Group 1: Company Performance - The company reported a revenue of 4.047 billion RMB for FY2026H1, representing a year-over-year increase of 32.7% and a half-year increase of 10.8% [3] - The gross profit margin was 35.7%, showing a year-over-year decrease of 7.5 percentage points but a half-year increase of 3.8 percentage points [3] - The net profit attributable to shareholders was 520 million RMB, up 54.3% year-over-year, while operating profit was 526 million RMB, reflecting a slight decrease of 0.3% year-over-year [3] Group 2: Revenue Breakdown - Revenue from live performances and technology business reached 1.339 billion RMB, a year-over-year increase of 14.5% and a half-year increase of 50.7% [4] - The IP derivatives business generated 1.16 billion RMB, with a year-over-year growth of 105.2%, marking the highest revenue share since FY2025H1 at 28.7% [5] - Revenue from film and television content was 1.06 billion RMB, down 15.2% year-over-year, while the series production business saw a significant increase of 693% year-over-year, generating 480 million RMB [6] Group 3: Cost and Efficiency - Sales expenses were 332 million RMB, up 1.1% year-over-year but down 27.9% half-year [7] - Management expenses totaled 669 million RMB, reflecting an 11.8% year-over-year increase, with a management expense ratio of 16.5% [7] - The company maintained a workforce of 1,780 employees, which is a 14.4% increase year-over-year, while both sales and management expense ratios narrowed, indicating improved operational efficiency [7] Group 4: Industry Insights - The offline performance industry is experiencing steady growth, driven by a stable supply of top-tier artists, with significant events scheduled for 2026 [4] - The automotive industry saw a 7.5% year-over-year increase in passenger car wholesale in October, with a notable rise in new energy vehicle sales, which accounted for over 50% of total sales [8] - The launch of the new model, the Zhiji LS9, is expected to enhance market competitiveness with advanced features and pricing starting at 322,800 RMB [11]

Core Viewpoint - Leap Motor's Q3 2025 financial report shows mixed results, with revenue exceeding expectations but net profit declining due to increased expenses [1][4]. Revenue Performance - Total revenue for Q3 reached 19.45 billion, significantly surpassing market expectations of 18.33 billion, primarily due to the recognition of 2.5 billion in carbon credit income and a rebound in vehicle selling prices [1][4]. - The average selling price of vehicles increased to 112,000, up by 6,000 from the previous quarter, contrary to market expectations of a decline [1][4]. Profitability Metrics - The vehicle gross margin rose by 0.9 percentage points to 14.5%, exceeding the market expectation of 12.9%, driven by higher selling prices, carbon credit income, and economies of scale [1][4]. - Despite the positive gross margin, net profit fell to 150 million, below the market expectation of 200 million, due to increased operating expenses [2][4]. Expense Analysis - R&D expenses increased to 1.2 billion, reflecting ongoing investments in smart technology and channel expansion [1][2]. - Selling expenses rose to 950 million, exceeding market expectations, as the company expanded its retail channels and increased marketing efforts [2][4]. Future Outlook - For Q4 and 2026, the company aims for a gross margin of 14%-15% and a net profit of 500-1,000 million for the full year 2025, with projected sales of 580,000 to 650,000 vehicles [5][6]. - The company is implementing promotional strategies to boost sales, including cash subsidies on various models, and anticipates Q4 sales to reach 218,000 vehicles, a 25% increase from the previous quarter [6][4]. Competitive Positioning - Leap Motor's strategy focuses on high vertical integration and self-sourcing, aiming to enhance cost advantages and offer high-value models to price-sensitive consumers [9]. - The partnership with Stellantis is expected to strengthen Leap Motor's overseas expansion, leveraging Stellantis's brand and distribution channels in Europe [9].

