从“二线”到“新势力”榜首，销量大涨156％，零跑首次实现半年度盈利

Core Insights - Leapmotor has significantly changed the perception of "new forces" survival rules in the electric vehicle market with an impressive half-year report, achieving a 156% increase in sales, a gross margin exceeding 14.1%, and its first half-year profit [2][3] Financial Performance - In the first half of 2025, Leapmotor reported revenue of 24.25 billion yuan and a net profit of 30 million yuan, marking a turnaround from a loss of 2 billion yuan in the same period of 2024 [3] - The gross margin improved dramatically from 1.1% to 14.1%, surpassing the automotive industry's 10% profit threshold [3] - Operating cash flow reached 2.86 billion yuan, a tenfold increase year-on-year, while free cash flow turned positive at 860 million yuan compared to a negative 480 million yuan in the previous year [3] Sales and Delivery - Leapmotor's total delivery volume in the first half of 2025 reached 221,664 units, a year-on-year increase of 155.7%, setting a new record for the company [3] - In July 2025, Leapmotor became the first new force car company to exceed 50,000 units in monthly deliveries [3] Product Strategy - The company launched two new models based on the B platform and upgraded three existing models on the C platform, effectively covering a broader user demand [4] - The C10 model achieved over 100,000 cumulative deliveries within 13 months, while the C11 surpassed 250,000 units by June 2025 [4] Sales Channel Development - Leapmotor expanded its sales network to 286 cities with over 800 stores, focusing on a channel penetration strategy [5] - The "1+N" model and "Golden Seed" plan improved single-store operational efficiency and increased customer conversion rates [5] Research and Development - The company doubled its team size and computational resources in the intelligent driving sector compared to the same period in 2024 [5] - Leapmotor plans to enhance its R&D investment in end-to-end algorithms and VLA technology, aiming for the implementation of city NOA (Navigation Assisted Driving) by the end of 2025 [5] Global Expansion - Leapmotor exported 20,375 vehicles in the first half of 2025, capturing a 1% share of the competitive German BEV market [6] - The new B10 model is set to launch in Europe, with plans for localized production and R&D by the end of 2026 [6][7] Long-term Strategy - The company emphasizes a "long-termism" approach in its international strategy, prioritizing brand recognition and sustainable market share over immediate high margins [8] - Leapmotor aims to challenge a sales target of 1 million units by 2026, with expectations for growth across existing and new model series [8]