Group 1 - The core point of the article is that China FAW Group is planning to acquire approximately 10% of Leap Motor's shares to become a strategic shareholder [1] - Leap Motor has declined to comment on the news regarding the potential investment from China FAW Group [1] - There is currently no information from Leap Motor regarding the development of new models under a different brand in collaboration with China FAW Group [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company focuses on self-research to create cost advantages, resulting in an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. For Q2 2025, revenue reached 14.23 billion CNY, with a gross margin of 13.6% and a net profit attributable to shareholders of 160 million CNY. The domestic new car cycle is expected to drive continuous sales growth, while collaboration with Stellantis opens up global sales opportunities [2][4][6]. Summary by Sections Company Performance - In Q2 2025, the company achieved a sales volume of 134,000 units, representing a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2%. Revenue for the same period was 14.23 billion CNY, up 165.5% year-on-year and 42.0% quarter-on-quarter. The average revenue per vehicle was 106,000 CNY, with a year-on-year increase of 6,000 CNY [6]. Profitability - The gross margin for Q2 2025 was 13.6%, an increase of 10.9 percentage points year-on-year, while it decreased by 1.2 percentage points quarter-on-quarter. The improvement in gross margin was attributed to scale effects, cost reduction, product structure optimization, and income from other businesses. The net profit attributable to shareholders was 160 million CNY, marking a turnaround from loss, with a profit margin of 1.1% [6]. Future Outlook - The company is expected to sell 620,000, 910,000, and 1,210,000 vehicles in 2025, 2026, and 2027, respectively. The company plans to launch 2-3 new products globally each year, with the B10 and B01 already launched in 2025. The company aims to achieve localized manufacturing in Europe by 2026 [4][6].

2025.08. 20 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 美团启动"堂食提振"计划 团外卖 UII 美团专送 The E 作者 | 第一财经 武子晔 8月20日，有消息称中国一汽正在筹划入股零跑汽车，计划初步要约收购10%左右零跑股份，目前 该方案已经在一汽内部相关部门流转推进。对此，中国一汽方面回应第一财经称："这是不实信 息。" 零跑汽车财报信息显示，目前零跑与中国一汽首个合作开发车型项目已经落地，后续工作正在积极推 进中，双方还将进一步探讨深化资本合作的可行性。 ...

Core Viewpoint - Leap Motor has achieved significant growth in its financial performance and vehicle deliveries, positioning itself as a leading player in the new energy vehicle market in China, with ambitious goals for future expansion and innovation [1][2][8]. Financial Performance - In the first half of 2025, Leap Motor reported revenue of 24.25 billion yuan, a 174% increase compared to 8.85 billion yuan in the same period of 2024 [2]. - The gross margin for the same period was 14.1%, a substantial improvement of 13 percentage points from 1.1% in 2024, marking the highest gross margin since the company's inception [2][3]. - The company had cash reserves of 29.58 billion yuan, with a net cash flow from operating activities of 2.86 billion yuan and free cash flow of 860 million yuan [2]. Sales Performance - Leap Motor delivered 221,664 vehicles in the first half of 2025, achieving a 155.7% increase in deliveries compared to the same period in 2024, making it the top-selling brand among new energy vehicle manufacturers in China [2][3]. - The company aims to achieve a sales target of 500,000 vehicles for the year and has set a long-term goal of reaching 4 million vehicles [1][8]. Product Development - Leap Motor has launched several new models, including the B10, which achieved over 10,000 deliveries in its first month, and the C10, which has surpassed 150,000 global deliveries in 16 months [3][4]. - The company plans to introduce five to six new models in 2026, including high-end options with advanced technology [3][5]. Research and Development - Leap Motor has significantly increased its investment in intelligent driving technology, with team size and computational resources nearly doubling compared to 2024 [5]. - The company aims to enhance its autonomous driving capabilities, with plans to implement city navigation assistance features by the end of 2025 [5]. International Expansion - Leap Motor has established a strategic partnership with China FAW Group to jointly develop new energy vehicles and explore capital cooperation [6]. - The company has become a leader in exports among new energy vehicle brands, with 24,980 units shipped overseas in the first seven months of the year, particularly strong in the European market [6][7]. - Leap Motor has set up approximately 600 sales and service outlets across 30 international markets, with over 550 in Europe [7]. Future Outlook - The company is focused on solidifying its position in the global market while maintaining a grounded approach to growth, aiming to become a world-class electric vehicle manufacturer [8].

零跑汽车财报信息显示，目前零跑与中国一汽首个合作开发车型项目已经落地，后续工作正在积极推进 中，双方还将进一步探讨深化资本合作的可行性。 8月20日，有消息称中国一汽正在筹划入股零跑汽车，计划初步要约收购10%左右零跑股份，目前该方 案已经在一汽内部相关部门流转推进。对此，中国一汽方面回应第一财经称："这是不实信息。" （文章来源：第一财经） ...

