LEAPMOTOR(HK:09863) Zhi Tong Cai Jing·2025-11-18 09:47Core Viewpoint - Leap Motor has maintained its position as the leading new energy vehicle brand for eight consecutive months, achieving a monthly delivery volume exceeding 70,000 units and demonstrating strong financial performance with positive cash flow and profitability for two consecutive quarters [1][2][11] Financial Performance - In Q3 2025, Leap Motor reported record revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, with a gross margin of 14.5%, up 6.4 percentage points year-on-year [1][2] - The company achieved a net profit of 150 million yuan for shareholders, marking two consecutive quarters of profitability [1][2] - Operating cash flow reached 4.88 billion yuan in Q3, with free cash flow of 3.84 billion yuan, indicating a strong ability to generate cash internally [4][2] Sales and Growth - Leap Motor's Q3 2025 sales reached approximately 174,000 units, a year-on-year increase of 101.77%, with a monthly sales record of 70,289 units in October [1][7] - The company has surpassed 500,000 cumulative sales by November 15, 2025, and anticipates exceeding 600,000 units for the year, with a target of 1 million units in 2026 [1][10][11] Market Position and Strategy - Leap Motor has established itself as a leader in the new energy vehicle market, focusing on high-quality growth while many competitors face ongoing losses and negative cash flow [1][2][11] - The company plans to launch 12 new models in 2026, including high-end D series and entry-level A series vehicles, to support its ambitious sales targets [10][11] - Leap Motor's global expansion strategy includes establishing over 700 outlets in approximately 30 international markets, with a focus on localizing production and sales [10][11] Technological Innovation - The company emphasizes continuous technological innovation, with all models equipped with the latest advancements, including the recently launched D platform technologies [5][9] - Leap Motor's B and C series models have become market hits, contributing significantly to its sales growth and brand recognition [7][9] Investment and Market Confidence - The founder of Leap Motor, Zhu Jiangming, has consistently increased his stake in the company, reflecting confidence in its future prospects, with a total investment of approximately 850 million HKD since August 2024 [11] - The company's market capitalization has increased by over 60% this year, indicating strong investor interest and confidence in its growth trajectory [11]