Group 1 - In 2025, Leap Motor achieved strong growth with total deliveries reaching 596,555 units, a year-on-year increase of 103%, demonstrating brand strength and market competitiveness [2] - In December 2025, Leap Motor's total deliveries reached 60,423 units, reflecting a year-on-year growth of 42% [2] - Leap Motor established a strategic partnership with FAW on March 3, 2025, to enhance product competitiveness through collaborative R&D efforts [2] Group 2 - Leap Motor launched the B10 model on April 10, 2025, marking the debut of its first B-series vehicle [2] - The company made its Hong Kong market entry on June 11, 2025, with the opening of its 1,500th store, a significant step in channel expansion [2] - Leap Motor's new C11 model was launched on July 10, 2025, continuing the sales momentum since its initial release in early 2021 [2] Group 3 - Leap Motor's financial report for the first half of 2025 indicated its first positive net profit for a semi-annual period [2] - The company celebrated the production of its one-millionth vehicle on September 25, 2025, marking a historic milestone [2] - Leap Motor's D platform technology was unveiled on October 16, 2025, showcasing the latest achievements in self-research over the past decade [3] Group 4 - Leap Motor's third-quarter financial report released on November 17, 2025, showed consecutive quarterly profitability [3] - The company launched its A10 model at the Guangzhou Auto Show on November 21, 2025, further expanding its product lineup [3] - Leap Motor entered the South American market on November 25, 2025, marking a new chapter in its international expansion [3] Group 5 - December 24, 2025, marked the 10th anniversary of Leap Motor, emphasizing its commitment to self-research and long-term vision [3] - The company held a 10th-anniversary event on December 28, 2025, celebrating its achievements and looking forward to the next decade [3] - Leap Motor aims to achieve a sales target of 1 million units in 2026, continuing its pursuit of becoming a world-class smart electric vehicle company [4]

Core Insights - Leap Motor is projected to achieve a total delivery of 596,555 vehicles in 2025, representing a year-on-year growth of 103%, indicating strong growth momentum and market competitiveness [1] - In December, Leap Motor's total deliveries reached 60,423 units, marking a year-on-year increase of 42% [1] - The company aims to continue its commitment towards becoming a "world-class intelligent electric vehicle enterprise" in 2026 [1]

Core Insights - Leap Motor announced a total delivery of 596,555 vehicles for the year 2025, representing a year-on-year growth of 103% [1] - In December, Leap Motor's total delivery reached 60,423 vehicles, showing a year-on-year increase of 42% [1] - CEO Zhu Jiangming stated the company aims to challenge a sales target of 1 million vehicles by 2026 and hopes to achieve an annual sales volume of 4 million vehicles in the next decade [1]

每经AI快讯，2026年1月1日，零跑汽车微博发文称，2025年，零跑全年累计交付达596555台，同比增 长103%。12月，零跑汽车全系交付达60423台，同比增长42%。 ...

人民财讯1月1日电，从零跑汽车了解到，2025年全年交付达596555台，同比增长103%；12月，零跑汽 车全系交付达60423台，同比增长42%。 ...

Group 1 - The core objective of Leap Motor is to become a "world-class intelligent electric vehicle company" with a long-term sales target of over 4 million units annually, aiming for a breakthrough of 1 million units by 2026 [2][4] - Leap Motor has signed an investment and cooperation agreement with China FAW, marking a significant partnership that follows the previous strategic investment from Stellantis, enhancing its capital and technological capabilities [2][6] - The company has achieved a cumulative delivery of over 1.2 million vehicles and expects nearly 600,000 units in sales for 2025, demonstrating a strong market presence and continuous quarterly profitability [3][8] Group 2 - Leap Motor's strategy focuses on self-research and manufacturing of core components, which account for approximately 65% of the vehicle's cost, allowing for a "cost pricing" principle that enhances its competitive edge [3][4] - The company plans to emphasize technological innovation, product iteration, ecosystem construction, industrial clusters, and marketing services as part of its transformation from a startup to a large-scale enterprise [4][5] - Leap Motor aims to enhance its brand recognition and user trust in the Chinese market through strategic partnerships, leveraging the strengths of its major shareholders [6][7] Group 3 - The collaboration with Stellantis has enabled Leap Motor to expand its international business, covering 35 countries and regions with over 800 overseas outlets, and projecting an export volume of over 60,000 units by 2025 [7][8] - Leap Motor's future strategy will focus on internal development and maintaining its core business, rather than broadly exporting technology, while continuing to strengthen partnerships with key stakeholders [7][8]

