LEAPMOTOR(HK:09863) Sou Hu Cai Jing·2025-08-19 08:16Core Viewpoint - Leapmotor (零跑汽车) reported significant growth in revenue and profitability for the first half of 2025, marking a substantial increase in vehicle deliveries and expanding its market presence both domestically and internationally [1][3]. Financial Performance - Revenue for the first half of 2025 reached 24.25 billion RMB, a 174% increase from 8.85 billion RMB in the same period of 2024 [2][9]. - Gross profit was 3.43 billion RMB, with a gross margin of 14.1%, up from 100.2 million RMB and 1.1% respectively in the previous year [9]. - The company achieved a net profit of 33 million RMB, a turnaround from a net loss of 2.21 billion RMB in the first half of 2024 [3][10]. - Operating loss narrowed to 88.63 million RMB, a 96.3% improvement from a loss of 2.4 billion RMB year-on-year [10]. Vehicle Deliveries and Sales - Total vehicle deliveries for the first half of 2025 amounted to 221,664 units, with a record monthly delivery of 50,129 units in July [4][6]. - Sales of electric vehicles and components reached 23.1 billion RMB, a 161.4% increase from 8.4 billion RMB in the same period last year [2][4]. Market Expansion - The company expanded its sales network to cover 286 cities, adding 88 new locations, and operates 806 sales stores and 461 service centers [4][5]. - Leapmotor plans to establish a localized production base in Europe by the end of 2026 to enhance its global market presence [8]. Research and Development - R&D expenses for the first half of 2025 were 1.89 billion RMB, a 54.9% increase from 1.22 billion RMB in the previous year, reflecting increased investment in innovation [10]. International Operations - The company exported 20,375 vehicles in the first half of 2025, achieving over 1% market share in the German BEV market [6][7]. - Leapmotor has established over 600 sales and service points across approximately 30 international markets, with more than 550 in Europe [7].