转自：中国质量报 据介绍，10年间，零跑汽车持续以"全域自研"为基因、以"科技普惠"为使命，在汽车制造的道路上砥砺 前行。2015年，在"IT改变汽车"的愿景下，零跑跨界入局，10年来，零跑汽车用硬实力证明了造好车的 本质在于对技术的敬畏与对产品的专注。截至目前，其累计交付量已突破120万辆，单月销量突破7万 辆。如今，零跑汽车已实现连续季度盈利，企业经营步入高质量、可持续发展轨道。 "我们掌握了新能源汽车所必需的核心技术，建立了有竞争力的自主零部件体系。"朱江明表示，零跑汽 车将全域自研作为企业发展的核心驱动力，初创期研发人员占比高达90%，研发体系覆盖整车架构、电 子电气架构、电池、电驱、座舱系统、辅助驾驶系统等关键领域。零跑汽车推出车规级智驾芯片-凌芯 01，以及八合一电驱、CTC电池底盘一体化技术、四叶草中央域控等关键技术，同时将激光雷达、8295 芯片、五连杆悬架、中央域控等高端配置带入大众化主流市场。 基于全域自研、深度自制战略，零跑汽车构建起以全域自研为基础、以区域产业集群为支撑的整车和核 心零部件制造能力，实现自主可控、高效协同与持续降本。零部件制造层面，零跑汽车已有电芯、电池 系统、电驱系统 ...

本报讯 （记者刘钊）12月28日，零跑汽车在杭州奥体中心体育馆（小莲花）隆重举办成立十周年发布 会。 十年深耕：全域自研铸就硬核实力，市场业绩全面开花 零跑汽车的十年，是一部以"全域自研"为基因、以"科技普惠"为使命的工程师创业史。2015年，怀 揣"IT改变汽车"的愿景，拥有三十多年技术背景的创始人朱江明带领零跑跨界入局，从行业"门外汉"成 长为造车新势力领军者。独特的工程师文化与长期主义精神，成为零跑穿越行业周期、实现高质量发展 的核心支撑。 十年来，零跑始终将全域自研作为核心驱动力，初创期研发人员占比高达90%，至今仍保持80%的高水 平。研发体系全面覆盖整车架构、电子电气架构、电池、电驱、座舱系统、辅助驾驶系统等关键领域， 自研自造占整车成本的65%，掌握了新能源汽车所需的全部核心技术。凭借技术突破，零跑推出中国首 款车规级智驾芯片凌芯01，以及八合一电驱、CTC电池底盘一体化技术、四叶草中央域控等行业领先成 果，并将激光雷达、8295芯片等高端配置带入大众化市场，让更多用户享受到科技红利。 在制造与供应链领域，零跑构建了独特的"整车＋Tier"双轮驱动模式。基于深度自制战略，已建成电 芯、电池系统、 ...

