LEAPMOTOR(HK:09863) Xin Lang Cai Jing·2025-09-28 07:40Core Viewpoint - The recent legal issues faced by Leap Motor highlight operational challenges, but the company remains confident in its growth trajectory and has achieved significant sales milestones in 2023 [1][3]. Group 1: Legal and Financial Issues - Leap Motor and its subsidiary, Lingpao Automotive Trading Co., were listed as dishonest executors by the Guangzhou Baiyun District People's Court due to a debt of 3.6181 million yuan owed to Guangzhou Shouqi Automotive Service Co., which includes various fees [2]. - Leap Motor is jointly liable for the debt of Lingpao Automotive Trading Co., leading to restrictions on high consumption for the founder and chairman, Zhu Jiangming [3]. - The company has stated that it will fulfill its payment obligations by June 27, 2024, and is actively negotiating to resolve outstanding vehicle transfer issues [3]. Group 2: Sales Performance and Growth - In 2023, Leap Motor's sales have steadily increased, with cumulative deliveries surpassing 320,000 units from January to August, maintaining the top position among new energy vehicle manufacturers for six consecutive months [5]. - On September 25, Leap Motor announced the production of its one-millionth vehicle, becoming the second new energy vehicle company in China to reach this milestone, achieving this in just 343 days from the 500,000th vehicle [5]. - The company reported a revenue of 24.25 billion yuan for the first half of the year, a year-on-year increase of 174%, and achieved a net profit of 30 million yuan, marking its first half-year profit [5]. - The gross margin for Leap Motor in the first half of the year was 14.1%, a significant increase of 13 percentage points compared to the same period in 2024, attributed to economies of scale from increased sales [5].