LEAPMOTOR(HK:09863) Ge Long Hui·2025-08-18 10:03Core Insights - Leap Motor (09863.HK) achieved a net profit of RMB 30 million in the first half of 2025, marking its first positive half-year profit and becoming the second Chinese new car manufacturer to achieve this milestone [1] - The company's gross margin reached a record high of 14.1% in the first half of 2025 [1] - Total vehicle deliveries for the first half of 2025 amounted to 221,664 units, making it the top-selling brand among Chinese new car manufacturers [1] Financial Performance - Revenue for the first half of 2025 was RMB 24.25 billion, a significant increase of 174.0% compared to RMB 8.85 billion in the same period of 2024, driven by increased vehicle and parts deliveries, strategic partnerships, carbon credit trading, and related service income [1] - The net profit attributable to equity holders was RMB 30 million in the first half of 2025, a turnaround from a loss of RMB 2.21 billion in the same period of 2024 [1] - Adjusted net profit (non-IFRS) for the first half of 2025 was RMB 330 million, compared to a loss of RMB 2.02 billion in the first half of 2024 [1] Cash Flow and Liquidity - The net cash generated from operating activities was RMB 2.86 billion in the first half of 2025, up from RMB 270 million in the same period of 2024 [2] - As of June 30, 2025, the company had a strong cash position with cash and cash equivalents, restricted cash, financial assets at fair value, and bank deposits totaling RMB 29.58 billion [2]