传中国一汽拟入股零跑10%，双方合作车型计划明年入市

Core Viewpoint - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, becoming a strategic shareholder, with the proposal currently circulating within relevant departments of FAW [1] Group 1: Strategic Cooperation - The strategic cooperation between China FAW and Leap Motor was formalized with a memorandum signed on March 3, focusing on joint development of new energy vehicles and component collaboration [3] - The acquisition of a 10% stake is seen as a strategic decision that allows FAW to gain significant influence without excessive investment risk [3] - Leap Motor is expected to benefit from FAW's financial support and distribution network, enhancing its bargaining power in component procurement and reducing costs [3][4] Group 2: Financial Performance - Leap Motor reported a revenue of 24.25 billion yuan and a net profit of 30 million yuan for the first half of the year, marking a turnaround to profitability [7] - The company had a free cash flow of 860 million yuan as of June 30, 2025, indicating a strengthened financial position that could be further bolstered by FAW's investment [7] - Leap Motor's non-automotive sales contributed nearly 1.1 billion yuan to its revenue, with significant portions coming from government subsidies and research income from FAW [7]