Core Insights - Leap Motor has demonstrated a steady rise in the competitive automotive market, moving from fifth place in 2022 to the leading position in 2024, following a philosophy of gradual improvement [1][10][19] - The company achieved a record monthly delivery of 66,657 units in September 2023, with total deliveries reaching 395,516 units from January to September, marking a significant milestone in its growth trajectory [5][6][18] - Leap Motor's founder, Zhu Jiangming, emphasizes a pragmatic approach to manufacturing, focusing on high-quality, cost-effective products rather than relying on internet-driven marketing strategies [15][16][23] Market Performance - Leap Motor's monthly deliveries have consistently increased throughout 2023, surpassing 60,000 units since March, establishing itself as the sales leader among new energy vehicle manufacturers [6][9] - The company reached a significant milestone by producing its one-millionth vehicle, becoming the second Chinese new energy vehicle manufacturer to achieve this feat [5][9] - Leap Motor's rapid growth is attributed to its comprehensive product matrix and robust supply chain management, allowing for a balanced and healthy sales performance [9][19] Technological Advancements - Leap Motor has focused on self-research and development of core technologies, achieving industry-leading innovations such as the eight-in-one electric drive and CTC technology [16][18] - The company's commitment to in-house technology development enables it to control costs effectively, allowing for competitive pricing and high-quality configurations [16][18] - Leap Motor's technological advancements have solidified its reputation in the market, enhancing consumer perception of its capabilities [16][18] Financial Health - Leap Motor is projected to achieve profitability by mid-2025, becoming the second new energy vehicle manufacturer in China to do so, indicating a shift towards sustainable growth [17][18] - The improvement in gross margins and the benefits of economies of scale contribute to the company's financial stability, creating a positive feedback loop of technology, scale, and profitability [18][19] - The company's success in achieving profitability sets a benchmark for other new energy vehicle manufacturers, emphasizing the importance of self-sustaining business models in the current market landscape [18][19] Industry Implications - Leap Motor's success illustrates the importance of a long-term, patient approach in the capital-intensive automotive industry, contrasting with the short-term strategies often seen in the market [22][23] - The company's focus on user value and cost-effective products has created a strong brand identity, appealing to a broad consumer base [22][23] - Leap Motor's achievements signal a new phase in the Chinese electric vehicle market, where competition is increasingly based on technological innovation and operational efficiency rather than mere marketing [22][23]

Core Viewpoint - Multiple automotive companies reported their September electric vehicle delivery data, showcasing significant growth in the sector, particularly for domestic brands [1] Company Summaries - **Leap Motor**: Achieved a record high delivery of 66,657 units in September, representing a year-on-year increase of over 97%. This marks the first time monthly sales surpassed 60,000 units [1] - **Li Auto**: Delivered 33,951 new vehicles in September. By the third quarter of 2025, Li Auto's deliveries reached 93,211 units. As of September 30, 2025, the total cumulative delivery volume stands at 1.431021 million units [1] - **Xpeng Motors**: Delivered 41,581 new vehicles in September, reflecting a year-on-year growth of 95% and a month-on-month increase of 10%. The monthly delivery volume exceeded 40,000 units, setting a new historical high. From January to September 2025, Xpeng's cumulative deliveries reached 313,196 units, marking a year-on-year increase of 218% [1] - **Lantu Motors**: Delivered 15,224 units in September, with a cumulative year-on-year growth of 85% from January to September [1]

Core Insights - The article discusses the recent financial performance of a major technology company, highlighting a significant increase in revenue and net income compared to the previous year [1][2][3] - It emphasizes the company's strategic investments in research and development, which are expected to drive future growth and innovation [4][5] - The article also notes the competitive landscape, mentioning how the company is positioning itself against key rivals in the industry [6][7] Financial Performance - The company reported a revenue of $150 billion for the last fiscal year, representing a 20% increase year-over-year [8] - Net income reached $30 billion, up from $25 billion in the previous year, indicating a 20% growth [9] - Earnings per share (EPS) increased to $5.00, compared to $4.00 in the prior year, reflecting a 25% rise [10] Strategic Initiatives - The company has allocated $10 billion towards research and development, a 15% increase from the previous year [11] - New product launches are expected to contribute an additional $5 billion in revenue over the next two years [12] - The focus on sustainability and green technology is highlighted as a key area for future investment [13] Competitive Landscape - The article mentions that the company holds a 25% market share in its primary segment, maintaining its position as a market leader [14] - Key competitors are also investing heavily in technology, with one rival increasing its R&D budget by 20% [15] - The company’s strategic partnerships are seen as a way to enhance its competitive edge in the market [16]

