2025年8月18日，零跑发布2025年上半年财报，首次实现半年度净利润转正；2025年9月25日，迎来第100万辆整车下线的历史性时刻。2025 年12月24日，零跑汽车迎来品牌创立10周年。10年来，零跑始终坚持全域自研，坚定长期主义，坚信技术创新、务实稳健才能走得更远。 零跑汽车2025年全年累计交付达596555台，同比增长103%；2026年1月，零跑汽车销售新车3.21万辆，同比增长27%。2026年的第1个月，零 跑在品牌建设、渠道扩张、产品出海、市场端与社会责任等多维度全面深化。2026年，零跑汽车将冲击100万台销量目标。 | 序号 | | 要更项目 | 要更前 | 要良后 > | | --- | --- | --- | --- | --- | | | 2026-02-13 | 高级管理人员备案 (童 事、监事、经理等) | 姓名：姚甜芝，证件号码： | 姓名：冯育林，证件号码：* | | | | | 姓名:张光银,证件号码: | (新进) | | | | | E | 姓名：姚甜芝，证件号码：* | | | | | 姓名：戟永娟，证件号码：* | 姓名: 芭力,证件号码:********** ...

经济观察网 2026年2月21日，零跑汽车发布了定位30万元级别的D系列旗舰车型，首款SUV D19计划于4 月上市，MPV D99计划年内上市。该系列试图通过高性价比切入高端市场，但面临问界、理想等对手 的竞争挑战。同日，智通财经报道指出，零跑汽车2025年逆袭成为新势力销量冠军，全年交付近60万 辆，但2026年1月交付3.2万辆，虽未守住单月销冠，仍超过"蔚小理"。 高管变动2026年2月20日，零跑汽车有限公司发生工商变更，注册资本从47.08亿元增加至55.58亿元（增 幅18%），同时经理职务由张光银变更为曹力，朱江明职务从执行董事调整为董事。 近期事件2026年2月17日，零跑B10在澳大利亚上市，起售价约18.5万元人民币，由零跑与Stellantis联合 开发，被标榜为"最具欧洲风格"的中国SUV，助力海外扩张。 股票近期走势截至2026年2月23日，零跑汽车(09863.HK)股价报44.88港元，当日上涨2.65%，较2月20日 收盘价43.72港元累计上涨2.14%。近5日股价波动幅度为3.98%，最高触及45.66港元（2月23日），最低 下探43.00港元（2月20日）。技术面显示 ...

Core Insights - The article highlights the remarkable turnaround of Leap Motor under the leadership of founder Zhu Jiangming, who has successfully navigated the company through significant challenges to become the sales champion among new energy vehicle manufacturers by 2025 [1][3]. Group 1: Company Performance - Leap Motor achieved cumulative deliveries of nearly 600,000 vehicles in 2025, representing a year-on-year growth of approximately 103%, surpassing competitors like Hongmeng Zhixing, Xiaopeng, Xiaomi, and Li Auto [3]. - The company recorded its first half-year profit in 2025, with a net profit of 30 million yuan, making it the second new energy vehicle manufacturer to achieve this milestone [3]. - Leap Motor's stock price experienced volatility, peaking at 76.3 HKD in August 2025 before declining to 45.28 HKD by February 2026, resulting in a market capitalization reduction to 64.4 billion HKD [7]. Group 2: Strategic Initiatives - Zhu Jiangming emphasizes cost control and has personally participated in procurement decisions exceeding 2 million yuan, reflecting a frugal approach to business operations [3][4]. - The company adopted a "half-price ideal" strategy, offering vehicles with features comparable to those priced at 400,000 yuan for under 200,000 yuan, which has been pivotal in its market positioning [4][5]. - Leap Motor has established a strong foothold in the international market, exporting 60,000 vehicles in 2025, aided by a strategic partnership with Stellantis, which invested 1.5 billion euros in the company [6]. Group 3: Future Challenges - Leap Motor aims to transition from being perceived as a "new force" to a "world-class automaker," setting ambitious sales targets of over 4 million vehicles annually, with 2026 being a critical year for achieving the "million vehicle" milestone [9][10]. - The company faces increasing competition and market pressures, particularly in the high-end vehicle segment, where it plans to launch new models priced around 300,000 yuan [10]. - Recent challenges faced by competitors, such as Li Auto's significant drop in sales and profitability, highlight the fragile nature of profitability in the new energy vehicle sector, necessitating careful navigation of growth and market positioning for Leap Motor [10].

