Core Insights - Leap Motor celebrated its 10th anniversary on December 28, 2025, at the Hangzhou Olympic Sports Center, showcasing its journey in the automotive industry and unveiling its strategic plan for the next decade [1] - The event featured the global interior debut of the D19, the first luxury flagship SUV from the D series, and the D99, the first luxury flagship MPV, highlighting the company's technological and product capabilities [1] - Strategic partners, including China FAW Group and Stellantis, along with users, dealers, investors, and media representatives, attended the milestone event [1] Company Highlights - Leap Motor's founder, chairman, and CEO, Zhu Jiangming, reflected on the company's ten-year journey in vehicle manufacturing during the anniversary event [1] - The launch of the D series vehicles signifies Leap Motor's commitment to innovation and luxury in the electric vehicle market [1] Industry Context - The presence of major strategic partners at the event underscores the collaborative efforts within the automotive industry to advance electric vehicle technology and market presence [1]

北京商报讯（记者 蔺雨葳）12 月 28 日，在品牌"向上" 战略的关键节点，零跑D系列迎来历史性双旗舰 布局，继科技豪华旗舰 SUV D19 发布后，零跑首款旗舰 MPV D99 正式亮相。 作为零跑D平台的第二款产品，零跑D99以 "科技豪华旗舰MPV" 为定位，聚焦宜商宜家的大家庭。新车 提供增程与纯电双动力选择：增程版搭载80.3kWh大电池与800V高压平台，实现超长纯电续航；纯电版 配备115kWh大电池与全栈1000V高压平台，性能与效率全面领先。从最初的小家庭出行工具，到如今 承载三代同堂、商务接待与品质生活的移动空间，零跑D99以六大旗舰维度重新定义 30万级MPV的价 值标杆。 ...

Core Viewpoint - Leap Motor launched its first MPV model, the D99, during its 10th anniversary event, showcasing its dual power versions of pure electric and range-extended vehicles [1] Group 1: Product Launch - The D99 is designed based on Leap Motor's D platform [1] - The first model from the D platform, the D19, has begun blind pre-orders and is expected to officially launch in April next year [1] Group 2: Sales Performance - Leap Motor's CEO, Zhu Jiangming, announced that the company has achieved nearly 600,000 vehicle sales this year [1] - The company aims to challenge a sales target of 1 million vehicles in the upcoming year [1]

Core Insights - The event marked the 10th anniversary of Leap Technology, where Senior Vice President Cao Li introduced the first model of the D series, the Leap D19, positioned as a tech luxury flagship SUV [2][5]. Group 1: Product Introduction - The Leap D19 features two Qualcomm Snapdragon SA8797 chips, providing a computing power of 1280 TOPS, supporting advanced cockpit models and VLA assisted driving functions [6]. - The D19 offers two powertrain options: a range-extended version with an 80.3 kWh battery providing a CLTC electric range of 500 kilometers, and a pure electric version utilizing a 1000V high-voltage platform with a 115 kWh battery, achieving a range of 720 kilometers [6]. - The official launch and delivery of the Leap D19 is scheduled for April 2026 [6]. Group 2: Future Products - Cao Li also revealed the second product in the D series, the Leap D99, which is the company's first MPV, positioned as a tech luxury flagship MPV [6]. - The Leap D99 has dimensions exceeding 5.2 meters in length, nearly 2 meters in width, and an axle distance of over 3.1 meters [6].

Core Insights - The company aims to achieve an annual sales target of 4 million vehicles in the next decade and aspires to become a respected global smart electric vehicle enterprise [1][3]. Group 1: International Expansion - The company has effectively utilized Stellantis' sales channel service system and localized manufacturing to enter global markets, particularly Europe, with minimal investment [1][3]. - In its first complete year in the international market, the company has secured over 70,000 overseas user orders and exported more than 60,000 vehicles, becoming the top seller among new car manufacturers in overseas markets [1][3]. Group 2: Challenges and Future Outlook - The CEO highlighted the difficulties faced in the past decade, describing it as a challenging journey, and noted that the company has only recently reached a break-even point [4]. - The CEO emphasized the urgency for the company to capitalize on the remaining window of opportunity in the electric vehicle market, as its market share in both China and globally remains relatively small [4].

