LEAPMOTOR(HK:09863) Ge Long Hui·2025-08-21 19:09Core Viewpoint - The company has shown significant growth in revenue and profitability in the first half of 2025, with expectations for continued strong performance driven by new vehicle launches and international expansion [1][2][3] Revenue - In H1 2025, the company achieved revenue of 24.25 billion yuan, a year-on-year increase of 174.15%, with Q2 revenue reaching 14.23 billion yuan, up 165.48% year-on-year and 42.01% quarter-on-quarter [1] - The company sold 134,000 vehicles in Q2 2025, representing a 152% increase year-on-year and a 53% increase quarter-on-quarter, with July sales exceeding 50,000 units [1] - The sales structure is improving, with B/C platform vehicles accounting for 57.6% and 24.4% of sales in Q2 2025, while the lower-priced T03 model's share decreased to 18.0% [1] Profitability - The company achieved a gross margin of 14.1% in H1 2025, a record high, and turned a profit for the first half of the year, attributed to scale effects from increased sales and cost management [2] - In Q2 2025, the gross margin was 13.6%, with a net profit margin of 1.1%, reflecting improved operational efficiency [2] - The company is entering a strong new vehicle cycle in 2025-2026, with multiple new models set to launch [2] Growth Prospects - The company is expected to maintain high revenue growth from 2025 to 2027, with projected sales of 640,000, 1,030,000, and 1,416,000 vehicles, respectively [3] - Revenue forecasts for 2025-2027 are 74.5 billion, 128.7 billion, and 170.7 billion yuan, with net profit estimates of 1.13 billion, 5.24 billion, and 8.25 billion yuan [3] - The company is expanding its international market presence, with 25,000 vehicles exported from January to July 2025 and plans for local manufacturing in Europe by 2026 [2][3]