Major Events - Double End Co., Ltd. plans to globally offer 58.557 million H-shares from August 18 to August 21, with San Shui Venture Capital as a cornerstone investor [1] - Sunac China intends to issue mandatory convertible bonds and adopt a team stability plan [1] - Ascentage Pharma-B received FDA and EMA approval for the global registration of its Phase III clinical trial for the treatment of high-risk MDS patients [1] - 361 Degrees' subsidiary entered into a strategic cooperation agreement with Stand [1] - Eagle Precision indicates that additional tariffs may impact its business and operations [1] - Green Leaf Pharmaceutical's clinical trial for the treatment of generalized anxiety disorder has completed patient enrollment in China [1] - Tian Tu Investment and HashKey Capital signed a strategic cooperation memorandum to establish a virtual asset investment fund [1] - China Rare Earth Holdings expects annual gold production from MtBundy and Cygnet gold projects to exceed 200,000 ounces [1] Operating Performance - Xinhua Insurance reported a cumulative original insurance premium income of 137.806 billion yuan in the first seven months, a year-on-year increase of 23% [1] - China Biologic Products announced mid-term revenue of 17.57 billion yuan, up 10.7% year-on-year [1] - Meitu Inc. reported a mid-term profit attributable to shareholders of 397 million yuan, a year-on-year increase of 30.84%, with strong growth in MAU and paid subscribers [1] - Xtep International reported a mid-term profit attributable to shareholders of 914 million yuan, a year-on-year increase of 21.47% [1] - Leap Motor achieved a net profit of 33.03 million yuan in the first half of the year, marking its first positive half-year net profit [1] - Hansoh Pharmaceutical reported a mid-term profit attributable to shareholders of 3.135 billion yuan, a year-on-year increase of 15.02% [1] - Kangzheng Pharmaceutical announced a mid-term profit attributable to shareholders of approximately 941 million yuan, a year-on-year growth of 3.38% [1] - Kelun-Bio reported mid-term revenue of 950 million yuan with R&D expenses of 612 million yuan [1] - Sinopec Oilfield Services reported a net profit of approximately 492 million yuan in the first half, a year-on-year increase of 9% [1] - Wanwu Cloud reported a mid-term profit attributable to shareholders of 792 million yuan, a year-on-year increase of 3.88% [1] - Yunfeng Financial expects a significant year-on-year increase of approximately 139% in net profit attributable to equity shareholders, estimated at around 480 million HKD for the first half [1] - United Pharmaceutical anticipates a mid-term net profit of approximately 1.85 billion yuan, a year-on-year increase [1] - Sipai Health reported a mid-term overall gross margin increase of 4.7 percentage points to 14.4% [1] - Orange Sky Golden Harvest expects a net profit attributable to shareholders of no less than 125 million HKD for the first half, marking a turnaround from loss to profit [1] - Baifu Global reported a mid-term profit attributable to shareholders of 391 million HKD, proposing an interim dividend of 0.25 HKD per share [1] - WuXi AppTec reported a mid-term profit attributable to shareholders of 746 million yuan, a year-on-year increase of 52.74% [1] - Joy City Property reported a total contract sales amount of approximately 2.749 billion yuan in the first half, a year-on-year decrease of 81.4% [1]

