Summary of Leap Motor Conference Call Company Overview - **Company**: Leap Motor - **Industry**: Electric Vehicle (EV) Manufacturing Key Points and Arguments Sales Performance - In April 2025, Leap Motor sold 41,000 vehicles, maintaining the top position in wholesale sales among new force car manufacturers for two consecutive months, with a month-on-month increase of 4,000 units, primarily due to the complete delivery of the B10 model and significant growth in overseas sales, which reached 6,086 units, the highest among new forces [2][5] - During the May Day holiday, Leap Motor set a new record for order volume, with over 18,000 total orders from May 1 to May 5, and a single-day order exceeding 3,700 units on May 5, indicating strong market demand and potential for future sales growth [2][5] Product Development - The second new car from the B platform, the B01, was unveiled at the Shanghai Auto Show, positioned as a compact pure electric sedan with a competitive price and a range of 650 kilometers, equipped with advanced technologies including LIP3.5 architecture and high-performance chips [2][6] - The new C10 model has started pre-sales, featuring an improved range of 605 kilometers and a price range of 129,800 to 149,800 yuan, enhancing market competitiveness through price reduction and added features [2][6] Strategic Partnerships - Leap Motor signed a strategic cooperation memorandum with China FAW Group, focusing on joint development of new energy passenger vehicles and integration of component technologies, which is expected to positively impact the company's performance through authorized service income [2][7] Financial Projections - For 2025, Leap Motor anticipates sales of 500,000 to 600,000 vehicles, with revenue exceeding 60 billion yuan, and projections for 2026 reaching 100 billion yuan. The expected gross margin is between 10% and 12%, although actual performance typically exceeds guidance [4][12] - The company expects significant improvements in gross margin due to scale effects and cost reductions from the LIP3.5 platform, which is designed to lower production costs [3][12] Market Outlook - The company maintains a positive outlook for future sales, expecting stable monthly sales of 10,000 to 15,000 units for the B10 model and several thousand units for the B01 after its launch in July [4][8] - The new C10 model is projected to maintain strong sales momentum, supported by competitive pricing and enhanced features [9][10] Competitive Positioning - Leap Motor's products are positioned competitively against rivals such as BYD and XPeng, with the B01's range and pricing strategy aimed at capturing market share in the compact EV segment [6][11] Cost Management - The LIP3.5 platform is expected to reduce costs significantly through design optimizations and negotiations with suppliers, contributing to better profitability despite a competitive market environment [12] Additional Important Information - Leap Motor's overall sales strategy includes accelerating overseas expansion, with a focus on high-end models and localizing production to mitigate market disruptions [8][11] - The company has a robust pipeline of new models, including the B05 expected to debut at the Chengdu Auto Show in August 2025, which will further enhance its market presence [11]

Market Performance - The Shanghai and Shenzhen 300 Index increased by 2.00%, while the automotive sector rose by 1.85%, ranking 20th among A-share industries [1] - The SW passenger vehicle index saw a rise of 1.83%, whereas the SW commercial vehicle index decreased by 0.18% [1] - The SW automotive parts index increased by 2.42%, with Chengfei Integration and Wanxiang Qianchao leading the gains [1] Industry Highlights - Hongmeng Zhixing's total order volume during the May Day holiday increased by 100% year-on-year, surpassing 22,000 units [2] - Leap Motor achieved record high orders during the May Day holiday, exceeding 18,000 units, with a single-day order of over 3,700 units on the last day [2] - BYD's cumulative sales of new energy vehicles from January to April increased by 46.98%, totaling 1.3809 million units [2] - Chinese automakers are increasing their plug-in hybrid vehicle offerings in Europe to mitigate tariffs on pure electric vehicles [2] - Chery Automobile plans to raise approximately $1.5 billion through an IPO in Hong Kong [2] - SAIC Motor reported a year-on-year sales increase of 4.6% in April, marking four consecutive months of growth [2] - Geely plans to privatize Zeekr by acquiring all its shares, aiming for a complete merger [3] - BYD's registered capital increased from approximately 2.909 billion RMB to about 3.039 billion RMB [3] - BYD aims for 50% of its sales to come from overseas markets by 2030, focusing on expansion in Europe and Latin America [3] - UK automotive manufacturers will benefit from a 10% preferential tariff rate on exports to the US under a new trade agreement [3] - SAIC-GM-Wuling plans to adopt solid-state battery technology by 2027 [3] - iFlytek and Chery have established a joint venture to enhance collaboration in the automotive acoustic technology sector [3] - The Ministry of Industry and Information Technology is soliciting opinions on safety standards for automotive door handles [4] Future Outlook - The acceleration of electric and intelligent vehicle development among major automakers, combined with favorable policies, is expected to sustain steady growth in industry sales [5] - The inclusion of National IV heavy trucks in the subsidy program may catalyze domestic sales in the heavy truck sector [5] - Recommended companies for investment include BYD, Great Wall Motors, Leap Motor, and others in the passenger vehicle segment, as well as major players in the commercial vehicle and parts sectors [5]

