Group 1 - China FAW Group and Leap Motor signed investment and cooperation agreements to enhance competitiveness in the electric and intelligent vehicle sector [1] - The agreements were witnessed by key executives from both companies, including Liu Yigong from China FAW and Zhu Jiangming from Leap Motor [1] - The strategic cooperation memorandum signed on March 3, 2025, aims to strengthen collaboration in capital and powertrain development [5] Group 2 - FAW's investment will be made through a capital increase in Leap Motor, establishing FAW as a strategic shareholder [5] - The collaboration will focus on joint development and production of plug-in hybrid and range-extended powertrains [5] - The partnership is built on long-term strategic trust and technological complementarity, aiming to accelerate the development of smart connected new energy vehicles [5]

美银证券发表报告，维持对零跑汽车"买入"评级，基于更强劲销量增长及海外扩张，受惠于强劲的车款 周期与跟Stellantis的合作，目标价为90港元。公司上周日发布首款多用途乘用车(MPV)D99，明年正式 推售，目标为高端MPV市场，将与理想的MEGA及腾势D9竞争。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - Leap Motor plans to issue 74.832 million domestic shares to FAW at a price of HKD 50.03 per share, totaling HKD 3.744 billion. Approximately 50% of the funds will be allocated for R&D, 25% for operational capital, and 25% for expanding sales and service networks [2][4][6]. - The company is expected to benefit from a strong domestic new car cycle, driving continuous sales growth, while its partnership with Stellantis will facilitate a light-asset overseas expansion, enhancing global sales potential [4][6]. - The projected net profits for Leap Motor from 2025 to 2027 are estimated at CNY 6.3 billion, CNY 5.0 billion, and CNY 8.37 billion, with corresponding P/E ratios of 102.5X, 13.0X, and 7.7X [4]. Summary by Relevant Sections Domestic Market - The company leverages its technological foundation to create a strong price-performance ratio, which is expected to enhance sales during the ongoing new car cycle. Scale effects and product structure optimization are anticipated to improve profitability [4][6]. Overseas Market - The collaboration with Stellantis, the fourth-largest automotive group globally, allows Leap Motor to utilize Stellantis's extensive sales and after-sales network and production capacity for a rapid and flexible overseas expansion. This partnership is expected to yield significant profit contributions from high single-vehicle profitability [4][6]. Product Development and Sales Network - Leap Motor plans to launch 2-3 new products globally each year over the next three years, with several models already introduced in 2025. The company has established a robust domestic sales network with 866 sales outlets across 292 cities and has expanded its international presence with over 700 sales and service points in approximately 30 international markets [6].

【深圳商报讯】（记者 詹钰叶）造车"新势力"零跑汽车近日官宣了与央企一汽的37亿元资本联姻。这 也是央企首次入股造车"新势力"。 根据港交所公告，此次定向增发核心条款为：一汽股权以每股50.03元人民币的价格，认购零跑汽车 7483.22万股内资股，募资总额37.44亿元，折合港元约41.38亿港元。这一认购价较协议签署前最后交易 日收盘价49.94港元存在溢价。 本次交易完成后，一汽股权将持有零跑汽车经扩大后股份总数的约5%，约占经扩大后内资股总数的 20.47%，成为重要战略股东。至此，零跑汽车形成由创始团队、外资巨头Stellantis集团和国有车企中国 一汽构成的稳定三角。创始人、董事长朱江明及其一致行动人持股比例从23.75%稀释至22.56%。朱江 明表示，本次一汽战投不影响创始团队控制地位。 ...

● 本报记者 龚梦泽 2025年12月，零跑汽车迎来成立十周年的重要节点。在杭州举办的十周年发布会上，零跑科技创始人、 董事长、CEO朱江明携核心管理团队集体亮相，正式宣告企业告别"造车新势力"身份，抛出2026年冲刺 100万辆销量、未来十年实现400万辆销量的宏伟蓝图。这场跨越十年的战略升级背后，是零跑在全域自 研、股权架构、渠道布局和供应链建设等多维度的深度积淀，而与一汽的战略合作、管理层持续增持等 动作，更成为其冲击销量目标的重要支撑。 坚持全域自研战略 "零跑不能再以新势力自居，我们要做全球化世界级车企。"朱江明在接受中国证券报记者采访时明确表 示。这一战略转变并非空穴来风，而是基于企业十年发展的实力积累与行业格局的深刻洞察。数据显 示，零跑2025年全年销量预计近60万辆，单月销量突破7万辆，累计交付量已突破120万辆，且实现连续 季度盈利，即将达成年度盈利目标。 支撑这一转型的核心是零跑坚持十年的全域自研战略。朱江明透露，新能源汽车70%的核心技术集中在 电子、电控等新兴领域，这些技术在十年前尚未成熟，零跑抓住机遇入局，构建了覆盖整车架构、电 池、电驱、座舱系统、辅助驾驶等关键领域的研发体系，自 ...

