LEAPMOTOR(HK:09863) Ge Long Hui·2025-11-19 20:04Core Viewpoint - Leapmotor's Q3 2025 financial results show significant growth in revenue and profitability, driven by strong sales performance and accelerated overseas expansion, positioning the company for a robust new vehicle cycle in 2025-2026 [1][2][3][4] Group 1: Financial Performance - Q3 2025 revenue reached 19.45 billion yuan, representing a year-over-year increase of 97.3% and a quarter-over-quarter increase of 36.7% [1] - The company achieved a net profit of 150 million yuan in Q3 2025, marking a turnaround from losses in previous quarters [1] - Q3 gross margin improved to 14.50%, up 6.40% year-over-year and 0.89 percentage points quarter-over-quarter, attributed to scale effects and cost management [2] Group 2: Sales and Market Expansion - Q3 2025 sales reached 174,000 units, a record high, with a year-over-year increase of 102% and a quarter-over-quarter increase of 30% [1] - The sales structure is optimizing, with B/C platform vehicles accounting for 56% and 35% of sales respectively, while the low-priced T03 model's share decreased to 9% [1] - Overseas market performance is accelerating, with 38,000 units exported from January to September 2025 and a 50% quarter-over-quarter increase in overseas registrations in Q3 [1][3] Group 3: Future Outlook - The company is entering a strong new vehicle cycle with multiple new models planned for 2025 and 2026, aiming for sales of 1 million units in 2026 [3] - Strategic partnerships and local manufacturing initiatives are expected to enhance revenue streams, with over 700 overseas sales points established by Q2 2025 [3] - Revenue projections for 2025-2027 are set at 74.5 billion, 128.7 billion, and 170.7 billion yuan respectively, with net profits expected to grow significantly during the same period [4]