Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 24.25 billion yuan, a year-on-year increase of 174.17% [1] - The company recorded a net profit attributable to shareholders of 0.033 billion yuan, marking the first time it achieved a positive net profit in a half-year period [1] - The gross margin reached a historical high of 14.13%, up 13 percentage points year-on-year, driven by model transitions, cost reduction efforts, and deepened strategic partnerships [1] Group 2: Sales and Market Expansion - In Q2 2025, the company sold 134,100 vehicles, a year-on-year increase of 151.68%, with C series and B series models accounting for 57.61% and 24.35% of sales, respectively [1] - The sales service network expanded to cover 286 cities, adding 88 cities compared to the same period last year, with a total of 806 sales outlets and 461 service outlets [1] - The company plans to launch the small hatchback model B05 in the second half of 2025 and introduce A/D series models in 2026, indicating continued sales growth [1] Group 3: International Strategy - From January to July 2025, the company ranked first in export sales among new energy vehicle brands in China, with cumulative sales of 25,000 vehicles [2] - The company is set to launch the B series global model B10 overseas in September, enhancing its international product offerings [2] - A local assembly project for the C10 model is planned in Malaysia by the end of 2025, with expectations for localized manufacturing in Europe by 2026 [2] Group 4: Investment Outlook - Due to significant improvements in core operating metrics, continuous gross margin growth, and effective cost reduction, the company has adjusted its revenue forecasts for 2025-2027 to 65.21 billion, 101.83 billion, and 125.05 billion yuan, respectively [3] - The projected net profits for 2025-2027 are 0.616 billion, 5.665 billion, and 7.788 billion yuan, with corresponding EPS of 0.46, 4.24, and 5.83 yuan [3] - Based on current operational trends and performance expectations, the company has received a "recommended" rating [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company focuses on self-research and cost advantages, achieving an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. The revenue for Q1 2025 is projected to reach 10 billion CNY, with a gross margin of 14.9% [2][4]. - The domestic new car cycle is expected to drive continuous sales growth, while overseas expansion through collaboration with Stellantis opens up global sales opportunities [2][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 10.02 billion CNY, a year-on-year increase of 187.4%, and a gross margin of 14.9%, which is a 16.2 percentage point increase year-on-year. The average revenue per vehicle reached 114,000 CNY, up by 10,000 CNY year-on-year [7]. - The company reported a net loss of 130 million CNY in Q1 2025, significantly reducing losses compared to the previous year, with a corresponding profit margin of -1.3% [7]. Sales and Market Strategy - The company sold 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%. The C series accounted for approximately 77.5% of total sales, reflecting a 5.7 percentage point increase year-on-year [7]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 model already launched and two additional B series models planned for 2025 [7]. Channel Development - As of the end of March 2025, the company has established 756 sales outlets, including 289 core centers and 467 experience centers, covering 279 cities. The company aims to increase coverage to 90% of cities above the county level by the end of 2025 [7]. - The overseas channel count exceeded 500 in Q1 2025, with plans for local assembly in Malaysia and localized manufacturing in Europe by 2026 [7].