Group 1 - The core viewpoint of the articles highlights the significant revenue growth and delivery achievements of Leap Motor, with a 97.3% year-on-year increase in revenue for Q3 2025, reaching RMB 19.45 billion [1] - The company reported a profit attributable to equity holders of RMB 150 million, with a gross margin of 14.5%, an increase of 0.9 percentage points from Q2 2025 [1] - The revenue growth is primarily driven by increased delivery volumes of vehicles and parts, leading to a rise in related service income [1] Group 2 - Leap Motor's total vehicle deliveries reached 173,900 units during the period, with October deliveries surpassing 70,300 units, marking the eighth consecutive month as the top-selling new force brand in China [1] - The C10 model achieved cumulative sales of over 200,000 units in 18 months, with an average monthly sales of 15,000 units in Q3 2025 and over 20,000 units in October [1] - The Lafa5 model was unveiled at the Munich Auto Show, targeting urban youth with a focus on lifestyle, attitude, freedom, and art, and is set to launch in China on November 27, 2025 [2] Group 3 - The company has expanded its sales service network to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets, including 367 Leap centers and 499 experience centers [2] - The Lafa series aims to provide high-quality, stylish, and sporty travel options, with the Lafa5 being the first model based on the LEAP3.5 technology architecture [2]

Group 1 - The core revenue for Leap Motor reached RMB 19.45 billion in Q3 2025, representing a year-on-year growth of 97.3% [1] - The profit attributable to equity holders was RMB 150 million, with a gross margin of 14.5%, an increase of 0.9 percentage points from Q2 2025 [1] - The revenue growth was primarily driven by increased delivery volumes of vehicles and parts, leading to a rise in related service income [1] Group 2 - The total vehicle delivery volume for the period was 173,900 units, with October deliveries surpassing 70,300 units, marking the eighth consecutive month as the top-selling brand among new forces in China [1] - The C10 model achieved cumulative sales of over 200,000 units in 18 months, with an average monthly sales of 15,000 units in Q3 2025 and over 20,000 units in October [1] - The Lafa5 model was unveiled at the Munich Auto Show on September 8, 2025, targeting urban youth with a focus on lifestyle, attitude, freedom, and art [2] Group 3 - The Lafa5 is positioned as a high-performance sports sedan based on the LEAP3.5 technology architecture, combining aesthetics, European driving dynamics, flagship intelligence, and superior quality [2] - The pre-sale for Lafa5 was announced on November 7, 2025, with an official launch scheduled for November 27, 2025, and a global market introduction planned for Q2 2026 [2] - The company's sales service network has expanded to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets [2]

Core Insights - Leap Motor (9863.HK) reported a net profit of 150 million yuan for Q3 2025, marking its continuous quarterly profitability [1] - The company delivered 173,852 new vehicles, leading the sales among new energy vehicle brands in China, representing a 101.8% increase compared to the same period in 2024 [1] - Revenue reached 19.45 billion yuan, a 97.3% year-on-year growth, with a gross margin of 14.5%, showing significant improvement [1] - Leap Motor's cash reserves stood at 33.92 billion yuan, maintaining positive operating and free cash flow [1] - Since March, Leap Motor has been the monthly sales champion among new energy vehicle brands in China for eight consecutive months, breaking sales records with over 60,000 units in September and over 70,000 units in October [1] - The founder and CEO, Zhu Jiangming, announced on November 15 that the company achieved its 2025 target of 500,000 vehicles sold 45 days ahead of schedule, with plans to target 1 million units in 2026 [1]

Core Insights - Leap Motor reported a significant increase in revenue and profitability for Q3 2025, achieving an operating income of 19.45 billion yuan, which represents a year-on-year growth of 97.3% and a quarter-on-quarter increase of 36.7% [2] - The company recorded a net profit attributable to shareholders of 150 million yuan, a turnaround from a loss of 690 million yuan in the same period of 2024 [2] - Cumulative net profit for the first three quarters reached 180 million yuan, indicating a structural shift from loss to profit [2] - Operating cash flow showed a substantial increase, with a net amount of 4.88 billion yuan, reflecting a year-on-year growth of 149% [2] - Free cash flow also demonstrated strong performance, amounting to 3.84 billion yuan [2]

