14.9%的毛利率，让零跑触发“第二跳”

Core Viewpoint - Leapmotor reported a significant increase in revenue and gross margin, indicating a strong operational improvement despite a net loss, positioning the company favorably in the competitive EV market [2][5][19] Financial Performance - Revenue for Q1 2025 reached RMB 100.2 billion, a 187.1% increase from RMB 34.9 billion in Q1 2024 [13] - Gross margin improved to 14.9%, up 13.5 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, reflecting enhanced operational efficiency [5][18] - The company delivered 87,552 vehicles, marking a 162.1% year-on-year increase, which significantly boosted production capacity utilization [13] Market Context - The Chinese EV market is currently experiencing intense price competition, with many brands sacrificing short-term profits for delivery volume [3][19] - In contrast to competitors like Tesla and NIO, which have seen declines in gross margins, Leapmotor's performance stands out as it has maintained a high gross margin amidst market challenges [3][5] Strategic Advantages - Leapmotor's gross margin reflects its strong capabilities in technology accumulation, brand recognition, cost control, supply chain efficiency, and strategic alignment [2][5] - The company has shifted focus from low-price competition to high-value users, with its C-series models accounting for 77.5% of sales, enhancing product structure and market acceptance [11][19] - Leapmotor's commitment to vertical integration and self-research has led to a significant reduction in production costs, with 70% of vehicle costs being self-developed [15][19] Future Outlook - Despite a projected slight decline in gross margin for Q2 2025 due to product transition and promotional activities, the company aims to maintain an annual gross margin target of 10% to 12% and achieve breakeven [18][19] - The successful navigation of current challenges could position Leapmotor as a model for achieving both high growth and high profitability in the EV sector [19]