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].