| 1. | 釋義 | 1 | | --- | --- | --- | | 2. | 條件 | 4 | | 3. | 本計劃的目的 | 4 | | 4. | 資格釐定 | 5 | | 5. | 期限及管理 | 7 | | 6. | 授出購股權 | 8 | | 7. | 行使價 | 10 | | 8. | 行使購股權 | 11 | | 9. | 行使期 | 15 | | 10. | 購股權失效 | 15 | | 11. | 可供認購的H股最高數目 | 16 | | 12. | 特別情況下的權利 | 18 | | 13. | 重組股本架構 | 19 | | 14. | 股本 | 20 | | 15. | 返還及收回 | 20 | | 16. | 爭議 | 21 | | 17. | 本計劃的變更 | 21 | | 18. | 終止 | 22 | | 19. | 註銷 | 22 | | 20. | 其他事項 | 23 | Zhejiang Leapmotor Technology Co., Ltd. （浙江零跑科技股份有限公司） 2025年購股權計劃 （本公司董事會於2025年11月17日有條件批准及採納， 並經股東 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 79, representing a potential upside of 51% from the current price of HKD 52.25 [2][5][8]. Core Insights - The company is expected to achieve significant growth, targeting 1 million vehicle sales by 2026, with a projected revenue of RMB 1 billion and a net profit of RMB 5 billion [7][8]. - The company has a strong product pipeline with multiple new models set to launch in 2026, which will help solidify its market position and expand its market share [6][8]. - The company has demonstrated impressive sales growth, achieving a 97.3% year-on-year increase in revenue for Q3, with a net profit of RMB 1.5 billion [10]. Financial Projections - The company forecasts vehicle sales of 610,000, 970,000, and 1,260,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of RMB 68.6 billion, RMB 116.7 billion, and RMB 157.8 billion [8][9]. - The projected net profits for the same years are RMB 670 million, RMB 4.85 billion, and RMB 8.69 billion, leading to a price-to-earnings ratio of 105x, 14.4x, and 8.0x for 2025, 2026, and 2027, respectively [8][9]. Market Expansion - The company is expanding its sales channels, aiming to exceed 1,000 outlets by the end of this year and 1,500 by the end of next year, focusing on lower-tier cities to tap into the potential of the new energy vehicle market [7][8]. - The company has seen rapid growth in overseas markets, with October sales reaching 12,000 units and expectations for November orders to exceed 15,600 units [11].

Core Insights - The Guangzhou Auto Show, themed "New Technology, New Life," will commence on November 21, featuring 93 global debut vehicles among 1,085 total exhibits, with 629 being new energy vehicles, marking a penetration rate of 57% [1] Group 1: New Vehicle Highlights - Xiaopeng X9 Super Extended Range: First extended range model from Xiaopeng, featuring a 60L fuel tank and 63.3 kWh battery, offering a pure electric range of 452 km and a comprehensive range of 1,602 km, with a combined energy consumption of 16.5 kWh/100 km and fuel consumption as low as 2.53 L/100 km [1] - Xiaopeng G01: A larger six-seat extended range model based on the G9, expected to have a pure electric range exceeding 400 km, equipped with 800V high-voltage architecture and 5C ultra-fast charging technology [2] - Leap Motor D19: The first model in Leap's flagship D series, targeting the 200,000-300,000 yuan market, offering both extended range and pure electric versions, with a battery capacity of 80.3 kWh and a pure electric range of 500 km [3] - Leap Motor A10: An entry-level small SUV with a starting price expected to be under 80,000 yuan, featuring laser radar for advanced driver assistance, competing with models like BYD Yuan UP [4] - Xiangjie S9: The annual flagship model from Hongmeng Zhixing, has received over 8,000 pre-orders in just 2 hours, featuring upgraded four-laser radar and enhanced cabin comfort options [5] - Lantu Taisan: The flagship model of Lantu, equipped with a 65 kWh battery, offering a pure electric range of 370 km and a comprehensive range of 1,400 km, featuring advanced suspension and driving assistance technologies [6] - Lantu Zhuiguang L: A mid-large plug-in hybrid sedan with a pure electric range of 410 km, featuring a 63 kWh battery and advanced suspension systems [7] - BMW iX3: Built on the new NCAR pure electric platform, featuring a redesigned front grille and enhanced local adaptations, including integration with Alibaba and Huawei technologies [8] Group 2: Market Trends - The upcoming Guangzhou Auto Show is set to showcase a competitive landscape among fuel, hybrid, and pure electric vehicles, highlighting the latest automotive technologies and indicating future directions for the Chinese automotive market [8][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target valuation of HKD 110 billion, corresponding to a 20x P/E for 2026 and 0.9x P/S for 2026, with a target price of HKD 77 [4][6]. Core Insights - The company has shown strong growth in both domestic and international markets, with Q3 sales reaching 174,000 