零跑三季报高光来袭：连续盈利筑牢根基，剑指百万台开启新征程

Core Viewpoint - The financial report of Leap Motor for Q3 2025 shows significant growth, with nearly doubled revenue and a strong cash reserve, indicating a successful transition to profitability and a solid foundation for future expansion [2][4][5]. Financial Performance - Leap Motor's revenue reached 194.5 billion yuan in Q3 2025, a year-on-year increase of 97.3%, marking a record high since the company's inception [4]. - The company achieved a net profit of 1.5 billion yuan in Q3, with a cumulative net profit of 1.8 billion yuan for the first three quarters, a significant turnaround from losses in 2024 [5]. - The gross margin improved to 14.5% in Q3 2025, up from 8.1% in the same period last year, reflecting effective cost control and product upgrades [5]. Sales Growth - Leap Motor delivered 173,900 vehicles in Q3 2025, a year-on-year increase of 101.77%, achieving its annual sales target of 500,000 vehicles ahead of schedule [9]. - The company is projected to exceed 600,000 vehicle sales for the year, nearly doubling from 320,000 in 2024 [9]. Product Strategy - The C and B series vehicles are driving sales growth, with the C10 model achieving over 200,000 cumulative sales in 18 months and becoming a leading product in the 150,000 yuan SUV market [10]. - The B01 model has also performed well, with over 46,000 units sold since its launch in June 2025 [10]. Market Expansion - Leap Motor's sales network has expanded to cover 292 cities, with a significant increase in stores in lower-tier cities [10]. - The company exported 17,400 vehicles in Q3 2025, with a total of 37,800 units exported in the first nine months, a 280% increase year-on-year [10]. Technological Innovation - Leap Motor invested 12.1 billion yuan in R&D in Q3 2025, a 55.4% increase from the previous year, focusing on core technologies and product development [11]. - The Leap 3.5 technology architecture supports advanced features like high-efficiency charging and autonomous driving capabilities [11]. Future Goals - Leap Motor aims to achieve 1 million vehicle sales by 2026, supported by new model launches and an expanded sales network [14]. - The company plans to enhance its product lineup and global presence, targeting significant growth in both domestic and international markets [14].