零跑现象：科技普惠撞开新势力盈利大门

Core Insights - Leap Motor achieved its first net profit in the first half of 2025, becoming the second Chinese new energy vehicle company to report semi-annual profitability [2] - The company's stock price reached a high of 68 HKD, with a market capitalization exceeding 90 billion HKD, reflecting strong investor confidence in its performance [2] Financial Performance - Leap Motor reported a 174% year-on-year increase in revenue, reaching 24.25 billion CNY [3] - The gross margin improved to 14.1%, a 13 percentage point increase compared to the same period last year, marking a record high since its establishment [3] Delivery and Sales Growth - The company led the new energy vehicle sector with a delivery growth rate of 155.7%, totaling 221,664 units delivered in the first half of 2025 [3] - In July, Leap Motor's monthly sales surpassed 50,000 units, marking the fifth consecutive month of leading sales among new energy vehicle brands in China [3] Product Development and Market Positioning - Leap Motor plans to launch two new models on the B platform and three refreshed products on the C platform in 2025 [4] - The C10 model achieved over 150,000 global deliveries within 16 months, while the C11 model surpassed 250,000 cumulative sales [4] Global Expansion and Market Strategy - Leap Motor exported 24,980 units from January to July 2025, leading the new energy vehicle sector in overseas sales [6][7] - The company is establishing a manufacturing presence in Malaysia and plans to build a production base in Europe by the end of 2026 [7] Operational Efficiency and Customer Engagement - Leap Motor's domestic channel model has improved operational efficiency, with over 800 stores covering 286 cities and a single-store efficiency increase of over 50% [7] - The company has achieved a 99.5% response rate for its service strategy, enhancing customer satisfaction and loyalty [7]