继理想后，第二家半年度盈利的新势力诞生

Core Viewpoint - Leapmotor has achieved profitability in its mid-year results and has raised its annual profit guidance to between 500 million to 1 billion RMB, alongside increasing its sales target to 580,000 to 650,000 vehicles [3][4]. Financial Performance - In the first half of 2025, Leapmotor reported a net profit of 30 million RMB, with an adjusted net profit of 330 million RMB, excluding employee benefits [3]. - The company delivered 221,700 vehicles in the first half of 2025, marking a 155.7% increase compared to the same period in 2024 [3]. - Revenue reached 24.25 billion RMB, a 174% increase year-on-year, with a gross margin of 14.1% [3][4]. - The cash reserves of Leapmotor stood at 29.58 billion RMB [3]. Production and Technology Development - Leapmotor has launched its city commuting navigation assistance feature based on end-to-end algorithms and plans to enhance research and development resources for end-to-end and VLA technologies in the second half of the year [4]. - The company aims to maintain a gross margin target of 14% to 15% for the second half of the year, with an expected full-year gross margin of approximately 12% [4]. Sales and Market Expansion - Leapmotor has adjusted its annual sales target to 580,000 to 650,000 vehicles, up from the previous target of 500,000 to 600,000 vehicles, with a goal to challenge 1 million sales in the following year [4]. - In the first seven months of 2025, Leapmotor achieved sales of 271,800 vehicles, indicating a need to sell 300,000 vehicles in the next five months, averaging 60,000 vehicles per month [4]. Strategic Partnerships - In March 2025, Leapmotor signed a strategic cooperation memorandum with China FAW Group to jointly develop new energy passenger vehicles and collaborate on components [5]. - The first collaborative vehicle project has already been initiated, with plans for further capital cooperation to enhance resource synergy across the entire industry chain [5].