LEAPMOTOR(HK:09863) Bei Jing Shang Bao·2025-12-29 16:49Core Insights - Leapmotor aims to achieve an annual sales target of 1 million vehicles by 2026 and reach 4 million vehicles in the next decade, positioning itself as a world-class automotive company [1][2] Group 1: Sales and Product Strategy - The sales target is supported by a comprehensive product upgrade, with the D series being the core product line aimed at the high-end market, featuring the D99 MPV priced around 300,000 yuan [2] - The D series will offer both extended range and pure electric options, with significant battery specifications including an 80.3 kWh battery for the extended range version and a 115 kWh battery for the pure electric version [2] - Leapmotor has prepared a battery supply redundancy of 1.2 to 1.3 times to meet the demand for 1 million vehicles, with a cumulative delivery of over 1.2 million vehicles and an expected sales volume of nearly 600,000 vehicles in 2025 [3] Group 2: Technology and Innovation - Leapmotor plans to shift from a following strategy to a leading strategy in the autonomous driving sector, increasing investment in this area to catch up with industry leaders [4] - The company has set a pragmatic approach to technology investment, focusing on solutions that provide real value to users and aiming for a return on investment within three years [4] - Leapmotor has introduced a unique integrated system for driving and parking, supporting full-scenario experiences and aiming for L3-level capabilities in the next decade [4] Group 3: Channel and Service Strategy - To align with its high-end transformation and sales goals, Leapmotor is upgrading its channel and service systems, focusing on user experience as the core of its luxury definition [6] - The company is adopting an innovative channel model that emphasizes a partnership with dealers, aiming to create a "co-traveler" relationship rather than a traditional buyer-seller dynamic [6] - Leapmotor's previous success was largely based on cost performance, and it faces the challenge of changing consumer perceptions to justify higher pricing for its products [6][7] Group 4: Brand Positioning and Market Challenges - Leapmotor's brand elevation requires overcoming multiple challenges, particularly in establishing brand value, technical strength, and system capabilities [1][7] - The company must reshape user recognition in the luxury MPV market to match its pricing strategy, which involves significant R&D and marketing investments [7] - Achieving the ambitious sales targets will depend on product matrix, technological leadership, and breakthroughs in global markets [7]