Summary of the Conference Call for Leap Motor Company Overview - **Company**: Leap Motor - **Industry**: Electric Vehicle (EV) Manufacturing Key Performance Metrics - **Total Deliveries**: 221,664 units in H1 2025, leading the new force brands in China, a year-on-year increase of 155.7% [2][4] - **Revenue**: CNY 24.25 billion in H1 2025, driven by increased sales volume and cost management [5] - **Net Profit**: CNY 0.3 billion, marking the first half-year profit for the company [4][5] - **Adjusted Net Profit**: CNY 3.3 billion, a significant improvement from a loss of CNY 20.2 billion in the previous year [5] - **Cash Reserves**: CNY 29.58 billion, indicating strong liquidity [2][6] Product and Technology Developments - **New Models**: Introduction of B05 and D series models planned for late 2025 [3][24] - **R&D Investment**: Increased focus on smart driving technologies, with a new 3.5 technology architecture and advanced chip integration [8][9] - **Smart Driving Breakthroughs**: Launch of city commuting navigation assistance and AR HUD technology in new models [9][10] Sales and Service Network Expansion - **Sales Network**: Coverage expanded to 286 cities with 860 sales and 461 service outlets, improving single-store efficiency by over 50% [11][12] - **Export Performance**: 20,375 units exported in H1 2025, leading among new force brands, with plans for localized production in Europe by 2026 [13][22] Financial Guidance and Market Strategy - **Sales Guidance**: Adjusted annual sales target to 580,000 - 650,000 units, with expectations for improved gross margins in H2 2025 [3][16][23] - **Gross Margin**: Expected to be around 14% to 15% for the full year, with improvements anticipated in H2 [17][23] - **Pricing Strategy**: Focus on technology and cost control, adhering to fair competition principles [20] Future Outlook - **2026 Sales Target**: Confidence in achieving 1 million units in annual sales, supported by new model launches and market expansion [25] - **Local Production in Europe**: Plans to establish a local production base in Europe to enhance competitiveness and market share [22][26] Environmental, Social, and Governance (ESG) Initiatives - **ESG Report**: Released third ESG report, achieving MSCI ESG double A rating for the second consecutive year [14] - **Charitable Contributions**: Donation of CNY 5 million to support projects for disabled individuals [15] Additional Insights - **Non-Vehicle Revenue**: Approximately CNY 1.1 billion from non-vehicle sales, with carbon credit trading contributing CNY 200-300 million [18][19] - **Impact of Policy Changes**: Anticipated minimal impact from the cancellation of the new energy vehicle purchase tax exemption on 2026 sales [36] This summary encapsulates the key points from the conference call, highlighting Leap Motor's performance, strategic initiatives, and future outlook in the electric vehicle industry.

Core Viewpoint - Leap Motor has achieved profitability in the first half of 2025, marking a significant turnaround from a loss in the same period last year, driven by increased sales and expansion into overseas markets [1][2][7]. Financial Performance - Profit: The company reported a net profit of 33 million RMB (approximately 4.6 million USD) for the first half of 2025, compared to a loss of 2.2 billion RMB in the same period last year [2][7]. - Revenue: Total revenue for the first half reached 24.25 billion RMB, representing a year-on-year increase of 174% [3][7]. - Gross Margin: The gross margin improved to 14.1%, up from 1.1% in the previous year, marking the highest semi-annual gross margin since the company's inception [3][7]. - Cash Flow: Operating cash flow increased significantly to 2.86 billion RMB from 270 million RMB year-on-year, with free cash flow turning positive at 860 million RMB compared to a negative 480 million RMB last year [3][14]. Sales Performance - Delivery Volume: Leap Motor delivered 221,664 vehicles in the first half of 2025, a year-on-year increase of 156%, making it the top-selling brand among new energy vehicle manufacturers in China [4][9]. - July Sales: In July alone, the company delivered over 50,000 vehicles, achieving a record high and a year-on-year growth of over 126% [5][9]. Product Development - Product Matrix: The company is experiencing a robust product cycle, with the C10 model achieving over 100,000 global deliveries within 13 months of its launch [9][10]. - Technological Advancements: Leap Motor's self-developed LEAP 3.5 architecture and advancements in smart driving technology have strengthened its competitive edge [11][10]. Global Expansion - International Sales: The company exported 20,375 vehicles in the first half of 2025, with a growing market share in Germany and plans for localized production in Europe by 2026 [12]. - Strategic Partnerships: Collaborations, such as with Stellantis, support Leap Motor's global strategy, including local assembly projects in Malaysia [12]. Cash Flow and Capital Expenditure - Cash Position: The company holds 29.58 billion RMB in cash and cash equivalents, indicating a strong liquidity position [3][14]. - Capital Expenditure: Capital expenditures for the first half amounted to 2 billion RMB, primarily for new factory equipment and production line upgrades [14][15].

