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） ...

智通财经APP获悉，招银国际研究发布研报称，零跑汽车(09863)次季净利润1.63亿元人民币，较该行预 期高1.15亿元人民币。该行料强劲的销售势头将持续至2026年，由新车型推出及海外生产布局所推动。 考虑到规模经济效益扩大及高利润的其他收入贡献提升，该行将零跑汽车今明两年净利润预测分别上调 220%及129%，至9.27亿及33亿元人民币。维持"买入"评级，目标价由72港元升至80港元。 管理层指引 第三季销量达17万至18万辆，或8至9月的月均销售达6万至6.5万辆，均好过该行预期。该行将2025年销 量预测升至60万辆。基于公司第三季销售指引，该行认为B01轿车可望获得市场积极反应，C16车型的 成功亦令该行对后续D系列车型更具信心。 该信息由智通财经网提供 ...

招银国际研究发布研报称，零跑汽车(09863)次季净利润1.63亿元人民币，较该行预期高1.15亿元人民 币。该行料强劲的销售势头将持续至2026年，由新车型推出及海外生产布局所推动。考虑到规模经济效 益扩大及高利润的其他收入贡献提升，该行将零跑汽车今明两年净利润预测分别上调220%及129%，至 9.27亿及33亿元人民币。维持"买入"评级，目标价由72港元升至80港元。 管理层指引第三季销量达17万至18万辆，或8至9月的月均销售达6万至6.5万辆，均好过该行预期。该行 将2025年销量预测升至60万辆。基于公司第三季销售指引，该行认为B01轿车可望获得市场积极反应， C16车型的成功亦令该行对后续D系列车型更具信心。 ...

中国一汽与零跑汽车此前已经有过合作，今年3月3日，双方签署《战略合作谅解备忘录》，战略合作包 含两个维度，一是聚焦技术研发层面，双方将共同开展新能源乘用车联合开发及零部件合作，通过技术 融合提升产品竞争力；二是涉及资本层面，双方明确表示将进一步探讨深化资本合作的可行性，实现全 产业链资源协同 。 3月底，中国一汽电子招标采购交易平台的成交结果公告显示，零跑汽车成为红旗品牌 G117产品整车联 合开发及平台许可费技术采购项目的合作方。零跑汽车在财报中也披露，公司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，同时双方还在持续探讨资本合作事宜 。另有消息称，零 跑与红旗联合开发的首款车型已进入开发阶段，计划明年下半年借助一汽的海外渠道正式上市 。 凤凰网科技讯 8月20日，据贝壳财经报道，针对网传中国一汽收购零跑汽车10%股权一事，中国一汽方 面回应称：据相关部门反馈，尚不知情。 ...

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].

智通财经APP了解到，8月18日，零跑汽车发布2025年上半年财财报，期间实现收入242.5亿元，同比增长174%，保持高增长水平。盈利能力持续强劲，期间 其毛利率为14.1%，创下半年度历史新高，股东净利润0.3亿元，经调整后股东净利润3.3亿元，成为中国造车新势力中第二家实现半年度盈利的企业。 该公司业绩超出了市场预期，尤其是盈利水平上，根据美银证券研报，称零跑二季度毛利率为13.6%，较预测高出0.3个百分点，净利润为1.63亿元，远超该 行预期；而招银国际研报，预测2025年Q2将实现净利润转正，但实际净利润比预期高出1.15亿元。在业绩超预期下，次日该公司股价高开高走，收盘涨幅 7.63%，第二个交易日市值一度突破千亿港元。 在新能源汽车下半场淘汰赛，零跑汽车凭借着高品价比，打造款款爆品，2025年上半年，该公司总交付量约22.2万辆，同比增长155.7%，增速领跑同行的同 时，在销量上也位居中国新势力品牌交付量榜首，取代了理想的位置。 该公司主要有B系列和C系列车型，其中B系列有两款车型，B10和B01，C系列有三款车型，C10/C11及C16，上市后都受到了用户追捧，尤其是C系列销量长 期霸榜。 ...

智通财经APP了解到，8月18日，零跑汽车发布2025年上半年财财报，期间实现收入242.5亿元，同比增长174%，保持高增长水平。盈利能力持续强劲，期间 其毛利率为14.1%，创下半年度历史新高，股东净利润0.3亿元，经调整后股东净利润3.3亿元，成为中国造车新势力中第二家实现半年度盈利的企业。 该公司业绩超出了市场预期，尤其是盈利水平上，根据美银证券研报，称零跑二季度毛利率为13.6%，较预测高出0.3个百分点，净利润为1.63亿元，远超该 行预期；而招银国际研报，预测2025年Q2将实现净利润转正，但实际净利润比预期高出1.15亿元。在业绩超预期下，次日该公司股价高开高走，收盘涨幅 7.63%，第二个交易日市值一度突破千亿港元。 在新能源汽车下半场淘汰赛，零跑汽车凭借着高品价比，打造款款爆品，2025年上半年，该公司总交付量约22.2万辆，同比增长155.7%，增速领跑同行的同 时，在销量上也位居中国新势力品牌交付量榜首，取代了理想的位置。 该公司主要有B系列和C系列车型，其中B系列有两款车型，B10和B01，C系列有三款车型，C10/C11及C16，上市后都受到了用户追捧，尤其是C系列销量长 期霸榜。 ...

Group 1 - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder [1] - The news of the potential investment led to significant movements in the automotive sector, with SAIC Motor hitting the daily limit and other companies like JAC Motors and Yutong Bus also experiencing notable gains [1] - The strategic cooperation between China FAW and Leap Motor was formalized in a memorandum signed on March 3, which includes joint development of new energy vehicles and component collaboration [2][3] Group 2 - Leap Motor's financial report indicates that the first collaborative vehicle project with China FAW has been initiated, with further discussions on deepening capital cooperation ongoing [3]