Core Viewpoint - Leap Motor's Lafa5 officially launched on November 27, 2025, with promotional pricing significantly lower than pre-sale versions, indicating a strong market entry strategy [1][2]. Group 1: Product Launch and Pricing - Lafa5 is priced between 97,800 to 121,800 yuan, with a limited-time promotional price of 92,800 to 116,800 yuan, reflecting a decrease of 13,000 to 15,000 yuan compared to pre-sale prices [1]. - The launch includes substantial promotional benefits, such as a maximum value of 24,900 yuan in launch gifts, including cash discounts and lifetime warranties on key components [1]. Group 2: Product Features and Competitiveness - Lafa5 is positioned as a high-value electric coupe, offering superior space, configuration, and performance compared to competitors, with a length of 4,430 mm and a wheelbase of 2,735 mm [2]. - The vehicle features two versions with CLTC ranges of 515 km and 605 km, and the lowest energy consumption version achieves 12.3 kWh/100 km [2]. - Equipped with advanced driving capabilities, including city and highway navigation assistance, Lafa5 utilizes Qualcomm Snapdragon 8650 and 8295 chips for enhanced smart driving performance [2]. Group 3: Market Strategy and Future Outlook - Leap Motor is in a strong new vehicle cycle, planning to launch 2-3 new products globally each year over the next three years, with Lafa5 being a key model in the 100,000 to 150,000 yuan price range [3]. - The company has established a robust domestic sales network with 866 stores and is expanding internationally, having exported 38,000 vehicles in the first nine months of the year [3]. - Collaborating with Stellantis, Leap Motor aims to leverage global resources for efficient market entry, anticipating significant profit contributions from overseas sales [3]. - Projections indicate a net profit of 630 million, 5 billion, and 8.37 billion yuan for 2025-2027, with corresponding P/E ratios of 107.9X, 13.7X, and 8.2X, maintaining a "buy" rating [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The launch of the Leopaard Lafa5 on November 27, 2025, is priced between 97,800 to 121,800 CNY, targeting a niche market for 100,000-level electric sedans, with strong potential for becoming a bestseller. The company is expected to see continuous sales growth driven by the domestic new car cycle and overseas expansion through collaboration with Stellantis, opening up global sales opportunities [2][4]. Summary by Sections Event Description - The Leopaard Lafa5 was officially launched on November 27, 2025 [4]. Event Commentary - The Lafa5 is positioned as a 100,000-level electric sedan, emphasizing extreme price-performance ratio, with significant promotional offers at launch. The pricing for the Lafa5 has decreased by 13,000 to 15,000 CNY compared to pre-sale versions, with a starting price of 92,800 CNY for a limited time. The vehicle features a spacious design, strong product capabilities, and competitive advantages in price, space, and configuration compared to rivals. The Lafa5 is built on the Leap3.5 architecture and offers impressive range and energy consumption metrics, with a CLTC range of 515 km and 605 km, and a minimum energy consumption of 12.3 kWh/100 km [7]. Company Outlook - The company is in a strong new car cycle, with plans to launch 2-3 new products globally each year over the next three years. The domestic market strategy includes a "1+N" channel development model, with 866 sales outlets as of September 30, 2025. The company has also established over 700 sales and service points in approximately 30 international markets, including Europe and Asia-Pacific. The investment in intelligent driving technology has increased significantly, with a nearly 100% rise in team size and computational resources in the first half of 2025 [7]. Financial Projections - The company is projected to achieve net profits of 630 million, 5 billion, and 8.37 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107.9X, 13.7X, and 8.2X [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In November, the company delivered 70,327 vehicles, representing a year-on-year increase of 75.1% and a month-on-month increase of 0.1%. This marks a new historical high for the company [2][4]. - The company is expected to benefit from a strong domestic new car cycle, which will drive continuous sales growth. Additionally, the collaboration with Stellantis will facilitate a light-asset overseas expansion, opening up global sales opportunities [6]. Summary by Sections Sales Performance - The cumulative sales from January to November reached 536,000 vehicles, a year-on-year increase of 113.4%, surpassing the annual target of 500,000 vehicles ahead of schedule [6][7]. Product Launches - The company officially launched the Lafa5 model on November 27, priced between 97,800 to 121,800 CNY, continuing its strategy of offering high value for price [6][7]. Future Outlook - The company is expected to see significant growth in sales and profitability due to a robust new car cycle and an expanding product matrix. The forecasted net profits for 2025, 2026, and 2027 are 630 million, 5.01 billion, and 8.37 billion CNY, respectively, with corresponding P/E ratios of 108.7X, 13.8X, and 8.2X [6][7]. Market Expansion - The company has established over 700 sales and service points across approximately 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific, with a significant presence in Europe [6][7]. Technological Investment - The company has increased its investment in intelligent driving, with a nearly 100% increase in team size and computational resources in the first half of 2025 [6].

