零跑（09863）十年：从边缘玩家到价值重构者的蜕变

Core Insights - Leap Motor has achieved significant growth, delivering 597,000 vehicles in 2025, a 103% year-on-year increase, securing the top position among new energy vehicle manufacturers [1] - The launch of the D series, including the D19 SUV and D99 MPV, marks Leap Motor's entry into the high-end market while maintaining its cost-effective strategy [2] - Leap Motor's strategy includes a partnership with China FAW, enhancing its resource base and aiming for a sales target of one million vehicles by 2026 [2][4] Product Development - The D19 is priced between 250,000 and 300,000 yuan, featuring dual power options and advanced technology, while the D99 targets the 300,000 yuan MPV market with a large battery and flexible seating [1] - Both models are built on a new D platform that integrates range-extending and pure electric architectures, showcasing a collaboration with NIO on an integrated electric drive system [1] Market Positioning - Leap Motor's "technology equality" philosophy aims to redefine consumer perceptions of luxury in the automotive sector, offering high-end features at competitive prices [2] - The company has expanded its global presence, with sales channels in 35 countries and regions, achieving over 60,000 units in exports in 2025, making it a leader in overseas sales among new energy vehicle manufacturers [2] Financial Performance - Leap Motor's stock price has seen a 50% increase since the beginning of 2025, reflecting positive market sentiment towards its business model and growth potential [3] - Analysts highlight Leap Motor's transition from a cost-effective player to a technology integrator, emphasizing its vertical integration capabilities and cost advantages [3] Strategic Vision - Leap Motor aims to create a replicable and scalable technology ecosystem, focusing on in-house development of key components to mitigate supply chain disruptions [4] - The company faces challenges in establishing brand premium and meeting its ambitious sales targets, which will require enhancements in production capacity and service systems [4][5]