新京报贝壳财经讯9月27日，零跑汽车回应公司被列为失信被执行人时表示，零跑汽车已关注到关于我 司因业务纠纷被强制执行的报道，对此我们高度重视。这是我司与广州首汽汽车服务有限公司的一起合 同纠纷。零跑已于2024年6月25日，在调解书确定的履行期限内足额支付了全部款项3618085.25元。对 于尚未解决的车辆过户事项，公司正在和广州首汽汽车服务有限公司积极磋商，推动妥善解决。零跑汽 车目前一切运转正常。 ...

零跑汽车今日就 "被列为失信被执行人" 一事发布声明回应。 下载财联社APP获取更多资讯 准确 快速 权威 专业 零跑汽车表示，该事件系公司与广州首汽汽车服务有限公司的一起合同纠纷， 零跑已于2024年6月25日，在调解书确定的履行期限内足额 支付了全部款项3618085.25元。 对于尚未解决的车辆过户事项，零跑汽车正在和广州首汽汽车服务有限公司积极磋商，推动妥善解决。同时，零跑汽车强调公司目前一切运 转正常。 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

【#零跑汽车创始人朱江明被限消#】据中国执行信息公开网，9 月 25 日，广州市白云区人民法院将浙 江零跑科技股份有限公司和其全资子公司凌跑汽车商贸有限公司（以下简称"凌跑汽车商贸"）列为失信 被执行人，案号为（2025）粤 0111 执 13502 号，执行依据文号为（2023）粤 0111 民初 25175 号。 执行信息公开网 司法为民 可法使民 a 首页 ■ 执行公开服务 | 被执行人 | | --- | | 被执行人姓名/名称: 浙江零跑科技股份有限公司 | | 身份证号码/组织机构代码: 91330000MA****1W95 | | 执行法院： 广州市白云区人民法院 | | 立案时间: 2025年06月17日 | | 案号: (2025) #0111执13502号 | | 执行榜的: 0 | | 失信被执行人 | | | --- | --- | | 被执行人姓名/名称: 浙江零德科技股份有限公司 | | | 身份证号码/组织机构代码: 91330000MA**** 1W95 | | | 执行法院: 广州市白云区人民法院 | | | 省份: 广东 | | | 执行依据文号: | (2023) @01 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [1] Core Insights - Since Q2 2024, companies like Geely, Leapmotor, Xiaopeng, and Xiaomi have seen continuous growth in sales and market share, while leading companies have lost market share [5][11] - The growth of new entrants is primarily at the expense of leading companies such as BYD and Tesla, which saw their market shares decrease by 5.1% and 2.3% year-on-year, respectively [5][15] - The scale effect is becoming evident, with Leapmotor and Xiaopeng showing significant improvements in gross margins, reaching 13.6% and 17.3% respectively in Q2 2025, while Xiaomi's gross margin is at 26.4% [5][19] - Companies like Leapmotor, Xiaopeng, and Xiaomi are expected to achieve breakeven on a quarterly basis within the year, with annual sales around 500,000 units likely to lead to single-vehicle profitability [6][24] Sales Trends - The introduction of cost-effective models by Geely, Leapmotor, and Xiaopeng has driven rapid sales growth, with new entrants achieving quarterly sales between 80,000 to 130,000 units [7][11] - The market share of leading companies has been eroded, with a significant portion of growth coming from the exit of weaker competitors [11][15] Revenue Trends - Companies with increasing market shares, such as Geely, Xiaopeng, and Leapmotor, reported revenue growth rates of 41%, 125%, and 166% year-on-year in Q2 2025 [16] - BYD, despite a decline in market share, maintained a revenue growth of 15% year-on-year [16] Gross Margin - The gross margins of new entrants like Xiaopeng and Leapmotor are improving due to scale effects, with margins approaching normal industry levels [19] - Traditional automakers are facing declining gross margins due to the transition to electric vehicles, with some companies like GAC reporting negative margins [19][20] Operating Expenses - Leapmotor and Xiaopeng have seen a significant reduction in per-vehicle operating expenses due to scale effects, with combined R&D, sales, and management expense ratios around 23.9% and 23.1% respectively in Q2 2025 [21] Single Vehicle Profitability - Companies like Xiaopeng and Xiaomi are nearing breakeven points, with Leapmotor already close to breakeven in Q2 2025 [24] - Annual sales of approximately 500,000 units are projected to lead to single-vehicle profitability for these companies [24]

