其优势，电动化趋势将逐步扩展至全球。 • 智能化是电动车下半场的关键，预计 2025 年高架高速路段将实现高度智 能驾驶，城市智能驾驶也将逐步普及，推动中国乃至全球电动车市场发展。 • 中国车企已成为全球电动车市场的重要参与者，零跑汽车电动车出货量位 居全球第 11 名，预计 2024-2025 年销量和排名将进一步提升，中国企业 在电池、电驱动、芯片等核心零部件上具备优势。 • 中国在全球汽车产业中占据主导地位，尤其在碳化硅驱动模块等零部件方 面，预计 ...