Core Viewpoint - The company has demonstrated strong sales growth and profitability in Q2 2025, exceeding expectations, with significant year-on-year and quarter-on-quarter increases in revenue and vehicle sales [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 14.23 billion yuan, representing a year-on-year increase of 165.5% and a quarter-on-quarter increase of 42.0% [1]. - The company reported a gross margin of 13.6%, which is an increase of 10.9 percentage points year-on-year, although it decreased by 1.2 percentage points quarter-on-quarter [1]. - The net profit attributable to shareholders reached 160 million yuan, marking a turnaround from losses, with a profit margin of 1.1%, up 23.5 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1]. Group 2: Sales and Market Strategy - The company sold 134,000 vehicles in Q2 2025, reflecting a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2% [1]. - The average revenue per vehicle was 106,000 yuan, showing a slight year-on-year increase of 6,000 yuan but a decrease of 8,000 yuan quarter-on-quarter due to the contribution of the B10 model [1]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched in 2025 [2]. Group 3: Operational Expansion - The company has established a "1+N" channel development model, with 806 sales outlets as of June 30, 2025, including 315 core stores and 491 experience centers across 286 cities [2]. - The company exported 25,000 vehicles from January to July 2025 and has over 600 sales and service points in more than 24 international markets [2]. - A partnership with Stellantis aims to leverage its global resources for efficient overseas expansion, enhancing the company's competitive edge in international markets [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The official launch of the Leap B01 is set for July 24, 2025, with a pricing range of 89,800 to 119,800 CNY, making the high-end version with LiDAR available at 113,800 CNY, which continues the company's strategy of offering exceptional price-performance ratio and has the potential to become a best-seller [2][4]. Summary by Sections Event Description - The Leap B01 will officially launch on July 24, 2025 [4]. Sales Growth and Market Strategy - The company is experiencing a strong new car cycle domestically, with a focus on exceptional price-performance ratio driving rapid sales growth. The proportion of high-priced models is increasing, leading to solid improvements in financial metrics. The strong new car cycle is expected to continue boosting sales, with a positive outlook for the company to achieve profitability domestically [6]. - Internationally, the company has partnered with Stellantis, the fourth-largest automotive group globally, leveraging its extensive sales and service network and production capacity for a low-investment, rapid, and flexible global expansion. The company plans to utilize exports, SKD, and localized production to tap into significant overseas market potential, with expectations for high per-vehicle profitability contributing to substantial profit [6]. Sales Forecast - Projected sales for the company are 570,000, 890,000, and 1,210,000 vehicles for the years 2025, 2026, and 2027, respectively [6]. Product Features and Innovations - The Leap B01 features a length of 4,770 mm and a wheelbase of 2,735 mm, with a spacious interior and 26 storage compartments. It offers three versions of range: 430 km, 550 km, and 650 km, with the lowest energy consumption version at 11.4 kWh/100 km. Both LiDAR versions are equipped with high-speed NAP capabilities and advanced Qualcomm chips [9]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched. A new model in the B series is expected in 2025, priced between 100,000 and 150,000 CNY [9].