独家|中国一汽拟入股零跑10%、成为战略股东

Core Viewpoint - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, marking a significant step in their strategic partnership established five months ago [1][2]. Group 1: Strategic Cooperation - The strategic cooperation between China FAW and Leap Motor includes joint development of new energy passenger vehicles and component collaboration, aiming to enhance product competitiveness through technological integration [1]. - The first collaborative vehicle project between Leap Motor and China FAW has already been initiated, with further discussions on deepening capital cooperation to achieve full industry chain resource synergy [1][2]. Group 2: Financial Performance - Leap Motor reported a revenue of RMB 24.25 billion for the first half of 2025, a year-on-year increase of 174%, with a gross margin of 14.1%, up 13 percentage points from the same period in 2024 [2]. - The net profit attributable to equity holders was RMB 33.03 million, indicating a turnaround from losses in the previous year [2]. - The revenue growth was primarily driven by a significant increase in vehicle and spare parts deliveries, along with income from strategic cooperation and carbon credit trading [2]. Group 3: Future Outlook - Based on strong market performance, Leap Motor has adjusted its full-year profit target from breakeven to a net profit forecast of RMB 500 million to 1 billion, while increasing its annual sales target to 580,000 to 650,000 vehicles [2]. - Citigroup has raised its target price for Leap Motor from HKD 86.4 to HKD 100, reflecting an upward adjustment in sales, gross margin, and net profit forecasts [3].