21世纪经济报道记者 易思琳 2025年，车市几家欢喜几家愁。这一年，比亚迪依然一家独大，但销量、毛利都出现了下滑；理想成为 新势力里少有的销量下滑的车企；蔚来从"蔚一万"变成了"蔚四万"，小鹏单月销量有上涨，但依然困在 向高的难题里。 在2025年各家车企交上的成绩单中，零跑汽车是新势力中最亮眼的。2025年，零跑蝉联新势力车企月销 冠军，全年共交付了接近60万辆新车，实现了翻倍增长。 好成绩让零跑在2026年初给出了年销破百万的目标指引，比其他竞争对手的目标都要更高一个身位。综 合各方信息，2026年理想、小米的交付目标是55万辆，小鹏是55万-60万辆，蔚来给出的销量目标是45 万辆上下。 站在2025年成立十周年的时间节点上，零跑汽车CEO朱江明不再以新势力自居。他说，"新"和"老"都是 以前的划分，新能源汽车经过十年的发展，已经经历了足够多的磨练，大家在这十年的发展里最后呈现 的产品、积累的经验，已经不相上下。"到现在，我们既要站在全国也要放眼全球去看自己的公司能在 销量排名上、经济效益上去看待自己，只有这样，才能获得更好的成长。" 向世界级车企看齐的零跑汽车，将野心藏在了下一个十年里。 目前，零跑 ...

Core Viewpoint - The automotive marketing industry faces significant challenges, yet the recent awards ceremony highlighted exemplary figures and brands that have successfully navigated these difficulties through innovation and commitment to user engagement [3][20]. Summary by Sections Award Winners - The 12th Jin Xuan Awards recognized one annual figure, two annual brands, and three annual teams, celebrating those who have persevered amidst chaos and competition [6]. - The annual figure award went to Zhu Jiangming, Chairman of Leap Motor, who emphasized the importance of user trust and the company's commitment to high self-research rates [15][22]. - The annual brands awarded were Lantu and Chery, both showcasing their dedication to technology and user experience [11][28]. Annual Brands - Lantu Automotive focuses on user operations and has successfully transformed technical advantages into user-perceived experiences, achieving a ten consecutive month sales increase in 2025 [30]. - Chery's marketing strategy emphasizes deepening technology and user engagement, with impressive sales figures of over 900,000 units in new energy vehicles and 1.34 million exports, maintaining the top export position for 23 consecutive years [12][28]. Annual Teams - The iCAR team at Chery integrates marketing, user feedback, and design from the product's inception, leading to nearly 100,000 sales in 2025 [39]. - The Extreme Fox Automotive team utilizes sports marketing and innovative expressions to resonate with younger audiences, resulting in increased sales and brand reputation [46]. - The AITO team focuses on user co-creation and community engagement, successfully breaking into high-end markets and enhancing brand recognition [50].

