首次实现半年度盈利！零跑汽车上调年销指引，副总裁“剧透”新车发布、海外建厂规划

Core Insights - Leap Motor reported a significant revenue increase of 174% year-on-year, reaching 24.25 billion yuan in the first half of 2025, with a net profit of 30 million yuan, marking its first positive half-year profit after a loss of 2.21 billion yuan in the same period last year [1][2] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a projected third-quarter sales volume of 170,000-180,000 units [1][4] - Leap Motor aims to challenge a sales target of 1 million units in 2026, with expectations for growth in existing B and C series models and new A and D series models [1][4] Financial Performance - The revenue growth was primarily driven by a substantial increase in vehicle and parts deliveries, with total deliveries reaching 221,664 units in the first half of 2025, a 155.7% increase compared to the same period in 2024 [2] - The gross margin for the first half of 2025 was 14.1%, up from 1.1% in 2024, marking a historical high for the company, approaching levels seen in Tesla and Li Auto [2][3] - The automotive gross margin was approximately 12%, indicating contributions from non-automotive sales such as carbon credit trading and technology licensing [2][3] Research and Development - Leap Motor increased its R&D expenditure to 1.89 billion yuan in the first half of 2025, a 54.9% rise from 1.22 billion yuan in 2024, reflecting enhanced R&D efforts and personnel growth [3] - The company is focusing on smart driving technology, aiming to elevate its capabilities to the top tier in China by the end of 2025 [3] Market Strategy - Leap Motor achieved a monthly sales record of 50,000 units in July 2025 and has seen daily orders exceed 3,000 units [4][6] - The company plans to launch multiple new models in the second half of 2025, including the B05 at the Munich Auto Show and the D series models [4][6] - Leap Motor is pursuing local production in Europe, with plans to double overseas sales next year and further increase in subsequent years [8][9]