海外市场加速布局，战略合作多点开花，开辟新成长曲线2025 年为海外拓展关键年，1-4 月出口13632 辆居新势力首位，25 年目标海外渠道逾550 家，出口5-6 万台。本土化生产在即，公司预计马来西亚组 装工厂年底投产，26 年实现欧洲本土制造。公司凭借三电技术及成本优势，深化对外战略合作且25Q1 已有业绩贡献：与Stellantis 零部件合作、同标致雪铁龙签订电驱协议、与一汽集团联合开发并探讨资本 合作等。 13.3%/14.9%连创历史新高。公司25-26 年将迎密集的全球化新车投放，ABCD 四大平台协同发力，其 中A 平台定位入门级，B 平台B10/B01/B05 预计于年内上市，C 平台C10/C16/C11 焕新，D 平台定位中 高端市场。公司维持指引，预计全年50-60 万辆销量及10-12%毛利率，并力争年度盈利。 渠道扩张与精细化运营并进，全域自研平台构筑核心竞争力公司坚持"1+N"新零售模式，渠道网络加速 扩张与下沉，注重单店效率与经销商盈利（24 年渠道盈利率超80%），并强化终端营销与用户服务体 验。截至25Q1，销售门店达756 家，覆盖279 城，单店效率同比提升50%， ...

Group 1 - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [1] - Total revenue reached 10.02 billion yuan in Q1 2025, up 187.4% year-on-year, but down 25.6% quarter-on-quarter [1] - The gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, despite a decline in sales volume [1] Group 2 - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a notable collaboration with China FAW Group to develop new energy vehicles and components [1] - The B10 model, the company's first intelligent vehicle, received over 30,000 orders within 48 hours of its launch, indicating strong market demand [2] - The company aims to achieve total sales exceeding 500,000 vehicles in 2025, driven by the launch of new models such as B01 and B05 [2] Group 3 - The company is recognized as a quality new energy vehicle manufacturer, with a focus on cost-effective models priced mainly between 100,000 to 200,000 yuan [3] - Revenue forecasts for 2025-2027 have been revised upwards to 62.6 billion, 81.4 billion, and 99.9 billion yuan respectively, alongside increased net profit estimates [3] - The company maintains a "buy" rating based on its growth potential and market positioning [3]

机构：招银国际 We have turned more optimistic about its FY25E sales volume and earnings. We raise our FY25E sales volume forecast from 0.48mn units to 0.55mn units, given stronger-than-expected sales performance and order intake during Apr to May. We lift our FY25E GPM forecast from 11.2% to 12.1%, taking into account the contribution from strategic cooperation with other OEMs and better-than-expected cost reduction capabilities related to the Leap 3.5 architecture. Management indicated that the Leap 3.5 could cut ...

值得一提的是，这已是朱江明本月以来第二次辟谣。5月7日，朱江明曾发布视频辟谣网传其2024年薪达 到811.9万元。朱江明称，自己当前年薪为8万元，仅用于每月缴纳社保，并透露从零跑成立至今，其总 共领取的薪酬可能不到200万元。 资料显示，零跑汽车成立于2015年，2022年3月成功于香港上市。截至5月20日收盘，零跑汽车报62.2港 元/股，与开盘价持平，目前总市值约为831.59亿港元。今年以来，零跑汽车股价涨超90%。 5月20日，零跑汽车创始人、董事长朱江明发布视频并配文"零跑和我都很好"，回应坊间流传的去世传 闻。朱江明表示，作为创业者，以前要努力地证明零跑活着；现在零跑好了，还要证明自己还活着。 "昨天（5月19日）我很意外地收到很多朋友的问候，看到这谣言的时候很无奈。"朱江明指出，造谣很 容易，辟谣却很难，真心希望网络舆论能够更加的健康、清朗，这样才能在更公平有序的环境里安心、 踏实地做事。 后者助力零跑全球化。双方成立的合资公司"零跑国际"目前已触及欧洲、中东、非洲、亚太、南美等23 个国际市场。截至今年3月底，零跑国际已在海外建立超过500家销售与售后服务网点，环比增加超100 家，其中超9 ...