Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 89.40 [1][5] Core Insights - The company reported a revenue of RMB 19.45 billion for Q3 2025, representing a year-over-year increase of 97.3% and a quarter-over-quarter increase of 36.7% [1] - The company achieved a net profit of RMB 150 million in Q3 2025, continuing its trend of profitability [1] - The company is expected to experience a strong new car cycle from 2025 to 2026, with anticipated revenue growth driven by strategic partnerships and overseas expansion [1][4] Summary by Sections Quarterly Performance - In Q3 2025, the company sold 174,000 vehicles, marking a historical high with a month-over-month increase in sales [2] - The sales structure improved, with the B/C platform accounting for 56% and 35% of sales, respectively, while the low-priced T03 model's share decreased to 9% [2] - The gross margin for Q3 was 14.50%, reflecting a year-over-year increase of 6.40 percentage points, attributed to scale effects and cost management [3] Growth Prospects - The company is set to launch multiple new models in 2026, supporting a sales target of one million units [4] - The overseas market is expanding rapidly, with 38,000 units exported from January to September 2025 and a significant increase in overseas orders [4] - Strategic collaborations are expected to contribute to revenue growth, including partnerships with Stellantis and FAW [4] Financial Forecast - The company is projected to achieve sales of 640,000, 1,030,000, and 1,416,000 vehicles from 2025 to 2027, with corresponding revenues of RMB 74.5 billion, RMB 128.7 billion, and RMB 170.7 billion [5] - The net profit is expected to grow significantly, reaching RMB 11.3 million, RMB 52.4 million, and RMB 82.5 million over the same period [5] - The target price reflects a 20% premium based on the anticipated strong new car cycle and overseas production localization [5]

Summary of Leap Motor's Conference Call Company Overview - **Company**: Leap Motor - **Industry**: Automotive (Electric Vehicles) Key Financial Performance - **Q3 Profit**: Achieved a profit of 150 million yuan, slightly down from 163 million yuan in Q2, which included approximately 400 million yuan in government subsidies [4][6] - **Revenue**: Total revenue for Q3 was 19.45 billion yuan, with around 250 million yuan from carbon credit income [4][6] - **Gross Margin**: Overall gross margin reached 14.5%, with vehicle gross margin at approximately 13%, an increase from Q2 due to new model launches improving average selling prices (ASP) [2][4] Future Projections - **Q4 Expectations**: Anticipated vehicle gross margin to continue rising, with expected sales of 200,000 units, up from 174,000 units in Q3. Carbon credit income is projected to be around 500 million yuan, significantly contributing to profits [2][6] - **2025 Profit Target**: The company aims for a profit of 500 to 1,000 million yuan for the year, with Q4 expected to be the first quarter of profitability for the vehicle business [2][6] Market Performance - **Domestic Market**: Strong performance with multiple models selling over 10,000 units monthly. Plans to launch four new models in the coming year, including D19, A10, A05, and B series MPVs to expand market coverage [2][7] - **Export Growth**: Continued growth in exports, with over 10,000 overseas orders in September and a total of over 25,000 orders expected in November and December. Projected export volume to exceed 50,000 units in 2025 and 100,000 units in 2026 [8][9][11] Cost Structure - **Expense Growth**: Administrative and R&D expenses increased due to company expansion and hiring, while sales expenses remained stable. Q4 expense ratio is expected to decrease to around 13% [5][6] Strategic Partnerships - **Collaboration with FAW**: Leap Motor has partnered with FAW to develop overseas vehicle projects, expected to start mass production in the second half of next year, which will positively impact profits [3][12] Valuation Insights - **Market Valuation**: Based on a profit guidance of 5 billion yuan for next year and a 20x P/E ratio, the market capitalization could exceed 120 billion yuan. Current market cap is around 70 billion yuan, indicating significant investment opportunities [3][13][14] Additional Insights - **Inventory and Demand**: Low inventory levels in overseas markets (1,300 to 1,400 units) with monthly orders exceeding 10,000 units indicate strong consumer demand rather than stockpiling by dealers [9][10] - **Model Contributions**: T03, C10, and B10 are major contributors to sales, with the new Lafa 5 expected to enhance sales in the European market [10][11]