Core Viewpoint - Leap Motor, the second profitable new energy vehicle manufacturer in China, reported strong financial performance for Q3 2025, achieving a revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 1.5 billion yuan, marking a significant turnaround from losses in the previous year [1][4][5]. Financial Performance - In Q3 2025, Leap Motor's revenue reached 19.45 billion yuan, nearly hitting the 20 billion yuan mark, setting a new quarterly record [4]. - The company's net profit for Q3 2025 was 1.5 billion yuan, a substantial improvement from a loss of 6.9 billion yuan in the same quarter last year [5][6]. - The revenue for the first half of 2025 was 24.25 billion yuan, reflecting a year-on-year growth of 174.15% [5]. Sales and Production - Leap Motor sold 173,900 vehicles in Q3 2025, representing a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63% [6]. - In October 2025, the company achieved a monthly sales milestone of over 70,000 units, becoming the only new energy vehicle brand in China to surpass this figure [8]. - As of November 15, 2025, the total vehicle sales reached 500,000 units, exceeding the annual target ahead of schedule [8]. Research and Development - Leap Motor invested 12.1 billion yuan in R&D during Q3 2025, contributing to the development of new technologies and models [2][12]. - The total R&D expenditure for the first three quarters of 2025 was 31.04 billion yuan, surpassing the total for the entire year of 2024 [12]. Financial Health - As of the end of Q3 2025, Leap Motor had approximately 33.9 billion yuan in cash and cash equivalents, ensuring sufficient funds for R&D and market expansion [3][12]. - The net operating cash flow for Q3 2025 was 4.88 billion yuan, indicating strong cash generation capabilities [12]. Market Expansion - Leap Motor's sales service network expanded to cover 292 cities with 866 sales outlets, including 367 Leap Centers and 499 experience centers [11]. - The company aims to achieve a sales target of 1 million vehicles in 2026, supported by its growing brand influence and extensive sales network [10][11]. Export Performance - In Q3 2025, Leap Motor exported 17,400 vehicles, with a total of 37,800 units exported in the first nine months of 2025 [9].

Macro Strategy - In 2026, the narrow deficit is expected to reach 5.94 trillion yuan, an increase of approximately 276.5 billion yuan year-on-year, while the broad deficit is projected to be 14.54 trillion yuan, up about 167 billion yuan year-on-year, with a broad deficit rate of approximately 9.8%, a slight decrease of 0.4 percentage points [1][13] - The total fiscal expenditure in 2026 is anticipated to be 43.54 trillion yuan, growing by 3.2% year-on-year, which is a slowdown compared to the previous year's growth rate [1][13] Foreign Trade - China's exports are expected to maintain strong resilience in 2026, with an annual growth rate of around 3%-4%, compared to an estimated 4.5%-5% in 2025 [2][14][15] - The impact of tariffs on exports is expected to ease, with the likelihood of large-scale tariff increases from the U.S. being relatively low [2][15] Industry Analysis - The 2025 Double Eleven sales event saw total e-commerce sales reach approximately 16,950 billion yuan, a year-on-year increase of 14.2%, with comprehensive e-commerce platforms accounting for 16,191 billion yuan, up 12.3% year-on-year [6] - The coal industry is projected to experience a weak equilibrium in supply and demand, leading to fluctuating coal prices in the first half of 2026, with a focus on high-dividend investment logic [7][8] Company Insights - Leap Motor's Q3 performance maintained positive profitability, with revised net profit forecasts for 2025-2027 being 700 million, 3.3 billion, and 6.8 billion yuan respectively, corresponding to PE ratios of 103, 21, and 11 times [9] - Geely's Q3 results met expectations, with an upward revision of the 2025 net profit forecast to 18.1 billion yuan, while the 2026 and 2027 forecasts were adjusted downwards to 19.5 billion and 27.2 billion yuan respectively [11] - Tencent's overall performance exceeded expectations, with adjusted net profit forecasts for 2025-2027 being 255.5 billion, 285.8 billion, and 318.2 billion yuan, maintaining a "buy" rating [12]

ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9863） | 與本代表委任表格 | 股內資股 | | --- | --- | | （附註1） 有關的股份數目 | 股H股 | 於2025年12月8日（星期一）舉行的 臨時股東大會適用的代表委任表格 本人╱吾等 （附註2） 地址為 為浙江零跑科技股份有限公司（「本公司」）已發行股 本中內資股╱H股的登記持有人，茲委任大會主席 （附註3） 或 地址為 為本人╱吾等的受委代表，代表本人╱吾等出席本公司謹訂於2025年12月8日（星期一）下午15:00假座中國浙江省杭州市濱江區物 聯網街451號芯圖大廈1樓會議中心5號會議室舉行的臨時股東大會（「臨時股東大會」）（及其任何續會），並按下列指示於臨時股東 大會上代表本人╱吾等行動及投票。 請在適當空欄內填上「✓」號，以表明 閣下表決時的投票意願 （附註4） 。 | | 普通決議案 | 贊成 | 反對 | 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於更換 ...

（股份代號：9863） 臨時股東大會通告 茲通告浙江零跑科技股份有限公司（「本公司」）謹訂於2025年12月8日（星期一） 下午15:00 假座中國浙江省杭州市濱江區物聯網街451號芯圖大廈1樓會議中心5號會議 室舉行臨時股東大會（「臨時股東大會」），以審議並酌情通過下列決議案（不論有否修 訂）： 普通決議案 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） 「動議： 待香港聯合交易所有限公司（「聯交所」）上市委員會批准因行使根據本公司 新購股權計劃（「2025年購股權計劃」）（其規則載於註有「A」字樣的文件， 該文件已提呈大會並由大會主席簽署，以資識別）可能授出的任何購股權而 可能將予發行及配發的本公司H股（「H股」）上市及買賣後及在其規限下， 批准及採納2025年購股權計劃及購股權計劃授權限額（定義見 ...

