Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In June, the company delivered 48,006 vehicles, representing a year-on-year increase of 138.6% and a month-on-month increase of 6.5% [2][5] - The company aims for a sales target of 500,000 vehicles in 2025, with expectations for continued rapid growth [9] - The partnership with Stellantis allows for a light asset overseas expansion, enhancing global sales potential [9] Summary by Sections Sales Performance - In the first half of the year, the company achieved cumulative deliveries of 222,000 vehicles, a year-on-year increase of 155.7% [9] - The strong demand for new vehicles and the upcoming launch of the B01 model, which began pre-sales on June 29, are expected to drive future sales growth [9] Strategic Partnerships - The company signed a carbon credit transfer agreement with Stellantis, with a transaction cap of 1.5 billion [9] - This agreement involves the transfer of carbon credits generated from the sale of Leapmotor brand electric vehicles in the EU and UK markets [9] Product Development and Market Strategy - The company plans to launch 2-3 new products globally each year over the next three years, with the B01 model already in pre-sale [9] - The company has established a strong domestic and international sales network, with 942 stores in China and over 600 sales and service points overseas [9] Financial Outlook - The company is expected to see significant improvements in financial metrics due to the increasing proportion of high-priced models and a strong new vehicle cycle [9] - Projections for vehicle sales in 2025, 2026, and 2027 are 570,000, 890,000, and 1,210,000 respectively [9]