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。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. Davide Mele先生之履歷詳情載列如下： 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； 及 建議修訂公司章程 建議更換非執行董事 浙江零跑科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，董事 會收到股東Stellantis集團提議，因Douglas Ostermann先生職務變動，建議免去 Douglas Ostermann先生作為第二屆董事會非執行董事的職務，同時提名Davide Mele先生為第二屆董事會非執行董事。 於本公告日期，董事會決議建議免去Douglas Ostermann先生作為第二屆董事會非 執行董事的職務，同時提名Davide Mele先生為第二屆董事會非執行董事候選人， 惟需待本公司股東於股東大會上批准後方可 ...

Core Insights - Zhejiang Leapmotor Technology Co., Ltd. (Leapmotor) reported a net profit of 150 million yuan for Q3 2025, marking continuous quarterly profitability [1] - The company delivered 173,852 new vehicles, achieving a 101.8% increase compared to the same period in 2024, and generated revenue of 19.45 billion yuan, up 97.3% year-on-year [1] - Leapmotor's gross margin improved significantly to 14.5%, and the company has a strong cash position of 33.92 billion yuan, maintaining positive operating and free cash flow [1] Product Development - Leapmotor has launched multiple new models to enhance its product matrix, including the C11, B01, Lafa5, and D19, catering to diverse consumer needs [2][3] - The C11 has sold approximately 300,000 units since its launch in 2021, while the B01 has consistently sold over 10,000 units monthly since its release [2] - The D19, positioned as a flagship model, aims to redefine the value standards for full-size SUVs priced around 300,000 yuan [2] Global Expansion - In Q3 2025, Leapmotor exported 17,397 vehicles, leading the new energy vehicle sector in overseas sales, with a total of 37,772 units exported from January to September [4] - The company has established over 700 sales and service points across approximately 30 international markets, with significant presence in Europe and the Asia-Pacific region [4] - Leapmotor's B10 model debuted in Europe, with over 1,000 orders received in October, and the company is expanding into the South American market with new launches in Brazil [4][5] Service Network and Customer Experience - As of September 30, 2025, Leapmotor's sales and service network covers 292 cities with 866 sales outlets and 493 service centers [6] - The company has implemented a "fast response" service model, improving repair efficiency and parts delivery, with a 30.26% increase in single-store efficiency [6] - Leapmotor has launched a circular manufacturing center to promote resource reuse and reduce carbon emissions, aligning with national carbon neutrality goals [7]

Core Insights - Leapmotor delivered 173,852 vehicles in Q3 2025, leading the sales among new energy vehicle brands in China, representing a 101.8% increase compared to the same period in 2024 [1] - The company has maintained its position as the monthly sales champion among new energy brands in China for eight consecutive months, with October's deliveries surpassing 70,289 units [1][7] Financial Performance - The net profit for Q3 2025 was RMB 150 million, with a total net profit of RMB 180 million for the first three quarters of 2025 [7] - The gross profit margin for Q3 2025 was 14.5%, an increase of 0.9 percentage points from Q2 2025 [7]

Core Insights - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking continuous quarterly profitability and a significant growth in vehicle deliveries and revenue compared to the previous year [1] - The company achieved a total vehicle delivery of 173,852 units, a 101.8% increase year-on-year, and generated operating revenue of 19.45 billion yuan, up 97.3% from the same period last year [1] - Leap Motor has maintained a strong cash position with 33.92 billion yuan in hand and positive operating and free cash flow [1] Group 1: Product Performance - The C11 model has sold approximately 300,000 units since its launch in 2021, becoming a phenomenon in the SUV market, with a monthly sales record of over 11,000 units in October [1] - The B01 model, positioned as a high-quality smart sedan, has consistently sold over 10,000 units monthly since its launch in July [2] - The D19 model, launched as the flagship of the D platform, aims to bring high-end technology experiences to the 300,000 yuan market [2] Group 2: International Expansion - Leap Motor exported 17,397 units in Q3, with a total of 37,772 units exported from January to September 2025, showing strong performance in European markets [2][3] - The company has established over 700 sales and service outlets across approximately 30 international markets, with more than 650 in Europe [3] - Leap Motor plans to accelerate its global localization strategy in 2026, starting with Malaysia and then expanding to Europe [3] Group 3: Technological Innovation - The company launched its new flagship D platform on October 16, introducing several industry-first technologies [3] - Leap Motor's sales service network has expanded to cover 292 cities, with a total of 866 sales outlets and 493 service centers [3]