Core Viewpoint - Leap Motor, the second profitable new energy vehicle manufacturer in China, reported strong financial performance for Q3 2025, achieving a revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 1.5 billion yuan, marking a significant turnaround from losses in the previous year [1][4][5]. Financial Performance - In Q3 2025, Leap Motor's revenue reached 19.45 billion yuan, nearly hitting the 20 billion yuan mark, setting a new quarterly record [4]. - The company's net profit for Q3 2025 was 1.5 billion yuan, a substantial improvement from a loss of 6.9 billion yuan in the same quarter last year [5][6]. - The revenue for the first half of 2025 was 24.25 billion yuan, reflecting a year-on-year growth of 174.15% [5]. Sales and Production - Leap Motor sold 173,900 vehicles in Q3 2025, representing a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63% [6]. - In October 2025, the company achieved a monthly sales milestone of over 70,000 units, becoming the only new energy vehicle brand in China to surpass this figure [8]. - As of November 15, 2025, the total vehicle sales reached 500,000 units, exceeding the annual target ahead of schedule [8]. Research and Development - Leap Motor invested 12.1 billion yuan in R&D during Q3 2025, contributing to the development of new technologies and models [2][12]. - The total R&D expenditure for the first three quarters of 2025 was 31.04 billion yuan, surpassing the total for the entire year of 2024 [12]. Financial Health - As of the end of Q3 2025, Leap Motor had approximately 33.9 billion yuan in cash and cash equivalents, ensuring sufficient funds for R&D and market expansion [3][12]. - The net operating cash flow for Q3 2025 was 4.88 billion yuan, indicating strong cash generation capabilities [12]. Market Expansion - Leap Motor's sales service network expanded to cover 292 cities with 866 sales outlets, including 367 Leap Centers and 499 experience centers [11]. - The company aims to achieve a sales target of 1 million vehicles in 2026, supported by its growing brand influence and extensive sales network [10][11]. Export Performance - In Q3 2025, Leap Motor exported 17,400 vehicles, with a total of 37,800 units exported in the first nine months of 2025 [9].

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） | 與本代表委任表格 | 股內資股 | | --- | --- | | （附註1） 有關的股份數目 | 股H股 | 於2025年12月8日（星期一）舉行的 臨時股東大會適用的代表委任表格 本人╱吾等 （附註2） 地址為 為浙江零跑科技股份有限公司（「本公司」）已發行股 本中內資股╱H股的登記持有人，茲委任大會主席 （附註3） 或 地址為 為本人╱吾等的受委代表，代表本人╱吾等出席本公司謹訂於2025年12月8日（星期一）下午15:00假座中國浙江省杭州市濱江區物 聯網街451號芯圖大廈1樓會議中心5號會議室舉行的臨時股東大會（「臨時股東大會」）（及其任何續會），並按下列指示於臨時股東 大會上代表本人╱吾等行動及投票。 請在適當空欄內填上「✓」號，以表明 閣下表決時的投票意願 （附註4） 。 | | 普通決議案 | 贊成 | 反對 | 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於更換 ...

（股份代號：9863） 臨時股東大會通告 茲通告浙江零跑科技股份有限公司（「本公司」）謹訂於2025年12月8日（星期一） 下午15:00 假座中國浙江省杭州市濱江區物聯網街451號芯圖大廈1樓會議中心5號會議 室舉行臨時股東大會（「臨時股東大會」），以審議並酌情通過下列決議案（不論有否修 訂）： 普通決議案 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 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。 （於中華人民共和國註冊成立的股份有限公司） 「動議： 待香港聯合交易所有限公司（「聯交所」）上市委員會批准因行使根據本公司 新購股權計劃（「2025年購股權計劃」）（其規則載於註有「A」字樣的文件， 該文件已提呈大會並由大會主席簽署，以資識別）可能授出的任何購股權而 可能將予發行及配發的本公司H股（「H股」）上市及買賣後及在其規限下， 批准及採納2025年購股權計劃及購股權計劃授權限額（定義見 ...

此乃要件 請即處理 閣下如對本通函任何方面或將採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部浙江零跑科技股份有限公司的股份，應立即將本通函連同隨附的代表委任表 格轉交買方或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就本通函全部或任何部份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。 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） 建議更換非執行董事 上調公司及下屬分╱子公司向銀行申請綜合信貸規模 建議採納2025年購股權計劃 上調為全資及控股子公司提供擔保額度 建議修訂公司章程 及 臨時股東大會通告 浙江零跑科技股份有限公司謹訂於2025年12月8日（星期一）下午15:00假座中國浙江省杭州市濱江區物聯 網街451號芯圖大廈1樓會議 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a quarterly revenue of 19.45 billion yuan in Q3 2025, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [7] - The company reported a net profit attributable to equity holders of 150 million yuan in Q3 2025, a significant improvement from a loss of 690 million yuan in Q3 2024 and a profit of 160 million yuan in Q2 2025 [7] - The company’s Q3 sales volume reached 174,000 units, with a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [7] - The average selling price (ASP) for the company was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [7] - The gross margin for Q3 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [7] - The company’s sales, management, and R&D expense ratios improved to 4.9%, 3.2%, and 6.2% respectively, compared to the previous year [7] - The company has expanded its sales service network to cover 292 cities with 866 sales outlets as of the end of September 2025 [7] - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36% [7] - The company plans to launch its Lafa5 model overseas in Q2 2026 and is actively pursuing local production capabilities in Malaysia and Europe [7] Financial Projections - The total revenue forecast for the company is projected to reach 65.8 billion yuan in 2025, with a year-on-year growth of 104.58% [1] - The net profit attributable to the parent company is expected to be 693.83 million yuan in 2025, with a significant year-on-year increase of 124.60% [1] - The earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a P/E ratio of 103.14 [1] - The company’s gross margin is expected to improve to 15% in 2025 [8] - The company’s asset-liability ratio is projected to be 77.45% in 2025 [8]

