Core Viewpoint - Leap Motor reported a strong financial performance for Q3 2025, with significant growth in revenue and net profit, indicating a robust market position and operational efficiency [1] Financial Performance - The net profit for Q3 reached 150 million yuan, maintaining positive growth [1] - Revenue for the quarter was 19.45 billion yuan, representing a year-on-year increase of 97.3% [1] - Gross margin improved to 14.5%, up by 6.4 percentage points compared to the same period last year [1] Delivery and Sales - Total delivery volume for Q3 was 173,852 units, marking a year-on-year growth of 101.8% [1] - In October, Leap Motor's monthly sales surpassed 70,000 units for the first time [1] Cash Flow and Reserves - As of the end of Q3, the company had cash reserves of 33.92 billion yuan [1] - The net cash generated from operating activities was 4.88 billion yuan [1] - Free cash flow amounted to 3.84 billion yuan [1] Product Development - Leap Motor has completed the layout of its four major product series: A, B, C, and D [1] - The Lafa5 sports sedan began pre-sales on November 7, with plans for domestic launch on November 27 [1] - The D19 luxury SUV made its global debut in Shanghai in October [1] - The A10, the first model in the A series, is set to be showcased at the Guangzhou Auto Show in November [1] - The company launched its new flagship D platform, which includes six major technologies such as range extension, high-voltage pure electric, and intelligent driving [1]

Core Viewpoint - Leapmotor reported a significant turnaround in financial performance, achieving a net profit of RMB 150 million in Q3 2025 compared to a loss of RMB 690 million in the same period of 2024 [1] Financial Performance - The gross margin for Q3 2025 was 14.5%, an increase of 0.9 percentage points from Q2 2025 [1] - Total vehicle deliveries reached 173,852 units [1] - Revenue for the quarter was RMB 19.45 billion, representing a year-on-year growth of 97.3% [1] - Cumulatively, the net profit for the first three quarters of 2025 reached RMB 180 million, marking a structural shift from loss to profit [1]

（文章来源：第一财经） 11月17日晚间，零跑汽车副总裁李腾飞在Q3业绩交流会上表示，公司11月份海外订单会超过15000辆， 10月份的海外销量订单已经来到了12000辆。2026年的海外销量目标在10万~15万辆区间。 ...

Group 1 - The core viewpoint of the articles highlights the significant revenue growth and delivery achievements of Leap Motor, with a 97.3% year-on-year increase in revenue for Q3 2025, reaching RMB 19.45 billion [1] - The company reported a profit attributable to equity holders of RMB 150 million, with a gross margin of 14.5%, an increase of 0.9 percentage points from Q2 2025 [1] - The revenue growth is primarily driven by increased delivery volumes of vehicles and parts, leading to a rise in related service income [1] Group 2 - Leap Motor's total vehicle deliveries reached 173,900 units during the period, with October deliveries surpassing 70,300 units, marking the eighth consecutive month as the top-selling new force brand in China [1] - The C10 model achieved cumulative sales of over 200,000 units in 18 months, with an average monthly sales of 15,000 units in Q3 2025 and over 20,000 units in October [1] - The Lafa5 model was unveiled at the Munich Auto Show, targeting urban youth with a focus on lifestyle, attitude, freedom, and art, and is set to launch in China on November 27, 2025 [2] Group 3 - The company has expanded its sales service network to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets, including 367 Leap centers and 499 experience centers [2] - The Lafa series aims to provide high-quality, stylish, and sporty travel options, with the Lafa5 being the first model based on the LEAP3.5 technology architecture [2]

Group 1 - The core revenue for Leap Motor reached RMB 19.45 billion in Q3 2025, representing a year-on-year growth of 97.3% [1] - The profit attributable to equity holders was RMB 150 million, with a gross margin of 14.5%, an increase of 0.9 percentage points from Q2 2025 [1] - The revenue growth was primarily driven by increased delivery volumes of vehicles and parts, leading to a rise in related service income [1] Group 2 - The total vehicle delivery volume for the period was 173,900 units, with October deliveries surpassing 70,300 units, marking the eighth consecutive month as the top-selling brand among new forces in China [1] - The C10 model achieved cumulative sales of over 200,000 units in 18 months, with an average monthly sales of 15,000 units in Q3 2025 and over 20,000 units in October [1] - The Lafa5 model was unveiled at the Munich Auto Show on September 8, 2025, targeting urban youth with a focus on lifestyle, attitude, freedom, and art [2] Group 3 - The Lafa5 is positioned as a high-performance sports sedan based on the LEAP3.5 technology architecture, combining aesthetics, European driving dynamics, flagship intelligence, and superior quality [2] - The pre-sale for Lafa5 was announced on November 7, 2025, with an official launch scheduled for November 27, 2025, and a global market introduction planned for Q2 2026 [2] - The company's sales service network has expanded to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets [2]

Core Insights - Leap Motor (9863.HK) reported a net profit of 150 million yuan for Q3 2025, marking its continuous quarterly profitability [1] - The company delivered 173,852 new vehicles, leading the sales among new energy vehicle brands in China, representing a 101.8% increase compared to the same period in 2024 [1] - Revenue reached 19.45 billion yuan, a 97.3% year-on-year growth, with a gross margin of 14.5%, showing significant improvement [1] - Leap Motor's cash reserves stood at 33.92 billion yuan, maintaining positive operating and free cash flow [1] - Since March, Leap Motor has been the monthly sales champion among new energy vehicle brands in China for eight consecutive months, breaking sales records with over 60,000 units in September and over 70,000 units in October [1] - The founder and CEO, Zhu Jiangming, announced on November 15 that the company achieved its 2025 target of 500,000 vehicles sold 45 days ahead of schedule, with plans to target 1 million units in 2026 [1]

