零跑汽车(09863.HK)涨3.23%，4月以超四万辆的交付，连续第二个月摘得销量冠军。 ...

Core Insights - The article highlights the impressive sales performance and profitability of Leap Motor, marking it as a significant player in the competitive automotive industry, particularly in the electric vehicle sector [1][4][33] Sales Performance - Leap Motor achieved a monthly delivery of over 40,000 units, with a gross margin of 13.3%, making it the third global and second domestic new energy vehicle company to turn profitable [1][4] - Cumulative sales exceeded 700,000 units by April 2025, with expectations to reach one million units in the second half of the year [4] Stock Performance - The company's stock price has surged nearly twofold over the past six months, leading the Hong Kong stock market's new energy sector [6][12] - Founders and key stakeholders have significantly increased their shareholdings, demonstrating confidence in the company's future [8][12] Global Expansion - Leap Motor's B series, including the B01 and B10 models, debuted at the Shanghai Auto Show, targeting the 15-35 age demographic and aiming for global market penetration [16][19] - The company plans to localize production in Europe and Southeast Asia by 2026, with a target of 50,000 to 80,000 units in overseas sales this year [19][20] Strategic Positioning - Leap Motor focuses on the mainstream domestic passenger car market, avoiding direct competition with established luxury brands, which allows for a strategic advantage [27][31] - The company emphasizes high cost-performance ratios and self-research capabilities, with 65% of vehicle components developed in-house [31][32] Market Adaptability - The company has shown agility in responding to market demands, successfully launching models that resonate with consumer preferences [32] - Leap Motor's growth trajectory reflects a commitment to technological innovation and value creation, positioning it as a formidable competitor in the evolving automotive landscape [33]

Core Viewpoint - Leap Motor's founder and CEO, Zhu Jiangming, along with his spouse, has significantly increased their shareholding, demonstrating confidence in the company's future and aiming to boost investor trust [2][3]. Shareholding and Commitment - Zhu Jiangming and his spouse increased their holdings by 6,809,600 shares, amounting to over 300 million HKD, following a previous increase of the same amount last year [2]. - As of the announcement date, they collectively hold 205,546,438 H-shares and 128,517,839 domestic shares, representing 24.99% of the total issued shares [2]. - A commitment was made by Zhu Jiangming and his associates not to transfer or reduce their shareholdings for the next ten years, a rare move in the industry [3]. Financial Performance - In 2024, Leap Motor's total revenue reached 32.164 billion CNY, a year-on-year increase of 92.06% [4]. - The company achieved a quarterly profit of 80 million CNY in Q4 2024, with a gross margin of 13.3%, marking it as the second new force car company to achieve quarterly profitability [4]. - Leap Motor delivered 293,724 vehicles in 2024, doubling its year-on-year performance and ranking third among new force car companies [4]. Market Position and Strategy - Despite significant growth, Leap Motor's revenue remains lower than competitors like Seres and Li Auto, which reported revenues of 145.176 billion CNY and 144.5 billion CNY, respectively [6]. - The average selling price of Leap Motor vehicles is 126,000 CNY, significantly lower than competitors, which may impact revenue generation [6]. - The company plans to enhance its product lineup and distribution channels, with new models set to launch in the coming years targeting various market segments [8]. Future Outlook - Leap Motor aims to expand its overseas market presence, targeting sales in nine European countries and planning to establish 200 sales outlets by the end of the year [8]. - A strategic partnership with FAW Group has been established to explore joint development of vehicles and components, indicating potential for future growth [9].

智通财经5月1日电，零跑汽车官微发文称，4月交付达41039台，同比增长173%，增速再创新高。 零跑汽车：4月交付41039台 同比增长173% ...

