零跑汽车：营收增长与出海挑战 14.9%毛利率成焦点

Core Viewpoint - In Q1 2025, Leap Motor achieved a record revenue of 10.02 billion yuan, marking a year-on-year growth of 187.1%, solidifying its position as a "growth dark horse" in the domestic new car manufacturing sector [1] Financial Performance - Revenue for Q1 2025 reached 10.02 billion yuan, compared to 3.5 billion yuan in Q1 2024, reflecting a significant increase [1] - Net loss reduced to 130 million yuan from 1.01 billion yuan in the same period last year, a decrease of 87% [1] - Operating cash flow turned positive, reaching 340 million yuan [1] - Gross margin for Q1 2025 was 14.9%, a turnaround from -1.4% in Q1 2024 and an increase from 13.3% in Q4 2024, marking a historical high [1] Delivery and Sales - The company delivered 87,600 new vehicles in Q1 2025, nearly doubling year-on-year [1] - Revenue per vehicle increased by 4.9% year-on-year, reaching 114,000 yuan [1] International Expansion - Leap Motor accelerated its collaboration with Stellantis, launching multiple models in European and Southeast Asian markets, with overseas deliveries increasing by over 200% year-on-year [1] - From January to April 2025, the company exported 13,600 vehicles, maintaining its position as the top exporter among new car manufacturers [1] Challenges and Future Plans - Despite the impressive growth, profitability remains elusive, with intense competition and unknown risks in overseas markets [1] - The company plans to establish a localized factory in Europe by 2026, which will increase capital expenditures [1] - Leap Motor aims for a bold target of achieving breakeven in Q2 2025 [1] - The globalization strategy faces challenges, including high capital expenditures and uncertainties in labor policies, which may compress cash flow [1] - The high-end strategy is also hindered by insufficient brand strength [1]