智通财经APP讯，零跑汽车(09863)公布，宁波景航为公司员工激励计划平台，持有公司1280.65万股H 股，其执行事务合伙人为朱江明先生。依据激励方案，现已有413.895万股H股解禁，该部分股份将会依 据被激励对象的要求在二级市场择机减持。紧随减持后，朱江明先生及傅利泉先生及所属的公司单一最 大股东集团合共持有公司204,961,588股H股及128,517,839股内资股，合共占公司已发行总股数的 23.45%。由于减持为被激励对象的个人行为，并不影响创始人团体(即朱江明先生(公司创始人、董事长 兼首席执行官)及其配偶刘云珍女士、傅利泉先生及其配偶陈爱玲女士)于2023年10月31日作出的10年自 愿禁售承诺。 ...

ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9863） 自願公告 單一最大股東集團股份變動 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 寧波景航企業管理合夥企業（有限合夥）（「寧波景航」）為本公司員工激勵計劃平 台，持有本公司12,806,500股H股，其執行事務合夥人為朱江明先生。依據激勵 方案，現已有4,138,950股H股解禁，該部分股份將會依據被激勵對象的要求在二 級市場擇機減持。緊隨減持後，朱江明先生及傅利泉先生及所屬的本公司單一最 大股東集團合共持有本公司204,961,588股H股及128,517,839股內資股，合共佔本 公司已發行總股數的23.45%。由於減持為被激勵對象的個人行為，並不影響創始 人團體（即朱江明先生（本公司創始人、董事長兼首席執行官）及其配偶劉雲珍女 士、傅利泉先生及其配偶陳愛玲女士）於2023 ...

Core Insights - Leapmotor aims to achieve an annual sales target of 1 million vehicles by 2026 and reach 4 million vehicles in the next decade, positioning itself as a world-class automaker [3][4][7] - The company is transitioning from being a "cost-performance representative" to a "world-class automaker" through high-end product offerings and technological advancements [3][7] Product Strategy - The D series, including the flagship MPV D99, is designed to penetrate the high-end market, with a price range of 300,000 RMB, offering both extended range and pure electric options [3][4] - Leapmotor adheres to a "cost-based pricing" principle, ensuring that even with higher-end models, the perceived quality and value can compete with vehicles priced between 500,000 and 1 million RMB [3][4] Production Capacity - The company has prepared a battery supply redundancy of 1.2 to 1.3 times to meet the demand for 1 million vehicles, with a cumulative delivery of over 1.2 million vehicles to date [4][6] - Leapmotor collaborates with leading suppliers like CATL and AVIC Lithium Battery, and plans to start production at its joint battery factory by mid-2026 [3][4] Technological Advancements - Leapmotor is shifting from a following strategy to a leading position in the autonomous driving sector, focusing on L3-level applications and aiming to catch up with industry leaders [5][6] - The company has set a three-year return on investment criterion for new technologies, ensuring that only those that provide real user value will receive significant investment [5][6] Market Positioning - Leapmotor is enhancing its channel and service systems to align with its high-end transformation and sales goals, emphasizing user experience as a core aspect of luxury [6][7] - The company faces challenges in reshaping user perceptions and establishing brand value that justifies higher pricing in the luxury MPV market [7]

新能源汽车产业竞争持续加剧之际，央企与造车新势力之间的资本合作再度引发市场关注。 12月29日，浙江零跑科技股份有限公司（以下简称"零跑汽车"）在港交所发布公告称，公司已与中国第 一汽车集团有限公司（以下简称"中国一汽"）全资子公司一汽股权投资（天津）有限公司（以下简 称"一汽股权"）签署内资股认购协议，拟通过定向增发方式引入战略投资者，募集资金约37.44亿元人 民币。 此次交易不仅意味着双方自年初签署战略合作谅解备忘录后的合作正式落地，也被视为当前行业深度调 整期内，央企与新势力加速协同的重要信号。 定向增发完成"关键一步" 资本层面实现深度绑定 根据公告披露，一汽股权将以每股50.03元人民币的价格，认购零跑汽车7483.22万股内资股，认购金额 合计约37.44亿元人民币。以协议签署前的市场价格计算，该认购价较零跑汽车最近一个交易日收盘价 以及前五个交易日平均收盘价均存在一定溢价，体现出投资方对公司长期价值的认可。 交易完成后，一汽股权将持有零跑汽车经扩大后已发行股份总数的约5%，并占经扩大后内资股总数的 约20.47%，从而成为零跑汽车的重要战略股东。与此同时，零跑汽车公众持股比例仍维持在45%以上 ...