21世纪经济报道记者 易思琳 北京报道 上海车展上，零跑亮相了旗下主攻10-15万元级B系列的第二款车型——零跑B01。 数据显示，2024年，零跑汽车出口了1.37万辆汽车。今年一季度，在海外市场上不仅在批发、零售的层 面增长非常迅速。朱江明说，预计全年实现5万到8万台的海外销量是可以期待的——这一目标比年初公 布的5万辆有所提升，增幅超过50%。其中，欧洲市场是特别重点的市场。 除了欧洲市场，零跑今年在东南亚市场也将进入全阶段。4月中旬，零跑启动马来西亚本地化组装项 目，并计划于2025年年底前启动首款零跑车型C10的本地化生产。本地化生产可以有效的应对目前的关 税问题，避免销量出现过大的波动。 与此同时，零跑也在扩充在欧洲的渠道。根据零跑汽车副总裁曹力介绍，现在零跑网点加起来有1500家 左右，其中海外占500家。 另外，关于本地化的进展问题上，据悉，零跑已经走访了欧洲、东南亚等市场，考察本地化的进展以及 销售情况。目前来说欧洲还在做最终的选址决策阶段，其中，西班牙是零跑重点考虑的一个地方。 曹力透露，"从时间进展来说，我们还是希望速度加快，希望能够在2026年年中做本地化的落地。" 新车延续了零跑今年 ...

在2025上海国际车展期间，零跑汽车创始人、董事长兼CEO朱江明透露道，2025年，公司海外销量目标 为5万至8万辆，并计划在2026年年中实现欧洲本土生产。目前，西班牙、德国等市场成为重点布局对 象。(人民财讯) ...

Market Overview - The Hong Kong stock market has shown interesting movements, with the Hang Seng Index fluctuating around 22,000 points for five consecutive trading days, indicating a stalemate between bulls and bears [1] - A recent video from the Chinese Ministry of Foreign Affairs emphasized China's strong resolve against hegemony, which has boosted investor confidence [1] - Major U.S. retailers, including Walmart, have resumed supply to Chinese manufacturers, indicating a potential easing of trade tensions and a shift in tariff burdens [1][2] Automotive Sector - The U.S. government is expected to ease its high tariff policies, particularly on automobiles, which has led to a positive response in automotive stocks [2] - Companies like Nexperia and Horizon Robotics have seen significant stock increases due to their high exposure to North American markets and advancements in autonomous driving technology [3] - Leap Motor's CEO has been actively increasing his stake in the company, reflecting confidence in its upcoming product launches and sales targets [3] Consumer Goods and Retail - The market for consumer stocks is heating up, with companies like "沪上阿姨" seeing massive oversubscription in their IPO, indicating strong investor interest [4] - The beauty brand 韩束 reported a significant revenue increase, showcasing the potential for growth in the cosmetics sector [5] Technology and AI - Alibaba's launch of the Qwen3 model has positioned it as a leading open-source AI model, which could have implications for the tech sector and related companies [5] - The evolution of large models in AI is expected to drive interest in companies involved in chips, computing power, and intelligent systems [5] Mining and Commodities - Indonesia has raised mining taxes, particularly for nickel, which may lead to increased production costs and potential supply constraints, benefiting companies like China Nonferrous Mining [6] - The anticipated acquisition of Yao Cai Securities by Ant Group is linked to the trend of Chinese companies returning to the Hong Kong market [6] Regulatory Environment - The Hong Kong Stock Exchange and the Securities and Futures Commission are preparing to facilitate the return of Chinese companies to the Hong Kong market, which is seen as a positive development for the exchange [7][8] - Ongoing reviews of listing requirements aim to attract more companies from various regions, enhancing the market's appeal [7][8] Automotive Innovations - Geely's launch of the Lynk & Co 900 model is expected to enhance its presence in overseas markets, with a focus on electric vehicle technology [9] - The company is undergoing a significant transformation towards electrification and smart technology, which is anticipated to drive future growth [10]