这三家在港上市的车企是今年的销量"绩优生"，实现了多项指标的新高。 2025年第三季度，吉利汽车实现营业收入892亿元，环比增长15%，同比增长27%，单季收入创历史新 高。核心归母净利润第三季度39.6亿元，同比增长19%，前三季度累计实现净利润106.2亿元，同比增长 59%。盈利能力保持稳健，第三季度毛利总额达148亿元，环比增长11%。前三季度核心归母净利润累 计达106.2亿元，同比增长59%。 截至10月底，吉利汽车已实现年内销量247.7万辆，全年销量目标300万辆，完成率达82.6%。第四季 度，吉利汽车推出多款新车型和改款车型，推动全年销量目标顺利达成。 零跑汽车第三季度收入194.5亿元，同比增长97.3%，净利润为1.5亿元，第三季度毛利率14.5%，同比环 比均显著改善，源于销量上升带来的规模效应；持续的成本管理；产品组合的优化等。零跑第三季度总 交付量173852辆，同比翻倍增长，10月销量首度突破7万辆，销量上升势头十分迅猛，领跑一众新势力 车企。 小鹏汽车三季度营收创新高，达到203.8亿元，同比增长102% ；净亏损为3.8亿元，较2024年同期亏损 18.1 亿元大幅收窄 ； ...

11月17日，零跑汽车（09863.HK）披露了2025年第三季度业绩报告。三季度，零跑实现营收194.5亿元，较2024年同期的98.6亿元同比增 长97.3%。同时，继2025年上半年首次实现半年度净利润转正之后，零跑在三季度实现单季度盈利1.5亿元，前三季度净利润1.8亿元。 无论从销量、营收还是利润来看，这都算得上是一张亮眼的成绩单。在2024年同期，零跑的净亏损为6.9亿元。零跑在财报中提到，同比 盈利增加主要由于整车销量的增加及单车收益能力的优化。 销量的增长是零跑的核心驱动力，这不仅带动营收同比大增97.3%、净利润达到1.5亿元，还直接推动毛利率提升至14.5%。作为对比，其 毛利率在2024年同期为8.1%，在2025年第二季度为13.6%。 零跑表示，业绩同比改善主要由于销量上升带来的规模效应、持续的成本管理、产品组合的优化，及其他业务的收入；环比改善主要由于 产品组合的优化，及持续的成本管理。 单季度销量超17万辆，提前完成年销50万辆目标 零跑汽车在财报中提到，收入增长主要得益于：整车及备件交付量的提升，带动整车相关服务收入同步增长。 2025年三季度，零跑在单季度交付新车173852 ...

值得注意的是，新能源汽车行业来到了下半场决赛圈，大部分品牌虽然受益于行业高速增长，但忽视质量增长，持续性亏损，经营现金流净额持续为负，现 金储备不断消耗殆尽。而零跑一直遵从高质量发展理念，不仅实现了成长领跑，同时实现盈利及现金流的健康生态，是造车新势力中第二家实现盈利的品 牌。 高质量增长，连续两个季度盈利 通览零跑Q3财报，从季度业绩看，各项成长指标基本保持了翻倍的趋势，Q1、Q2及Q3收入分别增长187.11%，165.7%及97.3%，今年前三季度合计收入437 亿元，同比增长133.7%。而在销量上气势如虹，季度销量也呈三位数的增长，稳居新势力排行榜首位。随着规模利润凸显，盈利指标非常强劲。 从2024年Q2开始，该公司毛利率持续为正，且处于上升趋势，2024年Q4至2025年Q3，毛利率稳定在13-15%区间，2025年Q3为14.5%，处于行业领先水平， 而股东净利润持续改善，步入盈利正轨，已连续两个季度实现股东盈利。更为重要的是，该公司实现了业务造血的内循环，不再消耗现金储备。 连续8个月蝉联新势力销冠，月交付量突破7万台大关，且两个季度实现股东盈利，拥有正向自由现金流，零跑（09863）终是和 ...