零跑十年：一部“新制造”的杭州样本

Core Insights - Hangzhou is undergoing a transformation from a digital economy hub to a new manufacturing era, focusing on artificial intelligence and smart connected vehicles [1][3] - Leap Motor's development trajectory aligns with Hangzhou's industrial transformation, emphasizing self-research and vertical integration in manufacturing [3][6] Industry Transformation - Hangzhou's shift represents an evolution from application-based innovation to foundational restructuring in advanced manufacturing [4] - The city aims to control the entire value chain from core chip computing power to terminal applications, moving beyond rapid business model replication [4] Leap Motor's Strategy - Leap Motor has adopted a self-research approach since its inception, prioritizing core technologies such as battery and electric drive systems [6][8] - The company has achieved a 65% self-manufactured core component ratio in its vehicle BOM costs, leading to a 10% cost advantage over competitors [8][14] Recognition and Leadership - Leap Motor's founder, Zhu Jiangming, has been recognized as a "scientific entrepreneur," reflecting the city's shift towards valuing science and technology [9][11] - The company has received significant government investment, totaling over 9 billion yuan, highlighting the supportive role of local authorities in its growth [13] Financial Performance - Leap Motor's business model focuses on cost transparency and value redefinition, maintaining a healthy gross margin of 14%-15% while passing savings to consumers [14] - The company has seen rapid growth, achieving over 250,000 cumulative vehicle sales and aiming for 1 million by 2026 [15][17] Global Expansion - Leap Motor has formed a strategic partnership with Stellantis, securing a 15 billion euro investment for a 20% stake, facilitating global market access [18][20] - The establishment of over 800 sales and service points across 35 international markets demonstrates Leap Motor's extensive channel development [20] Cultural and Philosophical Underpinnings - The company's approach reflects Hangzhou's pragmatic and daring spirit, focusing on core technology and user needs [21][23] - Leap Motor's journey serves as a model for industrial transformation, showcasing a rational path towards future competitiveness [23]