Core Viewpoint - Leap Motor (09863.HK) reported significant revenue growth and improved profitability in Q3 2025, driven by increased vehicle deliveries and effective cost management [1] Financial Performance - Revenue for Q3 2025 reached RMB 19.45 billion, a year-on-year increase of 97.3% [1] - Gross margin improved to 14.5% in Q3 2025, up from 8.1% in the same period of 2024 and 13.6% in Q2 2025 [1] - Net profit attributable to equity holders was RMB 150 million in Q3 2025, compared to a loss of RMB 690 million in Q3 2024 [1] Delivery and Market Position - Total vehicle deliveries for Q3 2025 amounted to 173,852 units [1] - In October, the company achieved a new delivery record of 70,289 units, maintaining its position as the top-selling new force brand in China for eight consecutive months [1]

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，並明確表示概不會就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. 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） 有關2025年第三季度未經審核財務業績的公告 本公告為浙江零跑科技股份有限公司（「我們」、「本公司」或「零跑」，連同其附屬 公司統稱為「本集團」）董事（「董事」）會（「董事會」）自願作出。本公司欣然公布本 集團截至2025年9月30日止三個月（「2025年第三季度」）的未經審核財務業績，該 等資料未經本集團核數師審閱。 2025年第三季度運營摘要 經營亮點 1 • 2025年第三季度，公司淨利潤為人民幣1.5億元，前三季度淨利潤達人民幣 1.8億元； • 2025年第三季度，公司毛利率為14.5%，較2025年第二季度提升0.9個百分 點； • 2025年第三季度，公司的汽車總交付量為173,852台；10月，公司交付量再次 突破新高 ...

Core Insights - The integration of lidar technology, previously exclusive to high-end vehicles, is now being adopted in lower-priced models, indicating a shift in the automotive industry towards more advanced safety features in budget-friendly cars [1] Group 1: Vehicle Models and Specifications - Leap B10 is priced between 99,800 to 149,800 yuan and is built on the LEAP3.5 technology platform, featuring CTC2.0 battery integration, an 800V fast-charging system, and an intelligent cockpit [2] - The B10 has dimensions of 4515×1885×1655mm and a wheelbase of 2735mm, designed for comfort with a rear-wheel drive system and acceleration from 0 to 100 km/h in as fast as 6.8 seconds [4] - The Toyota Platinum 3X is priced between 109,800 to 159,800 yuan, designed for the Chinese market with a futuristic design and dimensions of 4600×1875×1645mm [8][10] - The AION RT is priced from 99,800 to 123,800 yuan, built on the AEP 3.0 platform, featuring a sleek design with dimensions of 4865×1875×1520mm and a wheelbase of 2775mm [13][15] - The BYD Seagull is priced between 69,800 to 82,800 yuan, built on the e-platform 3.0, with dimensions of 3780×1715×1540mm and a wheelbase of 2500mm [18][20] - The XPeng MONA M03 is priced between 119,800 to 139,800 yuan, featuring a low-slung coupe style with dimensions of 4780×1896×1445mm and a wheelbase of 2815mm [23][25] Group 2: Advanced Driving Assistance Systems - The B10 features lidar with a detection range of up to 300 meters and a 140-degree field of view, positioning it in the mid-to-high-end intelligent driving market [5][7] - The AION RT is equipped with a 126-line lidar and an NVIDIA Orin-X chip with 254 TOPS of computing power, supporting high-level autonomous driving capabilities without the need for high-precision maps [17] - The BYD Seagull includes a driving assistance platform with a combination of 5 millimeter-wave radars and 12 cameras, enabling features like highway navigation and obstacle avoidance [22] - The XPeng MONA M03 offers two levels of intelligent driving, with the high-end version featuring two NVIDIA Orin X chips and a total computing power of 508 TOPS, supporting full-scene intelligent driving capabilities [27]

