Core Insights - Leap Motor achieved a significant milestone by turning its first half-year net profit positive in 2025, becoming the second Chinese new car manufacturer to do so, indicating substantial progress in profitability [2] - The company reported a revenue of 24.25 billion yuan in the first half of 2025, a 174% increase from 8.85 billion yuan in the same period of 2024 [2] - Leap Motor's total delivery volume reached 221,664 units in the first half of 2025, marking a 155.7% increase year-on-year and positioning it as the top-selling new energy vehicle brand in China [2] Financial Performance - The gross margin for Leap Motor in the first half of 2025 was 14.1%, a significant improvement of 13 percentage points from 1.1% in the same period of 2024, achieving the highest gross margin since the company's inception [2][3] - The company reported a net cash flow from operating activities of 2.86 billion yuan and a free cash flow of 860 million yuan, providing a solid financial foundation for ongoing development [3] Product Performance - Leap Motor's B10 model launched in April 2025 exceeded 10,000 deliveries in its first month, while the C11 model surpassed 250,000 cumulative sales by June [3] - The C10 model achieved a cumulative delivery of over 150,000 units within 16 months of its launch, setting a record for the fastest sales milestone for any model in the brand's history [3] Market Expansion - Leap Motor exported 24,980 units from January to July 2025, leading among new car manufacturers in China, with over 4,000 orders from European customers in July alone [4] - The company established over 600 sales and service points across approximately 30 international markets, including more than 550 in Europe, setting a record for the speed of market entry among new energy vehicle brands [5] Future Outlook - The management expects to maintain a good gross margin trend in the second half of 2025, with a projected full-year gross margin of 14% to 15% [3] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a target of 170,000-180,000 units for the third quarter [5] - Leap Motor aims to challenge a sales target of 1 million units in the following year [6]

Group 1 - The Hong Kong stock market for the new energy vehicle sector has declined, with Xiaopeng Motors (09868.HK) dropping over 3% [1] - Other companies in the sector, including NIO (09866.HK), Li Auto (02015.HK), Great Wall Motors (02333.HK), and Leap Motor (09863.HK), also experienced declines [1]

智通财经APP获悉，零跑汽车(09863)涨超4%，高见71.65港元创上市新高。截至发稿，涨4.33%，报71.1 港元，成交额14.3亿港元。 小摩表示，尽管先前已经预期零跑2025年第二季度业绩强劲，但实际的盈利是预期的两倍。年初至今， 零跑车股价已上涨109%(MSCI中国汽车指数为20%)。小摩预计2026年销量同比增85%，零跑汽车股价 将进一步上涨。上调零跑汽车2026年6月底目标价至95港元，维持"增持"评级。花旗指出，对零跑汽车 开启90天上行催化剂观察，基于销量、毛利率、净利润的上调，目标价从86.4港元上调至100港元(相当 于2026年预测市盈率29.5倍)，评级"买入"。 消息面上，零跑汽车公布2025年中期业绩，收益为人民币242.5亿元，同比增加174.0%。毛利率为 14.1%，较2024年同期的1.1%提升 13个百分点。公司权益持有人应占净利润为人民币3303万元，同比扭 亏为盈。此外，2025年7月，公司交付量再次突破新高，达50,129台，连续5个月位居中国新势力品牌销 量榜首，也成为2025年以来唯一一家月交付量超5万台的中国新势力品牌公司。 ...

小摩表示，尽管先前已经预期零跑2025年第二季度业绩强劲，但实际的盈利是预期的两倍。年初至今， 零跑车股价已上涨109%(MSCI中国汽车指数为20%)。小摩预计2026年销量同比增85%，零跑汽车股价 将进一步上涨。上调零跑汽车2026年6月底目标价至95港元，维持"增持"评级。花旗指出，对零跑汽车 开启90天上行催化剂观察，基于销量、毛利率、净利润的上调，目标价从86.4港元上调至100港元(相当 于2026年预测市盈率29.5倍)，评级"买入"。 消息面上，零跑汽车公布2025年中期业绩，收益为人民币242.5亿元，同比增加174.0%。毛利率为 14.1%，较2024年同期的1.1%提升13个百分点。公司权益持有人应占净利润为人民币3303万元，同比扭 亏为盈。此外，2025年7月，公司交付量再次突破新高，达50,129台，连续5个月位居中国新势力品牌销 量榜首，也成为2025年以来唯一一家月交付量超5万台的中国新势力品牌公司。 零跑汽车(09863)涨超4%，高见71.65港元创上市新高。截至发稿，涨4.33%，报71.1港元，成交额14.3亿 港元。 ...

美银证券发表研报指，零跑汽车次季销售按年增166%，按季则升42%，大致符合预期；毛利率为 13.6%，较预测高出0.3个百分点；净利润为1.63亿元，胜预期。管理层将今年第三季的销量目标订为17 万至18万辆，并将全年销量目标由之前的50万至60万辆调升至58万至65万辆。由于新车与改款车型在下 半年的销售贡献较高，公司预期下半年的汽车毛利率将有所改善，混合毛利率目标是在今年达到14%至 15%。 该行上调零跑2025至2027年的销售预测9%、18%及17%，以反映公司成功发布更多产品，净利润预测分 别上调9%、38%及24%。该行对其目标价由79港元上调至90港元，重申"买入"评级。 ...