Core Insights - After ten years of establishment, Leap Motor has become a leading player in the automotive industry, aiming to achieve annual sales of 4 million vehicles and become a respected global smart electric vehicle company [1] - Leap Motor has delivered over 1.2 million vehicles by December 2025, with an expected annual sales of nearly 600,000 units in 2025, maintaining its position as the top seller among new car manufacturers in China [1] - The company has achieved continuous quarterly profitability, indicating a sustainable development trajectory [1] Group 1 - Leap Motor's founder, Zhu Jiangming, has set 2026 as the "breakthrough year" for reaching annual sales of 1 million vehicles, leveraging core technologies and a competitive self-sourced parts system [3] - The company emphasizes "full-domain self-research" as a core driver, with self-developed components accounting for approximately 65% of the vehicle cost [3] - Leap Motor has launched China's first automotive-grade intelligent driving chip, Lingxin 01, and has developed integrated battery chassis technology and a central domain control architecture [3] Group 2 - The product lineup includes four series (A, B, C, D) and the Lafa5 model, covering vehicle types from A0 to D levels, with both pure electric and range-extended options [3] - The C series has been particularly successful, with C10 sales reaching 20,000 units in October, and the newly launched B series and Lafa5 also experiencing strong sales [3] - Leap Motor has established a unique overseas market entry strategy through a partnership with Stellantis, covering 35 countries and regions with over 1,800 global sales outlets, including more than 800 overseas [4] Group 3 - The company has officially launched the high-end D series, featuring the D19 SUV and D99 MPV, aimed at transitioning the market from price competition to value competition [5] - The D19 is positioned as a technology luxury flagship SUV, offering six or seven-seat configurations and high-end features [7] - The D99 MPV will be available in both range-extended and pure electric versions, with significant battery specifications [7] Group 4 - Leap Motor's future strategy focuses on five key areas: continuous technological innovation, expanding the ABCD product series, building an AI-driven ecosystem, creating localized super-integrated factories, and enhancing collaborative marketing services [7]

Group 1 - The core viewpoint of the articles highlights that the Chinese automotive industry is entering a new development stage as the "14th Five-Year Plan" concludes, with significant implications for companies like Leap Motor in 2025, marking its tenth anniversary and a critical evaluation of its operational capabilities and market position [2][3] - Leap Motor has demonstrated outstanding performance in annual sales achievement rates and actual delivery volumes, ranking among the top in the new force camp, showcasing its execution capability and certainty in a volatile market environment characterized by frequent price wars and demand fluctuations [2][3] - The shareholder structure of Leap Motor has evolved significantly, with the entry of Stellantis and the investment from China FAW Group, creating a unique combination of international automotive group and state-owned enterprise backing, which is rare among new force car companies in China [3] Group 2 - The dual recognition from both international and domestic stakeholders signifies Leap Motor's commercial model and technological path being validated, marking a transition from early exploration to a new phase characterized by scale realization, system stability, and industrial collaboration [3][4] - Leap Motor's comprehensive performance, achieving operational goals and establishing a stable scale advantage while gaining recognition from both an international automotive enterprise and a Chinese state-owned enterprise, has led to its inclusion in the "2025 Automotive Industry Influence Yearbook" as a representative sample of new force vehicle manufacturers [4]

