新车周期强势，直营体系构建赋能销售。①坦克破圈：新坦克500 于8 月上市，对智驾及舒适性配置进 行升级，9 月销量超7000 辆（4-7 月稳态4000+辆），实现向泛越野/城市SUV 扩圈，后续新坦克400/700 有望进一步贡献增量。②WEY 产品矩阵扩充，直营体系构建：WEY 在仅交付高山8/9 的情况下，9 月 即获得MPV 市场亚军，随高山7 交付，有望带动销量上攻。同时，WEY 获销售资源赋能，将全面切换 为直营模式，截至10 月中旬直营门店已达430 家，到年底数量将进一步提升，将成为电动智能化转型的 增长引擎。 结构上，高端车系WEY 占比提升带动均价向上，Q3 单车ASP 达17.3 万元，同比+0.3%/环比+3.6%。而 利润端下滑核心为报废税到账延迟，Q3 政府补助仅2.0 亿元（Q2 高达25.3 亿元，环比-23.4 亿元）。费 用端，25Q3 合计费用率10.5%，同比-1.0pct/环比+0.2pct，销售/管理/研发/财务费用率环 比-0.5/-0.2/-0.5/+1.5pct。财务费用受汇率波动有所增加，其余均改善。 出海结构多元切换，非俄市场驱动高增。25Q3 海外销量 ...

Core Viewpoint - The company reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in profitability despite increased sales volume and improved margins [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 92.33 billion yuan, a year-on-year increase of 1.0%, while net profit attributable to shareholders was 6.34 billion yuan, down 10.2% year-on-year [1]. - For Q2 2025, revenue reached 52.32 billion yuan, with a year-on-year increase of 7.7% and a quarter-on-quarter increase of 30.7%. Net profit for the same quarter was 4.59 billion yuan, reflecting a year-on-year increase of 19.5% and a quarter-on-quarter increase of 161.9% [1]. Sales and Market Dynamics - The company sold 570,000 vehicles in H1 2025, a year-on-year increase of 1.9%, with Q2 sales reaching 313,000 vehicles, up 10.1% year-on-year and 21.9% quarter-on-quarter [2]. - The sales of high-end models increased, with the combined sales of WEY and Tank brands accounting for 26.5% of total sales in Q2, up 4.9 percentage points from Q1 [2]. Profitability and Cost Management - The average selling price (ASP) per vehicle in Q2 2025 was 167,000 yuan, up 7% from the previous quarter, contributing to a gross margin of 18.8%, which improved by 1 percentage point from Q1 [2]. - The overall operating expense ratio in Q2 was 10.3%, showing a slight decrease year-on-year and quarter-on-quarter, with specific expense ratios for sales, management, R&D, and financial costs reflecting mixed trends [2]. Global Expansion and Export Performance - The company exported 198,000 vehicles in H1 2025, a decrease of 1.9% year-on-year, primarily due to a decline in the Russian market, which saw a 56.0% drop [3]. - In Q2 2025, exports improved with 107,000 vehicles sold, a quarter-on-quarter increase of 17.5%, as non-Russian markets showed growth [3]. Product Development and Market Strategy - The company is accelerating its transition to electric and intelligent vehicles, with new models like the Tank 500 and WEY high-end MPVs expected to drive sales growth [4]. - The proportion of new energy vehicles reached 31.3% in Q2 2025, reflecting a year-on-year increase of 5.5 percentage points [4]. Future Outlook - The company anticipates revenue growth from 232.98 billion yuan in 2025 to 307.71 billion yuan in 2027, with net profit expected to rise from 14.20 billion yuan to 18.91 billion yuan over the same period [4].

Core Viewpoint - The C-AHI China Automotive Health Index was officially released at the 2025 China Automotive Research Annual Conference, highlighting the importance of vehicle interior environments on human health [1][3]. Group 1: C-AHI China Automotive Health Index - The C-AHI index focuses on the impact of vehicle interior environments on human health, assessing factors such as air quality, allergen resistance, and electromagnetic radiation [3]. - The WEY brand's new model, WEY Blue Mountain, achieved a five-star plus rating in the "Health Protection" dimension, scoring 96 points, and received five-star certifications in "Fresh Air" and "Green Travel" [1][3]. Group 2: WEY Blue Mountain's Health Features - WEY Blue Mountain's exceptional performance in health protection is attributed to its infant-grade interior health standards, utilizing low-emission eco-friendly materials to control harmful substances like formaldehyde and benzene [3]. - The interior materials of WEY Blue Mountain exhibit a 99.9% antibacterial rate against common bacteria and a 99.9% antiviral activity rate against H1N1 influenza virus, creating a mobile health protection barrier for users [3][6]. Group 3: Investment in Health Safety - WEY has invested 4 million yuan in a "Smell Safety Laboratory," equipped with advanced detection equipment to accurately measure harmful substances at levels as low as 0.1μg/m³ [5]. - The brand has established a "Golden Nose" team of olfactory engineers to conduct over 100 manual odor verifications throughout the product development cycle, ensuring comprehensive health control from material selection to vehicle delivery [6]. Group 4: Future Directions - The certification of WEY Blue Mountain not only reflects the brand's product philosophy of health equating to luxury but also emphasizes its commitment to user health as a core value [6]. - As consumer demands for interior environments continue to rise, WEY aims to lead the evolution of health travel standards through the integration of material science, production processes, and smart technology [6].