12月29日，零跑汽车发布公告称，12月28日，其与中国一汽全资附属公司一汽股权投资（天津）有限公 司（下称"一汽股权"）订立内资股认购协议，计划以每股50.03元的价格发行7483.22万股内资股，总筹 资约37.44亿元，其中约50%将用于研发投入，约25%将用于补充营运资金及一般公司用途，约25%将用 于扩大销售及服务网络并增强品牌知名度。 股权架构方面，公告显示，7483.22万股内资股相当于零跑汽车已发行内资股总数的约25.74%、经扩大 已发行内资股的约20.47%；相当于已发行股份总数的约5.26%，以及经扩大已发行股份的约5%。而在本 次认购完成后，零跑科技创始人、董事长、CEO朱江明及股东傅利泉所属的单一最大股东集团合计持有 公司股份比例从23.75%降至22.56%，持股数不变，斯泰兰蒂斯（Stellantis）占总股份比例则由19.99%降 至18.99%，持股数同样不变。 公告发布后，零跑汽车股价早盘高开，一度涨超6%，达53.5港元/股，截至29日收盘，报50.4港元/股。 而从交易细节看，此次认购价较协议签署前零跑最后一个交易日收盘价49.94港元及前五个交易日平均 收盘价49.2 ...

Core Viewpoint - Leap Motor has entered into a strategic partnership with China FAW Group, with FAW investing 3.744 billion yuan to become a significant shareholder, while maintaining the control of the founding team [1][8]. Group 1: Investment and Control Structure - The investment from FAW is aimed at enhancing Leap Motor's financial resources and technological capabilities without altering the control structure of the company [2][8]. - Leap Motor's founder, Zhu Jiangming, confirmed that the founding team's control will remain intact despite the investment [2][8]. Group 2: Strategic Collaboration - The partnership involves a technology exchange where FAW will provide traditional powertrain technology in exchange for Leap Motor's expertise in electric vehicle systems [3][5]. - Leap Motor does not plan to develop traditional powertrains independently, relying instead on FAW's established technology [4][5]. Group 3: Market Positioning and Future Outlook - This collaboration marks a significant shift in Leap Motor's strategy, as it seeks to strengthen its market position amid increasing competition in the electric vehicle sector [8][11]. - The partnership is seen as a way for Leap Motor to enhance its resilience against market challenges by leveraging FAW's extensive resources and supply chain capabilities [9][11]. - FAW's investment is viewed as a critical step in securing a more stable future for Leap Motor, allowing it to maintain its innovative edge while benefiting from FAW's industry experience [11].

零跑汽车29日在港交所公告，12月28日，公司与一汽股权订立内资股认购协议，据此，公司已有条件同 意向一汽股权发行74,832,245股内资股，认购价为每股内资股认购股份人民币50.03元(按1港元兑人民币 0.90486元的汇率计算，相当于港元55.29元)。内资股认购股份将根据一般授权发行。 公告称，根据内资股认购事项将予认购的74,832,245股内资股相当于公司已发行内资股总数及经内资股 认购事项扩大后本公司经扩大已发行内资股分别约25.74%及20.47%；及截至公告日期公司已发行股份 总数及经内资股认购事项扩大后本公司经扩大已发行股份分别约5.26%及5.00%。 认购价较内资股认购协议日期前最后一个交易日(即2025年12月24日)的每股H股在联交所所报收市价 49.94港元，及于紧接内资股认购协议日期前连续5个交易日(即2025年12月18日至2025年12月24日)每股 H股在联交所所报平均收市价49.23港元溢价。 一汽股权投资(天津)有限公司成立于2018年3月，是中国第一汽车集团有限公司(简称"中国一汽")旗下的 全资附属公司，致力于通过资本纽带与专业运营，全面支撑中国第一汽车集团有限 ...

