Core Insights - The company has established a strategic plan and sales targets for the next five years, aiming to achieve the previously announced goal of 500,000 units sold before revealing next year's sales targets, indicating potential for significant growth in the coming year [1] Group 1 - In September, the company achieved a record monthly delivery of 66,657 units, ranking first among new energy vehicle manufacturers, with total sales for the first nine months reaching 395,516 units, representing a year-on-year increase of 129% [1] - The company has raised its annual sales target to between 580,000 and 650,000 units [1] Group 2 - The founder and CEO expressed optimism for 2026, highlighting the competitive nature of the already released B series, Lafa5, and C series products, along with plans to launch 2-3 new models from the D series and 2 models from the A series next year [3] - The year 2026 is anticipated to be the most significant for the company's product lineup, with expected overall sales growth [3]

Core Viewpoint - Leapmotor's founder and CEO, Zhu Jiangming, addressed market concerns regarding the company's profitability, indicating that while sales have significantly increased, investments in technology research and sales channels have led to a breakeven point in the first half of the year. He expressed confidence that profitability will further improve in the second half of the year as sales continue to grow [2]. Group 1 - Leapmotor has experienced substantial sales growth in recent years [2]. - The company has just crossed the breakeven point in the first half of the year due to increased investments in R&D and sales channels [2]. - Zhu Jiangming believes that if sales grow significantly next year, the growth rate of R&D costs will be lower than the increase in gross profit, leading to improved profitability [2].

Core Insights - Leap Motor has officially launched its self-developed flagship D platform and the D19 SUV, aiming to redefine the standards of luxury SUVs in the 300,000 RMB price range [1][3]. Group 1: Company Performance - Leap Motor has achieved significant growth, with nearly 400,000 cumulative deliveries from January to September 2025, leading the new car-making forces and achieving seven consecutive months of delivery growth [3]. - The company has entered over 30 international markets, establishing nearly 700 sales and service outlets, with strong performance in key European markets such as Germany, France, Italy, and Spain [3]. - In the first half of 2025, Leap Motor achieved its first positive net profit for a half-year period, with a record high gross margin, indicating strong profitability and sustainable growth potential [3]. Group 2: Product Development - The D19, as the first model on the D platform, aims to bring high-end technology and experience to the 300,000 RMB market, emphasizing top-tier features in range, intelligence, driving control, safety, comfort, and aesthetics [3][5]. - The design philosophy of the D19 is based on "Technology Natural Aesthetics 2.0," integrating technological innovation with natural beauty to enhance user experience [5]. - The launch of the D platform and D19 marks a new phase in Leap Motor's technical system and product layout, completing a comprehensive product matrix covering sedans, SUVs, and MPVs [5].

Core Viewpoint - Leap Motor is responding to user demand for higher-end models with the launch of the D series, starting with the D19, which is positioned as a large SUV and will be the company's highest-priced product upon release [1][3]. Pricing and Market Position - The expected price range for the D19 is between 250,000 to 300,000 yuan [2]. - The D19 marks Leap Motor's entry into the market for electric vehicles priced above 200,000 yuan, expanding its product lineup and potentially improving profitability [3][5]. Technical Specifications - The D19's range-extended version features CTC battery technology with an 80.3 kWh battery, offering a pure electric range of 500 km. The pure electric version utilizes a full-stack 1000V architecture and includes advanced configurations such as three motors and dual high-performance chips [5]. - Leap Motor will not use Huawei's advanced driving system in the D19, opting instead for its own high-level autonomous driving technology [5]. Sales Expectations - The sales forecast for the D series, including the D19, is cautious, with expectations that it may not reach the sales levels of the B and C series but could collectively sell around 30,000 units per month across all series [6]. Competitive Landscape - The D19 faces significant competition in the market from other models priced similarly, such as the Galaxy M9 and GAC's models, indicating a shift from a "blue ocean" to a "red ocean" market for large SUVs [7]. - The automotive industry is witnessing a trend where brands like Tesla and NIO establish themselves with high-end models before moving to mainstream markets, contrasting with Leap Motor's current brand perception focused on high cost-performance [9]. Brand and Technology Perception - The success of Leap Motor's self-developed technologies in creating brand value hinges on user perception and experience. Effective communication of these technological advantages is crucial for brand recognition [10]. - The company needs to integrate its self-developed capabilities into its brand identity to enhance its market position as it aims for higher-end segments [10].

Core Insights - Leap Motor officially launched its flagship D platform and the D19 SUV, marking its entry into the luxury flagship market with a focus on technological strength and user experience [1][3][14] Group 1: Product Launch and Market Positioning - The D platform represents Leap Motor's ten years of technological accumulation and aims to redefine the luxury SUV segment by offering high-end features at a more accessible price point [3][5] - The D19 SUV is designed to set new standards for the 300,000 RMB luxury SUV market, emphasizing advanced technology and user comfort [9][11] Group 2: Technological Innovations - The D platform features several industry-first technologies, including an 80.3 kWh battery for a 500 km electric range and a dual 8797 central domain controller for advanced driving assistance [7][5] - The platform integrates a range of high-quality components from leading suppliers, ensuring a premium user experience [7][5] Group 3: Financial Performance and Growth - Leap Motor achieved nearly 400,000 cumulative deliveries by September 2025, leading the new energy vehicle sector and achieving a positive net profit for the first half of 2025 [3][14] - The company has expanded its presence in over 30 countries, establishing nearly 700 sales and service outlets, with strong performance in key European markets [3][14] Group 4: Brand Strategy and Partnerships - The appointment of artist Fei Xiang as the brand ambassador for the D series aligns with Leap Motor's focus on quality and user experience, appealing to a rational consumer base [12][14] - The collaboration signals Leap Motor's commitment to long-term growth and innovation in the increasingly competitive electric vehicle market [14]