Domestic News - The release of the group standard "Automotive Data Export Safety Assessment Method" fills a gap in the automotive industry's data export safety assessment, providing clear guidelines for companies going abroad [7] - The Ministry of Industry and Information Technology supports innovations in battery swapping models and vehicle-network interaction trials, emphasizing the broad prospects for the power battery industry [8] - Jiangsu Province has increased its automotive consumption subsidy to a maximum of 10,000 yuan, up from 8,000 yuan, to stimulate consumer demand [9] - Zhejiang Province aims to accelerate the construction of an artificial intelligence innovation development highland during the 14th Five-Year Plan period, targeting a core industry revenue of 1.2 trillion yuan [11] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China to enhance financial services for the new energy vehicle ecosystem [12] - Beijing Automotive Group signed a strategic cooperation agreement with Beijing Rural Commercial Bank, securing a credit line of 50 billion yuan to support its development [13] - Leap Motor established a smart technology company focusing on AI and IoT business [14] - Chip Alliance Integrated released a new silicon carbide G2.0 technology platform aimed at high efficiency and power density for applications in new energy vehicles and AI data centers [15] International News - Japan's new car sales in October 2025 reached 395,189 units, a decline of 1.8% year-on-year, while cumulative sales for the first ten months increased by 4% compared to the previous year [16] - Vietnam's new car sales in October 2025 fell by 9% year-on-year to 31,844 units, continuing a downward trend [17] - The US and South Korea announced a trade agreement reducing tariffs on imported cars and parts from 25% to 15%, effective retroactively from November 1 [18] - Tesla's Supercharger network will be accessible to Volkswagen ID.4 and ID. Buzz owners in Canada starting November 18, allowing them to use Tesla's extensive charging infrastructure [19] Commercial Vehicles - Foton Motor launched the new generation micro truck Wonder Plus, offering multiple new energy power options, produced at its automated and digitalized manufacturing base [22] - Weichai's new generation light truck, the Blue Whale X7, was officially launched in South China, featuring advanced power systems and high-end design [23] - Shenzhen has stopped accepting applications for subsidies for the scrapping of non-operational national IV heavy trucks, with a significant number of pending applications [24] - Jiangxi Isuzu officially launched the RE-MAX pickup truck, with a starting price of 86,800 yuan, and introduced a new IP focused on transparency in vehicle development [26]

Core Viewpoint - The report from Huaxing Securities is optimistic about Leap Motor (09863), predicting a significant increase in sales due to high cost-performance models and expecting the company to reach a profitability inflection point by 2025. The company effectively controls costs through a fully self-developed technology platform and is rapidly expanding into overseas markets in collaboration with Stellantis, showcasing significant advantages in international expansion. A "Buy" rating is given with a target price of HKD 71.80 [1] Sales Growth and Profitability Inflection Point - Leap Motor has experienced rapid sales growth, with October sales reaching a historical high of 70,289 units (up 84% year-on-year) and cumulative sales for the first ten months at 465,805 units (up 125% year-on-year). The company is positioned as a mass-market brand in the 100,000-200,000 RMB price range, and the launch of models C10 and C16 in 2024 is expected to further boost sales. The introduction of models D19 and Lafa will enrich the product matrix and support continued sales growth. The company is anticipated to achieve profitability by 2025, becoming the second new force car manufacturer to do so [1][2] Overseas Market Development Advantages - Leap Motor is expanding its overseas market presence through a deep partnership with Stellantis, with plans to launch a new model annually from 2025 to 2027. Since entering the European market in September 2024, the company has seen rapid growth, with Q2 2025 sales in Europe increasing by 65.8% to 3,196 units, totaling 5,124 units in the first half of the year, ranking fifth among all domestic brands. The company is expected to surpass XPeng in total European sales this year. Leveraging Stellantis's global distribution network and brand strength, Leap Motor has a competitive edge in overseas distribution and manufacturing [2] Full-stack Self-research Technology Capability - Leap Motor possesses self-research and manufacturing capabilities across six core areas: vehicle architecture, electronic and electrical architecture, batteries, electric drives, intelligent cabins, and intelligent driving, which account for 65% of the vehicle manufacturing cost. The core technology architecture, LEAP series, has undergone multiple upgrades since its introduction in 2019. The company can maximize fixed asset cost allocation and enhance manufacturing scale efficiency through its fully self-research model, thereby reducing manufacturing costs and strengthening its core technological competitiveness [3] Investment Recommendations - The report initiates coverage with a "Buy" rating and a target price of HKD 71.80. Sales projections for Leap Motor from 2025 to 2027 are 578,528, 750,215, and 837,500 units, corresponding to revenues of CNY 62.9 billion, 78.02 billion, and 103.73 billion, respectively. The forecasted gross margins for the same period are 14.5%, 15.7%, and 16.8%. The company is expected to maintain an operating efficiency with a three-expense ratio of approximately 15%, with adjusted net profits projected at CNY 1.61 billion, 3.24 billion, and 6.58 billion. The valuation is based on a 1.2 times P/S ratio for 2026, higher than the average of comparable companies at 1.1 times [4]