此乃要件 請即處理 閣下如對本通函任何方面或將採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部浙江零跑科技股份有限公司的股份，應立即將本通函連同隨附的代表委任表 格轉交買方或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就本通函全部或任何部份內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9863） 建議更換非執行董事 上調公司及下屬分╱子公司向銀行申請綜合信貸規模 建議採納2025年購股權計劃 上調為全資及控股子公司提供擔保額度 建議修訂公司章程 及 臨時股東大會通告 浙江零跑科技股份有限公司謹訂於2025年12月8日（星期一）下午15:00假座中國浙江省杭州市濱江區物聯 網街451號芯圖大廈1樓會議 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a quarterly revenue of 19.45 billion yuan in Q3 2025, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [7] - The company reported a net profit attributable to equity holders of 150 million yuan in Q3 2025, a significant improvement from a loss of 690 million yuan in Q3 2024 and a profit of 160 million yuan in Q2 2025 [7] - The company’s Q3 sales volume reached 174,000 units, with a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [7] - The average selling price (ASP) for the company was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [7] - The gross margin for Q3 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [7] - The company’s sales, management, and R&D expense ratios improved to 4.9%, 3.2%, and 6.2% respectively, compared to the previous year [7] - The company has expanded its sales service network to cover 292 cities with 866 sales outlets as of the end of September 2025 [7] - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36% [7] - The company plans to launch its Lafa5 model overseas in Q2 2026 and is actively pursuing local production capabilities in Malaysia and Europe [7] Financial Projections - The total revenue forecast for the company is projected to reach 65.8 billion yuan in 2025, with a year-on-year growth of 104.58% [1] - The net profit attributable to the parent company is expected to be 693.83 million yuan in 2025, with a significant year-on-year increase of 124.60% [1] - The earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a P/E ratio of 103.14 [1] - The company’s gross margin is expected to improve to 15% in 2025 [8] - The company’s asset-liability ratio is projected to be 77.45% in 2025 [8]

Core Viewpoint - The company reported significant growth in revenue and profitability in Q3 2025, indicating a strong recovery and positive market response to new vehicle launches [2][3][4]. Financial Performance - Q3 2025 revenue reached 19.45 billion yuan, with year-on-year and quarter-on-quarter growth of 97.3% and 36.7% respectively [2]. - The net profit attributable to equity holders for Q3 2025 was 150 million yuan, a significant improvement from a loss of 690 million yuan in Q3 2024 [2][4]. - The overall average selling price (ASP) for vehicles was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [3]. Sales and Production - The company sold 174,000 vehicles in Q3 2025, marking a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [3]. - The new vehicle model, Leap B01, launched on July 24, 2025, contributed to the sales growth [3]. Profitability Metrics - The gross margin for Q3 2025 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [3]. - The company achieved a profit of 150 million yuan in Q3 2025, with a profit per vehicle of 90 yuan, although this represented a quarter-on-quarter decrease of 29% [4]. Cost Management - The company reported improvements in expense ratios, with sales, management, and R&D expense ratios at 4.9%, 3.2%, and 6.2% respectively, showing reductions compared to previous periods [3]. Market Expansion - As of September 2025, the company had expanded its sales and service network to 292 cities, adding 88 cities year-on-year, with a total of 866 sales outlets [3]. - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36%, and established over 700 international sales and service points [3]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 downwards due to increased industry competition, now expecting 700 million, 3.3 billion, and 6.8 billion yuan respectively [5]. - The upcoming launch of new models, including Lafa5 in Q2 2026, is anticipated to strengthen the company's market position [5].

Group 1: Stock Recommendations - Geely Automobile (175 HK) has a target price of 25.00, indicating a potential upside of 47% with a PE ratio of 9.50[5] - Luckin Coffee (LKNCY US) has a target price of 44.95, suggesting a potential upside of 12% with a PE ratio of 30.00[5] - Alibaba (BABA US) has a target price of 209.40, indicating a potential upside of 33% with a PE ratio of 22.50[5] Group 2: Market Performance - The basket of 24 long positions had an average return of -3.4%, while the MSCI China Index returned -0.8%[9] - Among the 24 stocks, only 5 outperformed the benchmark[9] Group 3: Analyst Ratings - New additions include companies like Bosideng (3998 HK) and Futu Holdings (FUTU US), both rated as "Buy"[6] - The report indicates a focus on sectors such as technology, insurance, and consumer goods, with multiple stocks receiving "Buy" ratings[5][6]