Group 1 - The core viewpoint of the news is that Leap Motor has achieved significant financial milestones, including its first half-year net profit and leading sales among new car manufacturers in China [1] - In the first half of 2025, Leap Motor delivered 221,664 vehicles, marking a 155.7% increase compared to the same period in 2024, and achieved a revenue of 24.25 billion yuan, up 174% year-on-year [1] - The company reported a gross margin of 14.1%, the highest since its establishment, and positive operating cash flow, with cash reserves increasing to 29.58 billion yuan [1] Group 2 - Leap Motor launched new models in 2025, including two from the B platform and three from the C platform, with the C10 model achieving over 150,000 cumulative deliveries in 16 months and the C11 model exceeding 250,000 cumulative sales by June [1] - The B10 model was launched on April 10, 2025, with over 10,000 units delivered in the following month, and the B01 model received over 10,000 orders within 72 hours of its launch on July 24 [1] - In July 2025, Leap Motor's monthly sales surpassed 50,000 units, maintaining the top position in monthly sales among new car manufacturers for five consecutive months [1] Group 3 - Leap Motor has made advancements in its LEAP 3.5 technology architecture, integrating Qualcomm chips for enhanced driving assistance capabilities, and plans to further invest in technology development in the second half of 2025 [2] - The company has seen steady growth in overseas markets, with a cumulative export volume of 24,980 vehicles in the first seven months of the year, including over 4,000 orders from Europe in July [2] - Leap Motor has established around 600 sales and service outlets across approximately 30 international markets, with over 550 in Europe and nearly 50 in the Asia-Pacific region [2] Group 4 - In the domestic market, Leap Motor plans to expand its presence in blank cities, aiming to cover an additional 60 cities and counties by the end of 2025, increasing its coverage in prefecture-level cities to 90% [3]

Group 1 - The core viewpoint of the news is that Leap Motor has achieved significant growth in revenue and profitability in the first half of 2025, marking a milestone as the second Chinese new energy vehicle company to report a positive net profit for the first half of the year [2] - In the first half of 2025, Leap Motor reported revenue of 24.25 billion yuan, a year-on-year increase of 174.15%, and a net profit attributable to shareholders of 33 million yuan, a year-on-year increase of 101.49% [2] - The company delivered 221,664 new vehicles in the first half of 2025, ranking first among new energy vehicle brands in China, with a year-on-year growth of 155.7% [2] Group 2 - Leap Motor's gross margin reached 14.1%, the highest for the company since its establishment, and it has a strong cash position of 29.58 billion yuan [2] - The company was included in the 2025 Fortune China 500 list, being the only new energy vehicle company to enter the list, and achieved a monthly sales volume exceeding 50,000 units in July 2025 [2] - Leap Motor plans to launch two new models on the B platform and three refreshed products on the C platform in 2025, with the C10 model achieving over 150,000 global deliveries within 16 months of its launch [2] Group 3 - The C11 model, launched four years ago, has surpassed cumulative sales of 250,000 units as of June 2025, while the new C11 was launched on July 10, 2025 [3] - The B01 model, launched on July 24, 2025, received over 10,000 orders within 72 hours of its launch, and the C16 model, launched on June 18, 2025, has been the best-selling large SUV in its class for eight consecutive weeks [3] - Leap Motor is focusing on international markets as a second growth curve, leading the new energy vehicle brands in exports with 24,980 units from January to July 2025, particularly excelling in the European market [3]