Core Viewpoint - Leap Motor has secured a strategic investment of 3.744 billion RMB from FAW Equity Investment, focusing on research and development, supply chain assurance, and international market expansion [2][3][4]. Group 1: Strategic Investment - Leap Motor signed an agreement with FAW Equity Investment to issue 74,832,245 domestic shares at a price of 50.03 RMB per share, raising a total of approximately 3.74386 billion RMB (around 4.1375 billion HKD) [3]. - The share price represents a premium over the closing price of 49.94 HKD on December 24, 2025, and the average closing price of 49.23 HKD over the previous five trading days [3]. - The funds raised will be allocated as follows: approximately 50% (1.87193 billion RMB) for R&D, 25% (935.96 million RMB) for working capital and general corporate purposes, and the remaining 25% (935.96 million RMB) for expanding sales and service networks and enhancing brand awareness [3]. Group 2: Supply Chain and Internationalization - Leap Motor has renewed a parts procurement framework agreement with Huari Jie Technology, allowing for the purchase of camera and radar assemblies with an annual transaction cap of 1.1 billion RMB for the year 2026 [5]. - This agreement aims to ensure the supply of components for smart driving and supports the sales growth of new models and high-level driving system development [5]. - Additionally, Leap Motor's subsidiary Zhejiang Leap Motor Sales Service has entered into a brand development and market insight service agreement with Leap International Business, which is partially owned by Stellantis, for a service fee of 42 million euros (approximately 347.5374 million RMB) [6]. - This collaboration is expected to enhance Leap Motor's brand recognition and competitiveness in international markets, leveraging Stellantis' overseas resources and experience [6].

Domestic News - The Ministry of Finance will continue to allocate funds to support the replacement of consumer goods in 2026, aiming to boost consumption through targeted actions and optimized subsidy standards [3] - The National Bureau of Statistics reported that from January to November 2025, profits in the equipment manufacturing industry increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [4] - Chongqing has added 160 million yuan in subsidies for automobile replacement and scrapping, bringing the total subsidy amount to 185 million yuan, with applications open until January 10, 2026 [5] - Gansu's 14th Five-Year Plan emphasizes fostering new types of consumption, including digital, green, and intelligent consumption, while enhancing public service spending and consumer protection [6] - China FAW Group and Leap Motor have deepened their cooperation, focusing on strategic collaboration in capital and powertrain development [7] - GAC Group has launched a "Three Responsibilities" policy for its brands, ensuring compensation for vehicle fires due to battery issues and free battery replacements for capacity degradation beyond standards [8] - Changan Automobile's Thailand factory has shipped its first batch of 500 vehicles to Europe, marking a significant step in its global strategy [9] - XPeng Motors has officially entered the Qatari market and signed a strategic cooperation agreement with a dealer in Mauritius, expanding its presence in the Middle East and East Africa [10] International News - Russia has extended its ban on gasoline exports until February 28, 2026, affecting all exporters [11] - Toyota plans to achieve a global production target of over 10 million vehicles in 2026, driven by increasing demand for hybrid models, with domestic production expected to exceed 3 million [12] - Bolivia's cancellation of fuel subsidies has led to a surge in electric vehicle sales, with imports reaching $16.3 million from January to October 2025, a 300% increase compared to the previous year [13] - Samsung SDI is shifting its focus in the U.S. from electric vehicle batteries to energy storage systems, with plans to transform its production lines by 2027 [14] Commercial Vehicles - Super Fusion has launched a supercharging demonstration station for heavy trucks in Fujian, providing a new solution for electric commercial vehicle charging [15] - FAW Jiefang and All Route have jointly released a new battery-swappable light truck, promoting strategic cooperation in the Changchun Economic Development Zone [16] - Foton's new electric light truck platform, "Qimingxing," will be officially launched on December 30, 2025, marking a new phase in the transition to electric commercial vehicles [17] - Weichai Power showcased its new series of commercial vehicles at a technology innovation conference, highlighting advancements in the field [18] - Weichai's commercial vehicle sales have seen significant growth in 2025, with a notable increase in the share of new energy vehicles [19]

Core Viewpoint - The investment agreement between FAW Group and Leap Motor aims to enhance the company's stability and risk resilience while maintaining control by the founding team [1][3]. Group 1: Investment Details - FAW Group will invest in Leap Motor through a private placement of shares, becoming a strategic shareholder [3][6]. - Leap Motor will issue 74.832 million shares at a price of RMB 50.03 per share, totaling RMB 3.744 billion [3][6]. - The newly issued shares will represent 20.47% of the expanded total of domestic shares and 5% of the total expanded shares [3]. Group 2: Fund Allocation - Approximately 50% of the funds raised, or RMB 1.872 billion, will be allocated for research and development [6]. - About 25% of the funds, or RMB 936 million, will be used to supplement working capital and general corporate purposes [6]. - The remaining 25%, also RMB 936 million, will be directed towards expanding the sales and service network and enhancing brand awareness [6]. Group 3: Market Reaction - Following the announcement of the investment, Leap Motor's stock price increased by 5.13%, reaching HKD 52.5 per share [5].