Core Insights - Leap Motor reported a significant increase in revenue and profitability for Q3 2025, achieving an operating income of 19.45 billion yuan, which represents a year-on-year growth of 97.3% and a quarter-on-quarter increase of 36.7% [2] - The company recorded a net profit attributable to shareholders of 150 million yuan, a turnaround from a loss of 690 million yuan in the same period of 2024 [2] - Cumulative net profit for the first three quarters reached 180 million yuan, indicating a structural shift from loss to profit [2] - Operating cash flow showed a substantial increase, with a net amount of 4.88 billion yuan, reflecting a year-on-year growth of 149% [2] - Free cash flow also demonstrated strong performance, amounting to 3.84 billion yuan [2]

Core Viewpoint - Leap Motor (09863.HK) reported significant revenue growth and improved profitability in Q3 2025, driven by increased vehicle deliveries and effective cost management [1] Financial Performance - Revenue for Q3 2025 reached RMB 19.45 billion, a year-on-year increase of 97.3% [1] - Gross margin improved to 14.5% in Q3 2025, up from 8.1% in the same period of 2024 and 13.6% in Q2 2025 [1] - Net profit attributable to equity holders was RMB 150 million in Q3 2025, compared to a loss of RMB 690 million in Q3 2024 [1] Delivery and Market Position - Total vehicle deliveries for Q3 2025 amounted to 173,852 units [1] - In October, the company achieved a new delivery record of 70,289 units, maintaining its position as the top-selling new force brand in China for eight consecutive months [1]

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，並明確表示概不會就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） 有關2025年第三季度未經審核財務業績的公告 本公告為浙江零跑科技股份有限公司（「我們」、「本公司」或「零跑」，連同其附屬 公司統稱為「本集團」）董事（「董事」）會（「董事會」）自願作出。本公司欣然公布本 集團截至2025年9月30日止三個月（「2025年第三季度」）的未經審核財務業績，該 等資料未經本集團核數師審閱。 2025年第三季度運營摘要 經營亮點 1 • 2025年第三季度，公司淨利潤為人民幣1.5億元，前三季度淨利潤達人民幣 1.8億元； • 2025年第三季度，公司毛利率為14.5%，較2025年第二季度提升0.9個百分 點； • 2025年第三季度，公司的汽車總交付量為173,852台；10月，公司交付量再次 突破新高 ...

Core Viewpoint - The report from Huaxing Securities is optimistic about Leap Motor (09863), predicting a significant increase in sales due to high cost-performance models and expecting the company to reach a profitability inflection point by 2025. The company effectively controls costs through a fully self-developed technology platform and is rapidly expanding into overseas markets in collaboration with Stellantis, showcasing significant advantages in international expansion. A "Buy" rating is given with a target price of HKD 71.80 [1] Sales Growth and Profitability Inflection Point - Leap Motor has experienced rapid sales growth, with October sales reaching a historical high of 70,289 units (up 84% year-on-year) and cumulative sales for the first ten months at 465,805 units (up 125% year-on-year). The company is positioned as a mass-market brand in the 100,000-200,000 RMB price range, and the launch of models C10 and C16 in 2024 is expected to further boost sales. The introduction of models D19 and Lafa will enrich the product matrix and support continued sales growth. The company is anticipated to achieve profitability by 2025, becoming the second new force car manufacturer to do so [1][2] Overseas Market Development Advantages - Leap Motor is expanding its overseas market presence through a deep partnership with Stellantis, with plans to launch a new model annually from 2025 to 2027. Since entering the European market in September 2024, the company has seen rapid growth, with Q2 2025 sales in Europe increasing by 65.8% to 3,196 units, totaling 5,124 units in the first half of the year, ranking fifth among all domestic brands. The company is expected to surpass XPeng in total European sales this year. Leveraging Stellantis's global distribution network and brand strength, Leap Motor has a competitive edge in overseas distribution and manufacturing [2] Full-stack Self-research Technology Capability - Leap Motor possesses self-research and manufacturing capabilities across six core areas: vehicle architecture, electronic and electrical architecture, batteries, electric drives, intelligent cabins, and intelligent driving, which account for 65% of the vehicle manufacturing cost. The core technology architecture, LEAP series, has undergone multiple upgrades since its introduction in 2019. The company can maximize fixed asset cost allocation and enhance manufacturing scale efficiency through its fully self-research model, thereby reducing manufacturing costs and strengthening its core technological competitiveness [3] Investment Recommendations - The report initiates coverage with a "Buy" rating and a target price of HKD 71.80. Sales projections for Leap Motor from 2025 to 2027 are 578,528, 750,215, and 837,500 units, corresponding to revenues of CNY 62.9 billion, 78.02 billion, and 103.73 billion, respectively. The forecasted gross margins for the same period are 14.5%, 15.7%, and 16.8%. The company is expected to maintain an operating efficiency with a three-expense ratio of approximately 15%, with adjusted net profits projected at CNY 1.61 billion, 3.24 billion, and 6.58 billion. The valuation is based on a 1.2 times P/S ratio for 2026, higher than the average of comparable companies at 1.1 times [4]