不过，别看销量往上冲，零跑汽车背后的危机可不少，尤其是财务这一块，真让人捏把汗。 2025年9月，零跑汽车和它旗下的凌跑汽车商贸有限公司，双双被列为"失信被执行人"。说白了，就是法院判他们还钱，但他们完全没还。更离谱的是， 早在今年6月，他们就因为同一个案件被强制执行过。可奇怪的是，零跑明明不差钱，2025年上半年手里还握着近296亿元的现金，怎么就偏偏拖着三百多 万元的债务不肯还呢？这操作实在让人看不懂。 新能源汽车市场的竞争，从未像今天这样残酷。价格战席卷行业，技术迭代加速，资本热情降温，一批批曾经风光无限的新势力车企在洗牌中黯然退场。 然而，就在这片红海之中，一家曾经被质疑"掉队"的企业零跑汽车再次杀出重围。 2025年第三季度，零跑汽车实现净利润1.5亿元人民币，一举扭转了去年同期及此前多个季度的亏损局面。这份成绩单的背后，是公司销量翻倍增长与毛 利率显著提升的共同作用。财报显示，2025年上半年，零跑交付新车221664台，位居中国新势力品牌销量榜首，较2024年同期交付量增长155.7%，自今 年3月起已连续四个月销量呈现稳定增长态势。 然而，盈利的"喜报"并不能掩盖生存的焦虑。在比亚迪、特斯拉两 ...

Core Insights - Leap Motor has achieved significant milestones by completing its annual sales target of 500,000 vehicles 46 days ahead of schedule, with a net profit of 150 million yuan in Q3, marking consecutive quarterly profitability [3][6] - In a generally loss-making electric vehicle industry, Leap Motor's performance stands out, with a Q3 gross margin of 14.5% while maintaining high R&D investments [6][8] - The company has a strong cash reserve of 33.92 billion yuan as of Q3, which supports its ambitions for higher targets and boosts investor confidence [6][8] Sales and Market Expansion - Leap Motor plans to exceed 1,000 sales outlets by the end of the year, targeting more tier-4 and tier-5 cities, while also focusing on overseas markets [10][12] - The company has exported 37,772 vehicles from January to September 2025, leading the new forces in the overseas market, with significant sales in European countries [10][12] - Leap Motor's overseas orders are projected to exceed 15,000 units in November, with a target of 100,000 to 150,000 units by 2026 [12][25] Technological Innovation and Cost Efficiency - The company maintains a low defect rate in its electric drive systems, significantly below the industry average, showcasing its commitment to in-house R&D [12][14] - Leap Motor's innovative technologies, such as the integrated electric drive and generator system, have led to substantial cost reductions and weight savings [14][20] - The company emphasizes a clear boundary in its R&D strategy, collaborating with top suppliers for traditional areas while focusing on self-research in areas that create competitive advantages [14][20] Product Strategy and Market Positioning - The launch of the D series represents Leap Motor's highest level of technology integration, aimed at meeting high market demand while maintaining competitive pricing [16][18] - The company has established a comprehensive product matrix covering various market segments, with plans for multiple new models in 2026 [20][22] - Leap Motor's strategy focuses on delivering high-quality products at reasonable prices, which is expected to drive market acceptance and sustained profitability [25]

Core Insights - Leap Motor reported a strong Q3 2025 earnings with revenue of 19.45 billion yuan, a 97.3% increase year-over-year and a 36.7% increase from Q2 2025, alongside a net profit of 150 million yuan [1] - The company has successfully completed its annual sales target of 500,000 units ahead of schedule, boosting investor confidence in its performance for the year [1] Group 1: Business Strategy - Leap Motor follows a "Uniqlo of the automotive industry" strategy, focusing on mass-market appeal and operational efficiency, which has led to sustained profitability and growth [4][5] - The company has developed a comprehensive product matrix that minimizes internal competition while maximizing market coverage, contributing to its sales success [5][7] Group 2: Product Performance - The C series, particularly the C11 model, has established a strong foothold in the competitive 150,000 to 200,000 yuan market, achieving over 11,000 units sold in October alone [7] - The B series has also gained traction, with the B01 model quickly reaching monthly sales of over 10,000 units, offering advanced features at a competitive price point [7][8] Group 3: Cost Efficiency - Leap Motor's sales and management expense ratios are significantly lower than competitors, indicating effective cost management [8] - The company has achieved a net cash flow from operating activities of 4.88 billion yuan, reflecting strong cash generation capabilities [8] Group 4: Technological Innovation - Leap Motor emphasizes in-house research and development, achieving a self-manufacturing rate of 65%, which enhances cost control and product quality [12][13] - The company has pioneered technologies such as CTC battery integration, improving vehicle space utilization and safety [10][12] Group 5: Growth Projections - Leap Motor aims to sell one million vehicles by 2026, supported by a robust product lineup and expanding market presence [15][19] - The company plans to enhance its product offerings with new models across various price segments, targeting both domestic and international markets [17][21] Group 6: Market Expansion - Leap Motor is actively expanding its sales channels, aiming to exceed 1,000 domestic outlets by year-end and penetrate lower-tier cities [19] - The company is also pursuing international market opportunities, particularly in regions with high growth potential for electric vehicles [21]

