Core Viewpoint - A rumor regarding the death of Leap Motor's founder and chairman, Zhu Jiangming, circulated online, which he publicly refuted through a video statement, emphasizing the challenges of dispelling false information [1] Group 1 - Zhu Jiangming confirmed the rumor about his death is false and expressed his frustration over the situation, highlighting the difficulties faced by entrepreneurs in proving their existence and success [1] - The company recently released its Q1 2025 financial report, which exceeded expectations, indicating strong performance [1] - Zhu Jiangming received numerous messages of concern from friends after the rumor spread, reflecting the impact of such misinformation on personal and professional relationships [1]

Group 1: New Model Launches - The new Zhiji L6 has been launched with a price range of 204,900 to 264,900 yuan, featuring an 800V high-voltage platform and four-wheel steering as standard [1][3] - NIO's new ES6 and EC6 models are priced starting at 338,000 yuan and 358,000 yuan respectively, with features like NAPPA leather seats and a 29% improvement in ride comfort due to suspension tuning [7][9] - The new Leap Motor C10 offers five models with a price range of 122,800 to 142,800 yuan, featuring a 74.9 kWh battery and a CLTC range of 605 km [12][14] - The new Geely Boyue L is priced between 99,900 and 126,900 yuan, equipped with AI technology and the Flyme Auto system [15][18] - The all-new XPeng P7 has been revealed with a design that emphasizes a sporty and technological feel, featuring a 15.4-inch control screen and advanced AI capabilities [19][20] Group 2: Market Competition - The new Zhiji L6 faces competition from popular models like the Xiaomi SU7 and Tesla Model 3, with the latter benefiting from a five-year interest-free policy [5] - NIO's new models must compete not only with Tesla's Model Y but also with emerging competitors like Zeekr 7X and Avita 07 [11] - Leap Motor C10 competes with the Deep Blue S07 and BYD Song L EV in the electric vehicle market [14] - The compact SUV market is highly competitive, with Geely's Boyue L facing pressure from numerous brands offering both fuel and hybrid models [18] Group 3: Industry Challenges - Hozon Auto's parent company, Hezhong New Energy, is facing bankruptcy scrutiny, with accumulated losses of 18.3 billion yuan [22][24] - Nissan announced plans to cut 20,000 jobs and close seven factories globally due to a net loss of 670.9 billion yen for the fiscal year ending March 2024 [33][36] - NIO is undergoing organizational restructuring to enhance resource integration and management efficiency amid financial pressures and market competition [29] Group 4: Financial Developments - CATL is set to launch an IPO in Hong Kong, potentially raising 4 to 5 billion USD, aimed at expanding its production capacity in Europe [30][32] - Tesla has applied for the "TESLA OPTIMUS" trademark, indicating plans to produce humanoid robots with a target price of 20,000 to 30,000 USD [37][39]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 81.15 [7][8] Core Insights - The company reported Q1 2025 revenue of RMB 10.02 billion, a year-on-year increase of 187.1%, and a gross margin of 14.9%, marking a new high [1][2] - The strong sales growth in Q1 is attributed to the delivery of 87,552 vehicles, a 162.1% increase year-on-year, and an improved product mix with higher-priced models [2][3] - The company is expected to enter a strong new car cycle in 2025, with multiple new models launching and an accelerated overseas expansion [3][4] Revenue and Profit Forecast - Revenue projections for 2025-2027 are RMB 68.71 billion, RMB 91.41 billion, and RMB 116.66 billion, respectively, with net profits expected to be RMB 0.35 billion, RMB 2.04 billion, and RMB 4.31 billion [4][19] - The report anticipates that the company will achieve profitability in 2025, driven by high sales volume and improved gross margins [1][4] Market Expansion and Strategic Partnerships - The company has established 756 stores covering 279 cities as of Q1 2025, with plans to expand to 80 more cities by the end of the year [3] - The overseas market expansion