Core Viewpoint - The article discusses the sales performance and customer demographics of the Leap C10 electric vehicle, highlighting its competitive pricing and features in the current market environment [1]. Sales Performance - In October, the store received 39 orders, with 13 units of the C10 sold, indicating a steady demand despite the recent pause in national subsidies [2]. - The store currently has 10 units in stock, with the most popular configuration being the 650悦享版, which has 7 units available, predominantly in black and gray [2][15]. Customer Demographics - The primary customers for the C10 are divided into two groups: middle-aged male customers, typically business owners or private sector employees, who prioritize practicality and cost-effectiveness [3]. - The second group consists of younger female customers, often students or recent graduates, who are more influenced by aesthetics and brand perception [4]. Competitive Analysis - Customers frequently compare the C10 with competitors such as BYD Song PLUS and Deep Blue S07, with battery quality and brand reputation being significant factors in their decision-making process [8][9]. - Older customers express concerns about the Leap brand compared to more established brands like BYD, particularly regarding battery reliability [9]. Pricing and Discounts - The C10 was initially priced firmly upon launch, but by August, discounts of around ¥5,000 became available, with potential total savings reaching nearly ¥20,000 when including government subsidies [15]. - The most popular configuration, the 650悦享版, is priced at ¥125,800 after discounts, with financing options available [16]. Customer Feedback - Common complaints from customers include concerns about battery performance and the vehicle's range, with some attributing these issues to the choice of battery supplier [19]. - Maintenance costs for the C10 are approximately ¥150 for electric models and ¥300-400 for range-extended versions, with service intervals set at 10,000 kilometers or annually [21]. Purchase Incentives - The company offers a trade-in subsidy of ¥4,000 and has recently introduced promotional activities, including a lottery for purchase credits during the National Day period [22].

Group 1 - The core viewpoint is that Leap Motor has achieved record sales in November, delivering 70,327 vehicles, marking a year-on-year increase of 75.1% and a month-on-month increase of 0.1% [1] - Leap Motor's cumulative sales from January to November reached 536,000 vehicles, representing a year-on-year growth of 113.4%, successfully meeting the annual delivery target of 500,000 vehicles ahead of schedule [1] - The launch of the new model Lafa5 on November 27, priced between 97,800 to 121,800 yuan, is expected to enhance the company's product lineup and drive future sales growth [1] Group 2 - The company is in a strong new vehicle cycle, with plans to launch multiple products globally over the next three years, including the recently launched B10, B01, and Lafa5 [2] - Leap Motor has established a robust domestic sales network with 866 sales outlets as of September 30, 2025, and has expanded its international presence with over 700 sales and service points across approximately 30 markets [2] - The company is increasing its investment in intelligent driving, with a nearly 100% increase in team size and computational resources planned for the first half of 2025 [2] Group 3 - The domestic market is expected to see continued sales growth driven by strong new vehicle cycles and competitive pricing strategies [3] - The partnership with Stellantis, the fourth largest automotive group globally, allows Leap Motor to leverage existing sales and production networks for efficient international expansion [3] - Forecasted net profits for Leap Motor are projected to be 630 million, 5.01 billion, and 8.37 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 108.7X, 13.8X, and 8.2X [3]

FF301 備註： 致：香港交易及結算所有限公司 公司名稱: 浙江零跑科技股份有限公司 本月底法定/註冊股本總額： RMB 1,421,812,652 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 證券代號 (如上市) 09863 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,131,047,140 RMB 1 RMB 1,131,047,140 增加 / 減少 (-) RMB 本月底結存 1,131,047,140 RMB 1 RMB 1,131,047,140 1. 股份分類 普通股 股份類別 其他類別 (請註明) 於香港聯交所上市 (註1) 否 證券代號 (如上市) N/A 說明 內資股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 290,765,512 RMB 1 RMB 290,765,512 增加 / 減少 (-) RMB 本月底結存 290,765,512 RMB 1 RMB 290,765,512 第 1 頁 共 11 頁 ...

对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增多。交银国际表示，4季度 集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波 动。 对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增多。交银国际表示，4季度 集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波 动。 金吾财讯 | 汽车股普遍下滑，广汽集团(02238)跌3.86%，理想汽车-W(02015)跌3.37%，蔚来-SW(09866) 跌2.41%，北京汽车(01958)跌2.34%，小鹏汽车-W(09868)跌2.25%，零跑汽车(09863)跌1.23%，赛力斯 (09927)跌1.12%。 金吾财讯 | 汽车股普遍下滑，广汽集团(02238)跌3.86%，理想汽车-W(02015)跌3.37%，蔚来-SW(09866) 跌2.41%，北京汽车(01958)跌2.34%，小鹏汽车-W(09868)跌2.25%，零跑汽车(09863)跌1.23%，赛力斯 (09927)跌1.12%。 ...

