一季度营收同比增超187% 零跑汽车毛利率达14.9%创新高

Core Viewpoint - Leap Motor has reported its best-ever first-quarter performance, with significant growth in sales and revenue, indicating strong market demand and effective operational strategies [2][4]. Financial Performance - In Q1 2025, Leap Motor achieved a sales volume of 87,600 units, representing a year-on-year increase of 162% [4]. - Revenue for the same period exceeded 10 billion RMB, reaching 10.02 billion RMB, a year-on-year growth of 187.1% [2][4]. - The gross margin reached a historical high of 14.9%, compared to -1.4% in Q1 2024 and 13.3% in Q4 2024, reflecting improvements in scale effects, cost management, and product mix optimization [4][5]. Market Expansion - Leap Motor has expanded its presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America, with over 550 sales and service outlets [2][7]. - The company aims to accelerate its global expansion, with plans to introduce three new models (B10, B01, B05) in 2025 to cater to diverse global customer needs [3][7]. Product Performance - The C series has been a standout performer, accounting for 77.5% of total sales in Q1 2025, with 67,800 units delivered [5]. - The B10 model, launched in April 2025, has already seen over 10,000 units delivered by the announcement date [5]. Strategic Partnerships and Production - Leap Motor is collaborating with Stellantis Group to localize production in Malaysia, with plans to start producing the C10 model by the end of 2025 and to establish manufacturing in Europe by 2026 [7][8]. - The company is focusing on maintaining a balance between market penetration and profitability, with an emphasis on long-term growth rather than immediate high profits [8]. Sales and Distribution Strategy - The company aims to exceed 1,000 sales outlets by the end of 2025, having nearly 800 currently, and is implementing a pixel model and online systems to enhance sales capabilities [9]. - Leap Motor prioritizes dealer profitability in its channel management strategy, ensuring a competitive edge in the industry [9].