Core Insights - The performance of four listed new energy vehicle companies in China, namely Leap Motor, Xpeng Motors, NIO, and Li Auto, shows significant divergence in their third-quarter results for 2025, highlighting the competitive landscape in the market [1] Sales Performance - Leap Motor achieved sales of 173,900 units, a year-on-year increase of 101.8%, leading the market - Xpeng Motors sold 116,000 units, up 149.3% year-on-year - Li Auto's sales reached 93,200 units, a decline of 39.0% year-on-year - NIO sold 87,100 units, marking a year-on-year growth of 40.8% [2] Revenue Data - Li Auto led in revenue with 27.4 billion yuan, although this represented a year-on-year decline of 36.2% - NIO reported revenue of 21.79 billion yuan, up 16.7% year-on-year - Xpeng Motors generated revenue of 20.38 billion yuan, a 101.8% increase year-on-year - Leap Motor's revenue was 19.45 billion yuan, reflecting a 97.3% year-on-year growth [2] Profitability - The profitability landscape showed "one profit and three losses" among the four companies - Leap Motor achieved a net profit of 150 million yuan, marking consecutive quarterly profitability - Xpeng Motors reported a net loss of 380 million yuan, significantly reduced from 1.81 billion yuan in the same period last year - Li Auto recorded a net loss of 620 million yuan, down from a profit of 2.8 billion yuan last year - NIO's net loss was 3.48 billion yuan, a decrease of 31.2% from 5.06 billion yuan year-on-year [2] Gross Margin Analysis - Xpeng Motors led with a gross margin of 20.1%, an increase of 4.8 percentage points year-on-year - Li Auto's gross margin was 16.3%, which adjusted for the recall costs of the Li MEGA model, would be 20.4% - Leap Motor reported a gross margin of 14.5%, up 6.4 percentage points year-on-year - NIO's gross margin stood at 13.9%, an increase of 3.2 percentage points year-on-year [3] Technological Innovation - The four companies are actively pursuing technological innovations, particularly in the field of physical AI - Xpeng Motors plans to launch three Robotaxi models by 2026 and aims for mass production of humanoid robots by the end of the year - Li Auto has invested heavily in AI, with a monthly usage rate of its VLA driver model reaching 91% and an expected annual R&D expenditure of 12 billion yuan, with over 6 billion yuan allocated to AI [4] - Leap Motor emphasizes self-research and development, achieving significant advancements in core components and technologies [4] Competitive Strategies - NIO continues to enhance its battery swap technology to create a differentiated competitive advantage and is accelerating its overseas market expansion [5] - Industry experts indicate that the third-quarter financial data reflects a new phase of differentiated development among Chinese new energy vehicle companies, with technology innovation, cost control, and globalization being critical success factors [5]

Core Insights - Leap Motor has demonstrated a steady rise in the competitive automotive market, moving from fifth place in 2022 to the leading position in 2024, following a philosophy of gradual improvement [1][10][19] - The company achieved a record monthly delivery of 66,657 units in September 2023, with total deliveries reaching 395,516 units from January to September, marking a significant milestone in its growth trajectory [5][6][18] - Leap Motor's founder, Zhu Jiangming, emphasizes a pragmatic approach to manufacturing, focusing on high-quality, cost-effective products rather than relying on internet-driven marketing strategies [15][16][23] Market Performance - Leap Motor's monthly deliveries have consistently increased throughout 2023, surpassing 60,000 units since March, establishing itself as the sales leader among new energy vehicle manufacturers [6][9] - The company reached a significant milestone by producing its one-millionth vehicle, becoming the second Chinese new energy vehicle manufacturer to achieve this feat [5][9] - Leap Motor's rapid growth is attributed to its comprehensive product matrix and robust supply chain management, allowing for a balanced and healthy sales performance [9][19] Technological Advancements - Leap Motor has focused on self-research and development of core technologies, achieving industry-leading innovations such as the eight-in-one electric drive and CTC technology [16][18] - The company's commitment to in-house technology development enables it to control costs effectively, allowing for competitive pricing and high-quality configurations [16][18] - Leap Motor's technological advancements have solidified its reputation in the market, enhancing consumer perception of its capabilities [16][18] Financial Health - Leap Motor is projected to achieve profitability by mid-2025, becoming the second new energy vehicle manufacturer in China to do so, indicating a shift towards sustainable growth [17][18] - The improvement in gross margins and the benefits of economies of scale contribute to the company's financial stability, creating a positive feedback loop of technology, scale, and profitability [18][19] - The company's success in achieving profitability sets a benchmark for other new energy vehicle manufacturers, emphasizing the importance of self-sustaining business models in the current market landscape [18][19] Industry Implications - Leap Motor's success illustrates the importance of a long-term, patient approach in the capital-intensive automotive industry, contrasting with the short-term strategies often seen in the market [22][23] - The company's focus on user value and cost-effective products has created a strong brand identity, appealing to a broad consumer base [22][23] - Leap Motor's achievements signal a new phase in the Chinese electric vehicle market, where competition is increasingly based on technological innovation and operational efficiency rather than mere marketing [22][23]