零跑汽车首次实现半年度盈利，毛利率创新高，全年销量目标上调

Core Insights - Leap Motor achieved a significant milestone by turning its first half-year net profit positive in 2025, becoming the second Chinese new car manufacturer to do so, indicating substantial progress in profitability [2] - The company reported a revenue of 24.25 billion yuan in the first half of 2025, a 174% increase from 8.85 billion yuan in the same period of 2024 [2] - Leap Motor's total delivery volume reached 221,664 units in the first half of 2025, marking a 155.7% increase year-on-year and positioning it as the top-selling new energy vehicle brand in China [2] Financial Performance - The gross margin for Leap Motor in the first half of 2025 was 14.1%, a significant improvement of 13 percentage points from 1.1% in the same period of 2024, achieving the highest gross margin since the company's inception [2][3] - The company reported a net cash flow from operating activities of 2.86 billion yuan and a free cash flow of 860 million yuan, providing a solid financial foundation for ongoing development [3] Product Performance - Leap Motor's B10 model launched in April 2025 exceeded 10,000 deliveries in its first month, while the C11 model surpassed 250,000 cumulative sales by June [3] - The C10 model achieved a cumulative delivery of over 150,000 units within 16 months of its launch, setting a record for the fastest sales milestone for any model in the brand's history [3] Market Expansion - Leap Motor exported 24,980 units from January to July 2025, leading among new car manufacturers in China, with over 4,000 orders from European customers in July alone [4] - The company established over 600 sales and service points across approximately 30 international markets, including more than 550 in Europe, setting a record for the speed of market entry among new energy vehicle brands [5] Future Outlook - The management expects to maintain a good gross margin trend in the second half of 2025, with a projected full-year gross margin of 14% to 15% [3] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a target of 170,000-180,000 units for the third quarter [5] - Leap Motor aims to challenge a sales target of 1 million units in the following year [6]