Financial Performance - In 2024, the company achieved a total revenue of RMB 32.16 billion, a 92.1% increase from RMB 16.75 billion in 2023[8] - The gross profit for 2024 was RMB 2.69 billion, a significant increase of 3,248.4% from RMB 80.47 million in 2023[8] - The company reported a net profit of RMB 80 million in Q4 2024, marking the first quarterly profit in its history, ahead of its target by one year[10] - The gross margin for 2024 improved to 8.4%, up 7.9 percentage points from 0.5% in 2023, with Q4 2024 achieving a record high gross margin of 13.3%[10] - The adjusted net loss for 2024, excluding share-based payments, was RMB 2.35 billion, a reduction of RMB 1.17 billion from RMB 3.52 billion in 2023[10] - Operating loss narrowed to RMB 3.17 billion in 2024 from RMB 4.38 billion in 2023, as gross profit growth outpaced expense increases[34] - The net cash generated from operating activities in 2024 was RMB 8.47 billion, an increase of RMB 7.39 billion from RMB 1.08 billion in 2023[11] - Free cash flow for 2024 was RMB 6.32 billion, a remarkable increase of 2,058.5% from a negative RMB 0.32 billion in 2023[41] - The net loss for 2024 was RMB 2.82 billion, down from RMB 4.22 billion in 2023, with adjusted net loss (non-IFRS) at RMB 2.35 billion compared to RMB 3.52 billion in 2023[38] Vehicle Deliveries and Sales - The total vehicle deliveries for 2024 reached 293,724 units, representing a 103.8% growth compared to 144,155 units in 2023, maintaining a top-three position among new car manufacturers[12] - C-series vehicles accounted for 76.6% of total sales in 2024, with 225,071 units delivered, reflecting a 112.9% increase from the previous year[12] - In 2024, the company delivered 75,469 units of the C10 and 43,528 units of the C16, with average monthly sales of nearly 10,000 and over 8,000 units respectively in Q4 2024[15] - The company achieved a cumulative sales volume of 87,552 units from January to March 2025, a 162.1% increase compared to the same period in 2024[26] Research and Development - Research and development expenses rose to RMB 2.90 billion in 2024, a 51.0% increase from RMB 1.92 billion in 2023, reflecting increased investment in R&D[33] - The company established a smart technology research institute with over 500 personnel to enhance AI capabilities and aims to achieve city NOA by the end of 2025[18] - The LEAP 3.0 technology architecture was introduced in 2024, leading to a monthly average sales of over 30,000 units for the C series in Q4 2024, with all models ranking in the top five of their respective segments[17] Expansion and Market Presence - The company plans to launch the B series, including the compact SUV B10, mid-size sedan B01, and sporty hatchback B05, aiming for a sales target of 500,000 units in 2025[16] - By the end of 2024, the company had established 695 sales stores and 427 service stores, covering 264 cities, an increase of 82 cities from 2023[20] - The company exported 13,726 units overseas by the end of 2024 and established over 400 sales and service points globally, with plans to reach over 550 by 2025[24] - The company launched its first global strategic model, the C10, in Europe in September 2024, accelerating its international market presence[59] Corporate Governance and Compliance - The company has complied with all applicable laws and regulations during the reporting period, with no significant legal or regulatory issues reported[74] - The supervisory board believes that the company's 2024 financial report objectively reflects its financial status and operating results, complying with relevant accounting standards and regulations[171] - The supervisory board found that related party transactions during the reporting period were priced objectively and fairly, with no harm to the company's or shareholders' interests[172] - The company is focused on maintaining fair and reasonable transaction conditions in its related party dealings[172] Shareholder Information - Stellantis holds approximately 21.26% of the company's issued share capital, making it a major shareholder[105] - The company has a stock option plan allowing executives to acquire 2,000,000 shares, subject to vesting conditions[114] - The total issued domestic shares amount to 220,552,174, while the total issued H shares are 1,116,413,915[115] - The company has not recommended any final dividend for the year ended December 31, 2024, considering the long-term interests of shareholders[61] Employee Engagement and Compensation - As of December 31, 2024, the company has 15,551 full-time employees, primarily located in Zhejiang Province, China[112] - The company offers competitive compensation and comprehensive training programs for employees, including safety and quality awareness training[112] - The company has established a vibrant work environment to encourage employee initiative and engagement[112] Financial Instruments and Risks - The company has not engaged in any foreign exchange hedging instruments as of December 31, 2024, and does not foresee significant direct foreign exchange risks from its operations[55] - The company has not utilized any interest rate swap contracts or other financial instruments to hedge its interest rate risks during the reporting period[56] Future Plans and Investments - Approximately 75% (RMB 2,148.4 million) of the funds raised will be used for the research and development of new electric vehicle models and upgrading existing models[153] - The company aims for global expansion, particularly entering the European market, leveraging Stellantis' extensive distribution network[157] - 25% of the net proceeds will enhance production capacity and operational efficiency, also with a five-year timeline[159]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 22,008.11 points, up 0.16% or 36.15 points, with a total turnover of HKD 1,776.58 million [1] - The Hang Seng Tech Index rose by 0.62% to 5,019.73 points, while the Hang Seng China Enterprises Index fell by 0.15% to 8,067.94 points [1] Blue Chip Performance - WuXi AppTec (02359) saw a significant increase of 4.21%, closing at HKD 60.65, contributing 1.39 points to the Hang Seng Index. The company reported a revenue of approximately HKD 9.655 billion for Q1, a year-on-year increase of 20.96%, and a net profit of approximately HKD 3.672 billion, up 89.06% [2] - Other notable blue chips included Alibaba Health (00241) up 7.16%, Geely Automobile (00175) up 4.18%, while Techtronic Industries (00669) and CNOOC (00883) saw declines of 2.35% and 1.53% respectively [2] Sector Highlights - Large tech stocks mostly rose, with Meituan up 2.88% and JD.com up 1.9%, while Tencent fell over 1% [3] - Consumer stocks showed strong performance, with MaoGeping up nearly 9% and Nayuki Tea rising over 8%. The report indicated that new consumption trends are driving brand upgrades and market growth [3] - The tea beverage brand HuShang Ayi began its IPO process, with a subscription amount reaching HKD 10.298 billion and a subscription multiple of 377.51 times [4] Automotive Sector - Automotive stocks generally rose, with Li Auto (09863) up 8.08% and NIO (09866) up 4.91%. The U.S. President announced measures to reduce the impact of auto tariffs, which may benefit the sector [5][4] - The report noted that the penetration rate of new energy vehicles reached 53.3%, indicating strong growth in the automotive market [5] Biopharmaceutical Sector - Biopharmaceutical stocks performed well, with Yunnan Baiyao (01952) up 9.75% and Lepu Biopharma (02157) up 8.49%. The upcoming AACR and ASCO meetings are expected to catalyze further growth in the innovative drug sector [6] Notable Stock Movements - Yao Cai Securities (01428) surged by 31.53% following an announcement of a significant acquisition by Ant Group [7] - Horizon Robotics (09660) rose by 13.71%, with projections indicating substantial revenue growth driven by advancements in autonomous driving technology [8] - HSBC Holdings (00005) saw a mild increase of 3.03%, with plans for a share buyback of up to USD 3 billion [9] - Qingdao Beer (00168) fell by 4.07% despite reporting a revenue increase of 2.91% for Q1 [10]

