毛利率水平的显著提升成为盈利改善的关键支撑。本季度公司毛利率提升至14.5%，较2024年同期的8.1%实现大幅增长，较2025年第 二季度的13.6%亦稳步提升，反映出公司在供应链管理、产品结构优化及规模化生产方面的核心优势。 11月17日，零跑汽车正式发布2025年第三季度财务报告。财报数据显示，公司在本季度实现营收、利润、交付量三项核心指标同步 高增，不仅连续保持季度盈利，更以持续领跑的销量表现提前完成年度目标，标志着企业已迈入高质量发展的快车道。 作为业绩增长的核心驱动力，零跑汽车第三季度交付数据再创新高。本季度共交付新车173852台，较2024年同期的86150台增长 101.77%，直接实现翻倍增长，同时以绝对优势位居中国新势力品牌销量榜首。从月度表现来看，自2025年3月起，零跑已连续8个月 稳居中国新势力月销冠军，9月交付量首次突破6万台，10月再破7万台大关，接连刷新中国新势力月销纪录。 销量的爆发式增长直接带动营收规模大幅提升。财报显示，第三季度公司实现营业收入194.5亿元，同比增幅达97.3%，环比亦增长 36.7%，收入增长主要得益于整车及备件交付量的提升，以及整车相关服务收入的同 ...

Core Insights - Leap Motor's first strategic product, Lafa 5, has officially started pre-sales in China and is set to launch on November 28, 2023, with plans to enter global markets by 2026 [1] - The Lafa 5 is positioned as a "high-value pure electric sports hatchback," targeting a younger demographic with features emphasizing intelligence and driving pleasure, offering two CLTC range versions of 515 km and 605 km across five configurations [1] - The introduction of the Lafa 5 Ultra special edition, equipped with a dedicated aerodynamic kit, is scheduled for delivery in the second quarter of 2026 [1] Product Strategy - The design of the Lafa 5 incorporates elements favored by younger consumers, supported by the company's self-research strategy that allows for cost control, enabling competitive pricing while including high-end features like lidar, Qualcomm 8295 chips, and 800V high-voltage architecture [1] - The sports hatchback model has broad acceptance in the European market, enhancing Leap Motor's prospects for entering this region [1] Market Positioning - Leap Motor's Vice President highlighted that the Lafa 5 targets a consumer group that values individuality, aligning with the product positioning of the Golf GTI, which emphasizes youthful passion and non-conformity [2] - The introduction of personalized models is seen as a critical step for Leap Motor in transitioning from a "mass-market" to a "refined" strategy, marking a new development phase for the company [2] - Leap Motor has established over 600 sales and service outlets in approximately 35 international markets, with more than 550 of these located in Europe [2]

Core Viewpoint - Leap Motor (9863.HK) is advancing its internationalization strategy, highlighted by the launch of its first store in Hong Kong and the pre-sale of two models, C10 and T03, marking a significant step in its global expansion [1][3]. Group 1: International Expansion - Leap Motor has established a presence in over 24 markets across Europe, the Middle East, Africa, and Asia-Pacific, with more than 600 overseas sales outlets, setting a record for new energy vehicle companies' international expansion speed [3]. - The opening of the Hong Kong store enhances Leap Motor's global sales network, serving as a crucial hub connecting the European and Southeast Asian markets [3]. Group 2: Product Offerings - The C10 model, designed under the LEAP 3.0 technology architecture, features a 2825mm wheelbase and a 66.8% usable space ratio, targeting the needs of young global consumers [3]. - The T03 model, recognized as a "global classic small car," offers a WLTP range of 265 kilometers and is tailored for urban commuting in Hong Kong [3]. Group 3: Market Dynamics - The penetration rate of new energy vehicles in Hong Kong reached 68% from January to April this year, with high-net-worth consumers exhibiting price sensitivity due to high initial registration taxes [4]. - Leap Motor's products are positioned as "good yet affordable," effectively addressing the market's price-sensitive nature [4]. Group 4: Financial Performance - In Q1 2025, Leap Motor reported revenue of 10.02 billion yuan, a year-on-year increase of 187%, with a record gross margin of 14.9% [6]. - Leap Motor exported 17,200 units from January to May, maintaining its position as the leading new energy vehicle exporter in China, with C10 global deliveries surpassing 100,000 units within 13 months of launch [6]. Group 5: Future Outlook - The company aims to achieve sales of 500,000 to 600,000 units by 2025 and expects to reach breakeven by the end of the year [6]. - Future product launches, including the D series and collaborations with FAW, are planned to further penetrate the high-end market [6].