Core Insights - The competition in the Chinese new energy vehicle market is intensifying, with a clear shift from "price competition" to "value competition" among new car manufacturers [3] Group 1: Top Performers - Leap Motor achieved a remarkable delivery of 596,555 vehicles in 2025, marking a 103% year-on-year increase and exceeding its annual target of 500,000 vehicles with a completion rate of 119.3% [2][5] - Hongmeng Zhixing delivered 589,107 vehicles, a 32% increase year-on-year, but only reached 58.91% of its ambitious target of 1 million vehicles [5][7] - Xiaopeng Motors delivered 429,445 vehicles, achieving a 126% year-on-year growth and surpassing its target of 350,000 vehicles with a completion rate of 122.69% [9][10] Group 2: Emerging Players and Challenges - Xiaomi Motors entered the market with over 410,000 deliveries, achieving a completion rate of over 114% against its target of 350,000 vehicles, indicating a successful first full sales year [10][12] - Li Auto faced challenges with a total delivery of 406,343 vehicles, down 19% year-on-year, and only achieving 63% of its target of 640,000 vehicles [12][14] - Deep Blue delivered 333,117 vehicles, a 36.6% increase, but faced declining sales in the last two months of the year, highlighting transition pressures [16] Group 3: Diverse Growth Patterns - NIO achieved a record delivery of 326,028 vehicles, a 46.9% increase, with a completion rate of 74.1% against its target [18] - Zeekr delivered 224,000 vehicles, with a slight increase of 0.9%, but fell short of its target of 320,000 vehicles, indicating growth pressures in a competitive market [19][21] - Avita delivered over 120,000 vehicles, but only achieved 60% of its target, reflecting challenges in scaling amidst intense competition [25] Group 4: Market Dynamics and Future Outlook - The market is transitioning from rapid expansion to high-quality development, with brands needing to focus on technological capabilities and precise market positioning to succeed [27] - The implementation of new national subsidy policies in 2026 is expected to accelerate industry reshuffling, intensifying competition in the mainstream price segment [27]

Core Viewpoint - The article discusses the ambitious goals of Leap Motor, aiming to achieve annual sales of 4 million vehicles in the next decade and establish itself as a world-class automotive company [1][11]. Group 1: Leap Motor's Journey - Leap Motor was founded by Zhu Jiangming, who was nearly fifty at the time, making him the oldest founder among new car-making forces [2][3]. - The company set a lofty goal to become a world-class smart electric vehicle manufacturer shortly after its establishment in 2015 [4]. - Despite initial struggles, including low sales of its first models, Leap Motor has grown to nearly 600,000 annual sales and over 1 million cumulative deliveries [5][7]. - The company celebrated its tenth anniversary with a mindset of starting anew, as indicated by the book titled "Starting with the End" distributed at the event [5][11]. Group 2: Sales and Product Strategy - Leap Motor's sales strategy has focused on offering high-value vehicles, with the C series SUVs accounting for over 70% of sales [9][10]. - The company has successfully positioned itself as a "half-price Li Auto," leveraging competitive pricing and features to attract consumers [10]. - Leap Motor has achieved significant cost reductions through self-research and development, with over 65% of core components produced in-house, leading to a 10% cost reduction compared to outsourcing [10][11]. Group 3: Future Goals and Challenges - Zhu Jiangming has set a pragmatic target of reaching 1 million sales next year and 4 million in the next decade, emphasizing the need for Leap Motor to evolve beyond being labeled as a "new force" [11][12]. - The company plans to collaborate with FAW to enhance its manufacturing capabilities and fill gaps in traditional automotive expertise [14]. - Leap Motor is launching high-end models, including the D19 SUV and D99 MPV, to diversify its product offerings and target the premium market [15][16]. Group 4: Channel Strategy and Market Positioning - Leap Motor's initial rapid expansion through small dealers has led to challenges in maintaining brand standards and service quality, necessitating a shift towards larger, more capable dealers [18][21]. - The company has faced difficulties with its direct sales model, which has resulted in significant losses, prompting a reevaluation of its dealership strategy [20][21]. - Leap Motor aims to refine its dealer network by assessing dealer capabilities and potentially closing underperforming locations [20][21]. Group 5: Comparison with BYD - Leap Motor aspires to emulate BYD's success, which achieved sales of 4.27 million vehicles in 2024, highlighting the need for Leap Motor to enhance its self-research capabilities and market presence [23][27]. - Both companies share a focus on cost control and supply chain efficiency, with Leap Motor currently achieving 65% self-research compared to BYD's 75% [25][26]. - Leap Motor's international sales strategy is still developing, with a reliance on Stellantis for overseas distribution, which may limit brand visibility and service consistency [28][29].