is progressing, with over 500 outlets established and local assembly in Malaysia expected to start by the end of 2025 [3][4] - Strategic partnerships with Stellantis and China FAW are expected to contribute to revenue growth [3]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported Q1 2025 revenue of 10.02 billion RMB, a year-over-year increase of 187.1%, and a gross margin of 14.9%, marking a new high [1][2] - The strong sales growth in Q1 is attributed to a significant increase in vehicle deliveries, with 87,552 units sold, up 162.1% year-over-year [2] - The company is expected to enter a new vehicle cycle in 2025, supported by strategic partnerships and cost management initiatives, leading to sustained revenue growth and profitability [1][3] Summary by Sections Revenue and Profitability - Q1 2025 revenue reached 10.02 billion RMB, with a gross margin of 14.9%, reflecting a 16.1 percentage point increase from the previous quarter [2] - The company aims for annual profitability in 2025, with projected revenues of 68.71 billion RMB, 91.41 billion RMB, and 116.66 billion RMB for 2025, 2026, and 2027 respectively [4] Vehicle Delivery and Market Expansion - The company delivered 87,552 vehicles in Q1 2025, significantly boosting revenue [2] - The company plans to launch three new models in 2025 and expand its distribution network, targeting an additional 80 cities by the end of the year [3] Strategic Initiatives - The company is enhancing its overseas market presence, with over 500 overseas outlets established and plans for local assembly in Malaysia by the end of 2025 [3] - Strategic collaborations with Stellantis and other partners are expected to contribute to revenue growth [3] Valuation and Price Target - The target price is set at 81.15 HKD, reflecting a 10% premium based on the anticipated strong vehicle cycle and strategic initiatives [4][8]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][7]. Core Insights - Leapmotor achieved a record-high gross margin of 14.9% in Q1 2025, with revenue reaching RMB 10.02 billion, reflecting a year-on-year growth of 187.1% driven by a 162% increase in vehicle deliveries and improved product mix [4][12]. - The company significantly narrowed its net loss to RMB 130 million, outperforming market expectations due to margin expansion outpacing operating expense growth [12][4]. - Leapmotor's domestic deliveries soared to 87,552 units in Q1 2025, up 162.1% year-on-year, with plans for further expansion in both domestic and international markets [5][13]. Financial Performance Summary - Revenue projections for Leapmotor are RMB 67.6 billion in 2025, RMB 81.2 billion in 2026, and RMB 102.5 billion in 2027, with net profits expected to be RMB 0.6 billion, RMB 3.5 billion, and RMB 6.0 billion respectively [7][15]. - The gross profit margin is expected to improve from 14.0% in 2025 to 18.1% in 2027, indicating a positive trend in profitability [10][15]. - The company has a strong cash position with RMB 25.7 billion in cash as of March 31, 2025, supporting its growth initiatives [12][4]. Market Position and Strategy - Leapmotor's new C10 model features significant upgrades, including a 12% increase in range and enhanced driving dynamics, which are expected to strengthen its competitive position in the market [6][14]. - The company plans to increase its sales outlets and service centers, aiming for a 90% coverage in prefecture-level cities by the end of 2025 [5][13]. - Leapmotor's strategy focuses on a closed-loop business model that leverages scale to reduce costs and enhance market share, driving further product iterations and competitiveness [6][14].

每经记者｜孙磊 每经实习编辑｜余婷婷 零跑汽车今年第一季度的成绩单出炉。 5月19日晚，零跑汽车发布2025年一季度财报。报告期内，零跑汽车实现营收100.2亿元，同比增长187.1%。零跑汽车方面表示，营收同比增长主要由于销量 增加。数据显示，零跑汽车今年一季度汽车交付量为87552辆，较2024年同期增长162.1%。 从净利润方面来看，零跑汽车今年一季度亏损1.3亿元，较2024年同期亏损11.3亿元大幅收窄。零跑汽车方面解释道，亏损收窄的主要原因是毛利改善水平高 于费用开支的增加。 此外，财报数据显示，零跑汽车今年一季度的研发开支为8.0亿元，较2024年同期的5.2亿元增加53.8%。"公司将持续加大资源投放，预计今年在智驾方面总 投入8亿元，同时引入智能驾驶领域的优秀人才。"零跑汽车副总裁李腾飞在财报电话会上表示。 此外，李腾飞还补充道："二季度新品的定价是基于全年毛利率目标而来。从销量来看，我们整体的趋势还是非常好，预估二季度的销量在13万至14万辆。 基于毛利率和销量的预测，我们预计在二季度实现当季的盈亏平衡。" 图片来源：每经记者 孙磊 摄 就2025年全年毛利率而言，李腾飞表示公司的目标是 ...