Investment Rating - The report rates the automotive industry as "Positive" [4] Core Insights - The adjustment of the vehicle replacement policy will slightly weaken demand, but the reduction in vehicle purchase tax will promote early purchases, leading to a competitive demand scenario in Q4. As of September 10, 2025, the number of applications for vehicle replacement reached 8.3 million, indicating a significant policy-driven effect. Despite the adjustments in the replacement policy, the pressure from the tax reduction is expected to encourage consumers to purchase new energy vehicles earlier. The report forecasts that China's new energy vehicle sales will reach 16.25 million units in 2025, representing a year-on-year growth of approximately 26% [2][18]. Monthly Focus - The adjustment of the vehicle replacement policy has increased application difficulty. Since June, applications for vehicle replacement have been suspended due to the exhaustion of funds, but recent funding has led to adjustments in the policy across various regions. The adjustments mainly include changes in application methods and subsidy standards, with some regions reducing the subsidy amount per vehicle [14][15]. - There is a significant funding gap for Q4, as the distribution of funds does not account for seasonal consumption patterns. The central government will allocate 69 billion yuan for Q4, which is the same as Q3, but the demand for vehicle consumption is typically stronger in the second half of the year, leading to an amplified funding gap for Q4 [16][17]. Key Data Tracking - In August, the sales of new energy vehicles in China reached 1.4 million units, a year-on-year increase of 27%. The penetration rate for new energy vehicles was 49%, remaining stable compared to the previous month. However, the sales of plug-in hybrid vehicles (PHEVs) experienced a decline for two consecutive months, primarily due to pressure on sales from major manufacturers [20][28]. - The report highlights that commercial vehicles and exports continue to maintain high growth rates, with new energy commercial vehicle sales in August reaching 70,000 units, a year-on-year increase of 52% [34][35]. - The report also notes that the export of new energy vehicles has been robust, with August exports reaching 224,000 units, a year-on-year increase of 104% [46][48]. Industry and Company Changes - The report indicates progress in the overseas production capacity of automotive companies, with several manufacturers establishing production bases in regions like Brazil and Austria. Additionally, companies like Chery and HeSai have listed on the Hong Kong stock exchange, while Dongfeng Group plans to privatize and spin off its Lantu brand to maintain its listing status [3][45].

Market Overview - US stock indices collectively rose, with the Dow Jones up 0.65%, Nasdaq up 0.44%, and S&P 500 up 0.59%. Notable tech stocks like Tesla and Intel rose over 4%, while Oracle fell over 2% [2] - International oil prices showed slight fluctuations, with WTI crude oil rising 0.32% to $65.19 per barrel, and Brent crude oil up 0.23% to $68.74 per barrel, marking weekly increases of 4.47% and 4.10% respectively [3] - European stock indices closed higher, with Germany's DAX up 0.87%, France's CAC40 up 0.97%, and the UK's FTSE 100 up 0.77% [4] Central Bank and Regulatory Actions - The People's Bank of China emphasized the importance of maintaining capital market stability and supporting sectors like technology innovation and small businesses through various monetary policy tools [5] - The Chinese government announced export license management for pure electric passenger vehicles to promote healthy development in the new energy vehicle trade [9] - The China Securities Regulatory Commission and other departments are enhancing support for foreign institutional investors in the bond repurchase market [9] Corporate Developments - Morgan Stanley increased its stake in Alibaba from 6.81% to 12.29% as of September 22, indicating confidence in Alibaba's future prospects [20] - Xiaomi's legal department reported on its efforts to assist car owners facing network attacks, having initiated 35 lawsuits to protect consumer rights [17] - Zero Run Auto was listed as a dishonest executor due to a debt of 3.618 million yuan owed by its subsidiary [21] Technology and Innovation - Moore Threads' IPO application was approved in just 88 days, reflecting improved efficiency in the review process for technology companies on the STAR Market [16] - Tencent released and open-sourced new 3D generation models, aiming to accelerate the application of 3D technology in various industries [26] Legal and Regulatory Challenges - Apple requested the EU to abolish the Digital Markets Act, facing a strong response from the EU Commission [23] - The Hong Kong High Court rejected a legal appeal from宗馥莉 regarding a disclosure order, while allowing a temporary stay for further appeal [19]