Financial Data and Key Metrics Changes - In the first half of 2025, the company achieved a net profit of 30 million RMB, marking its first interim profitability and becoming the second EV startup to do so [6][9] - The gross profit margin reached a historical high of 14.1% in the first half of 2025, attributed to economies of scale, cost management, and product mix optimization [6][8] - Total income as of June was 24.25 billion RMB, with operating net cash increasing to 2.86 billion RMB compared to 270 million RMB in the same period of 2024 [9][10] - Free cash flow improved to 860 million RMB from a negative 480 million RMB year-on-year [9] Business Line Data and Key Metrics Changes - Total sales in the first half of 2025 were 221,664 units, up 155.7% compared to the same period in 2024, making the company the top startup EV brand in China [10] - In July, deliveries reached a new high of 50,129 vehicles, maintaining the number one position for five consecutive months [10][11] - The company marked cumulative deliveries of 800,000 vehicles since its IPO, with over 100,000 units delivered globally [11] Market Data and Key Metrics Changes - As of June, the company expanded its sales network to cover 286 cities, an increase of 88 cities from the previous year [19] - The company deployed 806 sales outlets, with same-shop performance exceeding 82% [20] - In June, the company's market share in Germany surpassed 1%, with over 4,000 European users placing orders in July, a historical high [25] Company Strategy and Development Direction - The company plans to continue investing in R&D, with a focus on achieving urban assisted driving by the end of 2025 [15][16] - New product launches include facelifts of existing models and the introduction of a high-quality sedan targeting young families [13][14] - The company aims to penetrate tier one and tier two cities while expanding into areas where it currently lacks presence [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sales guidance of 580,000 to 650,000 units for the full year, adjusting from the previous guidance of 500,000 to 600,000 units [33] - The company anticipates a slight increase in gross profit margin in the second half of the year, aiming for around 15% [49] - Management believes that the impact of the removal of purchase tax incentives will be minimal, similar to the previous year's experience with subsidy removal [90][92] Other Important Information - The company received an MSCI ESG double A rating for the second consecutive year, reflecting its commitment to environmental protection and corporate governance [27][28] - The company is exploring capital collaboration opportunities to enhance industrial resource synergies [24] Q&A Session Summary Question: What is the sales outlook for August and September? - Management expects significant growth in sales for August and September, with Q3 sales projected to be between 170,000 to 180,000 units [33] Question: What is the outlook for gross profit margin in subsequent quarters? - Management believes the gross profit margin will improve in the second half compared to the first half, maintaining above 14% [34] Question: How does the company plan to handle pricing strategy amid regulatory changes? - The company supports government efforts to curb industry chaos and will not engage in excessive competition, maintaining a strong gross profit margin through cost control [40][41] Question: What is the guidance on expenses as sales grow? - Management did not provide specific guidance on expenses but noted that the expense ratio is dropping as sales revenue increases [43] Question: What are the expectations for overseas sales and localized production? - The company expects to double overseas sales next year, with localized production in Europe planned for the B series model [44][45] Question: How will the removal of purchase tax incentives impact sales? - Management anticipates minimal impact from the removal of purchase tax incentives, similar to the previous year's experience with subsidy removal [90][92]

Financial Data and Key Metrics Changes - In the first half of 2025, the company achieved a net profit of 30 million RMB, marking its first interim profitability and becoming the second EV startup to do so [6][9] - The gross profit margin reached a historical high of 14.1% in the first half of 2025, attributed to economies of scale, cost management, and product mix optimization [6][8] - Total income for the first half was 24.25 billion RMB, with operating net cash increasing to 2.86 billion RMB compared to 270 million RMB in the same period of 2024 [9][10] - Free cash flow improved to 860 million RMB from a negative 480 million RMB year-on-year [9] Business Line Data and Key Metrics Changes - Total sales in the first half of 2025 were 221,664 units, a 155.7% increase compared to the same period in 2024, making the company the top startup EV brand in China [10] - In July 2025, deliveries reached a new high of 50,129 units, maintaining the number one position for five consecutive months [10][11] Market Data and Key Metrics Changes - The company expanded its sales network to cover 286 cities, an increase of 88 cities from the previous year, with 806 sales outlets established [19][20] - In June 2025, the company's market share in Germany exceeded 1%, with over 4,000 orders placed by European users in July [25][26] Company Strategy and Development Direction - The company plans to continue investing in R&D, with a focus on smart driving technologies and expanding its product lineup [15][16] - The company aims to achieve localized production in Europe and Malaysia by 2026, enhancing its global market presence [27][71] - The strategy includes deepening market penetration in tier three to tier five cities in China, capitalizing on the growing demand for new energy vehicles [66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revised full-year sales guidance of 580,000 to 650,000 units, based on strong performance in the first half and positive outlook for the second half [33][34] - The company anticipates a slight increase in gross profit margin in the second half, aiming for around 15% as it scales operations [49][50] - Management noted that the impact of the removal of the new energy vehicle purchase tax would be minimal, similar to the previous year's experience with subsidy removal [90][92] Other Important Information - The company has received an MSCI ESG double A rating for its commitment to environmental protection and corporate governance [28] - The company is exploring capital collaboration opportunities to enhance industrial resource synergies [24] Q&A Session Summary Question: What is the sales outlook for August and September? - Management expects significant growth in sales for August and September, with Q3 sales projected to be between 170,000 to 180,000 units [33] Question: What is the outlook for gross profit margin in subsequent quarters? - Management believes the gross profit margin will improve in the second half compared to the first half, maintaining above 14% [34] Question: How does the company plan to handle pricing strategy amid regulatory changes? - The company supports government efforts to curb industry chaos and will not engage in excessive competition, maintaining a strong gross profit margin through cost control [40][41] Question: What is the guidance on expenses as sales grow? - Management indicated that while absolute expenses are rising, the expense ratio is dropping rapidly due to increased sales revenue [43] Question: What are the expectations for overseas sales and carbon credit purchases? - Management expects overseas sales to double next year, with Stellantis likely to continue purchasing carbon credits [44][47] Question: How will the removal of the purchase tax impact sales and profitability? - Management anticipates minimal impact on sales due to the removal of the purchase tax, similar to the previous year's experience with subsidy removal [90][92]

