月销破66657辆！零跑驶过百万辆规模拐点，建构新势力“现象级盈利样本”

Core Insights - Leap Motor has officially reached a milestone by producing its one millionth vehicle, becoming the second Chinese new energy vehicle manufacturer to join the "million club" [1][4] - The company achieved this milestone in just 343 days, reflecting a significant acceleration in production speed compared to the previous 50,000 units, which took five years to reach [4][6] - Leap Motor's sales performance has been strong, with a record monthly delivery of 66,657 vehicles in September, maintaining its position as the top-selling new energy vehicle brand for seven consecutive months [1][6] Growth and Profitability - Leap Motor's rapid growth is characterized by a dual breakthrough in scale and profitability, transitioning from a technology development phase to a stage of efficiency and scale release [4][6] - The company reported a net profit of RMB 30 million in the first half of 2025, making it the second new energy vehicle manufacturer in China to achieve profitability [6][9] - Leap Motor's cumulative delivery from January to September 2025 surpassed 395,516 vehicles, leading the sales rankings among new energy brands in China [6][8] Strategic Initiatives - The company's self-research strategy, with a self-research ratio of 65%, has significantly reduced supply chain costs and established a technological moat [9][11] - Leap Motor's R&D investment reached RMB 1.89 billion in the first half of 2025, resulting in a record gross margin of 14.1% [11] - The company has developed a comprehensive product matrix with four series, focusing on high cost-performance to attract mainstream consumers [12][19] International Expansion - Leap Motor has partnered with Stellantis Group to accelerate its international market penetration, establishing nearly 700 sales and service outlets across over 30 countries [14][16] - The company has achieved over 30,000 vehicle deliveries in overseas markets from January to August 2025, ranking first among Chinese new energy brands [14][16] - Leap Motor's performance in the German market has been particularly notable, surpassing BYD to become the top player in the pure electric vehicle segment [14][19] Brand Positioning - Leap Motor is preparing to launch its D series, aiming to enter the 300,000 RMB market segment while addressing challenges related to brand perception [17][19] - The D series will feature advanced technology and is expected to begin production in the first quarter of the following year [17][19] - The introduction of the Lafa5 model is anticipated to enhance the brand's appeal among urban youth, with plans for global market entry by 2026 [19]