LEAPMOTOR(HK:09863) Sou Hu Cai Jing·2025-08-19 11:48Core Viewpoint - Leap Motor has achieved profitability in the first half of 2025, marking a significant turnaround from losses in the previous year, driven by a substantial increase in vehicle deliveries and revenue growth [3]. Financial Performance - Leap Motor reported a revenue of 24.25 billion RMB in the first half of 2025, representing a year-on-year increase of 174% [3]. - The company achieved a net profit of 30 million RMB, compared to a loss of 2.212 billion RMB in the same period last year [3]. - Vehicle deliveries reached 221,600 units, a 155.7% increase from the previous year [3]. - The gross profit margin improved to 14.1%, up 13 percentage points from 1.1% in the previous year [3]. Accounts Payable and Cash Flow - Leap Motor's accounts payable totaled 23.3 billion RMB, with the payment cycle extending to 182 days, an increase of 7 days from the end of 2024 [5][8]. - As of June 30, 2025, the company's current liabilities amounted to 30.159 billion RMB, an increase of 5.184 billion RMB compared to the end of 2024 [5]. - The company had cash and cash equivalents of 6.465 billion RMB, a decrease of 2.733 billion RMB from the same period last year [11]. Expansion and Growth Strategy - Leap Motor is accelerating its international expansion, with 24,980 units exported in the first seven months of the year, leading among new energy vehicle brands [12][14]. - The company plans to establish a localized production base in Europe by the end of 2026 to enhance its global market presence [14]. - Domestic sales network has expanded to cover 286 cities, with 806 sales outlets, an increase of 88 cities compared to the previous year [15]. - The workforce has grown to 21,656 employees, with a significant increase of 6,600 employees in the first half of 2025 [15].