摩根大通发布研报称，上调零跑汽车(09863)2026年6月底目标价至95港元，维持"增持"评级。小摩将零 跑2025/2026年的预测分别调高29%/3%，并调高目标价至95港元。同时认为广汽集团(02238)和中升控股 (00881)也是2026年股价可望强劲的潜力股。 小摩指，尽管先前已经预期零跑2025年第二季度业绩强劲，但实际的盈利是预期的两倍。年初至今，零 跑车股价已上涨109%(MSCI中国汽车指数为20%)。小摩预计2026年销量同比增85%，零跑汽车股价将 进一步上涨。 ...

报告提到，零跑次季销售同比增166%，按季则升42%，大致符合预期;毛利率为13.6%，较预测高出0.3 个百分点;净利润为1.63亿元人民币，胜预期。零跑的管理层将今年第三季的销量目标订为17万至18万 辆，并将全年销量目标由之前的50万至60万辆，调升至58万至65万辆。由于新车与改款车型在下半年的 销售贡献较高，公司预期下半年的汽车毛利率将有所改善，混合毛利率目标是在今年达到14%至15%。 至于海外市场，公司维持今年的销量目标约5万辆。 美银证券发布研报称，上调零跑汽车(09863)2025至2027年的销售预测9%、18%及17%，以反映公司成 功发布更多产品。同时，该行调升公司毛利率预测0.6、1.1及0.9个百分点。该行将期内净利润预测分别 上调9%、38%及24%，目标价由79港元相应升至90港元，重申"买入"评级。 ...

Core Viewpoint - Morgan Stanley has raised the target price for Leap Motor (09863) to HKD 95 by mid-2026, maintaining an "Overweight" rating, indicating strong future performance expectations for the company [1] Group 1: Company Performance - Leap Motor's earnings for Q2 2025 were double the previous expectations, showcasing stronger-than-anticipated financial performance [1] - Year-to-date, Leap Motor's stock price has increased by 109%, significantly outperforming the MSCI China Automotive Index, which rose by 20% [1] Group 2: Future Projections - Morgan Stanley has increased its sales forecasts for Leap Motor by 29% for 2025 and by 3% for 2026, projecting an 85% year-on-year sales growth for 2026 [1] - The target price adjustment reflects confidence in Leap Motor's continued stock price appreciation [1] Group 3: Other Potential Stocks - Morgan Stanley also identifies GAC Group (02238) and Zhongsheng Holdings (00881) as potential strong performers in 2026 [1]

Core Viewpoint - Citigroup forecasts that Leap Motor's Q3 sales will increase from 134,000 units in Q2 to between 170,000 and 180,000 units, driven by strong sales momentum and improved profit margins [1] Sales Forecast - Q3 sales are projected to be approximately 60,000 units in August and 64,000 to 65,000 units in September [1] - Sales forecasts for 2025 to 2027 have been raised from 560,000, 1,050,000, and 1,440,000 units to 600,000, 1,200,000, and 1,800,000 units respectively [1] Profitability Expectations - Net profit margin is expected to rise from 1.1% in Q2 to between 1.5% and 2% or higher due to increased sales [1] - Net profit forecasts have been adjusted upward by 11% to 26% to reach 1.1 billion, 4.17 billion, and 6.32 billion yuan for 2025, 2026, and 2027 respectively [1] Margin Improvement - Gross margin forecasts have been increased by 2.4 to 4.8 percentage points to 14.8%, 15.4%, and 15.5% due to scale effects from higher sales assumptions [1] Target Price Adjustment - Citigroup has raised the target price for Leap Motor from 86.4 HKD to 100 HKD, corresponding to a projected P/E ratio of 29.5 times for 2026 [1] - The company is under a 90-day upward catalyst observation based on the adjustments in sales, gross margin, and net profit [1]

Group 1 - Citic Securities raised the target price for Leap Motor (09863) by 11.1%, from HKD 72 to HKD 80, maintaining an "Outperform" rating [1] - Leap Motor is expected to achieve a profit of approximately RMB 33 million in the first half of 2025, exceeding the breakeven expectation [1] - The annual sales target has been increased from 500,000-600,000 units to 580,000-650,000 units, driven by strong new car orders in August, with further growth anticipated from July's 50,000 units [1] Group 2 - Citic Securities forecasts that with the launch of more new models, Leap Motor's total sales will reach 900,000-1,000,000 units by 2026, with a profit margin expected to be between 2% and 3% (RMB 2,000-3,000 per vehicle) [1] - Sales forecasts for 2025 and 2026 have been revised upward to 608,700 and 946,000 units, respectively [1]