LEAPMOTOR(HK:09863) Ge Long Hui·2025-08-21 19:09Core Viewpoint - Leap Motor has achieved significant growth in revenue and profitability in the first half of 2025, marking a turning point with its first positive net profit in a semi-annual period, driven by strong vehicle sales and an expanding product lineup [1][2] Group 1: Financial Performance - In H1 2025, Leap Motor reported total revenue of 24.25 billion yuan, a year-on-year increase of 174.15% [1] - The company achieved a pre-tax profit of 0.33 billion yuan, up 101.49% year-on-year, and a net profit of 0.33 billion yuan, also reflecting a 101.49% increase [1] - The gross margin improved to 14.1%, reaching a historical high [1] Group 2: Sales and Delivery - Total delivery volume in H1 2025 reached 221,664 vehicles, representing a year-on-year growth of 103.8% [1] - In July 2025, the delivery volume surpassed a new high of 50,129 vehicles, maintaining the top position in the new energy vehicle sales rankings for five consecutive months [1] Group 3: Product Development - The company launched two new models, B10 and B01, and upgraded existing models C10, C11, and C16, creating a comprehensive product matrix covering mainstream market price ranges of 50,000 to 200,000 yuan [1] - The C series continues to perform well in the 150,000 to 200,000 yuan price range, while the newly launched B series has gained traction in the sub-120,000 yuan market, with B10 achieving sales of 14,300 units in June 2025 [1] Group 4: Strategic Expansion - Leap Motor's sales guidance for the full year has been raised from 500,000-600,000 vehicles to 580,000-650,000 vehicles, with aspirations to reach 1 million sales in the following year [1] - The company is expanding its channel network rapidly, with 806 stores and a year-on-year increase of over 50% in single-store efficiency [1] Group 5: International Strategy - Leap Motor is advancing its globalization strategy through a joint venture with Stellantis, utilizing a "light asset" model to quickly penetrate overseas markets [2] - In H1 2025, the company exported 20,375 vehicles, ranking first among new energy vehicle manufacturers [2] - The establishment of over 600 overseas sales and service outlets covering approximately 30 international markets is underway, with plans for local assembly in Malaysia and a European production base by the end of 2026 [2] Group 6: Profit Forecast - Revenue projections for Leap Motor from 2025 to 2027 are estimated at 64.9 billion, 100.7 billion, and 122.1 billion yuan, with year-on-year growth rates of 101.6%, 55.3%, and 21.2% respectively [2] - Net profit forecasts for the same period are 0.55 billion, 2.73 billion, and 5.01 billion yuan [2]