新势力第二家，零跑首次实现半年度净利润转正

Core Insights - Leap Motor achieved its first half-year net profit in 2025, becoming the second Chinese new car manufacturer to do so [1] - The company's revenue for the first half of 2025 was RMB 24.25 billion, a year-on-year increase of 174% [1] - Leap Motor's gross margin reached 14.1%, up 13 percentage points from the same period in 2024, marking a record high since its establishment [1] Financial Performance - The net profit attributable to the parent company was RMB 30 million, compared to a net loss of RMB 2.21 billion in the same period last year [1] - Adjusted net profit (non-IFRS) for the first half of 2025 was RMB 330 million, compared to a net loss of RMB 2.02 billion in the previous year [1] Delivery and Sales - Total vehicle deliveries for the first half of 2025 reached 221,700 units, a year-on-year increase of 155.7%, making Leap Motor the top-selling brand among new car manufacturers in China [2] - In July 2025, the company achieved a record delivery of 50,100 units, maintaining its position as the top-selling new car brand for five consecutive months [2] Research and Development - R&D expenses for the first half of 2025 amounted to RMB 1.89 billion, a year-on-year increase of 54.9% [4] - Administrative expenses were RMB 790 million, up 79.5%, while sales expenses reached RMB 1.41 billion, increasing by 56.7% [4] Market Expansion - As of June 30, 2025, Leap Motor's sales service network covered 286 cities, with 806 sales stores and 461 service centers [4] - The company plans to enhance its channel coverage in first- and second-tier cities and expand into 60 new cities by the end of 2025, aiming for a 90% city coverage rate [5] Global Presence - Leap Motor exported over 20,000 vehicles in the first half of 2025, ranking first among new car manufacturers in China [5] - The company established over 600 sales and after-sales service points in approximately 30 international markets, including more than 550 in Europe [5] - The first batch of B10 vehicles was shipped to Europe in July 2025, with plans for a local production base in Europe by the end of 2026 [5] Financial Position - As of June 30, 2025, Leap Motor had cash and cash equivalents totaling RMB 29.58 billion [6]