Core Viewpoint - Huaxing Securities is optimistic about Leap Motor (09863) due to its rapid sales growth driven by high cost-performance models, expecting the company to reach a profitability inflection point by 2025. The company effectively controls costs through a fully self-developed technology platform and is rapidly expanding into overseas markets with the help of its partnership with Stellantis, showcasing significant advantages in international expansion. A "Buy" rating is initiated with a target price of HKD 71.80 [1] Group 1: Sales Growth and Profitability - Leap Motor has seen rapid sales growth, with October sales reaching a historical high of 70,289 units (up 84% year-on-year) and cumulative sales for the first ten months at 465,805 units (up 125% year-on-year). The company is positioned as a mass-market brand in the 100,000-200,000 RMB price range, with new models like C10 and C16 expected to further boost sales [1] - The release of models D19 and Lafa will enrich Leap Motor's product matrix and support continued sales growth. The company is anticipated to achieve profitability by 2025, becoming the second new force automaker to achieve full-year profitability [1] Group 2: Overseas Market Development - Leap Motor is expanding its overseas market presence through a deep partnership with Stellantis, with plans to launch a new model annually from 2025 to 2027. Since entering the European market in September 2024, the company has experienced rapid growth, with Q2 2025 European sales increasing by 65.8% to 3,196 units, totaling 5,124 units in the first half of the year, ranking fifth among all domestic brands [2] - The collaboration with Stellantis provides Leap Motor with significant advantages in overseas distribution and manufacturing, allowing for quicker penetration into international markets compared to other Chinese brands [2] Group 3: Self-Developed Technology Capabilities - Leap Motor possesses self-research and manufacturing capabilities across six core areas: vehicle architecture, electronic and electrical architecture, batteries, electric drives, intelligent cabins, and intelligent driving, which account for 65% of the vehicle manufacturing cost. The LEAP series technology architecture has undergone multiple upgrades since its introduction in 2019 [3] - The fully self-developed model allows Leap Motor to maximize the allocation of fixed asset costs and enhance manufacturing scale efficiency, thereby reducing overall manufacturing costs and strengthening its core technological competitiveness [3] Group 4: Investment Recommendations - A "Buy" rating is initiated with a target price of HKD 71.80. Sales projections for Leap Motor from 2025 to 2027 are 578,528, 750,215, and 837,500 units, corresponding to revenues of RMB 62.9 billion, RMB 78.02 billion, and RMB 103.73 billion, respectively. The expected gross margins for the same period are 14.5%, 15.7%, and 16.8% [4] - The company is expected to maintain an operating expense ratio of approximately 15% to achieve efficient operational performance, with adjusted net profits projected at RMB 1.61 billion, RMB 3.24 billion, and RMB 6.58 billion for the respective years [4] - The valuation is based on a 1.2 times price-to-sales ratio for 2026, which is above the average of comparable companies at 1.1 times [4]