毛利率方面，今年上半年，零跑汽车的毛利率为14.1%，较2024年的1.1%提升了13个百分点，创下了公 司半年度毛利率的历史新高，该数据也正在接近特斯拉、理想汽车的水平。零跑汽车方面提及，销量提 升带来的规模效应、成本管控工作、产品组合优化等，促进了公司毛利率的提升。 每经记者｜孙磊 每经编辑｜裴健如 8月18日晚，零跑汽车（HK09863，股价70港元，市值935.9亿港元）发布2025年半年度业绩。财报显 示，2025年上半年，公司实现营收242.5亿元，同比增加174%；净利润为0.3亿元，首次实现半年度净利 润转正，去年同期净亏损22.1亿元。 在财报电话会上，零跑汽车管理层表示，基于上半年的业绩，公司预计第三季度的总销量将达到17万 ~18万辆，并将全年销量指引从此前的50万~60万辆，上调至58万~65万辆。 展望明年，零跑汽车副总裁李腾飞表示，公司有信心挑战100万辆的销量目标。"我们希望现有的B、C 系列车型，在明年都有增量。另外，明年新上市的A系列和D系列车型，我们希望能够按照零跑的节奏 和习惯实现发展。在此基础上，希望各平台车型明年都能达到我们对销量的预期。"李腾飞说。 争取今年盈利超5 ...

证券研究报告 零跑汽车 (9863 HK) 港股通 销量连创新高，首次半年度盈利 2025 年 8 月 21 日│中国香港 乘用车 公司发布半年报，25H1 营收 242.50 亿元（yoy+174.15%），归母净利 0.33 亿元（同比转正），扣非净利-0.58 亿元（yoy-97.47%）；Q2 营收 142.30 亿元（yoy+165.48%、qoq+42.01%），归母净利+1.63 亿元（24Q2 和 25Q1 分别为-12.00/-1.30 亿）。考虑到公司销量强力持续向上&看好 ABCD 四大 平台车型竞争力&海外市场拓展加速&战略合作和零部件业务等增厚业绩， 我们预计公司 25-27 年营收将保持高速增长并逐步释放盈利弹性，我们本次 上调公司盈利预测并上调目标价。维持买入评级。 收入：销量连创新高&结构优化，B/C 平台销量占比提升 1）25Q2 公司实现销量 13.4 万辆，同环比+152%/+53%，7 月销量再次新 高破 5 万，连续 5 个月位列新势力销冠；2）销量结构持续优化，25Q2 B/C 平台销量占比 57.6%/24.4%，价格较低的 T03 占比 18.0%，同环比-7. ...

Core Viewpoint - Leapmotor has achieved significant growth in Q1, with revenue nearly doubling year-on-year, surpassing 10 billion yuan, and achieving a historical high gross margin of 15% despite being in a traditionally slow sales season [4][5]. Financial Performance - Leapmotor's Q1 revenue reached over 10 billion yuan, marking a nearly 100% year-on-year increase [4]. - The gross margin improved to 15%, driven by strategic cooperation income of approximately 300 million yuan, contributing around 200 million yuan to gross profit [4]. - Excluding the impact of cooperation, the actual gross margin was 13.3%, which still exceeded expectations and remained stable compared to the previous quarter [4][5]. Market Position and Strategy - Leapmotor has consistently outperformed market expectations for three consecutive quarters, with an increasing market share in the new energy vehicle sector [5]. - The company aims to achieve annual sales of 500,000 to 600,000 vehicles, targeting a gross margin of 10-12% and breakeven for the year [5][10]. - Leapmotor's sales structure has shifted, with a notable increase in the sales ratio of lower-priced models, contributing to a rise in average vehicle price by 3,000 yuan to 114,000 yuan [4]. Product Development and Sales Strategy - Leapmotor plans to launch several new models, including the B05 at the Chengdu Auto Show in August and updates to the C series in June and July [6]. - The company has set a sales target of 130,000 to 140,000 vehicles for Q2, translating to monthly sales of approximately 43,000 to 47,000 units [6]. - Leapmotor has become the sales champion among new car manufacturers in April, delivering 41,000 vehicles [6]. Expansion Plans - The company aims to expand its retail network to over 1,000 stores this year, enhancing its presence in key automotive markets [8]. - Leapmotor has revised its overseas sales target to 50,000 to 80,000 units, up from the initial estimate of 50,000 to 60,000 units, due to strong early performance [8][9]. - The company is accelerating its overseas channel development, with a net increase of 100 European channels in Q1, leveraging Stellantis' brand recognition for market entry [9]. Production and Supply Chain - Leapmotor is addressing battery production capacity issues that have affected the recent rollout of the B10 model, with expectations for resolution by late May [10]. - The company anticipates that the upcoming B01 model's launch and delivery will not be impacted by supply chain constraints, allowing for greater contribution from the B series to overall sales [10]. Market Outlook - Analysts suggest that Leapmotor has at least 30% growth potential in market valuation, positioning the company to reach a market capitalization of over 100 billion yuan [10].