Core Insights - The Chinese intelligent driving industry is experiencing both expansion and contraction, with rapid adoption of assisted driving features in mass-produced vehicles, while financing for some companies is slowing down, leading to exits from mainstream competition [1][2] - The competition in the intelligent driving sector has shifted towards large-scale delivery, cost efficiency, and long-term service capabilities, with opportunities concentrating on a few companies that can prove their value [2][4] - The industry is entering a mature phase, as evidenced by significant orders from conservative automakers like Toyota, indicating a shift from vague to definite market demand [5][6] Industry Dynamics - The competition is no longer about validating technology but about scaling delivery and maintaining cost efficiency, with survival becoming a pressing issue for mid-tier companies [2][4] - The leading companies in the assisted driving sector include Horizon, ZhiYu, Huawei, and Momenta, which have successfully transitioned from technology validation to large-scale delivery [4][5] - The gap between leading companies and newcomers is estimated to be 3 to 5 years, primarily due to data accumulation advantages and algorithm iteration capabilities [4][5] Market Trends - The assisted driving market is seeing a push towards lower-cost models, with major players like Horizon and Momenta targeting vehicles priced under 100,000 yuan, which account for nearly half of China's passenger car sales [8][9] - The competition is intensifying around cost control, as companies strive to keep the cost of assisted driving features within 3% to 5% of the vehicle's price to ensure market acceptance [9][10] - The trend towards self-developed chips is debated, with some companies believing it can lead to differentiation and lower system costs, while others see it as economically challenging [10][11] Competitive Landscape - The intelligent driving sector is unlikely to see a "winner-takes-all" scenario until the L4 or L5 stages of automation, as the current market remains fragmented with multiple strong players [8][11] - Companies that can continuously iterate, validate their solutions through mass production, and respond to market demands will be the ones to secure future growth [11] - The supply chain strategies of automakers suggest that the assisted driving market will not favor a single dominant player, as diverse needs for customization and differentiation persist [7][8]

Core Viewpoint - The Hong Kong stock market's Hang Seng Technology Index achieved a remarkable annual increase of 23.45% in 2025, marking its best performance since 2020, with 22 out of 30 constituent stocks rising [1] Group 1: Stock Performance - Among the 30 constituent stocks, notable performers included Hua Hong Semiconductor, which surged by 243.19%, Horizon Robotics with a rise of 140.56%, and SMIC increasing by 124.69% [1] - Other significant gainers were JD Health at 97.51%, Alibaba-W at 77.50%, Xpeng Motors-W at 70.10%, Baidu Group-SW at 59.01%, and Tencent Music-SW at 58.44% [1][2] Group 2: Investment Preferences - The first tier of investment preference is in semiconductor manufacturing (Hua Hong, SMIC) and core AI chips (Horizon Robotics), reflecting a strong focus on hard technology and domestic substitution logic [1] - The second tier includes growth sectors such as smart electric vehicles (Xpeng, Li Auto), AI applications (Baidu, SenseTime), and digital health (JD Health), which benefit from industry trends but still face competitive and profitability uncertainties [1] - The third tier consists of value recovery in platform internet giants (Alibaba, Tencent) and mature applications (NetEase, Kuaishou, Tencent Music), with gains primarily driven by profit realization and value reassessment through dividends and buybacks, categorized as "high-quality mature assets" [1]

Core Viewpoint - Zeekr Automotive prioritizes the OTA 6.7 update for Zeekr 007 users, with the rollout scheduled to begin on January 5, 2026, after successful software development and approval [1] Group 1: OTA Updates - The OTA 6.7 version for the Zeekr 007 model has completed software development and full process verification, and is ready for rollout [1] - Other models including Zeekr 001, 001FR, 007GT, 009, 009光辉7X, 焕新7X, and MIX, equipped with the 8295 intelligent cockpit computing platform, are in the approval stage for OTA 6.7 updates, expected to be rolled out in batches from January to February 2026 [1] - There has been no official response regarding the delay of OTA 6.5 updates for some Zeekr 007 owners [1] Group 2: User Experience Initiatives - Owners of the 2023 and earlier models of Zeekr 001 WE can participate in a limited-time experience event for the "Winter Temperature Package" starting from December 31, 2025, which includes steering wheel heating and rear seat heating features, available until March 31, 2026 [1]

Core Viewpoint - Bank of America maintains a "Buy" rating on Leapmotor (09863) due to stronger sales growth and overseas expansion, benefiting from a robust vehicle cycle and collaboration with Stellantis, setting a target price of HKD 90 [1] Group 1 - The company announced a conditional agreement to issue 74.8 million shares to FAW Group at a price of RMB 50.03 per share [1] - Leapmotor launched its first multi-purpose vehicle (MPV) D99 on Sunday, targeting the high-end MPV market, competing with Li Auto-W (02015) MEGA and Denza D9 [1]