9月8日，德国慕尼黑车展把零跑汽车推至国际视野。车展期间，零跑汽车推出了一款名为Lafa5的个性化新车型，同时宣布B10在海外市场正式上市并启动 欧洲交付。 Lafa5基于LEAP3.5架构打造，定位为高颜值运动轿跑，计划于今年四季度在国内上市，并于明年上半年登陆全球市场。零跑汽车官方此前强调，该车型 并非面向小众市场，同样具备大众化属性。 "拉法从此不再只是豪门玩物，也能为人民服务了。"一位业内人士在看完此次发布会后告诉《财经》。 零跑汽车董事长朱江明正向全球市场推介新车来源：零跑 在10万级入门市场，B系列承担起走量任务。以B01为例，该车定位10万元级纯电轿车，以"半价Model3"为卖点，对标小鹏MONA M03，其顶配价格仅与 小鹏入门车型相当，却凭借后驱布局、650公里续航和操控性能，在上市第二个月实现月销破万。同系列的B10表现同样强劲，上市四个多月销量已突破4 万辆。 真正让零跑汽车站在行业聚光灯下的，并非仅是海外发布新车。从六度蝉联国内新势力销冠、国内第二家半年盈利新势力车企、被传"一汽入股"到"与华 为合作"的否定表态，再到浙江国资26亿元注资落地，零跑汽车始终处于舆论中心。 9月7日，零 ...

发布会上，朱江明还分享了零跑全球化成果：借助Stellantis集团成熟的资源体系，零跑迅速完成全球超30个国家和地区 业务布局，销售和服务网点突破1700家；2025年1-8月，零跑全球累计交付量超过32万台，海外市场累计交付超3万台， 均位居中国新势力品牌榜首，并跻身德国、法国、意大利、西班牙等核心市场前列。 此外，零跑B系列首款全球化车型B10，于海外市场上市并同步开启欧洲交付。自今年4月在中国市场上市以来，B10累计 交付已超5万台，展现出强劲的市场号召力与用户认可度。今年10月，B10将在法国开启全球媒体测试，并计划于2025年 内登陆欧洲、中东、非洲、亚太、南美等超20个国家与地区。 9月8日，零跑汽车在2025慕尼黑国际车展举办发布会。零跑汽车创始人兼CEO朱江明表示，预计零跑汽车2026年全球年 销量突破100万辆，到2035年前后将保持每年400万辆的销售规模，其中超过六成份额将来自中国以外的国际市场。 （校对/黄仁贵） 资料显示，上半年，零跑汽车实现营收242.5亿元，较2024年同期的88.5亿元增加174%；实现净利润0.3亿元，去年同期 净亏损22.1亿元，扭亏为盈。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - In August, the company delivered 57,066 vehicles, representing a year-on-year growth of 88.3% and a month-on-month growth of 13.8%. Cumulatively, from January to August, the total sales reached 329,000 vehicles, up 136.4% year-on-year. The company is expected to continue benefiting from a strong new car cycle domestically and a partnership with Stellantis for overseas expansion, which will enhance global sales potential [2][10]. Summary by Sections Sales Performance - The company achieved record sales in August with 57,066 vehicles delivered, marking an 88.3% increase year-on-year and a 13.8% increase month-on-month. Cumulative sales for the first eight months of 2025 reached 329,000 vehicles, reflecting a 136.4% year-on-year growth [2][5][10]. Future Outlook - The company is set to launch the B10 model in Europe, with plans for its debut at the Munich International Motor Show on September 8. This move is part of the company's global strategy to enhance its market presence. The strong demand for new vehicles and an expanding product lineup are expected to drive continued sales and revenue growth [10]. Product Strategy - The company plans to introduce 2-3 new products globally each year over the next three years. The B10 and B01 models have already been launched in 2025, with another B-series model expected to be introduced at a price range of 100,000 to 150,000 RMB [10]. Distribution Network - As of June 30, 2025, the company has established 806 sales outlets in China, including 315 core stores and 491 experience centers, covering 286 cities. Internationally, the company exported 25,000 vehicles from January to July and has over 600 sales and service points across more than 24 countries [10]. Technological Investment - The company is increasing its investment in intelligent driving technology, with a nearly 100% increase in team size and computational resources in the first half of 2025. The goal is to achieve city NOA (Navigation on Autopilot) capabilities by the end of 2025 [10].

人民财讯9月8日电，德国时间9月8日，零跑携全新个性战略新品Lafa5亮相2025慕尼黑国际车展。同 时，零跑B10海外市场正式上市并同步开启欧洲交付。 ...