Investment Rating - The report maintains a "Buy" rating for the company [8][7]. Core Insights - The company achieved a revenue of 19.45 billion yuan in Q3 2025, with a gross margin of 14.5% and a net profit attributable to shareholders of 150 million yuan. The strong domestic new car cycle and competitive pricing strategy are expected to drive continuous sales growth [2][5][9]. - The collaboration with Stellantis, the fourth largest automotive group globally, allows the company to leverage its extensive sales and after-sales network for a low-investment, rapid global expansion strategy, enhancing profitability through higher per-vehicle earnings [7][9]. Summary by Sections Financial Performance - In Q3 2025, the company sold 174,000 vehicles, representing a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6%. The revenue of 19.45 billion yuan reflects a year-on-year growth of 97.3% and a quarter-on-quarter growth of 36.7% [9]. - The average revenue per vehicle was 112,000 yuan, showing a slight year-on-year decrease of 6,000 yuan but a quarter-on-quarter increase of 6,000 yuan [9]. - The gross margin improved by 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, driven by economies of scale, cost reduction, and product structure optimization [9]. Market Strategy - The company is positioned in the 50,000 to 200,000 yuan price range, with plans to launch 2-3 new models globally each year over the next three years. The B10 and B01 models have already been launched, with another model, Lafa5, planned for release within 2025 [9]. - As of September 30, 2025, the company had 866 sales outlets in China and over 700 international sales and service points across approximately 30 markets, including Europe, the Middle East, Africa, and Asia-Pacific [9]. Future Outlook - The company forecasts net profits attributable to shareholders of 630 million yuan, 5.01 billion yuan, and 8.37 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 112.2x, 14.2x, and 8.5x [7][9].

在新能源汽车市场竞争日趋白热化的2025年，头部车企的每一份财报都牵动着行业神经。 11月17日，零跑汽车正式披露2025年第三季度财务报告，以一组"全维向好"的数据交出了一份超预期 的"成绩单"，连续两个季度稳健盈利、三季度营收近乎翻倍创下历史峰值、毛利率同比大幅跃升、339 亿元在手资金筑牢安全垫。 而就在财报发布前两天，零跑已提前一个半月达成50万辆年度销量目标，产销两旺的强劲势头叠加财务 数据的质变，不仅印证了其"技术创新→好而不贵→规模效应→持续盈利"的高质量发展路径完全跑通， 更向市场传递出2026年冲击百万辆销量的坚定底气。 盈利成色彰显发展韧性 三季报数据清晰勾勒出零跑从"规模增长"向"质量提升"的质变轨迹 尤为值得关注的是，公司经营利润实现0.5亿元，较去年同期的-7.4亿元大幅改善，连续两个季度盈利的 表现，彻底打破了市场对新势力车企"盈利难"的固有认知，彰显出强劲的经营韧性。 盈利能力的持续提升，核心源于毛利率的"阶梯式"增长。2025年三季度，零跑汽车毛利率攀升至 14.5%，较2024年同期的8.1%提升6.4个百分点，较二季度也实现0.9个百分点的环比增长。 这一成绩的背后，是全域 ...