据中国执行信息公开网，9月25日，零跑汽车（09863）及其子公司凌跑商贸因与广州首汽汽车服务有限公司的买卖合同纠纷，被法院列 为被执行人，涉案金额达361.81万元，案号为（2025）粤0111执13502号，执行依据文号为（2023）粤0111民初25175号。 | 被执行人姓名/名称： 浙江零跑科技股份有限公司 | | --- | | 身份证号码/组织机构代码： 91330000MA****1W95 | | 法定代表人或者负责人姓名: | | 执行法院： 广州市白云区人民法院 | | 省份: 广东 | | 执行依据文号: (2023) 粤0111民初25175号 | | 立案时间: 2025年06月17日 | | 案号: (2025) 粤011执13502号 | | 做出执行依据单位： 广州市白云区人民法院 | 据生效法律文书确定的义务，被告凌跑商贸欠原告广州首汽汽车服务有限公司361.81万元（包括租金41.6万元、购车款271.57万元、逾期 付款违约金44.64万元、律师费4万元），同意于2024年6月27日前一次性支付。零跑汽车对凌跑商贸的上述债务承担连带清偿责任。 此外，零跑汽车和凌跑商贸在支 ...

每日经济新闻消息，据中国执行信息公开网，9月25日，广州市白云区人民法院将浙江零跑科技股份有限 公司（零跑汽车，09863.HK）和其全资子公司凌跑汽车商贸有限公司（以下简称"凌跑汽车商贸"）列为失 信被执行人，案号为（2025）粤0111执13502号，执行依据文号为（2023）粤0111民初25175号。 | 失信被执行人 | | | --- | --- | | 被执行人姓名/名称: | 浙江零跑科技股份有限公司 | | 身份证号码/组织机构代码： | 91330000MA*** 1W95 | | 执行法院: | 广州市白云区人民法院 | | 省份:广东 | | | 执行依据文号: | (2023) 粤0111民初25175号 | | 立案时间: | 2025年06月17日 | | 家号: | (2025) @0111执13502号 | | 做出执行依据单位: 生数法律文书确定的义务: | 广州市日云区人民法院 一、原告广州首汽汽车服务有限公司与被告凌股汽车商贸有限公司共同编以被告凌股汽车商贸有限公司尚又原告广州商汽汽车服务有限公司合计 3618085.25元（含租金416000元、购车款2715700元 ...

根据生效法律文书确定的义务，被告凌跑汽车商贸欠原告广州首汽汽车服务有限公司361.81万元（包括租金41.6万元、购车款271.57万元、逾期付款违约 金44.64万元、律师费4万元），同意于2024年6月27日前一次性支付。 据中国执行信息公开网，9月25日，广州市白云区人民法院将浙江零跑科技股份有限公司（零跑汽车，09863.HK）和其全资子公司凌跑汽车商贸有限公司 （以下简称"凌跑汽车商贸"）列为失信被执行人，案号为（2025）粤0111执13502号，执行依据文号为（2023）粤0111民初25175号。 | 失信被执行人 | | | --- | --- | | 被执行人姓名/名称: 浙江零跑科技股份有限公司 | | | 身份证号码/组织机构代码: | 91330000MA****1W95 | | 执行法院: | 广州市白云区人民法院 | | 省份: 厂东 | | | 执行依据文号: | (2023) 粤0111民初25175号 | | 立案时间: | 2025年06月17日 | | 案号: | (2025) 率011执13502号 | | 做出执行依据单位: 生效法律文书确定的义务: | 广州市白云 ...

Core Viewpoint - Zhejiang Leapmotor Technology Co., Ltd. (Leapmotor) and its wholly-owned subsidiary, Lingpao Automobile Trading Co., Ltd., have been listed as dishonest executors by the Guangzhou Baiyun District People's Court due to failure to fulfill a legal obligation to pay a total of 3.618 million yuan to Guangzhou Shouqi Automobile Service Co., Ltd. [2][3][4] Group 1: Legal Issues - Leapmotor and Lingpao Automobile Trading owe a total of 3.618 million yuan, which includes 416,000 yuan in rent, 2.7157 million yuan in vehicle purchase payments, 446,385.25 yuan in overdue payment penalties, and 4,000 yuan in legal fees [4][5] - The court has confirmed that Leapmotor is jointly liable for the debt of Lingpao Automobile Trading, and both companies must assist in transferring the registration of 73 vehicles to Lingpao within three months after payment [5][6] - The execution case was filed on June 17, 2025, and the companies have not fulfilled their obligations, leading to their designation as dishonest executors [3][5] Group 2: Financial Performance - In the first half of 2025, Leapmotor achieved revenue of 24.25 billion yuan, a year-on-year increase of 174%, and reported a net profit of 30 million yuan, marking a turnaround from a net loss of 2.21 billion yuan in the same period last year [7] - Leapmotor has adjusted its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a target of reaching 1 million units in sales by 2026 [7]