LEAPMOTOR(HK:09863) Chang Jiang Shang Bao·2025-12-29 23:46Core Insights - Leap Motor aims to become a world-class automaker with an annual sales target of 4 million vehicles, setting 2026 as the year to break the 1 million sales mark [12] Group 1: Company Performance - In the first 11 months of 2025, Leap Motor delivered 536,100 vehicles, a 113.42% increase from 251,200 vehicles in the same period last year, and is expected to exceed 600,000 vehicles for the entire year [2][7] - For the first three quarters of 2025, Leap Motor reported a net profit attributable to equity holders of 183 million yuan, marking the potential for the company to achieve annual profitability for the first time [3][6] - The revenue for the third quarter of 2025 was 19.45 billion yuan, a 97.3% year-on-year increase, while the net profit attributable to equity holders was 150 million yuan, compared to a loss of 690 million yuan in the same quarter of the previous year [7][8] Group 2: Financial Developments - Leap Motor signed an internal share subscription agreement with FAW Equity Investment (Tianjin) Co., with total proceeds of 3.744 billion yuan, of which approximately 50% will be allocated for R&D [3][4] - The company plans to use 25% of the funds for operational capital and general corporate purposes, and another 25% to expand its sales and service network and enhance brand awareness [4] Group 3: Strategic Initiatives - Leap Motor has established a strategic partnership with FAW Group to promote resource sharing and collaborative development in powertrains [5] - The company emphasizes its commitment to in-house research and development, covering 65% of the cost of core technologies in new energy vehicles, with a high proportion of R&D personnel [10] - Leap Motor's international business network has expanded to 35 countries and regions, with over 800 sales and service outlets, achieving a cumulative export of 60,000 units, making it a leader in overseas sales among new energy vehicle manufacturers [11]