Investment Rating - The report maintains a "Buy" rating for Leapmotor, indicating a potential return exceeding 15% over the next 12 months [4][18]. Core Insights - Leapmotor's Q1 2025 net loss of RMB 130 million exceeded previous expectations, driven by an increase in average selling price (ASP) and gross profit margin (GPM), along with unexpected contributions from strategic partnerships [1][2]. - The sales volume forecast for FY25 has been raised by 15% to 550,000 units, reflecting strong sales performance and order volume from April to May [3][4]. - The GPM for Q1 2025 improved by 1.6 percentage points to 14.9%, attributed to strategic cooperation with FAW and effective cost reduction efforts [2][3]. Financial Performance Summary - Revenue projections for FY25 have been increased to RMB 58.993 billion, with a year-on-year growth rate of 83.4% [5][13]. - The net profit forecast for FY25 has been adjusted from a loss of RMB 98 million to a profit of RMB 118 million, with significant profit growth expected in FY26 [4][13]. - The GPM for FY25 is now projected at 12.1%, up from 11.2%, reflecting enhanced cost management capabilities [3][13]. Valuation and Target Price - The target price has been raised from HKD 50.00 to HKD 72.00, based on a price-to-sales ratio of 1.5 times for FY25 [4][6]. - The report highlights a significant improvement in market sentiment and profit outlook for Leapmotor, supporting the revised target price [4][6]. Shareholder Structure - Major shareholders include Mr. Jiangming Zhu with 25.0% and Stellantis N.V. with 21.3% [7]. Stock Performance - Leapmotor's stock has shown strong performance, with a 1-month absolute return of 38.4% and a 6-month return of 106.3% [8].

金十数据整理：每日港股市场要闻速递（5月20日 周二） 2. 阿里健康(00241.HK)：截至2025年3月31日止，实现营收305.98亿元人民币，同比增长13.2%；经调整 后利润净额19.5亿元人民币，同比增幅35.6%。 3. 零跑汽车(09863.HK)：一季度收入100.2亿元人民币，同比增长187.1%；毛利率创历史新高，达 14.9%。 重要新闻 1. 中国央行将一年期、五年期LPR均下调10个基点。 个股新闻 1. 宁德时代(03750.HK)今日港交所挂牌，昨日的暗盘收涨8.29%，报284.8港元，成交4.6亿港元。按一手 100股算，账面赚2180港元。 6. 顺丰控股(06936.HK)4月速运物流业务、供应链及国际业务合计收入为239.15亿元，同比增长 12.42%。 7. 交个朋友(01450.HK)与百度优选战略合作，罗永浩5月23日晚首播。 8. 中国平安保险(集团)股份有限公司增持农业银行(01288.HK)7446.738万股，每股作价5.0717港元，总 金额约3.78亿港元。 4. 阿里影业(01060.HK)：截至2025年3月31日止，实现营收67.02亿元人 ...

