各位网友请教一下理想汽车： 25Q2业绩符合预期

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各位网友请教一下理想汽车： 25Q2业绩符合预期

2025-8-0

理想汽车： 25Q2业绩符合预期◆ 营收：2025Q2交付量111074辆，总收入302.5亿，同环比-4.5%/+16.7%，其中汽车销售收入288.9亿，同环比-4.7%/+17.0%，汽车ASP约26.0万元（25Q1约26.6万元，环比略下滑主要系L8/L9交付占比下降）；理想i8正处于产能爬坡阶段，目标9月底累计交付8000~1万台。◆ 毛利率：综合毛利率20.1%，同环比+0.6/-0.5pct，其中汽车毛利率19.4%，同环比+0.7/-0.3pct，环比微降主要系ASP下降。◆ 费用率：研发费用28.1亿元，同环比-7.2%/+11.8%，自研芯片正在进行车载测试，预计明年将部署于旗舰车型并交付；销售、一般及管理费用27.2亿元，同环比-3.5%/+7.4%，理想8月优化销售体系，预计后期销售体系效率将提升。表：理想汽车核心财务指标拆分（单位：亿元）毛利率/费用率/净利率同环比单位为pct◆ 风险提示：行业总量增长不及预期；行业价格战情况超出预期数据来源：公司公告，东吴证券研究所27营业收入/亿元车辆销售收入产品销售及服务收入营业成本/亿元毛利率/%毛利期间费用汽车销售毛利率/%187.9183.34.6产品销售及服务成本 -2.5442.7426.416.3259.3246.812.5302.5288.913.6286.5279.76.8-224.2-220.8-3.3428.7413.215.5-336.5-326.7-9.8417.3403.813.5-319.5-312.0-7.4256.3242.513.8-203.5-195.6-7.9346.8336.210.6-270.4-264.9-5.4316.8303.213.6-255.0-246.4-8.7-149.6汽车销售成本 -147.12023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 Q2同比 Q2环比-4.5% 16.7%-4.7% 17.0%0.1%9.0%-5.2% 17.3%-5.5% 17.5%4.5%12.3%20.4% 21.8% 22.0% 23.5% 20.6% 19.5% 21.5% 20.3% 20.5% 20.1% 0.6%-0.5%19.8% 21.0% 21.2% 22.7% 19.3% 18.7% 20.9% 19.7% 19.8% 19.4% 0.7%-0.3%38.3-1.8% 14.1%-35.0-5.4%9.6%研发费用 -18.5-7.2% 11.8%销售、行政及一般费用 -16.5-3.5%7.4%18.6% 16.5% 15.5% 16.2% 23.5% 18.4% 13.9% 12.4% 19.5% 18.3% -0.2% -1.2%9.9%-0.3% -0.4%8.8%0.1%-0.8%9.3-0.9% 68.0%净利率/% 5.0%0.1%1.1%14.1-2.3% 44.7%non-GAAP净利率/% 7.5%-1.0%0.9%8.1%8.4%7.3%7.8%28.256.68.1%13.6%34.745.910.0% 11.0%9.3%9.0%10.93.6%14.74.9%9.7%9.8%6.52.5%10.13.9%-353.0 -206.1 -241.8-342.5-232.7-10.5-198.0-8.1-9.18.5%8.1%22.98.0%27.39.5%5.4%6.9%35.28.0%40.49.1%9.6%8.9%11.03.5%15.04.7%6.0%7.8%28.16.6%38.59.0%62.4-47.4-24.3-23.176.4-53.6-28.2-25.497.9-67.6-34.9-32.752.8-60.3-30.5-29.811.9%11.6%5.92.3%12.85.0%61.8-58.4-30.3-28.292.2-59.5-25.9-33.689.7-54.8-24.1-30.853.2-50.4-25.1-25.360.7-55.3-28.1-27.2期间费用率/%研发费用率销售、行政及一般费用率归属普通股东净利润/亿元Non-Gaap净利润/亿元单车口径单车收入/万元单车毛利/万元单车利润/万元单车利润/万元（non-GAAP）销量/万辆34.96.91.82.75.332.36.82.63.28.732.06.82.73.310.530.67.04.33.513.230.25.80.71.68.027.95.21.01.410.927.05.71.82.515.326.95.32.22.515.926.65.30.71.19.326.05.11.01.311.1-6.9%-2.1%-3.5%-3.8%-3.2% 40.5%-4.5% 21.0%2.3%19.6%

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