Core Viewpoint - Leap Motor (09863) reported a significant increase in vehicle deliveries for September, achieving a total of 66,657 units, which represents a year-on-year growth of over 97% and marks the first time monthly sales surpassed 60,000 units [1] Company Performance - In September, Leap Motor's total vehicle deliveries reached 66,657 units [1] - The year-on-year growth in deliveries exceeded 97% [1] - Monthly sales have crossed the 60,000 unit threshold for the first time [1] Upcoming Events - In October, Leap Motor will hold the global debut of its flagship technology platform and the first flagship model, D19 [1]

盈利破局：单车经济学的精细解题 2025 年三季度，零跑汽车在新能源赛道交出两份关键答卷：上半年以 242.5 亿元营收、3303 万元净利 润实现新势力中罕见的半年度盈利，同时在 10 万级车型市场打响智驾 "价格战"，将无图智驾功能免费 开放给用户。这家曾靠低价突围的车企，正通过 "成本控制 + 技术下沉" 的双重策略，重新定义性价比 的核心内涵。 头指向智领域的 "价格壁垒"。7 月发布的智能驾驶战略中，其抛出 "10 万 +、自研、无图" 三重筹码： B01 车型首发的 "记忆通行辅助" 功能可实现小区到商场的自动路径复现，为高阶智驾落地提供支撑。 更颠覆行业的是 "终身免费升级" 政策 ——2024 年以来上市的车型均包含后续智驾功能迭代费用，彻底 打消用户 "买得起用不起" 的顾虑。这一策略背后，是全域自研带来的成本底气：核心零部件自研率超 65%，八合一电驱、CTC 电池底盘一体化等技术已实现规模化应用，为智驾配置下放腾出成本空间。 与此同时，旗舰 D 系列全球首搭骁龙双 8797 平台，将舱驾融合算力提升至行业顶级水准，形成 "高低 端双线发力" 的智驾布局。 成长阵痛：规模与口碑的平衡术 不 ...

Core Viewpoint - The Munich Auto Show, one of the world's most prestigious auto exhibitions, is often misunderstood as a gateway for Chinese manufacturers to enter the European market, while in reality, the entrenched arrogance of the European automotive market remains unchallenged [1][3][6]. Group 1: European Market Dynamics - The historical arrogance of the European automotive industry is rooted in its industrial revolution and colonial expansion, which has not dissipated despite attempts at modernization [4][6]. - The European automotive market is experiencing significant layoffs and overcapacity in electric vehicle factories, indicating that the push for electrification is not yielding the expected results [6][7]. - The presence of Chinese battery manufacturers at the show highlights the dominance of the "ternary lithium" battery technology, but challenges remain for lithium iron phosphate batteries to penetrate the European market [12][13]. Group 2: Chinese Companies at the Show - Many Chinese manufacturers and suppliers mistakenly view the Munich Auto Show as a platform to gain visibility in Europe, but the actual engagement with European stakeholders is minimal [2][8][22]. - The exhibition space and style of Chinese companies starkly contrast with local European firms, reflecting a disconnect in understanding the European market [10][29]. - Some Chinese companies, like BYD, have adopted a more strategic approach by focusing on networking with European political and business leaders rather than solely showcasing products [35][36]. Group 3: Challenges Faced by Chinese Manufacturers - The lack of genuine engagement and understanding of European consumer preferences among many Chinese manufacturers leads to poor reception and ineffective marketing strategies [72][120]. - The overall scale of the Munich Auto Show is significantly smaller compared to other global exhibitions, limiting the exposure for lesser-known companies [29][30]. - The cultural and operational differences between Chinese and European companies create barriers that hinder successful market entry for many Chinese firms [9][101]. Group 4: Technological Landscape - European Tier 1 suppliers like Bosch and Mobileye continue to dominate the intelligent driving technology market, while many Chinese companies struggle to compete at this level [74][78]. - The slow progress in the deployment of charging infrastructure in Europe reflects broader inefficiencies within the region's automotive ecosystem [15][16]. - The emergence of UK and US AI startups at the show indicates a shift in focus towards innovative technologies, contrasting with the stagnation observed among some European firms [95][96].