Core Insights - Both Leap Motor and Xpeng Motors reported their strongest Q3 results in history, with Leap Motor's revenue at 19.45 billion RMB and Xpeng's at 20.38 billion RMB, reflecting year-on-year growth of 97.3% and 101.8% respectively [2][11] - Leap Motor achieved profitability for two consecutive quarters, with a net profit of 150 million RMB in Q3 2025, while Xpeng's net loss decreased to 380 million RMB [2][11] Leap Motor Highlights - Leap Motor's Q3 2025 net profit was 150 million RMB, a significant improvement from a net loss of 690 million RMB in Q3 2024 [2][3] - The company reported a total vehicle sales of 173,900 units in Q3 2025, marking a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63% [5] - Leap Motor's gross margin rose to 14.5% in Q3 2025, up from 8.1% in Q3 2024 and 13.6% in Q2 2025 [8] - The company anticipates total sales for 2025 to exceed 600,000 units, having already surpassed its initial target of 500,000 units by mid-November [9] Xpeng Motors Highlights - Xpeng's Q3 2025 net loss was 380 million RMB, down from 480 million RMB in Q2 2025 and 1.81 billion RMB in Q3 2024 [11][18] - The company achieved a record delivery of 116,007 units in Q3 2025, representing a year-on-year growth of 149.3% [13][15] - Xpeng's gross margin reached a historical high of 20.1% in Q3 2025, an increase of 4.8 percentage points year-on-year [17] - The company projects Q4 2025 deliveries between 125,000 and 132,000 units, indicating a year-on-year growth of 36.6% to 44.3% [15] Industry Trends - The new energy vehicle sector is witnessing a significant focus on profitability among leading manufacturers, with both Leap Motor and Xpeng Motors demonstrating improved financial performance [2][10] - The automotive industry's scale effects are becoming increasingly evident, with rising sales volumes contributing to enhanced gross margins for manufacturers like Leap Motor [7]

Core Viewpoint - Both Leap Motor and Xpeng Motors reported their strongest Q3 results in history, with significant revenue growth and improvements in profitability [2]. Group 1: Leap Motor Performance - In Q3 2025, Leap Motor achieved a revenue of 19.45 billion, a year-on-year increase of 97.3% [2]. - Leap Motor reported a net profit of 150 million in Q3 2025, marking its second consecutive quarter of profitability [4][5]. - The company’s vehicle sales reached 173,900 units in Q3 2025, a year-on-year growth of 101.77% [11]. - Leap Motor's gross margin improved to 14.5% in Q3 2025, up from 8.1% in Q3 2024 [12]. - The company anticipates total sales for 2025 to exceed 600,000 units, having already surpassed its initial target of 500,000 units by mid-November [13]. Group 2: Xpeng Motors Performance - Xpeng Motors reported a revenue of 20.38 billion in Q3 2025, reflecting a year-on-year increase of 101.8% [23]. - The net loss for Xpeng Motors in Q3 2025 was 380 million, a decrease from 480 million in Q2 2025 and 1.81 billion in Q3 2024 [16][23]. - Xpeng's vehicle deliveries reached 116,000 units in Q3 2025, a year-on-year increase of 149.3% [17]. - The company’s gross margin reached a record high of 20.1% in Q3 2025, up 4.8 percentage points year-on-year [22]. - Xpeng Motors has set a delivery guidance of 125,000 to 132,000 units for Q4 2025, indicating a year-on-year growth of 36.6% to 44.3% [22].