人民财讯12月28日电，12月28日晚，在零跑成立十周年发布会上，零跑汽车创始人、董事长兼CEO朱江 明表示，希望在下一个十年，零跑实现年销400万辆，成为值得尊敬的世界级智能电动车企。此前，公 司宣布在2026年的销量目标为100万辆(2025年是50-60万辆)。朱江明表示，未来"不能再以'新势力'自 居，而要以一家可持续发展、值得尊敬的世界级车企来要求自己。" ...

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。 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） (1)有關2026年零部件採購框架協議之持續關連交易 (2)有關品牌發展及市場洞察服務協議之關連交易 (1) 2026年零部件採購框架協議 茲提述本公司日期為2024年12月24日之公告，內容有關與華銳捷技術訂立 的2025年零部件採購框架協議。2025年零部件採購框架協議將於2025年12 月31日屆滿。於2025年12月26日，本公司與華銳捷技術訂立2026年零部件 採購框架協議，據此，本公司不時透過訂購方式向華銳捷技術採購若干類 型的攝像頭總成及雷達總成。 (2) 品牌發展及市場洞察服務協議 於2025年12月26日，浙銷服（本公司全資附屬公司）與零跑國際商務（零跑 國際全資附屬公司）訂立品牌發展及市場洞察服務協議。據此，零跑 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The Western European passenger car market is large, with significant room for improvement in the penetration rate of new energy vehicles (NEVs). The annual sales of passenger cars in Western Europe exceed 10 million units, and the NEV penetration rate increased by 6 percentage points year-on-year to 29% in the first ten months of 2025. Countries with high passenger car sales, such as Germany, the UK, France, Spain, and Italy, have NEV penetration rates generally below 35% [3][6][12] - The growth of the European NEV market in 2026 is supported by policy foundations, including comprehensive EU regulations and incentives for NEV adoption. The EU aims for climate neutrality by 2050, and while there are adjustments to the 2035 "zero-emission" target, the overall goals remain intact [12][15] - With Chinese manufacturers accelerating their presence in Europe, it is expected that NEV exports from China to Europe will see rapid growth in 2026. Currently, major shares in the Western European NEV market are held by manufacturers like Volkswagen and BMW, but companies like BYD are increasing their market share [20][28] Summary by Sections 1. Western European Passenger Car Market - The market is characterized by a significant annual sales volume exceeding 10 million units, with a NEV penetration rate that has room for growth. The focus will be on B/SUV-B/C/SUV-C models to enhance NEV penetration [3][6][10] 2. Policy Support for NEV Growth in 2026 - The EU has established clear targets for NEV transition, with penalties and incentives for carbon emissions. The 2026 NEV market growth is expected to be bolstered by continued or new subsidies in key European countries [12][15] 3. Growth of Chinese Manufacturers in Europe - Chinese manufacturers are expected to see significant growth in NEV exports to Europe, with companies like BYD and Geely leading the charge. The expansion of sales networks and local production will contribute to this growth [20][28]