units, a year-on-year increase of 102%, leading to a revenue growth of 97.3% to CNY 19.45 billion [1][2]. - The gross margin improved to 14.5%, up 6.4 percentage points year-on-year, attributed to scale effects, product mix optimization, and ongoing cost management [1]. - The company aims for a sales target of 1 million units and a profit of CNY 5 billion by 2026, supported by new model launches and an expanding sales network [2][4]. Sales and Revenue Growth - Q3 sales included 17,397 units exported and 156,000 units sold domestically, with the newly launched B01 model achieving over 10,000 deliveries for three consecutive months [2][3]. - The company plans to introduce four new models by 2026, enhancing its product lineup across various price segments [2]. International Expansion - The company is the leading new force in exports, with Q3 exports totaling 17,397 units and a cumulative export of 37,772 units for the first three quarters [3]. - Strong overseas demand is evident, with October orders reaching 12,000 units and expected to exceed 15,000 units in November [3]. - The company has established over 700 sales and service points across 30 international markets, with plans for local production in Malaysia and Europe by 2026 [3]. Financial Projections - The company forecasts sales of 610,000, 1,020,000, and 1,320,000 units for 2025, 2026, and 2027, respectively, with projected revenues of CNY 67.54 billion, CNY 112.95 billion, and CNY 151.02 billion [4][5]. - Expected net profits for 2025, 2026, and 2027 are CNY 1 billion, CNY 5.07 billion, and CNY 11.28 billion, respectively, with net profit margins improving to 1.5%, 4.5%, and 7.5% [5][12].

Core Insights - The competition in the new energy vehicle market is intensifying, with price wars and rapid technological advancements leading to the exit of several once-prominent companies. However, Leap Motor, previously considered lagging, has made a significant comeback [1][3]. Financial Performance - In Q3 2025, Leap Motor achieved a net profit of 150 million RMB, reversing losses from the same period last year and several previous quarters. This success is attributed to a doubling in sales and a notable increase in gross margin. In the first half of 2025, the company delivered 221,664 vehicles, ranking first among new energy brands in China, with a year-on-year delivery increase of 155.7% [3][10]. - Despite the profit, there are concerns regarding the company's financial health, as Leap Motor and its subsidiary were listed as "dishonest executors" by the court for failing to repay debts, raising questions about their financial management [4][10]. Market Strategy - Leap Motor is aggressively pursuing international markets, which are seen as crucial for future growth and capital market recognition. By Q3 2025, nearly half of its sales and service outlets were overseas, with rapid growth in international deliveries [6][7]. - The partnership with Stellantis, which invested approximately 1.5 billion euros for a 20% stake in Leap Motor, is a strategic move to leverage Stellantis's global distribution network for market entry [6][7]. Challenges and Risks - The overseas expansion, while promising, poses challenges such as profit-sharing with Stellantis, which may reduce net profits per vehicle sold internationally. The financial performance of the overseas business remains unclear [7][8]. - Leap Motor faces stiff competition in international markets from both local and other Chinese brands, along with regulatory and consumer behavior differences that require significant investment and time to navigate [8][10]. Brand Perception - Leap Motor's brand image does not align with its sales performance, as customer loyalty and brand recognition appear weak. Feedback from consumers indicates concerns over product quality and after-sales service [4][5][10]. - The company's strategy of offering high specifications at low prices has attracted buyers but has also led to compromises in quality, raising questions about long-term sustainability [5][10]. Future Directions - To maintain momentum, Leap Motor must focus on enhancing brand perception and customer loyalty while continuing to optimize its supply chain and understand user needs [10][11]. - Breakthroughs in key technology areas, such as smart driving systems and AI integration, are essential for Leap Motor to differentiate itself in the competitive landscape [11]. - Building an ecosystem that includes charging networks and connected vehicle platforms will be crucial for creating a seamless user experience and enhancing overall value [11].

