“汽车界优衣库”驶入高端赛道，性价比还在吗？

Core Insights - Leap Motor is facing a "high growth, low valuation" dilemma despite record sales, with the D19 model seen as a key to overcoming this challenge [1][10] - The D19's success hinges not only on product competitiveness against rivals like Li Auto and AITO but also on achieving market recognition for "high-end Leap Motor" [1][10] Company Developments - On October 20, Leap Motor announced that its founder and CEO, Zhu Jiangming, along with shareholder Fu Liqian, increased their holdings by a total of 3.2435 million shares at an average price of 63.19 HKD, amounting to approximately 850 million HKD in total [1][2] - Following this announcement, Leap Motor's stock price rose to 59.15 HKD, reflecting a 6.19% increase [2] Market Positioning - Leap Motor aims to transition from being known as the "Uniqlo of the automotive industry" to a high-end market player with the launch of the D19, a full-size luxury SUV priced around 300,000 RMB [3][4] - The D19 is positioned to compete directly with mainstream high-end electric SUVs, with a focus on delivering high value at a competitive price [4][10] Product Specifications - The D19 features a length of 5.2 meters and a wheelbase exceeding 3.1 meters, with a marketing slogan emphasizing its status as the "top configuration among top configurations" [4] - The D19 offers both extended range and pure electric versions, with the extended range version featuring an 80.3 kWh battery and a CLTC range exceeding 500 km, while the pure electric version has a 115 kWh battery with a range exceeding 700 km [9][10] Competitive Landscape - The D19's specifications are designed to rival models like the AITO M9 and Li Auto L9, with Leap Motor emphasizing its competitive pricing strategy targeting the 250,000 to 300,000 RMB high-end SUV market [5][10] - Leap Motor's strategy includes leveraging advanced technology and high-quality components from top suppliers, such as CATL batteries and Qualcomm chips, to enhance the D19's appeal [6][9] Financial Performance - Leap Motor achieved a significant milestone by producing its one-millionth vehicle and reported a delivery volume of 66,657 units in September, maintaining the top position among new energy vehicle manufacturers for seven consecutive months [10] - The company reached a breakeven point in net profit in the first half of 2025, with a gross margin of 14.1% [10] Future Outlook - Leap Motor plans to continue expanding its product lineup, with the D19 expected to be available for pre-sale in the first half of next year, alongside additional models from other series [16][17] - The company is adjusting its marketing strategy to enhance brand perception, including hiring a celebrity spokesperson for the D series [13][15]