Overall Market - The total market for passenger vehicles in China includes both traditional internal combustion engine (ICE) vehicles and new energy vehicles (NEV), which comprise battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) [4][5] - In November 2025, the total production of NEVs reached 1,756,587 units, while ICE vehicles produced were 1,349,384 units, leading to a total market production of 3,105,971 units [6][7] - Year-to-date (YTD) data for January to November 2025 shows NEV production increased by 6.3%, while ICE vehicle production decreased by 4.0% compared to the same period in 2024 [6][8] Market Segmentation - The market is segmented into various categories including sedans, MPVs, and SUVs, with NEVs showing a significant growth trend in all segments [25][26] - In November 2025, NEV sales in the sedan category were 593,948 units, while ICE sedans sold were 413,429 units, indicating a strong preference for NEVs in the sedan market [26] Export Market - The export of NEVs has shown substantial growth, with a total of 2,149,769 units exported in November 2025, reflecting a 243.3% increase compared to the previous year [16][21] - The NEV export penetration rate reached 41.7% in the first eleven months of 2025, up from 27.1% in 2024, indicating a growing international demand for Chinese NEVs [18][20] Manufacturer Performance - BYD remains the leading manufacturer in the NEV market, with a wholesale volume of 474,921 units in November 2025, despite a year-on-year decline of 5.8% [22][23] - Other notable manufacturers include Geely and Chery, with Geely achieving a 53.4% increase in wholesale volume, indicating strong competitive performance in the NEV segment [22][23] Price Positioning - The market is categorized into price segments, with vehicles priced below 100,000 yuan showing a significant share in the NEV market, reflecting consumer preferences for affordable electric options [4][5] - The price segmentation also indicates a growing trend towards higher-priced NEVs, as consumers are increasingly willing to invest in premium electric vehicles [4][5]

Group 1 - Mercedes-Benz (China) has delayed payments to suppliers for over two years, with outstanding amounts related to the AMG project exceeding 1.482 million yuan [3][4] - The total payable amount confirmed by Ernst & Young for the AMG project is 6.994 million yuan, but the payment process has been stalled due to various excuses from Mercedes-Benz [3][4] - The new regulations effective from June 2025 require large enterprises to pay within 60 days after delivery, but many suppliers report difficulties in enforcing this policy [4][5] Group 2 - Doubao's daily active users have surpassed 100 million, making it one of the lowest-cost products among ByteDance's billion-level apps [7][9] - Doubao's marketing expenses are reported to be the lowest for any product achieving over 100 million DAU, indicating effective cost management [7][9] - The Seed team at ByteDance is seen as a core strategic business, focusing on large model foundational research and application [9] Group 3 - Shopee is set to launch a zero-commission policy for new stores starting January 1, 2026, aimed at reducing barriers for sellers entering overseas markets [12] - This initiative will allow sellers in specific Southeast Asian markets to operate their first store without commission for the first three months, with a cap of 500 orders per month [12] Group 4 - Yuan Minghong has appointed Sun Jin as the new CEO of Dongfang Zhenxuan, confirming leadership changes within the company [13][14] - Sun Jin has extensive experience within New Oriental, having joined in 2006 and held various leadership roles [13][14] Group 5 - Cloud Deep Technology, part of the "Hangzhou Six Little Dragons," has initiated IPO counseling, focusing on intelligent robotics [16][17] - The company recently completed over 500 million yuan in Series C financing, indicating strong investor interest and growth potential [17] Group 6 - UBTECH plans to acquire a controlling stake in A-share company Fenglong Co., with a total transaction value of approximately 1.161 billion yuan [22] - The acquisition will give UBTECH a 29.99% stake in Fenglong, changing the controlling shareholder to UBTECH [22] Group 7 - The new brand "Qijing" from Huawei and GAC has unveiled its first model, a hunting-style coupe, which is set to compete in the high-end electric vehicle market [30][31] - The vehicle will feature advanced technologies, including L3-level autonomous driving capabilities, and is expected to launch in June 2026 [30][31] Group 8 - The chairman of Lantu Motors discussed the "involution" in the new energy vehicle sector, emphasizing the need for genuine innovation rather than imitation [33][34] - He highlighted that true innovation should address user needs and improve product value, rather than merely competing on superficial features [34] Group 9 - NVIDIA plans to deliver H200 chips to Chinese customers before the Lunar New Year, with a unit price of 1.4 million yuan [36][37] - The expected shipment volume is between 5,000 to 10,000 modules, translating to approximately 40,000 to 80,000 H200 chips [36][37]