Core Viewpoint - China FAW Group plans to make a preliminary offer to acquire approximately 10% of Leap Motor's shares, which is currently being circulated within relevant departments of China FAW [1] Group 1: Strategic Cooperation - In March, China FAW announced a strategic cooperation memorandum with Leap Motor to leverage each other's technological strengths in the development of new energy passenger vehicles and components [1][2] - The cooperation includes a joint development project for the Hongqi brand G117 vehicle, with Leap Motor being selected for technical procurement [2] Group 2: Financial Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of 2025, a year-on-year increase of 174%, and achieved a net profit of 30 million yuan, marking its first half-year profit after a loss of 2.21 billion yuan in the same period last year [2] - The management of Leap Motor expects total sales in the third quarter to reach between 170,000 and 180,000 units, and has raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units [3] Group 3: Future Prospects - Leap Motor's strategy includes sharing technology for overseas development, with potential partnerships in regions like the Middle East and Europe, aiming to enhance gross margins beyond vehicle sales [2] - The collaboration with China FAW is seen as a way for Leap Motor to gain credibility, particularly in capital cooperation [2]

Market Performance - The A-share market experienced a rebound on August 20, with the Shanghai Composite Index rising by 1.04%, the Shenzhen Component Index by 0.89%, and the ChiNext Index by 0.23, all reaching new highs for the year [2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.4 trillion yuan, marking the sixth consecutive trading day with volumes above 2 trillion yuan, with over 3,600 stocks rising [2] Sector Performance - The leading sectors included liquor, semiconductors, AI glasses, and minor metals, while sectors such as chemical pharmaceuticals, CRO, and vitamins saw declines [3] Notable Stocks - The STAR Market saw a significant increase of over 3%, with the semiconductor industry chain rebounding across the board. Chipmaker Chipone Technology hit a 20% limit up, reaching a new high since its listing [5] - In the computing power concept stocks, Inspur Information and Qunxing Toys hit the limit up, while companies like Unisplendour, ZTE, and Zhongke Shuguang also saw gains [7] - Cambrian Technology surged over 8%, with its stock price surpassing 1,000 yuan, becoming the second stock in the market to reach this milestone [7] Corporate Developments - Reports indicated that China FAW Group is planning to acquire a strategic stake in Leap Motor, with an initial offer to purchase around 10% of the company's shares [7]

as 7 4 8月20日，据智通财经独家报道，中国一汽正计划入股零跑汽车，成为其战略股东。 智通财经援引知情人士观点称，一汽计划初步要约收购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。同时，零跑与红旗合作的第一款 车型正在开发中，零跑计划利用一汽的海外渠道于明年下半年上市销售。 今年3月，中国一汽与零跑汽车在长春签署了《战略合作谅解备忘录》。根据备忘录，战略合作分两个维度：一是双方充分发挥各自在研发领域的技术积 累，共同开展新能源乘用车联合开发及零部件合作，通过双方的技术融合共同提升产品竞争力；二是双方进一步探讨深化资本合作的可行性，通过资本合 作，使双方实现全产业链资源协同。 零跑汽车发布的中期业绩报告显示，上半年，零跑汽车实现营收242.5亿元，同比增长174%；实现净利润0.3亿元，去年同期净亏损22.1亿元，扭亏为盈。同 时，零跑汽车上半年交付新车221,664台，位居中国新势力品牌销量榜首。 （校对/黄仁贵） ...

智通财经 在双方达成战略合作五个月后，中国一汽与零跑汽车间的资本合作浮出水面。 8月20日，智通财经记者从知情人士处获悉，中国一汽正在筹划入股零跑汽车，成为该公司战略股 东。"一汽计划初步要约收购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。"该知 情人士透露。 今年3月3日，中国一汽与零跑汽车签署《战略合作谅解备忘录》。根据备忘录，战略合作分两个维度： 一是双方充分发挥各自在研发领域的技术积累，共同开展新能源乘用车联合开发及零部件合作，通过双 方的技术融合共同提升产品竞争力；二是双方进一步探讨深化资本合作的可行性，通过资本合作，使双 方实现全产业链资源协同。此后20天，中国一汽电子招标采购交易平台显示，红旗品牌G117产品整车 联合开发及平台许可费技术采购已成交，成交人为浙江零跑科技股份有限公司。 零跑汽车财报披露，目前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中， 双方还将进一步探讨深化资本合作的可行性，使双方实现全产业链资源协同。 ...

