事件概述 公司发布2025 年中报：2025 年上半年实现营业收入726.91 亿元，同比-5.25%，实现归母净利润22.91 亿 元，同比-19.09%。其中25Q2 单季营收为385.31 亿元，同比-2.94%，环比+12.79%，归母净利润为9.39 亿元，同比-43.93%，环比-30.62%。 投资要点 2025 年上半年实现营业收入726.91 亿元，同比-5.25%，实现归母净利润22.91 亿元，同比-19.09%。盈 利能力向好，25H1 毛利率为14.58%，同比提升0.78 个百分点。25H1 销售、管理、研发费用率分别为 6.00%、3.07%、4.52%，同比分别增加1.99 个百分点、降低0.1 个百分点、增加0.72 个百分点，其中销 售费用变动主要因新能源销量提升影响销售服务费增加，以及新品上市推广、品牌宣传等影响广告费用 增加。 "香格里拉"计划实现新突破，25H1 新能源销量同比+49.05%。 25H1 公司新能源销量45.17 万辆，同比+49.05%。上半年公司完成全固态原型电芯验证，并实现"电芯 组装-电池封装-整车装配"的产业链自主布局；首个自主电控产品完成泰 ...

Core Viewpoint - China Chang'an Automobile Group has established itself as a new central enterprise with a clear strategic focus on advancing its "Shangri-La" plan for new energy, "Beidou Tianshu" plan for intelligence, and "Haina Baichuan" plan for globalization [1] Group 1: Company Strategy and Goals - The newly formed China Chang'an Automobile Group aims to accelerate its strategic initiatives in new energy, intelligence, and globalization [1] - Deep Blue Automobile, a subsidiary of the group, plans to achieve global sales of 2 million vehicles by 2030, with 35% of sales coming from overseas markets [1] - The company intends to launch 30 new products by 2030, with a focus on innovative and intelligent vehicle offerings [1] Group 2: Product Launches and Innovations - Deep Blue Automobile is set to launch the Deep Blue L06, a super intelligent sedan equipped with a 3nm automotive-grade cockpit chip and laser radar, expected to hit the market in Q4 of this year [1] - The Deep Blue S05620km long-range version will officially launch, featuring class-leading 3C supercharging capabilities, allowing a charge from 30% to 80% in just 15 minutes [2] Group 3: Global Market Expansion - Deep Blue Automobile is committed to a "1+5+2" global market strategy, targeting Southeast Asia, Middle East and Africa, Central and South America, Eurasia, and Europe [3] - The company aims to cover approximately 90 countries and regions by 2025, with a sales target of 56,000 vehicles, and to reach 380,000 vehicles by 2030 [3] - Deep Blue has already introduced several models in key regions, with monthly sales contributions expected to reach between 6,000 to 8,000 units [3]

Core Insights - The new energy vehicle (NEV) market in China is experiencing significant growth, with multiple companies reporting record sales figures for June 2023, indicating a strong demand for electric vehicles. Group 1: Sales Performance - Leap Motor achieved a historical high in June with total deliveries reaching 48,006 units, a year-on-year increase of over 138%, and a total of 221,664 units delivered in the first half of the year [5] - Hongmeng Zhixing reported a record monthly delivery of 52,747 units in June, with a daily delivery peak of 3,651 units, contributing to a cumulative delivery of 800,000 units over 39 months [1][3] - Xiaopeng Motors delivered 34,611 vehicles in June, marking a 224% year-on-year increase, and a total of 197,189 units in the first half of the year, surpassing the total deliveries for the entire year of 2024 [11] - Ideal Auto delivered 36,279 vehicles in June, with a total of 111,074 units in Q2 and a cumulative delivery of 1,337,810 units by June 30, 2025 [9] - Zeekr Technology reported sales of 43,012 units in June, maintaining a monthly sales figure above 40,000 for four consecutive months [7] Group 2: Product Strategy and Market Position - Leap Motor's growth is attributed to its high cost-performance product strategy and ongoing technological iterations, with new models expected to further stimulate market demand [5] - Hongmeng Zhixing has established a comprehensive product matrix covering multiple price segments, which is a core driver of its sales increase [3] - Zeekr is set to launch a flagship SUV, the 9X, in the second half of the year, which is crucial for boosting overall sales [7] - Xiaomi Auto's new SUV model, YU7, has shown strong pre-order interest, indicating potential for significant sales growth if production capacity can be expanded [15] - NIO delivered 24,925 vehicles in June, facing challenges in brand recognition and market growth despite a year-on-year increase [17] Group 3: Competitive Landscape - The NEV market is becoming increasingly competitive, with many brands achieving impressive sales figures in June, suggesting a robust demand environment [23] - New product launches in the second half of the year are expected to intensify competition among various brands, leading to further market segmentation [23]