零跑汽车发布2025年半年度财报：实现半年度盈利 上调全年销量目标

Core Viewpoint - Leap Motor has achieved its first positive net profit in the first half of 2025, reaching 30 million yuan, making it the second Chinese new car manufacturer to achieve this milestone after Li Auto [1] Financial Performance - In the first half of 2025, Leap Motor reported revenue of 24.25 billion yuan, a year-on-year increase of 174% - The gross profit margin improved to 14.1%, with cash reserves amounting to 29.58 billion yuan and maintaining positive operating cash flow [1] Sales and Growth Targets - Leap Motor delivered 221,664 vehicles in the first half of 2025, a year-on-year increase of 155.7% - In July, the monthly delivery exceeded 50,000 units for the first time, reaching 50,129 units - The company has raised its annual sales target to between 580,000 and 650,000 units, with plans to challenge a target of 1 million units by 2026 - The management expressed optimism for Q3, expecting total sales to reach between 170,000 and 180,000 units, and adjusted the annual profit forecast to between 500 million and 1 billion yuan [2][3] Product Development and R&D - In 2025, Leap Motor launched two new models on the B platform and three refreshed products on the C platform to drive market sales - The C10 model has achieved over 150,000 global deliveries in 16 months, while the C11 model has surpassed 250,000 cumulative sales in four years - The new C11 features advanced technologies such as AR-HUD, LiDAR, and 800V ultra-fast charging, solidifying its position in the mid-size SUV market priced between 150,000 and 200,000 yuan - The B10 model, launched in April, quickly surpassed 10,000 deliveries, and the B01 model received over 10,000 orders within 72 hours of its launch - R&D expenditure reached 1.89 billion yuan, a year-on-year increase of 54.9%, with significant investments in smart driving technology [4][5] Global Expansion and Strategic Partnerships - Leap Motor's overseas market has become a significant growth engine, with exports reaching 24,980 units from January to July 2025, particularly strong in Europe with over 4,000 orders in July - The company has established over 600 service outlets in around 30 countries, with more than 550 in Europe - Plans for localized production in Europe by 2026 are underway, with expectations for overseas sales to double year-on-year - Strategic partnerships are expanding, including a collaboration with FAW Group for joint vehicle development and potential capital cooperation - The company is also making progress in component exports, securing procurement agreements with domestic traditional manufacturers [6][7]