“抠门”的朱江明，给车圈上了一课

Core Insights - The article highlights the remarkable turnaround of Leap Motor under the leadership of founder Zhu Jiangming, who has successfully navigated the company through significant challenges to become the sales champion among new energy vehicle manufacturers by 2025 [1][3]. Group 1: Company Performance - Leap Motor achieved cumulative deliveries of nearly 600,000 vehicles in 2025, representing a year-on-year growth of approximately 103%, surpassing competitors like Hongmeng Zhixing, Xiaopeng, Xiaomi, and Li Auto [3]. - The company recorded its first half-year profit in 2025, with a net profit of 30 million yuan, making it the second new energy vehicle manufacturer to achieve this milestone [3]. - Leap Motor's stock price experienced volatility, peaking at 76.3 HKD in August 2025 before declining to 45.28 HKD by February 2026, resulting in a market capitalization reduction to 64.4 billion HKD [7]. Group 2: Strategic Initiatives - Zhu Jiangming emphasizes cost control and has personally participated in procurement decisions exceeding 2 million yuan, reflecting a frugal approach to business operations [3][4]. - The company adopted a "half-price ideal" strategy, offering vehicles with features comparable to those priced at 400,000 yuan for under 200,000 yuan, which has been pivotal in its market positioning [4][5]. - Leap Motor has established a strong foothold in the international market, exporting 60,000 vehicles in 2025, aided by a strategic partnership with Stellantis, which invested 1.5 billion euros in the company [6]. Group 3: Future Challenges - Leap Motor aims to transition from being perceived as a "new force" to a "world-class automaker," setting ambitious sales targets of over 4 million vehicles annually, with 2026 being a critical year for achieving the "million vehicle" milestone [9][10]. - The company faces increasing competition and market pressures, particularly in the high-end vehicle segment, where it plans to launch new models priced around 300,000 yuan [10]. - Recent challenges faced by competitors, such as Li Auto's significant drop in sales and profitability, highlight the fragile nature of profitability in the new energy vehicle sector, necessitating careful navigation of growth and market positioning for Leap Motor [10].