LEAPMOTOR(HK:09863) 车中旭霞·2025-05-27 02:59Core Viewpoint - Leapmotor's revenue in Q1 2025 reached 10.02 billion yuan, a year-on-year increase of 187.1%, driven by a 162.1% increase in sales and product mix optimization [2][8][11] Financial Performance - Q1 2025 net profit attributable to shareholders was -130 million yuan, significantly narrowing from -1.01 billion yuan in Q1 2024, but down from a profit of 80 million yuan in Q4 2024 [2][8] - Gross margin in Q1 2025 was 14.9%, a record high, compared to 8.38% for the entire year of 2024 and -1.4% in Q1 2024 [2][11] - Sales, administrative, and R&D expenses for Q1 2025 were 610 million yuan, 380 million yuan, and 800 million yuan respectively, with corresponding SG&A and R&D expense ratios decreasing compared to the full year of 2024 [11][18] Sales and Production - Total sales volume in Q1 2025 was 87,552 units, a 162.1% increase year-on-year, with the C series accounting for 77.5% of total sales, up 5.7 percentage points from the previous year [16][18] - Average revenue per vehicle in Q1 2025 was 114,400 yuan, with a vehicle cost of 97,400 yuan, resulting in a vehicle gross profit of 17,100 yuan [18][20] Product Development - The new C10 model was officially launched on May 15, 2025, featuring significant upgrades in electric drive and intelligence, priced between 122,800 yuan and 142,800 yuan [24][26] - The B01, the first sedan in the B series, was unveiled at the Shanghai Auto Show in April 2025, showcasing a youthful and technological design [26]