Core Viewpoint - Leap Motor has demonstrated significant growth and profitability in its Q3 2025 financial report, achieving a revenue of 19.45 billion yuan, a 97.3% increase year-over-year, and a net profit of 150 million yuan, indicating a strong market position and operational efficiency [2][5]. Group 1: Scale Efficiency - Leap Motor's strategy mirrors that of Uniqlo, focusing on a streamlined product matrix that caters to mainstream consumer needs, which has led to a positive feedback loop of sales growth and profitability [5][7]. - The C-series models, particularly the C11, have established a strong foothold in the competitive 150,000-200,000 yuan market segment, achieving over 11,000 units sold in October alone [9][10]. - The company has optimized its cost structure, with Q3 sales and management expense ratios at 4.88% and 3.24%, respectively, outperforming competitors like NIO and Xpeng [10][11]. Group 2: Technical Density - Leap Motor's commitment to in-house research and development has resulted in a high self-sufficiency rate of 65%, allowing for significant cost reductions without compromising quality [17][18]. - The introduction of CTC 2.0 technology enhances vehicle space utilization and safety, addressing common consumer concerns about electric vehicle performance [14][16]. - The company has increased its R&D investment to 1.21 billion yuan in Q3, a 55.4% year-over-year increase, reflecting a strategic focus on effective cost management and technological advancement [17][19]. Group 3: Growth Engine - Leap Motor has set an ambitious target of selling one million vehicles by 2026, supported by a robust product lineup and strategic market expansion [20][21]. - The company plans to introduce multiple new models across various price segments, enhancing its market reach and catering to diverse consumer demographics [23][25]. - Leap Motor is accelerating its international expansion, targeting markets in Europe, the Middle East, Africa, and South America, which are expected to contribute significantly to future growth [26][28].

值得注意的是，新能源汽车行业来到了下半场决赛圈，大部分品牌虽然受益于行业高速增长，但忽视质量增长，持续性亏损，经营现金流净额持续为负，现 金储备不断消耗殆尽。而零跑一直遵从高质量发展理念，不仅实现了成长领跑，同时实现盈利及现金流的健康生态，是造车新势力中第二家实现盈利的品 牌。 高质量增长，连续两个季度盈利 通览零跑Q3财报，从季度业绩看，各项成长指标基本保持了翻倍的趋势，Q1、Q2及Q3收入分别增长187.11%，165.7%及97.3%，今年前三季度合计收入437 亿元，同比增长133.7%。而在销量上气势如虹，季度销量也呈三位数的增长，稳居新势力排行榜首位。随着规模利润凸显，盈利指标非常强劲。 从2024年Q2开始，该公司毛利率持续为正，且处于上升趋势，2024年Q4至2025年Q3，毛利率稳定在13-15%区间，2025年Q3为14.5%，处于行业领先水平， 而股东净利润持续改善，步入盈利正轨，已连续两个季度实现股东盈利。更为重要的是，该公司实现了业务造血的内循环，不再消耗现金储备。 连续8个月蝉联新势力销冠，月交付量突破7万台大关，且两个季度实现股东盈利，拥有正向自由现金流，零跑（09863）终是和 ...

连续8个月蝉联新势力销冠，月交付量突破7万台大关，且两个季度实现股东盈利，拥有正向自由现金流，零跑（09863）终是和同行拉开了差距。 智通财经APP了解到，11月17日，零跑发布2025年Q3财报，营收创下历史新高达194.5亿元，同比增长达97.3%，继续保持强劲的盈利能力，毛利率14.5%， 同比提升6.4个百分点，股东净利润1.5亿元，实现了连续两个季度的盈利。期间，该公司产生了经营现金流净额高达48.8亿元，自有现金流38.4亿元。 该公司成长速度领跑中国新能源车市，2025年Q3销量约17.4万台，同比增长101.77%，月度销量势如破竹，10月份突破7万台，拉开第二名的差距，并连续8 个月蝉联新势力销冠。在11月15日，公司年度累计销量破50万台，首个完成计划目标，并预期全年销量将突破60万台，明年将挑战100万台。 值得注意的是，新能源汽车行业来到了下半场决赛圈，大部分品牌虽然受益于行业高速增长，但忽视质量增长，持续性亏损，经营现金流净额持续为负，现 金储备不断消耗殆尽。而零跑一直遵从高质量发展理念，不仅实现了成长领跑，同时实现盈利及现金流的健康生态，是造车新势力中第二家实现盈利的品 牌。 高 ...