Core Viewpoint - The company reported strong performance in Q3 2025, with significant revenue growth and a return to profitability, driven by increased vehicle sales and improved operational efficiency [1][2]. Performance Review - Q3 2025 revenue reached 19.45 billion yuan, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [1]. - The net profit attributable to shareholders for Q3 2025 was 150 million yuan, marking a turnaround from losses, although it decreased by 8% quarter-on-quarter [1]. - Cumulative net profit for the first three quarters of 2025 reached 180 million yuan [1]. Development Trends - Multiple vehicle models contributed to sustained high sales growth, with Q3 2025 sales volume at 174,000 units, up 102% year-on-year and 30% quarter-on-quarter [1]. - The C series and B series saw sales increase to 98,000 units and 61,000 units respectively, with October sales surpassing 70,000 units for the first time [1]. - The T series small car's sales proportion decreased, leading to a 5.4% increase in average revenue per vehicle to 112,000 yuan [1]. - The D19 large six-seater model is expected to further enhance the product matrix and growth potential [1]. Profitability and Cash Flow - Q3 2025 gross margin improved to 14.5%, up 6.4% year-on-year and 0.9 percentage points quarter-on-quarter, benefiting from economies of scale, cost control, and product structure optimization [1]. - The combined selling, general, and administrative expenses decreased by 1.2 percentage points year-on-year to 14.3%, reflecting effective management [1]. - Operating cash flow for Q3 2025 reached 4.88 billion yuan, indicating ongoing improvement in cash flow performance [1]. Global Strategy and Market Expansion - The company is advancing its globalization strategy, with a strong new vehicle cycle and the launch of the Lafa5 sports sedan and D19 flagship SUV [2]. - In Q3 2025, the company exported 17,000 units, with total exports for the first three quarters reaching 38,000 units [2]. - By the end of September, the company established over 700 sales and service outlets in international markets, enhancing its competitive edge in the new energy passenger vehicle sector [2]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged at 860 million yuan and 4.89 billion yuan respectively [2]. - The current stock price corresponds to a 14.4 times price-to-earnings ratio for 2026 [2]. - The target price has been adjusted down by 12.6% to 78.00 HKD, reflecting a 20.5 times price-to-earnings ratio for 2026, with a potential upside of 42.3% from the current stock price [2].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant revenue growth and improved profitability metrics, indicating a positive trend in its business operations [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 19.45 billion yuan, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [1] - The gross margin reached 14.5%, improving by 6.3 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, driven by increased sales volume, cost management, and enhanced revenue from carbon credit sales, which contributed approximately 250 million yuan [1] - The net profit for Q3 2025 was 150 million yuan, with a total net profit of 180 million yuan for the first three quarters [1] Product and Channel Expansion - The company delivered 174,000 vehicles in Q3 2025, maintaining the top position in new energy vehicle deliveries for eight consecutive months [1] - The introduction of new models, such as the B01, has contributed to strong sales, with monthly sales exceeding 10,000 units since its launch [1] - The sales service network expanded to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets, enhancing market reach [1] Export Growth and Overseas Expansion - In Q3 2025, the company exported 17,400 vehicles, leading the new energy vehicle sector in exports, with a total of 37,800 vehicles exported in the first three quarters [2] - The company has established over 700 sales points overseas, including more than 650 in Europe, and plans to enter the South American market with a presence at the São Paulo Auto Show [2] - Local production projects in Malaysia and Europe are expected to enhance profitability and supply capabilities in local markets by 2026 [2] Profitability Forecast - The company maintains its profitability outlook, projecting revenues of 63.9 billion yuan, 113.2 billion yuan, and 174 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 740 million yuan, 6.27 billion yuan, and 8.43 billion yuan [2]

Core Viewpoint - Leap Motor reported strong Q3 2025 financial results, with significant year-on-year and quarter-on-quarter growth in vehicle sales and revenue, indicating robust operational momentum and market demand [1][2]. Financial Performance - Q3 2025 vehicle sales reached 174,000 units, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 29.6% [1]. - Total revenue for Q3 2025 was 19.45 billion yuan, up 97.3% year-on-year and 36.7% quarter-on-quarter [1]. - The average selling price (ASP) per vehicle in Q3 2025 was 111,900 yuan, showing a slight decrease of 2.2% quarter-on-quarter but an increase of 5.4% year-on-year [1]. - For the first three quarters of 2025, total vehicle sales were 396,000 units, a year-on-year increase of 128.8%, with total revenue of 43.7 billion yuan, up 133.6% year-on-year [1]. Cost and Profitability - Q3 2025 gross margin was 14.5%, an increase of 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [1]. - The net profit attributable to shareholders for Q3 2025 was 150 million yuan, marking a turnaround from losses year-on-year, but a decrease of 6.3% quarter-on-quarter [1]. - The company’s Q3 2025 net profit per vehicle was 900 yuan, while the net profit for the first three quarters was 180 million yuan, with a net profit per vehicle of 500 yuan [1]. Operational Analysis and Outlook - The increase in gross margin aligns with expectations, driven by economies of scale in the automotive business, although net profit saw a slight decline due to rising total expenses, particularly in R&D [1]. - The company is expected to maintain strong operational performance, with anticipated month-on-month sales growth continuing into Q4 2025 [2]. - Leap Motor is positioned in a strong new vehicle cycle with several models expected to perform well in the market, alongside robust overseas expansion efforts [2]. - The company’s core advantages include strong product development capabilities and low manufacturing costs, which are expected to continue [2]. Profit Forecast and Valuation - The company maintains sales forecasts of 577,000, 802,000, and 1,023,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of 66.17 billion, 97.79 billion, and 116.87 billion yuan [2]. - Projected net profits for the same years are 920 million, 4.55 billion, and 7.2 billion yuan, with price-to-earnings ratios of 79.7, 16.1, and 10.2 times [2]. - The company is expected to see continued profit growth supported by carbon credit collaborations and ongoing cost advantages [2].