Core Insights - Leap Motor (09863) reported a total vehicle delivery of 221,664 units for the first half of 2025, representing a 155.7% increase compared to the same period in 2024 [1] - Revenue reached RMB 24.25 billion, a year-on-year increase of 174.0% [1] - The gross margin improved to 14.1%, up 13 percentage points from 1.1% in the same period last year [1] - The net profit attributable to equity holders was RMB 33.03 million, marking a turnaround from a loss in the previous year [1] Revenue Growth Drivers - The increase in revenue was primarily driven by higher delivery volumes of vehicles and spare parts, revenue from strategic partnerships, carbon credit trading, and increased service income related to vehicle deliveries [1] Adjusted Profitability - Excluding share-based payments as part of employee benefits, the adjusted net profit for the six months ending June 30, 2025, was RMB 330 million, compared to a loss of RMB 2.02 billion for the same period in 2024 [1] Recent Performance - In July 2025, the company achieved a new delivery high of 50,129 units, maintaining the top position in sales among new energy vehicle brands in China for five consecutive months, and becoming the only new energy vehicle brand to exceed 50,000 monthly deliveries in 2025 [1] Financial Position - As of June 30, 2025, the company had a strong cash position, with cash and cash equivalents, restricted cash, financial assets at fair value through profit or loss, and bank deposits totaling RMB 29.58 billion [1]

Core Insights - Leap Motor (9863.HK) reported a significant increase in revenue and profitability for the first half of 2025, achieving operating income of 24.25 billion yuan, a 174% increase compared to the same period in 2024 [2] - The company recorded a net profit of 30 million yuan, marking a turnaround from a net loss of 2.21 billion yuan in the first half of 2024, indicating the first instance of positive net profit in a semi-annual report [2] - Leap Motor's gross margin for the first half of 2025 was 14.1%, up 13 percentage points from 1.1% in the same period of 2024 [2] - The company reported cash reserves of 29.58 billion yuan as of the end of the first half of 2025 [2]

报告期内，公司的收入达到了242.5亿元，同比增长174.0%，主要原因是，整车及备件交付量的增加， 战略合作、碳积分交易带来的收入增加，以及整车交付量增长带动相关服务收入的增加。毛利率为 14.1%，较2024年同期的1.1%提升13个百分点。 北京商报讯（记者 蔺雨葳）8月18日，零跑汽车发布2025财年中期业绩报告。2025年上半年，公司净利 润为0.3亿元，首次实现半年度净利润转正，成为中国造车新势力中第二家实现半年度盈利的企业。 ...