Core Viewpoint - The company has demonstrated significant growth in sales and profitability, achieving a net profit of RMB 1.5 billion in Q3 2025, with a year-on-year revenue increase of 97.3% to RMB 19.45 billion, driven by higher vehicle deliveries and service revenues [5]. Financial Performance - In Q3 2025, the company's net profit reached RMB 1.5 billion, with a total net profit of RMB 1.8 billion for the first three quarters [5]. - The gross margin for Q3 2025 was 14.5%, up from 8.1% in the same period last year and 13.6% in Q2 2025, attributed to increased sales volume and cost management [5]. - The company generated a net cash flow from operating activities of RMB 4.88 billion and free cash flow of RMB 3.84 billion in Q3 2025 [5]. Sales Volume - The total vehicle deliveries in Q3 2025 were 173,852 units, representing a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63% [5]. - In October 2025, the company achieved a monthly delivery record of 70,289 units, marking the eighth consecutive month as the top-selling new force brand in China [5]. - C10 model sales exceeded 200,000 units in 18 months, with October 2025 sales surpassing 20,000 units [5]. Product Highlights - The B01 model launched in July 2025 has consistently achieved monthly sales exceeding 10,000 units [5]. - The C11 model has sold approximately 300,000 units since its launch in 2021, with a refreshed version released in July 2025 [5]. - The Lafa5 model was unveiled in September 2025, targeting urban youth with a focus on lifestyle and aesthetics [5]. Research and Development - The company completed over 2,925 tests in summer 2025, covering critical performance metrics under extreme conditions [5]. - Continuous upgrades have been made to existing models through OTA updates, enhancing over 50 features across various models [5]. Sales Channels - As of September 30, 2025, the company has expanded its sales network to 292 cities with 866 sales stores [5]. - The introduction of the "Golden and Silver Seed" program has led to the establishment of 120 new stores in the first nine months of 2025, improving channel quality and efficiency [5]. Global Expansion - The company exported 17,397 units in Q3 2025, leading the new force brands in overseas markets [19]. - Plans for local production in Malaysia and Europe are set for 2026, with the first model expected to be the C10 [12]. Market Strategy - The company aims to maintain a competitive edge through product quality and cost control, ensuring high value for customers across all product lines [20]. - The target for 2026 is to achieve a sales volume of 100,000 units in both domestic and international markets, with a net profit goal of RMB 5 billion to RMB 10 billion [27].

Core Viewpoint - The global expansion of Chinese electric vehicle (EV) companies is accelerating, with Leap Motor positioning its overseas operations as a "second growth engine" and transitioning from pure trade exports to a comprehensive "brand + manufacturing + service" model [2][11]. Global Expansion Strategy - Leap Motor has established over 1,700 sales and service outlets globally, with nearly 800 located overseas, and plans to expand into South America by the fourth quarter [3]. - The company has initiated local assembly of the C10 model in Malaysia through a partnership with Stellantis, which has enhanced local manufacturing capabilities and reduced tariff costs [3][4]. - Leap Motor is exploring local production in Spain, with plans for a factory in Zaragoza to produce the B10 model, expected to start production by the end of 2026 [4]. Sales Performance and Market Outlook - Leap Motor's overseas deliveries exceeded 44,000 units from January to October, with a target of 50,000 to 60,000 units for the year [5][9]. - The company has gained a 1.63% market share in Germany's pure electric market, ranking among the top Chinese brands [5]. - The Lafa5 model has received positive feedback since its debut at the Munich Auto Show, and the company is optimistic about its performance in Europe [6][9]. Product Development and Future Plans - Leap Motor plans to launch a high-performance version of the Lafa5, the Lafa5 Ultra, in the second quarter of next year, with enhancements in design and interior quality [6]. - The B10 model is positioned as a key product for the European market, targeting the compact SUV segment, which is currently the largest in Europe [6][7]. - The company is conducting extensive global testing of the B10 across 18 countries to ensure compliance with various regulations [7]. Financial Performance - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking consecutive quarterly profitability, with revenues of 19.45 billion yuan, a 97.3% increase year-on-year [9]. - The company has a strong cash position of 33.92 billion yuan and has achieved positive operating and free cash flow [9]. Industry Context - The global trend towards electrification is clear, with Chinese EV companies playing a leading role, and competition is expected to intensify in the coming years [10][11]. - Leap Motor aims to achieve annual sales of 4 million units, positioning itself as a world-class automotive company by focusing on global markets and maintaining a strong emphasis on self-research and development [11].