Group 1 - The core goal of Leap Motor is to achieve annual sales of 1 million vehicles by 2026, with a long-term target of over 4 million vehicles annually to become a "world-class automaker" [1] - Leap Motor's sales performance in 2025 shows a total delivery of 596,555 vehicles, a year-on-year increase of 103%, maintaining its position as the leading new force in China's automotive industry [1] - The company attributes its sales growth to a focus on technology accessibility and comprehensive in-house research and development, covering 65% of the core technology costs of new energy vehicles [1] Group 2 - Leap Motor has developed a competitive autonomous parts system and mastered all core technologies necessary for electric vehicles over the past decade [2] - In 2025, China's automotive export volume exceeded 700,000 units for the first time, with Leap Motor completing business operations in 35 countries and regions, and achieving over 60,000 overseas deliveries, ranking first among new forces in international sales [2]

Core Insights - Leap Motor celebrated its 10th anniversary, showcasing its development and future strategic plans, including the global debut of its flagship SUV D19 and MPV D99 [1] - The company emphasizes "full self-research" as its core driving force, achieving significant technological advancements and a competitive self-sufficient parts system [2] - Leap Motor has established a diverse product lineup under 300,000 yuan, covering various vehicle types and offering both pure electric and extended-range options [3] - The company has expanded its global presence, establishing a network in 35 countries and regions, with over 800 overseas sales and service outlets [4] Group 1 - Leap Motor has delivered over 1.2 million vehicles and achieved monthly sales exceeding 70,000 units, marking a transition to sustainable profitability [1] - The company maintains a high R&D personnel ratio of 90% during its initial phase, focusing on key areas such as vehicle architecture and autonomous driving systems [2] - Leap Motor's strategy includes a dual approach of "vehicle + Tier" to enhance its unique development model in the Chinese automotive industry [2] Group 2 - The company has successfully completed its product layout across four major series and has a robust sales and service network with over 1,800 outlets [3] - Leap Motor's collaboration with Stellantis Group has accelerated its international expansion, enhancing its brand presence globally [4] - The company aims to leverage its technological advancements and manufacturing efficiency to strengthen its market competitiveness in the global electric vehicle industry [4]

Core Insights - Leap Motor celebrated its 10th anniversary on December 28, 2025, and announced a strategic partnership with FAW, acquiring a 5% stake for approximately 3.74 billion yuan, aiming to become a world-class automaker [1][2] - The company reported a total sales volume of 597,000 units for 2025, marking a significant milestone with expectations for its first annual profit [1][2] - Leap Motor's long-term goals include achieving sales of 1 million units by 2026 and 4 million units in the future, supported by a new vehicle cycle and strategic collaborations [1][3] Company Development - From 2015 to 2025, Leap Motor transitioned from an IT cross-border player to a leading new energy vehicle manufacturer, with cumulative deliveries exceeding 1.2 million units and a peak monthly sales of over 70,000 units [2] - The company has established 17 major component factories, achieving a 65% self-manufacturing ratio for core components, which provides a cost advantage of approximately 10% compared to external procurement [2] - The LEAP platform allows for high component commonality, significantly reducing R&D and manufacturing costs for models like C10 and C16 [2] Strategic Partnerships - FAW's investment highlights strategic recognition of Leap Motor, with funds allocated for R&D, operational capital, and brand development [2] - A collaboration agreement was signed between FAW and Leap Motor for joint development of powertrains, with the first model expected to be produced in 2026 [3] Future Outlook - Leap Motor aims to transition from a follower to a leader in the automotive industry, with a focus on technology leadership, product matrix expansion, and a cooperative ecosystem [3] - The company plans to host annual technology days starting in 2026 to enhance supply chain integration and factory construction [3] Financial Projections - Adjusted sales forecasts for 2025-2027 are 600,000, 1,040,000, and 1,420,000 units respectively, with revenue projections of 68.3 billion, 123.5 billion, and 168.8 billion yuan [3] - The net profit estimates for the same period are 660 million, 5.11 billion, and 8.25 billion yuan, reflecting a significant adjustment in expectations [3] - The target price for Leap Motor is set at 83.69 HKD, reflecting a 30% premium on the estimated valuation due to anticipated growth and profitability [3]