Core Insights - Despite external environment fluctuations and inventory pressures, the car market showed positive trends in April due to government consumption promotion policies and various local initiatives [1][22] - The retail volume of passenger cars in April reached 1.755 million units, a year-on-year increase of 14.5%, while the cumulative retail volume for the year reached 6.872 million units, up 7.9% year-on-year [1][3] Wholesale and Production - In April, wholesale volume of passenger cars reached a historical high of 2.19 million units, a year-on-year increase of 10.7% [8] - Passenger car production in April was 2.23 million units, up 11.2% year-on-year, contributing to local economic growth [7][8] Inventory - Overall inventory in the industry increased by 120,000 units in the first four months of the year, contrasting with a decrease of 410,000 units in the same period last year [9][22] New Energy Vehicles (NEVs) - The retail penetration rate of NEVs reached 51.5% in April, with a year-on-year increase of 7 percentage points [15] - NEV production in April was 1.151 million units, a year-on-year increase of 40.3% [10][12] Brand Performance - Domestic brands accounted for 65.5% of retail sales in April, with a year-on-year increase of approximately 8 percentage points [4][20] - BYD, Geely, and Changan showed strong performance in the NEV sector, with significant increases in their market shares [19][20] Export Trends - In April, NEV exports reached 189,000 units, a year-on-year increase of 44.2%, accounting for 44.6% of total passenger car exports [16][17] - The export of self-owned brands reached 340,000 units, with a slight year-on-year increase of 0.1% [7][16] Market Outlook - The car market is expected to maintain stable growth in May, supported by ongoing consumption promotion policies and the upcoming Shanghai Auto Show [22][23] - The overall economic environment remains uncertain, influenced by external factors such as tariffs and trade policies [22][23]

Core Insights - The research and development (R&D) expenditures and R&D expense ratios of 13 listed automotive companies for the 2024 fiscal year have become focal points in the industry, reflecting their commitment to technological innovation and long-term competitiveness [1][6]. R&D Expenditures - BYD leads with a substantial R&D expenditure of 54.161 billion, indicating its strong commitment to innovation in the electric vehicle sector [1]. - SAIC Motor and Great Wall Motors follow with R&D expenditures of 21.813 billion and 14.465 billion, respectively [1]. - Haima Automobile's R&D expenditure is significantly lower at only 0.086 billion, highlighting a stark contrast with leading companies [1]. R&D Expense Ratios - BAIC Blue Valley has the highest R&D expense ratio at 33.62%, while NIO and Xpeng also exceed 15%, demonstrating their focus on R&D despite smaller revenue scales [3]. - SAIC Motor's R&D expense ratio is relatively low at 3.50%, placing it among the lower performers in this regard [3]. Sales Performance and Market Position - Companies with higher R&D expenditures, such as BYD, are experiencing steady sales growth, translating their R&D investments into market advantages [6]. - Great Wall Motors also maintains a certain market share in the SUV segment due to its significant R&D investments [6]. - Conversely, Haima Automobile's low R&D spending has resulted in weakened market competitiveness and poor sales performance [6]. Long-term Implications - Companies with low R&D expenditures may save costs in the short term but face significant long-term operational risks, including inadequate technological innovation and diminished product competitiveness [6][7]. - The automotive industry is rapidly evolving towards electrification, intelligence, and connectivity, making it crucial for companies to increase R&D investments to keep pace with industry trends [6][7]. - Low R&D investment can hinder brand image enhancement, as consumers increasingly value technological sophistication and innovation in vehicles [6][7]. Conclusion - The disparities in R&D expenditures and expense ratios among the 13 listed automotive companies are profoundly impacting their sales and future development [7]. - Companies with lower R&D investments must find a balance between short-term cost savings and long-term growth by increasing their R&D efforts to enhance competitiveness, or they risk being marginalized in a highly competitive automotive market [7].