从车身来看，Lafa5采用家族一贯的贯穿设计灯组，前舱盖设计了隆起线条，体现出动感气息。此外，该车会根据配置不同提供激光雷达的智驾方案和纯视 觉方案供选择。 据悉，Lafa5已于今日开幕的2025慕尼黑车展上首次亮相。 （校对/黄仁贵） 9月8日，零跑汽车发文称，Lafa5即刻开启盲订。Lafa5将于今年四季度在国内正式发布，明年全球市场陆续启动销售；Lafa5Ultra版本将于明年上半年在国 内交付。 文章图片信息显示，Lafa5车长为4430mm，车宽为1880mm，车高为1520mm，轴距为2735mm。同时，Lafa5有6种车身颜色可选。 ...

Key Takeaways from Leapmotor Investor Meeting Company Overview - **Company**: Leapmotor (9863.HK) - **Event**: Asia Leaders Conference 2025 - **Date**: September 5, 2025 - **Location**: Hong Kong Industry Insights - **Industry**: Electric Vehicle (EV) Market - **Sales Target**: Leapmotor aims for approximately 1.1 million total sales in 2026, with over 1 million units in the domestic market and 100k-150k units in overseas markets, considering reduced government support and price competition [1][6] Core Points and Arguments - **New Model Launches**: Leapmotor plans to introduce 5 new models in 2026, including: - 2 A-series BEV models priced between RMB 50k-100k - 2 D-series models with dual-powertrain priced between RMB 200k-300k - 1 C-series model (C18), a large-size SUV - Timeline for launches includes D16 in October 2025 and D21 in December 2025, with 4 A/D series models by July 2025 and C18 in Q4 2025 [1][6] - **Long-term Vision**: The company targets a total sales volume of 4 million units in the long term, with 50% of sales coming from overseas markets [1] - **International Expansion**: Leapmotor has established over 600 overseas dealer stores, with 550+ in Europe and around 50 in Asia Pacific/Middle East/Africa. The company has entered 30+ countries through its joint venture, Leapmotor International, with Stellantis [1][8] - **Sales Projections**: For 2025, Leapmotor expects total sales volume of 580-650k units, with 8%-10% from overseas markets. Monthly sales are projected to increase from over 3k units in 1H25 to 5k-6k in 2H25 [1][8] - **Competitive Advantage**: Management believes Leapmotor's competitive edge lies in its cost reduction and efficiency improvement capabilities. The company conducts biannual cost reduction efforts and has developed key powertrain components in-house [1][8] - **Profitability Goals**: In the mid-term, management anticipates a vehicle gross margin of 15% and an operating expense to revenue ratio of 10%-11%, leading to a net margin of approximately 4% as revenue scales [1][8] Additional Important Information - **Joint Venture**: Leapmotor formed a joint venture with Stellantis in May 2024, with Stellantis holding a 51% stake [1][6] - **Profitability of Leapmotor International**: The joint venture achieved profitability in the first half of 2025 [1][7] - **Cost Management**: Leapmotor shares 88% of core components across its four platforms (A/B/C/D), enhancing bargaining power with suppliers [1][8] - **Technological Leadership**: The company maintains a technological lead of 8 months over peers, utilizing cost-effective components such as Qualcomm 8650 chips [1][8] This summary encapsulates the key insights from the Leapmotor investor meeting, highlighting the company's strategic direction, market positioning, and financial outlook in the evolving electric vehicle landscape.

Core Insights - The competitive landscape among new energy vehicle manufacturers is intensifying, leading to further differentiation among companies like NIO, Xpeng, Li Auto, and Leap Motor as they release their Q2 2025 financial reports [1] Group 1: Financial Performance - Li Auto leads in revenue, net profit, and gross margin, reporting a revenue of 30.246 billion yuan, while NIO, Xpeng, and Leap Motor reported revenues of 19.01 billion yuan, 18.27 billion yuan, and 14.23 billion yuan respectively [2] - Li Auto's gross margin stands at 20.1%, a year-on-year increase of 0.6 percentage points, while NIO and Xpeng show improvements with gross margins of 10.0% and 17.3% respectively, with Xpeng achieving eight consecutive quarters of growth [4] - Li Auto's net profit reached 1.1 billion yuan, a 69.6% increase from the previous quarter, while Leap Motor also achieved profitability with a net profit of 160 million yuan in Q2 [4] Group 2: Future Projections - Li Auto anticipates a decrease in vehicle deliveries for Q3, projecting between 90,000 to 95,000 units, a year-on-year decline of 41.1% to 37.8%, with expected revenue between 24.8 billion to 26.2 billion yuan, a decrease of 42.1% to 38.8% [6] - NIO expects to deliver between 87,000 to 91,000 vehicles in Q3, a year-on-year increase of approximately 40.7% to 47.1%, with projected revenue of 21.81 billion to 22.88 billion yuan, a growth of 16.8% to 22.5% [8] - Xpeng forecasts Q3 vehicle deliveries between 113,000 to 118,000 units, a year-on-year increase of approximately 142.8% to 153.6%, with total revenue expected to be between 19.6 billion to 21 billion yuan, a growth of 94.0% to 107.9% [9] Group 3: Market Position and Strategy - Leap Motor has maintained a strong growth trajectory, achieving over 90,000 cumulative deliveries and becoming the second new energy vehicle manufacturer to achieve profitability after Li Auto [11] - The competitive intensity is increasing, with Li Auto's performance fluctuations coinciding with the upward momentum of NIO, Xpeng, and Leap Motor, potentially reshaping the established market hierarchy [11]

