累计增持金额约8.5亿港元！零跑创始人朱江明进行新一轮增持，未来将冲击高端市场

Core Viewpoint - Leap Motor's founder and CEO, Zhu Jiangming, along with shareholder Fu Liqian, has conducted a new round of stock buybacks at an average price of HKD 63.19, totaling approximately HKD 850 million, signaling strong confidence in the company's future and potentially boosting market sentiment [1][3]. Group 1: Stock Buyback and Market Reaction - Zhu Jiangming's stock buyback is seen as a demonstration of his unwavering confidence in Leap Motor's future, which is expected to inject new momentum into the company's stock price [1]. - Following the announcement, Leap Motor's stock price rose by over 8% on October 20 [1]. Group 2: Historical Context of Buybacks - Zhu Jiangming previously increased his stake in Leap Motor in August 2024 and has committed to not selling his shares, emphasizing a long-term vision for the company [3]. - He has made three significant stock purchases in the past two years, with the latest being over HKD 3 billion in April 2024 [3]. Group 3: Sales and Financial Performance - Leap Motor achieved a significant milestone by delivering over 60,000 vehicles in September 2025, marking a record for new energy vehicle manufacturers in China [3]. - The company reported a revenue of CNY 24.25 billion for the first half of 2025, a 174% year-on-year increase, with a gross margin of 14.1% and a net profit of CNY 30 million, becoming the second new energy vehicle company in China to achieve profitability in the first half of the year [4]. Group 4: Strategic Approach - Leap Motor has maintained a "fully self-research" strategy and a "good but not expensive" product philosophy, balancing cost control and product quality, which has garnered consumer and investor recognition [6]. - Zhu Jiangming's pragmatic approach and focus on innovation have positioned Leap Motor to achieve a sustainable business model without relying on luxury pricing [6]. Group 5: Future Developments - Leap Motor is expanding its market presence with the launch of its flagship D platform and the debut of the D19 SUV, which aims to penetrate higher-end market segments [6][7]. - The D19 is expected to redefine the value standard for flagship vehicles by integrating advanced technology typically found in vehicles priced at over CNY 1 million into a more accessible price range [7]. Group 6: Analyst Ratings - Citic Lyon maintains a "outperform" rating for Leap Motor, citing the competitive pricing of the D19 [9]. - CICC also maintains an "outperform" rating, projecting that the launch of high-end products and global production capacity will enhance Leap Motor's market share and profitability [9].