交付量破90万，零跑汽车押注“资本棋局”求突围

Group 1 - Leapmotor is gaining attention from the capital market as it continues to achieve rising performance, with reports indicating that China FAW plans to acquire approximately 10% of Leapmotor's shares to become a strategic shareholder [2] - China FAW has denied the acquisition rumors, but there is an existing deep collaboration between China FAW and Leapmotor, including a strategic cooperation memorandum signed in March 2023 [2][3] - The collaboration focuses on joint development of new energy passenger vehicles and component cooperation, with both parties exploring the feasibility of deepening capital cooperation [2][3] Group 2 - Leapmotor's non-automotive sales business generated nearly 1.1 billion yuan in revenue in the first half of 2025, with government subsidies contributing 500 million yuan, carbon credit income between 200 million to 300 million yuan, and R&D income from FAW at 200 million yuan [2] - Stellantis Group has previously invested 1.5 billion euros to acquire approximately 20% of Leapmotor, leading to the establishment of a joint venture, Leapmotor International B.V., with Leapmotor holding 49% and Stellantis holding 51% [3] - In the first half of the year, Leapmotor exported 20,375 vehicles, ranking first among new force car manufacturers in China [3] Group 3 - Economic experts attribute the increased demand for Leapmotor vehicles to government policies supporting trade-in programs and the promotion of new energy vehicles [3] - The continuous low battery prices have also contributed to an increase in Leapmotor's gross margin and a decrease in costs, driving high growth in performance [3] - However, the competitive landscape in the price segments covered by Leapmotor is becoming increasingly intense, necessitating diversification and intelligent systems to reach a broader consumer base [3][4] Group 4 - A deeper capital cooperation between Leapmotor and China FAW could signal positive developments for both parties, helping Leapmotor to further break through in the market [3] - China FAW, as a mature automotive manufacturer, possesses advantages in supply chain, sales channels, and after-sales systems, which can help mitigate Leapmotor's shortcomings in manufacturing resources and sales [4]