Core Viewpoint - Leapmotor's Q3 2025 financial results show significant growth in revenue and profitability, driven by strong sales performance and accelerated overseas expansion, positioning the company for a robust new vehicle cycle in 2025-2026 [1][2][3][4] Group 1: Financial Performance - Q3 2025 revenue reached 19.45 billion yuan, 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 150 million yuan in Q3 2025, marking a turnaround from losses in previous quarters [1] - Q3 gross margin improved to 14.50%, up 6.40% year-over-year and 0.89 percentage points quarter-over-quarter, attributed to scale effects and cost management [2] Group 2: Sales and Market Expansion - Q3 2025 sales reached 174,000 units, a record high, with a year-over-year increase of 102% and a quarter-over-quarter increase of 30% [1] - The sales structure is optimizing, with B/C platform vehicles accounting for 56% and 35% of sales respectively, while the low-priced T03 model's share decreased to 9% [1] - Overseas market performance is accelerating, with 38,000 units exported from January to September 2025 and a 50% quarter-over-quarter increase in overseas registrations in Q3 [1][3] Group 3: Future Outlook - The company is entering a strong new vehicle cycle with multiple new models planned for 2025 and 2026, aiming for sales of 1 million units in 2026 [3] - Strategic partnerships and local manufacturing initiatives are expected to enhance revenue streams, with over 700 overseas sales points established by Q2 2025 [3] - Revenue projections for 2025-2027 are set at 74.5 billion, 128.7 billion, and 170.7 billion yuan respectively, with net profits expected to grow significantly during the same period [4]

Core Insights - The company achieved a revenue of 19.45 billion yuan in Q3 2025, with a gross margin of 14.5% and a net profit attributable to shareholders of 150 million yuan [1] Group 1: Financial Performance - In Q3 2025, the company reported a sales volume of 174,000 vehicles, representing a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [1] - The revenue of 19.45 billion yuan in Q3 2025 reflects a year-on-year growth of 97.3% and a quarter-on-quarter growth of 36.7% [1] - The average revenue per vehicle was 112,000 yuan, showing a year-on-year decrease of 600 yuan but a quarter-on-quarter increase of 600 yuan [1] - The gross margin of 14.5% in Q3 2025 improved by 6.4 percentage points year-on-year and by 0.9 percentage points quarter-on-quarter [1] - The company achieved a net profit of 150 million yuan in Q3 2025, marking a turnaround from losses year-on-year, but a quarter-on-quarter decrease of 6.3% [1] Group 2: Operational Highlights - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched in 2025 and an additional model, Lafa5, planned for release within the year [2] - As of September 30, 2025, the company had 866 sales outlets in China, including 367 core stores and 499 experience centers, covering 292 cities [2] - The company exported 38,000 vehicles from January to September 2025, with a significant increase in overseas customer contracts in October [2] - The company has established over 700 sales and service points in approximately 30 international markets, including over 650 in Europe [2] Group 3: Strategic Initiatives - The company is leveraging its technological advantages to create a strong price-performance ratio, which is expected to drive continued sales growth [3] - A partnership with Stellantis, the fourth-largest automotive group globally, is aimed at utilizing its extensive sales and service network for efficient international expansion [3] - The company anticipates net profits of 630 million yuan, 5.01 billion yuan, and 8.37 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 112.2X, 14.2X, and 8.5X [3]