校对： 李凌锋 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 5月7日晚间 ，针对近日网传的"零跑汽车董事长朱江明2024年薪811.9万元"，朱江明在个人视频号发 布了 一段接受采访的视频。 视频中，朱江明称自己当前年薪为8万元，仅用于每月缴纳社保，与网传年薪811.9万元信息不符。 朱江明还透露，从创立零跑到现在，自己总共领的薪酬可能不到200万元。 零跑汽车是浙江零跑科技股份有限公司旗下的科技型智能电动汽车品牌，成立于2015年12月24日。2019 年，零跑汽车被评选为独角兽企业。2021年，零跑获得谷歌Waymo 2021自动驾驶算法挑战赛第一名；零 跑C11获得2021中国十佳车身大奖"最佳结构奖"。 5月1日，零跑汽车公布的最新交付数据显示：4月交付量41039辆，同比增长173%。 综合自：九派新闻、朱江明个人抖音号 责编：李丹 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大 ...

Core Insights - The April sales data for various new energy vehicle companies shows a continued upward trend for both traditional brands and new car manufacturers, indicating a robust market performance during the holiday period [1] Traditional Brands' Performance - BYD sold over 380,100 new energy vehicles in April, with passenger car sales reaching 372,615 units, a year-on-year increase of 19.4%. The main brands, Dynasty and Ocean, contributed over 340,000 units, growing by 16.5% [2] - Geely's total sales reached 234,112 units in April, a 53% increase year-on-year. New energy vehicle sales reached 125,563 units, up 144%, accounting for 54% of total sales, marking a historical high [4] - Chery Group's total sales were 200,760 units, a 10.3% increase. New energy vehicle sales reached 61,223 units, up 85.5% [6] - Great Wall Motors' wholesale sales were 100,061 units, a 5.55% increase, with new energy vehicle sales at 28,813 units, up 28.42% [8] New Forces in the Market - Leap Motor achieved a delivery volume of 41,039 units in April, a 172% year-on-year increase, driven by its competitive pricing strategy and new model launches [9] - XPeng Motors maintained a delivery volume of over 30,000 units, reaching 35,045 units, a 273% increase, supported by the popularity of models like MONA M03 and P7+ [11] - Li Auto delivered 33,939 new vehicles, a 31.6% increase, with a total of 126,800 units delivered in the first four months, achieving 18% of its annual target [13] - Xiaomi Auto delivered over 28,000 units in April, indicating stable consumer demand, with new models expected to drive future growth [13] Other Notable Performances - GAC Aion's sales reached 28,301 units, showing year-on-year growth but a decline compared to the previous month [15] - Lantu Motors achieved sales of 10,019 units, a 150% increase, with plans to launch an upgraded model soon [17] - NIO delivered 23,900 vehicles in April, a 53% year-on-year increase, benefiting from promotional policies [17]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 存货和存货周转天数高企的车企往往面临着较大的经营风险。 近期，13 家上市车企 2024 年年报部分数据出炉，其中存货和存货周转天数这两项关键指标备受关注。这两项指标不仅反映了车企的库存管理水平，更对企 业的经营风险和未来发展有着深远影响。 存货是指企业在日常活动中持有以备出售的产成品或商品、处在生产过程中的在产品、在生产过程或提供劳务过程中耗用的材料和物料等。对于车企而言， 存货包括汽车成品、零部件以及在生产线上的半成品等。存货水平的高低直接关系到企业的资金占用和运营成本。 从存货数据来看，比亚迪以 1160.36 亿元的存货规模位居首位，上汽集团以 772.77 亿元紧随其后，长城汽车、吉利汽车和长安汽车的存货规模也均超过百 亿。而海马汽车的存货规模最小，仅为 4.27 亿元。这表明不同车企的生产规模和市场布局存在较大差异。比亚迪作为新能源汽车领域的领军企业，其较高 的存货规模可能与大规模的生产扩张以及应对市场需求的战略储备有关。而上汽集团作为传统汽车巨头，庞大的产品线和市场份额也导致了较高的存货水 平。 存货周转天数则是指企业从取 ...

Group 1: Transportation and Mobility Trends - The Ministry of Transport reported that during the Labor Day holiday from May 1 to May 5, the total cross-regional movement of people reached 1.46594 billion, averaging 29.319 million per day, a year-on-year increase of 7.9% compared to the same period in 2024 [1] - During the same holiday period, the application volume for the vehicle trade-in subsidy exceeded 60,000, driving new car sales to 8.8 billion [2] - Leap Motor announced that it achieved over 18,000 orders from May 1 to May 5, setting a new record, with over 3,700 orders on May 5 alone [7] Group 2: Automotive Industry Developments - Ford Motor Company projected a loss of $1.5 billion due to tariffs imposed by the U.S. government, leading to the withdrawal of its previous earnings forecast for 2025 [3] - Volvo's battery subsidiary, NOVO Energy, announced a 50% workforce reduction as part of a restructuring effort following the bankruptcy of its technology partner, Northvolt [4] - Chery Automobile plans to conduct an initial public offering (IPO) in Hong Kong, aiming to raise approximately $1.5 billion [8] Group 3: Strategic Partnerships and Innovations - Tesla stated that over 95% of the parts for its Model 3 and refreshed Model Y are produced in China [9] - WeRide and Uber announced an expansion of their strategic partnership, planning to deploy Robotaxi services in 15 new international cities over the next five years [11] - Xiaomi's automotive division rebranded its "Intelligent Driving" feature to "Assisted Driving" in response to national standards for driving automation [6]

