全球第1500店落地，零跑香港车博会“双车齐发”抢滩香江

Core Viewpoint - Leap Motor (9863.HK) is advancing its internationalization strategy, highlighted by the launch of its first store in Hong Kong and the pre-sale of two models, C10 and T03, marking a significant step in its global expansion [1][3]. Group 1: International Expansion - Leap Motor has established a presence in over 24 markets across Europe, the Middle East, Africa, and Asia-Pacific, with more than 600 overseas sales outlets, setting a record for new energy vehicle companies' international expansion speed [3]. - The opening of the Hong Kong store enhances Leap Motor's global sales network, serving as a crucial hub connecting the European and Southeast Asian markets [3]. Group 2: Product Offerings - The C10 model, designed under the LEAP 3.0 technology architecture, features a 2825mm wheelbase and a 66.8% usable space ratio, targeting the needs of young global consumers [3]. - The T03 model, recognized as a "global classic small car," offers a WLTP range of 265 kilometers and is tailored for urban commuting in Hong Kong [3]. Group 3: Market Dynamics - The penetration rate of new energy vehicles in Hong Kong reached 68% from January to April this year, with high-net-worth consumers exhibiting price sensitivity due to high initial registration taxes [4]. - Leap Motor's products are positioned as "good yet affordable," effectively addressing the market's price-sensitive nature [4]. Group 4: Financial Performance - In Q1 2025, Leap Motor reported revenue of 10.02 billion yuan, a year-on-year increase of 187%, with a record gross margin of 14.9% [6]. - Leap Motor exported 17,200 units from January to May, maintaining its position as the leading new energy vehicle exporter in China, with C10 global deliveries surpassing 100,000 units within 13 months of launch [6]. Group 5: Future Outlook - The company aims to achieve sales of 500,000 to 600,000 units by 2025 and expects to reach breakeven by the end of the year [6]. - Future product launches, including the D series and collaborations with FAW, are planned to further penetrate the high-end market [6].