Core Viewpoint - Zhaoyin International Research reports that Leap Motor (09863) achieved a net profit of 163 million RMB in Q2, exceeding expectations by 115 million RMB, driven by strong sales momentum expected to continue until 2026 due to new model launches and overseas production expansion [1] Financial Performance - Leap Motor's net profit forecast for the next two years has been raised by 220% and 129% to 927 million RMB and 3.3 billion RMB respectively [1] - The target price has been increased from 72 HKD to 80 HKD while maintaining a "Buy" rating [1] Sales Guidance - Management guidance indicates Q3 sales will reach 170,000 to 180,000 units, with average monthly sales in August and September expected to be between 60,000 and 65,000 units, surpassing previous expectations [1] - The sales forecast for 2025 has been raised to 600,000 units based on the company's Q3 sales guidance [1] Product Outlook - The B01 sedan is anticipated to receive a positive market response, and the success of the C16 model has increased confidence in the upcoming D series models [1]

Core Insights - Zhaoyin International Research reports that Leap Motor (09863) achieved a net profit of 163 million RMB in Q2, exceeding the firm's expectations by 115 million RMB [1] - The firm anticipates strong sales momentum to continue until 2026, driven by new model launches and overseas production expansion [1] - The net profit forecasts for Leap Motor for the next two years have been raised by 220% and 129%, reaching 927 million RMB and 3.3 billion RMB respectively [1] - The firm maintains a "Buy" rating and has increased the target price from 72 HKD to 80 HKD [1] Sales Guidance - Management has guided that Q3 sales are expected to reach between 170,000 to 180,000 units, with average monthly sales in August and September projected at 60,000 to 65,000 units, both exceeding the firm's expectations [1] - The sales forecast for 2025 has been raised to 600,000 units based on the company's Q3 sales guidance [1] Model Performance - The firm believes that the B01 sedan is likely to receive a positive market response, and the success of the C16 model has increased confidence in the upcoming D series models [1]

Core Viewpoint - China FAW Group has denied knowledge of the rumored acquisition of a 10% stake in Leap Motor, despite previous collaborations between the two companies [1] Group 1: Strategic Cooperation - China FAW and Leap Motor signed a Strategic Cooperation Memorandum on March 3, focusing on joint development of new energy passenger vehicles and component cooperation to enhance product competitiveness [1] - The cooperation includes two dimensions: technology research and development, and capital collaboration, with both parties exploring the feasibility of deepening capital cooperation for resource synergy across the entire industry chain [1] Group 2: Project Development - Leap Motor has been selected as a partner for the Red Flag brand G117 vehicle joint development and platform licensing fee technical procurement project, as announced in the procurement results at the end of March [1] - Leap Motor's financial report indicates that the first collaborative vehicle project with China FAW has been initiated, with ongoing discussions about capital cooperation [1] - The first model jointly developed with Red Flag is reportedly in the development stage, with plans for a launch in the second half of next year utilizing FAW's overseas channels [1]

Core Viewpoint - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder, indicating a deepening partnership between the two companies [5]. Group 1: Company Developments - Leap Motor, a technology-driven smart electric vehicle company, delivered nearly 300,000 vehicles in 2024, exceeding its annual target and achieving profitability in the fourth quarter [3][8]. - Leap Motor's collaboration with FAW has evolved from joint development of new energy vehicles and components to a potential equity partnership, highlighting the increasing strategic importance of Leap Motor in the automotive industry [5][9]. - The first model developed in collaboration with FAW's Hongqi brand is currently in development, with plans for overseas sales in the second half of next year [9]. Group 2: Financial Performance - Leap Motor has adjusted its annual sales target to between 580,000 and 600,000 vehicles, with aspirations to reach 1 million vehicles in the following year [8]. - The company has successfully transitioned from a loss to profitability, demonstrating its competitive strength in the new energy vehicle sector [8]. Group 3: Strategic Partnerships - Leap Motor's Vice President indicated a high level of capital cooperation interest between Leap Motor and FAW, suggesting a strong alignment of strategic goals [7]. - The partnership is expected to enhance both companies' capabilities, with Leap Motor focusing on high-value components and technology development, which could attract interest from other automakers [9][10].

Core Viewpoint - Leap Motor reported strong financial results for the first half of 2025, achieving revenue of 24.25 billion yuan, a year-on-year increase of 174%, and becoming the second Chinese new energy vehicle manufacturer to achieve half-year profitability [1] Financial Performance - The company's gross margin reached a historical high of 14.1%, with net profit attributable to shareholders at 30 million yuan, and adjusted net profit at 330 million yuan [1] - The actual net profit for Q2 2025 exceeded market expectations by 115 million yuan, with a reported net profit of 163 million yuan [1] - Operating cash flow generated during the period was 2.86 billion yuan, with cash reserves amounting to 29.58 billion yuan [6] Sales and Market Position - Leap Motor delivered approximately 222,000 vehicles in the first half of 2025, marking a year-on-year growth of 155.7%, leading the new energy vehicle sector in terms of delivery volume [1] - The company achieved a record monthly delivery of 50,129 vehicles in July 2025, maintaining its position as the top-selling new energy vehicle brand in China [4] - The B series and C series models have been well-received, with the C10 and C16 models leading sales in their respective categories [4] Product Strategy and Innovation - Leap Motor has adopted a high-end strategy, increasing the average selling price of its vehicles by 76% year-on-year, contrasting with the overall market trend of declining prices [5] - The company has invested heavily in R&D, with a nearly 100% increase in its autonomous driving team and computing resources [7] - The B10 model, launched in April 2025, features advanced technology and has quickly become a best-seller, achieving over 10,000 deliveries in its first month [8] International Expansion - Leap Motor exported 24,980 vehicles from January to July 2025, leading among new energy vehicle brands in China [9][12] - The company has established over 600 sales and service outlets across approximately 30 international markets, with plans to set up a local production base in Europe by the end of 2026 [12] - The stock performance has been strong, with a 125% increase in market value this year, and several investment banks have raised their target prices for the company [12]