Domestic News - The National Development and Reform Commission plans to issue targeted car purchase quotas for long-term lottery families and car-free families to boost consumption [2] - The Ministry of Industry and Information Technology has released key points for automotive standardization work by 2025, focusing on the development of standards for automotive chips [4] - The National Energy Administration reported that approximately 24,000 fuel cell vehicles have been promoted in China, with over 540 hydrogen refueling stations established [5] - The Henan provincial government has introduced policies to support the automotive industry, including subsidies for production and trade enterprises, and plans to build 5,000 charging stations by mid-2025 [6] International News - Kia Motors reported a record high quarterly revenue of 28.02 trillion KRW in Q1 2025, a 6.9% year-on-year increase, despite a 14.8% decline in net profit [7] - Denso is negotiating with suppliers and customers, including Toyota, to share the costs of raw materials to mitigate the impact of U.S. tariffs [8] Corporate News - Seres Group has submitted an IPO application to the Hong Kong Stock Exchange, focusing on the research, manufacturing, and sales of new energy vehicles [9] - BYD's "Shenzhen" vehicle transport ship has commenced its first export voyage, carrying over 7,000 electric vehicles to Brazil [10] - Nissan is reportedly planning to close its Wuhan factory by March 2026 due to declining production capacity amid market competition [11] - Xiaomi Auto will provide free roadside assistance during the May Day holiday, along with other travel services [12] - Geely Auto released its 2024 ESG report, highlighting an 18% reduction in carbon emissions per vehicle compared to 2020 and a 92% increase in new energy vehicle sales [13] - Leap Motor's founder has increased his stake in the company, with total investments exceeding 600 million HKD, reflecting strong confidence in the company's future [14]