Market Performance - The A-share market experienced a strong opening on May 6, with the Shanghai Composite Index closing above 3300 points, up by 1.13% to 3316.11 points [1][2] - The Shenzhen Component Index rose by 1.84% to 10082.34 points, while the ChiNext Index increased by 1.97% to 1986.41 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 166.8 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that saw significant gains included controllable nuclear fusion, rare earth permanent magnets, Hongmeng, and CPO, while a few sectors like banking experienced declines [1] International Market Overview - The U.S. stock market saw declines on May 6, with the Dow Jones Industrial Average falling by 0.95% to 40829.00 points, the S&P 500 down by 0.77% to 5606.91 points, and the Nasdaq Composite decreasing by 0.87% to 17689.66 points [2][4] - In Europe, the FTSE 100 index in the UK rose slightly by 0.01%, while the CAC40 in France and the DAX in Germany fell by 0.40% and 0.41%, respectively [2] Commodity Prices - International oil prices saw a notable increase, with light crude oil futures for June rising by $1.96 to $59.09 per barrel, a 3.43% increase, and Brent crude for July up by $1.92 to $62.15 per barrel, a 3.19% increase [3][4] Aviation Industry Insights - During the "May Day" holiday, China's civil aviation transported over 11.15 million passengers, averaging 2.23 million per day, marking an 11.8% increase compared to 2024 [8] - The demand for travel was strong, particularly between major urban clusters, with some regional airports experiencing passenger throughput growth exceeding 100% [8] Automotive Industry Trends - In April, BYD led the domestic new energy vehicle sales with 380,100 units, followed by Geely with 125,600 units, reflecting a 144% year-on-year increase [9] - The market is expected to see a surge in demand as new models are launched, supported by government incentives for vehicle trade-ins [9] Semiconductor and Technology Sector - The focus remains on intelligent driving chips within the new energy vehicle and smart driving sectors, with expectations for growth driven by increased industry penetration and improved profitability [10]

Group 1 - The salary of automotive executives has been revealed, with Li Xiang of Li Auto earning 639 million yuan, while Geely's Li Shufu only received 37,600 yuan [2][4] - Li Auto's Li Xiang's compensation consists of a base salary of 2.665 million yuan and a stock option incentive of over 636 million yuan due to the company's delivery target [2] - In comparison, the chairman of Xiaopeng Motors, He Xiaopeng, earned 1.676 million yuan, while the chairman of Leap Motor, Zhu Jiangming, received 8.119 million yuan [2][4] Group 2 - Alibaba's Tongyi Application Visual Team leader, Bo Liefeng, has left the company to join another internet giant as the head of the multimodal department [6] - The departure of Bo Liefeng follows a trend of key personnel leaving Alibaba's Tongyi Lab, including the voice team leader, Yan Zhijie [7] - The company has faced scrutiny over the mislabeling of battery types in its vehicles, specifically regarding the AITO M8 model, which was incorrectly labeled as using lithium iron phosphate batteries instead of ternary lithium batteries [7][8] Group 3 - JD.com has changed its recruitment rules for delivery riders, now covering all social insurance and housing fund costs, which amounts to approximately 2,000 yuan per month [12] - Zeekr has integrated its smart cockpit team into Geely's central research institute, while still using the ZEEKR AI OS system for its vehicles [19] - Tesla's Shanghai Gigafactory produces over 95% of the parts for the Model 3 and refreshed Model Y locally, collaborating with over 400 local suppliers [20] Group 4 - The U.S. is focusing on tracking "special supply chips" to China, with legislation proposed to monitor the location of Nvidia chips [24] - Shein and Temu are increasing their advertising spending in Europe as they shift focus from the U.S. market due to high tariffs [25][26] - Apple is reportedly considering a staggered release schedule for iPhones, with Pro models potentially launching ahead of standard models starting in 2026 [26][27]