当央视《经济半小时-出海2.0》将镜头对准零跑汽车，用"行业黑马"定义这家成立十年的车企时，中国新能源汽车产业正迎来一场深刻的格局重塑。 连续9个月"霸榜"中国造车新势力销量榜首、第三季度销量同比翻倍、海外布局一年多门店超800家、11月出口订单突破1.5万辆——这一系列亮眼数据共 同构筑了被央视盖章认证的"零跑现象"。 而多款产品的热销，本质上是其技术实力的市场验证。C10的快速上量、T03的长周期畅销、B10斩获国际大奖并成为智能SUV标杆，三款产品覆盖不 同细分市场且均获认可，说明零跑的自研技术已转化为用户可感知的产品力。从技术赋能产品到产品打动市场的正向循环，让其提前完成全年50万辆目 标、剑指2026年百万辆销量，具备了可持续增长的底气。 800家门店背后的出海新模式 零跑在技术突围不仅限于国内，在海外市场的快速崛起更是堪称速度奇迹——创新合作模式、高质量渠道布局与纵深全球化战略共同构筑的竞争优 势，这种优势在当下中国车企出海浪潮中极具差异化价值。 在国内市场竞争白热化、海外市场壁垒重重的2025年，零跑汽车的崛起绝非偶然，而是其全域自研战略与创新出海模式深度融合的必然结果，更为中 国车企高质量出海 ...

Core Viewpoint - The inclusion of Leap Motor (09863.HK) in the Hang Seng Tech Index is a significant recognition of the company's technological attributes and investment value, enhancing its position in the electric vehicle sector [1] Group 1: Index Inclusion - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, with Leap Motor being added to the Hang Seng Tech Index effective December 5, 2023 [1] - The Hang Seng Tech Index is considered a benchmark for core technology stocks in Hong Kong, focusing on high-growth companies in information technology and smart manufacturing [1] Group 2: Company Recognition - Leap Motor's inclusion in the index reflects the market's recognition of the company's comprehensive self-research strategy and its commitment to core technology development in the electric vehicle sector [1] - The founder and CEO of Leap Motor, Zhu Jiangming, emphasized that the company's continuous investment and breakthroughs in battery technology, electric drive, smart cockpits, and assisted driving have gained widespread trust from global investors [1] Group 3: Market Impact - The addition of Leap Motor to the index is expected to attract more global capital attention, further consolidating the company's core competitiveness in the electric vehicle market [1]

Core Insights - Leap Motor has reported significant growth in revenue, profit, and delivery volume for Q3 2025, marking a transition to high-quality development [2] - The company achieved a record delivery of 173,852 vehicles in Q3 2025, a 101.77% increase compared to 86,150 vehicles in Q4 2024, solidifying its position as the top-selling brand among new forces in China [2] - Leap Motor has completed its annual target of 500,000 vehicle deliveries ahead of schedule and aims to reach a new target of 1 million vehicles in 2026 [2] Financial Performance - The company reported a net profit of 150 million yuan in Q3 2025, a significant turnaround from a loss of 690 million yuan in the same period of 2024, indicating a structural improvement in profitability [3] - The gross margin increased to 14.5% in Q3 2025, up from 8.1% in Q4 2024 and 13.6% in Q2 2025, reflecting advantages in supply chain management and production scale [3] - Operating cash flow reached 4.88 billion yuan, a 149% year-on-year increase, with free cash flow at 3.84 billion yuan, indicating a healthy financial position [3] Market Position and Strategy - Leap Motor's product matrix effectively covers mainstream consumer markets, validated by its leading sales performance [4] - The company plans to expand its market presence with new models and overseas market development, supported by strong financial reserves and an optimized profit structure [4] - Leap Motor's competitive edge is bolstered by its self-research strategy in key areas such as smart cockpit, intelligent driving, and power batteries, enhancing product competitiveness [3]

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].