格隆汇9月7日｜零跑汽车创始人、董事长兼CEO朱江明在社交平台发出最新销量战报：9月7日，零跑当 日全系订单量达4663辆，创下历史新高。当前，零跑已连续六个月稳居中国新势力品牌销量第一。在海 外市场，零跑更是以黑马之势实现强势突围，在德国、法国、意大利、西班牙等欧洲重点市场销量均跃 居前列；8月，零跑超越比亚迪登顶德国纯电市场。另外，在9月8日即将举行的2025德国慕尼黑国际车 展上，零跑全新个性战略新品Lafa5将全球首秀亮相。 ...

Group 1 - Leap Motor announced the completion of a domestic stock issuance, raising a total of 2.6 billion yuan, with funds aimed at supporting core technology R&D and enhancing vehicle performance and smart features [2] - Xizhi Technology completed a C-round financing exceeding 1.5 billion yuan, with participation from notable investors, aiming to accelerate the commercialization of photonic chips in computing centers [3] - Jinbei Automotive plans to invest 240 million yuan as a limited partner in the Shenyang Automotive Industry Investment Fund, which has a total subscription amount of 800 million yuan [4] Group 2 - Anthropic raised 13 billion USD in its F-round financing, achieving a post-money valuation of 183 billion USD, with plans to expand enterprise customer adoption and enhance safety research [5] - Figure Technologies plans to raise up to 526.32 million USD through an IPO, with a proposed share price range of 18 to 20 USD [6] - Black Rock Coffee Bar aims for an IPO seeking a valuation of up to 860.7 million USD, marking a rare consumer sector IPO amid a tech-driven market recovery [8] Group 3 - The Jinan Zhongying Industrial Development Semiconductor AI Equity Investment Partnership was established with a capital contribution of 1 billion yuan, focusing on private equity investments [9] - The Honghui Yuyin Fund, a smart medical equipment fund, was launched in Banan District with a scale of 500 million yuan, targeting investments in the healthcare sector [10] - Caitong Capital's Caitong Qihang Fund completed an exclusive investment in Wase Technology, focusing on global demand for audio-visual technology solutions [11] Group 4 - The Beijing Agricultural Industry Investment Fund was officially launched with a total scale of 500 million yuan, expected to generate 600 million yuan in new output and create 1.5 billion yuan in tax revenue [12]

Core Theme - The 2025 Munich Motor Show (IAA MOBILITY 2025) will take place from September 9 to 14 in Munich, Germany, focusing on mobility, sustainability, and technological innovation under the theme "IT'S ALL ABOUT MOBILITY" [1] Group 1: Key Highlights of the Show - Over 750 global exhibitors will showcase solutions ranging from electric vehicles to hydrogen fuel cell technology and smart driving [1] - Mercedes-Benz will debut the all-new GLC EV, featuring a closed grille design and an extended wheelbase for improved passenger space [2][4] - BMW will unveil the new iX3, marking a significant milestone in its electrification strategy, with an increased wheelbase and multiple battery options [5][7] - Audi will present a new electric concept car, "TT Moment 2.0," which will influence the design of the next generation of electric Audi TT [8][10] - Volkswagen will showcase the new T-ROC model, featuring a family design and advanced parking assistance systems [11][13] - Porsche will introduce the all-electric Cayenne, targeting a WLTP range of 700 kilometers [14][16] - Skoda will reveal the Vision O concept car, emphasizing sustainable materials and a new design language [17][20] Group 2: Chinese Automotive Presence - Nearly 100 Chinese companies will participate, covering vehicle manufacturing, battery systems, and smart hardware, showcasing a strategic presence in the global automotive transformation [20][21] - BYD will debut the Seal 06 DM-i travel version, tailored for the European market with a starting price of approximately €250,000 [21][23] - Leap Motor will launch the Lafa5, targeting the European compact car market with competitive pricing [24][26] - XPeng will showcase the new P7 and other models, emphasizing local market adaptations and advanced technology [27][29] - Hongqi will present the EHS-5 electric SUV, marking a significant step in its European strategy [31][33] Group 3: Technological Advancements - The show highlights advancements in electric vehicle technology, particularly the adoption of 800V platforms for faster charging [35][36] - Chinese companies are increasingly recognized for their contributions to the electric vehicle ecosystem, including battery technology and smart driving solutions [35][38] - CATL will showcase new battery technologies with improved energy density and charging speeds, establishing a strong local production presence in Europe [38][39] - The collaboration between Chinese firms in the automotive supply chain demonstrates a shift towards a comprehensive value system, enhancing resilience against trade and technology barriers [39]