Core Insights - Leap Motor has achieved a record high delivery of 70,327 vehicles in November, marking a continuous growth trend for nine months since March 2023, showcasing the brand's strengthening market position [1] - The company has surpassed its 2025 sales target of 500,000 vehicles ahead of schedule, with cumulative sales exceeding 500,000 units this year [1][2] - Leap Motor aims to reach a sales target of 1 million vehicles by 2026, as stated by its founder and CEO Zhu Jiangming [1] Financial Performance - In Q3 2025, Leap Motor reported a net profit of 150 million yuan, indicating a stable profitability trend [2] - The company delivered 173,852 new vehicles, leading the sales among new energy vehicle brands in China, with a year-on-year increase of 101.8% compared to Q3 2024 [2] - Leap Motor's revenue reached 19.45 billion yuan, a 97.3% increase from the same period in 2024, with a gross margin of 14.5%, significantly improved year-on-year [2] - The company has a strong cash position of 33.92 billion yuan and maintains positive operating and free cash flow [2] Product Development - Leap Motor unveiled its new A platform model, the A10, at the Guangzhou Auto Show, featuring a 500 km CLTC range and advanced technology aimed at mainstream families [2] - The company launched the Lafa5, a high-performance sports sedan, emphasizing features like a 605 km range and advanced driver assistance systems, targeting the younger demographic [3] - Leap Motor is set to hold its 10th-anniversary event in December, which is anticipated to outline its strategic roadmap for the next phase of development [3]

Core Insights - The automotive industry in November showed strong sales performance across various companies, with a notable focus on electric vehicle (EV) transitions and global expansion strategies [1][2][3][4] Group 1: Traditional Domestic Brands - BYD achieved a record monthly sales of 480,000 units, maintaining the top position, with overseas sales surpassing 130,000 units, marking a historical high [1] - Geely sold 310,000 units in November, a year-on-year increase of 24%, with its Galaxy series seeing a 76% growth [1] - Chery reported sales of 273,000 units, with EV sales reaching 117,000 units, a 50.1% increase, and export sales of 137,000 units, up 30.3% [1][2] Group 2: New Energy Vehicle Performance - Changan's November sales reached 283,000 units, with EV sales at 125,000 units, a 23% increase [2] - SAIC Group set a new record for EV sales at 209,000 units, reflecting a 38.8% year-on-year growth [2] Group 3: New Forces in the Automotive Sector - Huawei's HarmonyOS Automotive division delivered 82,000 vehicles in November, a remarkable 89.61% increase, establishing itself as a leader among new entrants [3] - Leap Motor delivered over 70,000 vehicles in November, achieving a cumulative sales milestone of over 500,000 units [3] - Xiaomi's automotive division also exceeded its annual delivery target, with over 40,000 units delivered in November and a total exceeding 350,000 units [3] Group 4: Market Dynamics and Challenges - Xpeng and NIO experienced a decline in sales, with Li Auto delivering 33,181 units, a slight increase of 4.45% month-on-month but a 31.92% year-on-year drop [4] - The automotive market is shifting from subsidy-driven growth to a more competitive landscape focused on product capabilities and brand strength, as consumer behavior evolves post-subsidy [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In November, the company delivered 70,327 vehicles, representing a year-on-year increase of 75.1% and a month-on-month increase of 0.1%. This marks a new historical high for the company [2][4]. - The company is expected to benefit from a strong domestic new car cycle, which will drive continuous sales growth. Additionally, the collaboration with Stellantis will facilitate a light-asset overseas expansion, opening up global sales opportunities [6]. Summary by Sections Sales Performance - The cumulative sales from January to November reached 536,000 vehicles, a year-on-year increase of 113.4%, surpassing the annual target of 500,000 vehicles ahead of schedule [6][7]. Product Launches - The company officially launched the Lafa5 model on November 27, priced between 97,800 to 121,800 CNY, continuing its strategy of offering high value for price [6][7]. Future Outlook - The company is expected to see significant growth in sales and profitability due to a robust new car cycle and an expanding product matrix. The forecasted net profits for 2025, 2026, and 2027 are 630 million, 5.01 billion, and 8.37 billion CNY, respectively, with corresponding P/E ratios of 108.7X, 13.8X, and 8.2X [6][7]. Market Expansion - The company has established over 700 sales and service points across approximately 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific, with a significant presence in Europe [6][7]. Technological Investment - The company has increased its investment in intelligent driving, with a nearly 100% increase in team size and computational resources in the first half of 2025 [6].