Core Viewpoint - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder, with the proposal currently circulating within FAW's internal departments [1] Group 1: Strategic Cooperation - In March 2023, China FAW and Leap Motor signed a strategic cooperation memorandum, focusing on joint development of new energy passenger vehicles and component collaboration to enhance product competitiveness [1] - The cooperation also explores the feasibility of deepening capital collaboration to achieve resource synergy across the entire industry chain [1] Group 2: Market Impact - Following the news, the automotive sector saw significant stock movements, with SAIC Motor hitting the daily limit up, and other companies like FAW Jiefang and Jianghuai Automobile also experiencing notable gains [3][4] Group 3: Leap Motor's Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of 2025, a 174% year-on-year increase, and achieved a net profit of 30 million yuan, marking its first half-year profit [6] - The company delivered 221,664 vehicles in the first half of 2025, a 155.7% increase compared to the same period in 2024, leading the sales among new energy vehicle brands in China [6][7] - Leap Motor's gross margin reached 14.1%, a significant increase from 1.1% in 2024, driven by higher sales volume, cost control, and product mix optimization [7] Group 4: Future Outlook - Leap Motor has raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, driven by a positive domestic market outlook [7] - The company plans to launch multiple new models in the second half of the year, including the B05 and D series, with a target of reaching 1 million units in sales by next year [10]

8月20日，据悉，中国一汽正在筹划入股零跑汽车，成为该公司战略股东。"一汽计划初步要约收购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。"该知情人士透露。 今年3月3日，中国一汽与零跑汽车签署《战略合作谅解备忘录》。根据备忘录，战略合作分两个维度： 一是双方充分发挥各自在研发领域的技术积累，共同开展新能源乘用车联合开发及零部件合作，通过双 方的技术融合共同提升产品竞争力；二是双方进一步探讨深化资本合作的可行性，通过资本合作，使双 方实现全产业链资源协同。此后20天，中国一汽电子招标采购交易平台显示，红旗品牌G117产品整车 联合开发及平台许可费技术采购已成交，成交人为浙江零跑科技股份有限公司。 经观汽车 ...

值得注意的是，零跑汽车近期发布中期业绩，上半年累计营收242.5亿元，同比增长174%；上半年净利 润为0.3亿元，实现扭亏为盈。中金认为，随着新车型的陆续上市和产品配置的持续升级，零跑的车型 周期将进一步向上，为后续销量增长提供有力支撑；又认为随着高端化产品推出和全球化产能释放，零 跑有望在保持新势力领先地位的同时，进一步拓展盈利空间和市场份额。 零跑汽车(09863)午后涨超4%，高见76.3港元创新高。截至发稿，涨0.61%，报73.8港元，成交额12.56亿 港元。 消息面上，据智通财经报道，记者从知情人士处获悉，中国一汽正在筹划入股零跑汽车，成为该公司战 略股东。"一汽计划初步要约收购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。"该知情人士透露。 ...

Group 1 - The core viewpoint of the article highlights that Leap Motor (09863) has seen a significant increase in its stock price, reaching a high of 76.3 HKD, driven by news of potential strategic investment from China FAW Group [1] - China FAW Group is reportedly planning to acquire approximately 10% of Leap Motor's shares, with the proposal currently circulating within its internal departments [1] - Leap Motor's recent interim performance shows a total revenue of 24.25 billion CNY for the first half of the year, representing a year-on-year growth of 174%, and a net profit of 30 million CNY, marking a turnaround from losses [1] Group 2 - According to CICC, the launch of new models and continuous upgrades in product configuration are expected to support further sales growth for Leap Motor [1] - The introduction of high-end products and the release of global production capacity are anticipated to help Leap Motor maintain its leading position among new energy vehicle manufacturers while expanding its profitability and market share [1]

据知情人士处消息，中国一汽正在筹划入股零跑汽车，成为该公司战略股东。"一汽计划初步要约收购 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。"该知情人士透露。（智通财经 刘 阳） ...

中金维持公司"跑赢行业"评级，由于公司盈利能力提升且销量持续强劲，上调公司2025、2026年净利润 预测70.4%及50.7%，至分别8.62亿及48.87亿元，上调目标价11.5%至89.2港元。 中金发表研报指，零跑汽车上半年业绩符合市场预期，收入242.5亿元，按年增长174%，归母净利润约 3000万元，扭亏为盈。中金认为，随着新车型的陆续上市和产品配置的持续升级，零跑的车型周期将进 一步向上，为后续销量增长提供有力支撑；又认为随着高端化产品推出和全球化产能释放，零跑有望在 保持新势力领先地位的同时，进一步拓展盈利空间和市场份额。 ...