Group 1 - The report highlights that Xingfa Group's Q3 net profit attributable to shareholders increased by 16.17% year-on-year, driven by rising prices of glyphosate and other products, with a total revenue of 91.61 billion yuan in Q3 2025, reflecting a 5.96% year-on-year growth [3][4][9] - The report indicates that the average price of glyphosate reached 26,530 yuan per ton in Q3 2025, up 5% year-on-year, while the average price of phosphate rock remained high at 1,020 yuan per ton [4][6] - The acquisition of a 50% stake in Qiaogou Mining is expected to enhance the company's phosphate resource advantages, increasing its phosphate resource reserves from 3.95 billion tons to 5.80 billion tons [7][8] Group 2 - The report notes that Leap Motor's Q3 revenue surged by 97.3% year-on-year to 194.5 billion yuan, with a gross margin of 14.5%, marking a significant improvement [11][12] - The company is expanding its product lineup with the introduction of the D19 flagship model and the upcoming A10 model, which is expected to enhance its market position [13] - Leap Motor's export volume reached 17,000 units in Q3 2025, leading among new car manufacturers, and the company plans to accelerate its global localization strategy [14] Group 3 - Geely Automobile reported a Q3 revenue of 891.9 billion yuan, a 27% year-on-year increase, with a net profit of 38.2 billion yuan, reflecting a 59% year-on-year growth [16][17] - The company has adjusted its annual sales target to 3 million units, with significant contributions from its Galaxy series of vehicles [18] - Geely's export volume reached 112,000 units in Q3 2025, indicating strong overseas demand and competitive positioning [19] Group 4 - The report on Lianqi Technology emphasizes its leadership in memory interconnect chips, with a revenue of 6.33 billion yuan in the first three quarters of 2025, a 57.83% year-on-year increase [21][22] - The global AI server shipment is projected to grow significantly, with Lianqi expected to capture a 36.8% market share in the memory interconnect chip market by 2024 [22][23] - The company has launched new products based on CXL technology, which are anticipated to drive future growth [23] Group 5 - The report indicates that Xinyang's Q3 revenue reached 387 million yuan, with a significant increase in beauty treatment service revenue, which grew by 304.6% year-on-year [25][26] - The company plans to expand its offline medical beauty stores to 50 by the end of the year, enhancing its market presence [25] - Despite a net loss in Q3, the company expects profitability improvements in Q4 due to seasonal demand recovery [26] Group 6 - Trip.com Group reported a Q3 net operating revenue of 18.3 billion yuan, a 16% year-on-year increase, with a net profit of 19.9 billion yuan, reflecting a 194% year-on-year growth [29][30] - The company is benefiting from resilient domestic travel demand and strong growth in international business, particularly in cross-border travel [30][31] - The report anticipates continued growth in the global OTA business, with significant contributions from the Asia-Pacific region [31][32] Group 7 - Pinduoduo's Q3 revenue reached 108.3 billion yuan, a 9% year-on-year increase, with a Non-GAAP net profit of 31.4 billion yuan, up 14% year-on-year [39][40] - The report highlights a slowdown in advertising revenue growth, while transaction commission revenue continues to show steady performance [41] - The company is focusing on long-term value creation through increased investments in merchant support and platform development [42]

| 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].

多款车型推动销量持续高增，D 平台实现产品矩阵向上突破。3Q25营收同环比+97%/+37%至194.5 亿 元，营收保持高速增长，主要系：1）3Q25 公司销量为17.4 万台，同环比+102%/+30%，具体来看，C 系列与B 系列销量分别环比+26%/+87%至9.8 万台/6.1 万台。10 月公司月销首度突破7 万台大关，持续 证明其产品具备持续领先优势。2）T 系列小车销量占比下降，推动单车收入环比+5.4%至11.2 万元。往 前看，随着D19 大六座车型陆续推出，产品矩阵不断完善，我们预计公司有望进一步打开增长空间。 毛利率持续改善，现金流表现优化。3Q25 毛利率为14.5%，同环比分别+6.4/+0.9ppt，改善主要受益于 规模效应、成本管控及产品结构优化。期间费用管控规模效应显现，销管研费用率合计同环比分 别-1.2ppt/-1.8ppt 至14.3%，展现公司精益化管理优势。随着公司连续两个季度盈利转正，我们认为公司 已逐步具备自我造血能力，3Q25经营性现金流达到48.8 亿元，现金流表现持续优化。 全球化战略协同推进，产能与渠道布局持续深化。公司新车周期强劲，运动轿跑零跑Lafa ...

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]

机构：国金证券 研究员：姚遥 业绩点评： 经营分析与展望： 1、毛利率符合预期，净利水平环比下降。主要来自净利润板块，Q3公司在销量全面向上的情况下，毛 利率环比提升至14.5%，来自汽车业务的规模效应持续提升，是符合预期的，单车ASP也维持稳健： 但是净利润环比略微下滑，本季度净利润下滑主要来自：1）费用持续增长，虽然费用率表现平稳甚至 下滑，但总额看仍是在持续增长的，尤其研发费用增长迅速：2）其他收入下降。 2、展望后续：预计公司经营持续强势，但需要观望市场贝塔影响。 1）伴随Q4冲量效应延续，预计公司月销环比将持续增长：2）26年公司仍处于新车大年，其中的多款 车型均具备爆款能力：3）公司海外市场表现强势，出海正在持续加速。综合来看，公司处于冲量+强 新车周期+强海外开拓中，已经有强劲的经营动能。 我们重申，公司的核心优势是优秀的产品打造能力和较低的制造成本，这一点依旧在延续。但需要注意 的是：26年中低端市场预计厮杀激烈，市场需求或将受到影响，但吉利、比亚迪、奇瑞、长安、小鹏及 公司均处于强新车周期，也将影响公司的实际表现。 至于公司盈利问题，我们认为在碳积分合作加持下，以及公司的低成本路线下，公司盈 ...

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]