Core Viewpoint - Citic Securities has released a report stating that Leap Motor (09863) has launched its first flagship full-size hybrid SUV, the D19, which is competitively priced targeting the high-end SUV market priced between 250,000 to 300,000 RMB, with an expected launch in the first half of 2026 [1] Group 1: Product and Market Strategy - Leap Motor continues its high cost-performance strategy with the D19, prioritizing battery capacity over fuel consumption [1] - The D19 features battery units from CATL (300750), dual Qualcomm 8797 chips, and the VLA intelligent driving model, aligning with recent policy directions and consumer demands [1] Group 2: Regulatory Environment and Consumer Confidence - Upcoming regulations in 2026 will require plug-in hybrid electric vehicles (PHEVs) to meet stricter engine standards, including the use of higher quality batteries, with an estimated fuel consumption reduction of about 4.1% [1] - The emphasis on improved engine quality by regulatory authorities is expected to enhance the confidence of hesitant car buyers, while PHEVs with longer ranges are likely to perform better by minimizing fuel consumption and maintaining sufficient electric range to alleviate range anxiety [1]

Core Viewpoint - Citic Securities has released a report stating that Leap Motor (09863) has launched its first flagship full-size hybrid SUV, the D19, which is competitively priced targeting the high-end SUV market priced between 250,000 to 300,000 RMB, with an expected launch in the first half of 2026 [1] Group 1: Product and Market Strategy - Leap Motor continues its high cost-performance strategy with the D19, prioritizing battery capacity over fuel consumption [1] - The entire model lineup utilizes CATL battery cells, dual Qualcomm 8797 chips, and VLA intelligent driving models, aligning with recent policy directions and consumer demands [1] Group 2: Regulatory Environment and Consumer Confidence - Upcoming regulations in 2026 will require plug-in hybrid electric vehicles (PHEVs) to meet stricter engine standards, including the use of higher quality batteries, with an estimated fuel consumption reduction of about 4.1% [1] - The emphasis on improved engine quality by regulatory authorities is expected to enhance the confidence of hesitant car buyers, while PHEVs with longer ranges are anticipated to perform better by minimizing fuel consumption and alleviating range anxiety [1]

10月17日上午，零跑汽车高级副总裁曹力在一场媒体沟通会上表示，发生交通事故的时候，无论是谁的 责任，首先要做的是尽可能保证车主的安全。一是当驾驶员因为道路状况或者醉驾、超速等状况而发生 交通事故时，会有碰撞信号传到后台，零跑会及时联系驾驶员并提供救援等服务。二是，公司质量部门 会分析是不是车有安全隐患，配合车主、交警等一起调查。人身安全始终在第一位。（第一财经记者 葛慧） 微信编辑｜钉钉 ...

Core Insights - Leap Motor is not only aiming for larger scale but also pursuing upward brand positioning with the launch of its flagship D platform and the D19 SUV, marking a new chapter for the brand [1] Sales Performance - In the first nine months of this year, Leap Motor's cumulative sales reached 395,516 units, representing a year-on-year increase of 128.8%, maintaining the top position in China's new car-making forces for seven consecutive months [3] - During the recent holiday period, the Beijing store sold over 40 vehicles, contributing to a total of over 600 units sold in the Beijing market [3] Product Development - The D platform is designed to address core user pain points in areas such as range, intelligence, driving control, safety, and comfort, featuring innovative technologies like a 500 km pure electric range with an 80.3 kWh battery and a smart four-wheel drive range extension system [5] - The D19 model aims to bring high-end technology and experience to the 300,000 yuan market, embodying the design philosophy of "Technology Natural Aesthetics 2.0" [8] Technological Innovation - The D platform integrates advanced technologies to create a synergistic effect, enhancing overall performance and user experience [6] - Key features of the D19 include a 115 kWh super hybrid battery, advanced driving assistance systems, and a unique oxygen-generating system for improved health during travel [5] Market Strategy - With the launch of the D series, Leap Motor has completed its product lineup across various categories, including sedans, SUVs, and MPVs, establishing a comprehensive and diversified product matrix [10] - The D series is positioned to lead Leap Motor's entry into the high-end market, showcasing the company's systemic competitive capabilities based on fully self-developed technologies [10]

微信编辑 ｜钉钉 10月17日上午，零跑汽车高级副总裁曹力在一场媒体沟通会上表示，发生交通事故的时候，无论是谁 的责任，首先要做的是尽可能保证车主的安全。一是当驾驶员因为道路状况或者醉驾、超速等状况而发 生交通事故时，会有碰撞信号传到后台，零跑会及时联系驾驶员并提供救援等服务。二是，公司质量部 门会分析是不是车有安全隐患，配合车主、交警等一起调查。人身安全始终在第一位。（第一财经记者 葛慧） ...