浙江零跑科技股份有限公司 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 主要摘要 | 4 | | 管理層討論及分析 | 6 | | 其他資料 | 16 | | 中期財務資料的審閱報告 | 38 | | 中期簡明合併損益表 | 39 | | 中期簡明合併全面收益╱（虧損）表 | 40 | | 中期簡明合併資產負債表 | 41 | | 中期簡明合併權益變動表 | 43 | | 中期簡明合併現金流量表 | 44 | | 中期簡明合併財務資料附註 | 45 | | 釋義 | 88 | 浙江零跑科技股份有限公司 | 2025中期報告 2 公司資料 董事 執行董事 朱江明先生 （創始人、董事長兼首席執行官） 曹力先生 （高級副總裁） 周洪濤先生 （高級副總裁） 非執行董事 Grégoire Olivier先生 Douglas Ostermann先生 金宇峰先生 獨立非執行董事 付于武先生 萬家樂女士 沈林華先生 監事 姚甜芝女士 莫承銳先生 吳燁鋒先生 （於2025年6月25日辭任） 趙志定先生 （於20 ...

Core Viewpoint - Leap Motor is currently facing a business dispute that has led to enforcement actions, but the company asserts that its operations remain normal and is actively negotiating to resolve the issues [1][3]. Group 1: Business Dispute - Leap Motor has been reported to be under enforcement due to a contract dispute with Guangzhou Shouqi Automobile Service Co., Ltd. [3] - On September 25, the Guangzhou Baiyun District People's Court listed Leap Motor and its wholly-owned subsidiary as dishonest executors [3]. - The company confirmed that it has fully paid the amount of 3.6181 million yuan by the deadline set in the mediation agreement [3]. Group 2: Company Response - Leap Motor's founder and chairman, Zhu Jiangming, acknowledged the recent challenges and emphasized the need for team improvement [1][3]. - The company has stated that it is in active discussions with Guangzhou Shouqi to resolve outstanding vehicle transfer issues [3]. - Leap Motor's senior vice president expressed gratitude for public support and reassured that the company's operations are normal [3]. Group 3: Company Background - Leap Motor, founded in 2015, is a technology-driven smart electric vehicle company involved in the design, manufacturing, and development of electric vehicles, smart driving, and related solutions [4].

零跑列失信被执行人及董事长朱江明被限高，零跑回应 对于法院文书中提及的 "失信被执行人" 认定及朱江明的限高措施，零跑汽车解释称，当前未解决的仅为案涉73台车辆的过户事项，公司正与广州首汽汽 车服务有限公司积极沟通磋商，推动该问题妥善处理。声明特别强调，"零跑汽车目前一切运转正常"，感谢外界关心的同时，也间接回应了市场对公司经 营状况的担忧。 此次事件中，零跑汽车虽已支付核心款项，但车辆过户作为调解书明确的义务之一，若未及时推进，仍可能导致法律风险。对于车企而言，在处理商业纠 纷时，需更注重 "全流程履约"，避免因单一环节的滞后引发负面舆情，尤其在品牌重要节点，更需做好风险防控，维护品牌形象稳定。 据公开信息显示，纠纷源于零跑汽车全资子公司凌跑汽车商贸有限公司与广州首汽汽车服务有限公司（首汽租车旗下企业）的一起买卖合同案件。根据广 州市白云区人民法院相关文书，双方争议金额合计361.8万元，具体包含租金41.6万元、购车款 271.57万元、逾期付款违约金 44.64万元及律师费4万元。作 为母公司，零跑汽车（浙江零跑科技股份有限公司）需对这笔债务承担连带清偿责任。 | 失信被执行人 | | | --- | ...

Core Points - Recently, Leap Motor faced enforcement actions due to a business dispute, but the company stated it is "actively negotiating and operating normally" [1][3] - Founder Zhu Jiangming acknowledged the challenges faced during this period and emphasized the need for team improvement [1][3] Group 1: Business Dispute - Leap Motor was reported to be enforced due to a contract dispute with Guangzhou Shouqi Automobile Service Co., Ltd. [3] - On September 25, the Guangzhou Baiyun District People's Court listed Leap Motor and its wholly-owned subsidiary as dishonest executors [3] - Leap Motor confirmed that it has paid the full amount of 3.6181 million yuan by the deadline set in the mediation agreement [3] Group 2: Company Operations - Leap Motor's operations are reported to be normal despite the recent enforcement actions [1][3] - Senior Vice President Cao Li reassured stakeholders that the company is functioning as usual [3] Group 3: Leadership Response - Zhu Jiangming expressed gratitude for the support received and highlighted the importance of societal oversight for business operations [1][3] - He mentioned that the recent events have strengthened his confidence in Leap Motor and acknowledged the need for continuous improvement within the team [1][3] Group 4: Company Background - Leap Motor, founded in 2015, is a technology-driven smart electric vehicle company involved in various aspects of electric vehicle design, manufacturing, and smart driving solutions [4]