近日，零跑汽车发布公告称，12月28日该公司与中国一汽全资子公司一汽股权投资（天津）有限公司订立内资股认购协议，拟向一汽股权发行74832245股内 资股，每股认购价为50.03元，总金额达37.4386亿元（约41.3750亿港元）。 此次认购所得款项用途明确，约50%投入研发，助力零跑在新能源及智能电动汽车领域持续创新；约25%补充营运资金，保障公司日常运营稳定；剩余25% 用于扩大销售及服务网络、提升品牌知名度，进一步拓展市场份额。 交易完成后，零跑汽车股权结构将迎来变化，内资股总数从2.91亿股增至3.66亿股，总股本由14.22亿股增至14.97亿股，一汽股权持有总股本5%。零跑汽车 在公告中表明，此次内资股认购是一汽股权的战略性投资，体现其对零跑业务及长期发展前景的信心，也为双方商业和产业合作奠定基础。 事实上，零跑汽车与中国一汽的合作由来已久。今年3月，双方签署《战略合作谅解备忘录》，计划在研发领域发挥各自技术积累，开展新能源乘用车联合 开发及零部件合作。4月，双方的首个合作项目——红旗海外车型项目落地，预计明年下半年量产销往海外。12月28日晚，零跑汽车董事长朱江明还透露， 双方合作首款车型将 ...

Core Insights - The company, Leap Motor, showcased a different approach to growth during its 10th anniversary event, emphasizing a commitment to engineering and sustainable development rather than the typical "burning money for growth" strategy [3][4] - Leap Motor has achieved continuous quarterly profitability, becoming the second new force in car manufacturing to reach this milestone, indicating a successful business model [4] Group 1: Company Philosophy and Culture - The founder, Zhu Jiangming, embodies an "engineer culture" focused on practical achievements and respect for industrial principles, which contrasts with the marketing-driven narratives of many competitors [3] - Leap Motor's core competitive advantage lies in its "full self-research" capability, controlling 65% of vehicle costs through deep self-manufacturing, which allows for rapid technological iteration and cost management [3] Group 2: Product and Market Positioning - The launch of flagship models D19 and D99 reflects a strategy to eliminate the "premium bubble" associated with luxury vehicles, demonstrating that high-quality experiences can be offered at accessible prices [4] - The company aims to sell one million vehicles by 2026, with a long-term goal of reaching annual sales of four million units, positioning itself as a world-class smart electric vehicle manufacturer [4] Group 3: Industry Context - In a market returning to rationality after a capital frenzy, Leap Motor's focus on technology and product-driven growth is increasingly valuable, highlighting a commitment to sustainable development [4]

Core Viewpoint - The strategic partnership between China First Automobile Group and Leap Motor marks a significant shift in the Chinese electric vehicle industry from "wild growth" to "deep integration" [3] Group 1: Investment and Strategic Cooperation - China First Automobile Group signed an investment and strategic cooperation agreement with Leap Motor, where FAW will invest 3.744 billion RMB to acquire 5% of Leap Motor's shares at 50.03 RMB per share [3] - The collaboration is not merely a financial investment but a signal of the evolving dynamics in the Chinese electric vehicle sector [3] Group 2: Complementary Strengths - FAW, with 67 years of automotive experience, offers a robust supply chain, manufacturing capabilities, and extensive distribution networks, which are difficult for new entrants to replicate [5] - Leap Motor, established in 2015, has developed a comprehensive technology system and is expected to deliver nearly 600,000 vehicles by 2025, positioning itself as a leader among new automotive players [5] Group 3: Governance and Stability - Leap Motor's CEO emphasized that the investment agreement ensures the founding team's control, addressing concerns about potential loss of independence due to the involvement of a major shareholder [6] - The partnership aims to enhance stability and risk resilience for Leap Motor while maintaining its operational agility [6] Group 4: Future Development Path - The collaboration will focus on joint development of plug-in hybrid and range-extended powertrains, integrating Leap Motor's technology with FAW's manufacturing expertise [8] - Leap Motor is transitioning from merely producing its own vehicles to becoming a technology solution provider for the automotive industry [8] Group 5: Product and Market Expansion - Leap Motor is accelerating its product lineup, including the launch of new high-end models and expanding into luxury markets, with plans for a comprehensive range by 2026 [9] - The partnership will also target advancements in next-generation electric architectures, high-voltage charging platforms, and advanced driving systems [9] Group 6: Globalization Strategy - Leap Motor's collaboration with FAW and Stellantis aims to create a unique global strategy, leveraging FAW's resources in the Belt and Road markets and Stellantis's presence in mature markets [10] - The partnership will facilitate flexible production capabilities and shared manufacturing resources, enhancing Leap Motor's ability to meet growing market demands [10]