Group 1 - CICC expects companies like Mixue Group (02097) and Bruker (00325) to be included in the Hong Kong Stock Connect list following the recent adjustments to the Hang Seng Index [1] - Horizon Robotics, listed in October last year, has met the requirements for inclusion in the Hong Kong Stock Connect after being added to the Hang Seng Index in February [1] - CICC estimates that passive fund inflows for companies like ZTO Express and NetEase will be significant, with expected inflows of $128 million and $218 million respectively [1] Group 2 - The Nasdaq Golden Dragon China Index fell by 0.17%, while major US indices showed slight gains, with the Dow Jones up 0.32% [2] - Notable gains were seen in the pharmaceutical and precious metals sectors, with Novavax rising over 15% [2] - The Hang Seng Index ADR increased by 0.52%, indicating a positive sentiment in the Hong Kong market [2] Group 3 - The World Health Organization's Director-General emphasized the need for global cooperation to address unprecedented public health challenges during the 78th World Health Assembly [3] - The WHO faces a budget shortfall of $1.7 billion over the next two years, which poses a significant challenge to its global health mission [3] Group 4 - Huawei's HarmonyOS-powered personal computers were officially launched, marking a significant breakthrough for domestic operating systems in the PC sector [4] - The HarmonyOS computers support over 1,100 external device connections and have adapted over 1,000 applications [4] Group 5 - Shandong Xinhua Pharmaceutical received approval for the listing of Eicosapentaenoic Acid Ethyl Ester, marking a significant milestone in its product development [5] - The approval was granted by the National Medical Products Administration after the company submitted its application in June 2023 [5] Group 6 - Huaxing Capital announced the successful listing of its portfolio company, Weigao Blood Purification Products, on the Shanghai Stock Exchange [6] - Tian Cai Holdings is negotiating to provide instant delivery systems for major online supermarkets, enhancing its service offerings [6] Group 7 - BYD established its European headquarters in Hungary, reinforcing its commitment to long-term development in Europe [7] - The establishment of the headquarters signifies deep integration with the local automotive industry [7] Group 8 - New China Life Insurance was approved to participate in the third batch of long-term investment reform trials, aiming to enhance capital market development [8] - The company plans to establish the third phase of the Honghu Fund to facilitate long-term investments [8] Group 9 - Jianbei Miao Miao expects a significant increase of at least 50% in its annual net profit attributable to shareholders for the fiscal year ending March 31, 2025 [9] Group 10 - Leap Motor reported a revenue of 10.02 billion yuan for Q1 2025, representing a year-on-year growth of 187.1% [10] - The growth was driven by a 162.1% increase in sales volume and a 4.9% increase in revenue per vehicle [10] Group 11 - Alibaba Health reported a 13.2% increase in revenue to 30.598 billion yuan for the fiscal year ending March 31, 2025, with adjusted net profit rising by 35.6% [11] - The company achieved a profit attributable to shareholders of 1.432 billion yuan, marking a 62.14% increase [11] Group 12 - Alibaba Pictures reported a 33% increase in revenue to 6.702 billion yuan for the fiscal year ending March 31, 2025, with a net profit attributable to shareholders of 364 million yuan [12] Group 13 - Trip.com Group reported a net operating revenue of 13.8 billion yuan for Q1 2025, reflecting a 16% year-on-year increase [13] - The net profit attributable to shareholders remained stable at 4.3 billion yuan compared to the previous year [13] Group 14 - CSPC Pharmaceutical received FDA fast track designation for its CPO301 drug, aimed at treating advanced non-small cell lung cancer [14] - The drug has also been approved for clinical trials in China [14]

Group 1 - Leapmotor's Q1 revenue exceeded 10 billion, with a gross margin of 14.9%, surpassing market expectations [2] - HarmonyOS computer officially launched, marking a significant breakthrough for domestic operating systems in the personal computer sector [2] - The successful launch of the Ceres-1 sea-launched remote five carrier rocket [2] Group 2 - Douyin initiates "AI Account Creation" special governance action, focusing on rectifying the use of AI to generate vulgar and bizarre videos [2] - Nvidia is in talks to invest in quantum technology startup PsiQuantum [2] - Xiaomi's strategic new product launch event is scheduled for May 22, set to unveil the "Xuanjie O1," which utilizes second-generation 3nm process technology [2] - Qualcomm plans to launch a data center processor that can connect with Nvidia chips [2] Group 3 - Jensen Huang announced that Nvidia will launch the next-generation GB300 AI system in Q3 and will build an AI supercomputer in Taiwan, with DGX Spark already in full production [1]