Core Insights - The "9 series" in China's new energy vehicle market has evolved into a symbol of luxury flagship models, with intense competition among brands like Li Auto, AITO, Zeekr, Leap Motor, and Lantu [1] - New entrants are adopting disruptive strategies to challenge established players, focusing on core technologies rather than merely competing on specifications [1] Technical Pathways - Different brands are pursuing distinct technical solutions for hybrid systems, with Leap Motor opting for a "counter-consensus" approach by using a pure electric mindset for range extension, featuring an 80.3 kWh battery and a 500 km electric range [2][3] - AITO's LS9 emphasizes a "star super range" concept with a 66 kWh battery, aiming for a seamless electric driving experience even in low battery conditions, achieving a fuel consumption of 2.81 L/100 km [3] - Lantu's Taishan adopts a hybrid approach with an 800V intelligent super hybrid system, combining a 1.5T engine and dual motors, achieving a pure electric range of 370 km and a total range exceeding 1400 km [3] Differentiated Strategies - Leap Motor focuses on maximizing electric usage for user experience, while AITO emphasizes a balanced approach between technology compatibility and user experience [4] - AITO's LS9 features advanced technologies like a digital chassis for improved maneuverability, while Lantu collaborates with tech giants for enhanced product competitiveness [4] Cost Control and Pricing Strategies - Cost control is crucial for pricing flexibility in the luxury car market, with AITO LS9 priced between 322,800 to 352,800 yuan, strategically avoiding direct competition with other models [6] - Leap Motor emphasizes "conscientious pricing" and self-research for core components, aiming to keep costs low while ensuring safety and reliability [6][7] - Lantu aims for aggressive pricing strategies through local manufacturing and deep supply chain integration, enhancing cost advantages [7] Brand System Competition - The competition among flagship models extends beyond product features to brand system capabilities, with Lantu achieving significant sales growth attributed to technology self-research and user engagement [9] - AITO leverages its technological strengths to create a differentiated brand perception, while Leap Motor adopts a "downward attack" strategy to build brand recognition [9][10] - The entry of Leap Motor D19, AITO LS9, and Lantu Taishan signifies a more complex competitive landscape in the luxury vehicle segment, where technology, pricing, and brand systems play critical roles [10]

Core Viewpoint - Leap Motor reported a strong financial performance for Q3 2025, with significant growth in revenue and net profit, indicating a robust market position and operational efficiency [1] Financial Performance - The net profit for Q3 reached 150 million yuan, maintaining positive growth [1] - Revenue for the quarter was 19.45 billion yuan, representing a year-on-year increase of 97.3% [1] - Gross margin improved to 14.5%, up by 6.4 percentage points compared to the same period last year [1] Delivery and Sales - Total delivery volume for Q3 was 173,852 units, marking a year-on-year growth of 101.8% [1] - In October, Leap Motor's monthly sales surpassed 70,000 units for the first time [1] Cash Flow and Reserves - As of the end of Q3, the company had cash reserves of 33.92 billion yuan [1] - The net cash generated from operating activities was 4.88 billion yuan [1] - Free cash flow amounted to 3.84 billion yuan [1] Product Development - Leap Motor has completed the layout of its four major product series: A, B, C, and D [1] - The Lafa5 sports sedan began pre-sales on November 7, with plans for domestic launch on November 27 [1] - The D19 luxury SUV made its global debut in Shanghai in October [1] - The A10, the first model in the A series, is set to be showcased at the Guangzhou Auto Show in November [1] - The company launched its new flagship D platform, which includes six major technologies such as range extension, high-voltage pure electric, and intelligent driving [1]

Core Viewpoint - Leapmotor reported a significant turnaround in financial performance, achieving a net profit of RMB 150 million in Q3 2025 compared to a loss of RMB 690 million in the same period of 2024 [1] Financial Performance - The gross margin for Q3 2025 was 14.5%, an increase of 0.9 percentage points from Q2 2025 [1] - Total vehicle deliveries reached 173,852 units [1] - Revenue for the quarter was RMB 19.45 billion, representing a year-on-year growth of 97.3% [1] - Cumulatively, the net profit for the first three quarters of 2025 reached RMB 180 million, marking a structural shift from loss to profit [1]

（文章来源：第一财经） 11月17日晚间，零跑汽车副总裁李腾飞在Q3业绩交流会上表示，公司11月份海外订单会超过15000辆， 10月份的海外销量订单已经来到了12000辆。2026年的海外销量目标在10万~15万辆区间。 ...