Core Viewpoint - The delivery volumes of leading new energy vehicle manufacturers in China are showing positive trends, with significant competition for monthly sales leadership among companies like Hongmeng Zhixing, Leap Motor, and Xiaomi Auto [2][4]. Group 1: Hongmeng Zhixing - In November, Hongmeng Zhixing achieved a record delivery of 81,900 vehicles, marking a year-on-year increase of 89.61% [3][4]. - This delivery volume not only set a historical high for Hongmeng Zhixing but also surpassed Leap Motor, allowing it to claim the title of monthly sales champion [3][4]. - The company has a diverse product lineup, including models from Seres, Chery, BAIC, and JAC, collectively branded under the "Hongmeng Zhixing" series [5]. Group 2: Leap Motor - Leap Motor reported a delivery of 70,300 vehicles in November, reflecting a year-on-year growth of over 75% and a month-on-month increase [8]. - The company has achieved a cumulative sales target of over 500,000 vehicles since 2025, ahead of its annual goal [9]. - Leap Motor's third-quarter financial report indicated a revenue of 19.45 billion yuan, a 97.3% increase year-on-year, with a gross margin of 14.5% [10]. Group 3: Xiaomi Auto - Xiaomi Auto has emerged as the third-largest player in the new energy vehicle sector, with a cumulative delivery of over 500,000 vehicles since its launch in April 2024 [11][12]. - In November, Xiaomi Auto maintained a monthly delivery volume of over 40,000 vehicles for the third consecutive month [12]. - The company has already met its annual target of 350,000 vehicles for 2025 [13]. Group 4: Other Competitors - Xpeng Motors delivered 36,700 vehicles in November, a year-on-year increase of 19%, with a total of 391,900 vehicles delivered in the first eleven months of 2025 [15]. - NIO delivered 36,300 vehicles in November, showing a year-on-year growth of 76.3% [18]. - Lantu Motors achieved a monthly delivery of 20,000 vehicles in November, marking an 84% year-on-year increase and setting a new record for the company [18].

Core Viewpoint - The article highlights the rapid growth of Leap Motor, emphasizing its ambitious target of achieving 1 million vehicle sales in the coming year, which would mark a significant milestone in the company's trajectory [1][4]. Sales Performance - In November, Leap Motor's monthly sales surpassed 70,000 units, securing the title of the new force champion in the electric vehicle market [2]. - If the sales target is met, it would represent a doubling of sales for three consecutive years, positioning Leap Motor to compete with established automotive brands [4]. Product Launch - Leap Motor has officially launched the Lafa5, priced starting at 92,800 yuan, which is positioned as a unique offering in the market with features like 605 km range and advanced technology [6][7][9]. - The Lafa5 is designed based on the B platform, sharing components with other models to reduce costs and enhance efficiency [17][19]. Market Strategy - The introduction of the Lafa5 is seen as a strategic move to cater to the growing demand for personalized vehicles while maintaining a focus on practicality [38]. - The company aims to leverage its existing platforms to expand its product lineup and brand influence, potentially leading to a series of models from Lafa1 to Lafa9 [41][42]. Future Projections - Leap Motor anticipates achieving nearly 600,000 units in sales this year, with plans to introduce new models in the D and A series, which are expected to contribute significantly to sales [44][48]. - The company is also expanding its international presence, with projects in Malaysia and Europe, and aims for overseas sales of 100,000 to 150,000 units [55]. Competitive Edge - Leap Motor is investing heavily in self-research and development, aiming to increase the self-research rate of core components from 65% to 80%, which will enhance its competitive position in the market [61][63]. - The focus on producing high-value components in-house allows Leap Motor to maintain control over quality and pricing, differentiating itself from competitors [65].

Core Viewpoint - The domestic automotive industry is experiencing a "two extremes" situation in November, with some leading companies showing a decline in sales while others report significant growth [2]. Group 1: Sales Performance - BYD's November sales reached 480,186 units, a year-on-year decrease of 5.25%, with domestic sales down by 26.81% [3][4]. - SAIC Group and Geely's new energy vehicle sales in November were 209,401 units and 187,798 units, respectively, showing year-on-year growth of 19.75% and 53.36% [3][4]. - Geely's high-end new energy vehicle brand, Galaxy, achieved sales of 132,700 units, a remarkable year-on-year increase of 76% [3]. - New car manufacturers like Leap Motor, Xiaomi Auto, and Xpeng Auto have completed their annual delivery targets ahead of schedule, with Xpeng achieving a 100% year-on-year growth, totaling 380,200 units [3]. - Lantu and Avita, state-owned new energy vehicle companies, reported record monthly sales of 20,005 units and 14,057 units, reflecting year-on-year growth of 84.28% and 25.29% respectively [3][4]. Group 2: Market Trends - The overall sales performance in November 2025 is weaker compared to November 2024, indicating potential short-term disruptions due to various factors [3]. - The implementation of the new energy vehicle purchase tax subsidy reduction starting January 1, 2026, is prompting companies to accelerate sales efforts by the end of 2025 [3].