Core Insights - Leap Motor is becoming a preferred choice in the rational consumption era due to its precise positioning and exceptional price-performance ratio [1] Group 1: Sales Performance - In June 2023, Leap Motor delivered 48,006 vehicles, a year-on-year increase of over 138%, with cumulative deliveries exceeding 220,000 units in the first half of the year [1][5] - Leap Motor has maintained over 40,000 monthly deliveries for three consecutive months and has ranked first in the new force sales chart for four months [1][5] - As of June 18, 2023, Leap Motor's cumulative deliveries surpassed 800,000 units, positioning it to potentially become the second new force company to enter the "million club" [5] Group 2: Future Growth Potential - Northeast Securities reports that the upcoming B series models and next year's D and A series models will continuously drive Leap Motor's sales to new heights [4] - According to Credit Lyonnais, Leap Motor is expected to be a major contributor to market share growth in China by 2025, driven by new model launches and upgrades [4] Group 3: International Expansion - Leap Motor has established a global strategic partnership with Stellantis, with an investment of approximately €1.5 billion, marking a significant collaboration between a Chinese new force automaker and a multinational giant [6] - From January to May 2023, Leap Motor ranked first in cumulative export sales among Chinese new force brands, with over 17,200 units sold [6] Group 4: Product Strategy - The Leap Motor C16, a six-seat SUV priced between 150,000 and 200,000 yuan, has become a top choice in its segment, achieving a 70% market share in the under 200,000 yuan category [9][10] - The B10 model, targeting the 100,000 to 150,000 yuan segment, features advanced technology and competitive pricing, enhancing Leap Motor's appeal to a broader consumer base [10] Group 5: Competitive Advantage - Leap Motor's self-research and development capabilities account for over 65% of the vehicle's cost, with an 85% shared component rate within the same series, showcasing its strong cost control and profitability potential [10]

零跑汽车：成本为王，确定性更高 零跑的商业模式核心是"极致的成本控制+全球化的B2B2C"，它的目标是先成为一个能稳定赚钱的"超级代工 厂"和"技术供应商"，再成就一个伟大的品牌。 "赚得更多"的逻辑： 看得见的利润（硬件利润）： 零跑的"全域自研"从一开始就瞄准成本。通过自研自产核心零部件，它的毛利率 提升速度惊人。在2025年第一季度，其毛利率已达14.9%，甚至超过了以技术为傲的小鹏。这意味着零跑已经找 到了在残酷价格战中，通过卖车本身赚钱的有效路径。 可预期的规模效应： 极致的"品价比"（高配置低价格）让零跑在市场上大杀四方，其销量在2025年已连续数月 领跑新势力。巨大的销量可以直接摊薄研发和生产成本，进一步强化其成本优势，形成"销量增长 -> 成本下降 - > 价格更优 -> 销量再增长"的正向循环。 稳赚不赔的海外模式： 与Stellantis集团成立的"零跑国际"（Stellantis持股51%，零跑持股49%）是它模式的精 髓。零跑通过向合资公司出口整车或零部件获得确定的B2B收入，同时还能分享合资公司在全球市场销售利润的 49%。这是一种"轻资产"出海模式，利用Stellantis的现成渠 ...