Core Viewpoint - Leapmotor has achieved profitability in its mid-year results and has raised its annual profit guidance to between 500 million to 1 billion RMB, alongside increasing its sales target to 580,000 to 650,000 vehicles [3][4]. Financial Performance - In the first half of 2025, Leapmotor reported a net profit of 30 million RMB, with an adjusted net profit of 330 million RMB, excluding employee benefits [3]. - The company delivered 221,700 vehicles in the first half of 2025, marking a 155.7% increase compared to the same period in 2024 [3]. - Revenue reached 24.25 billion RMB, a 174% increase year-on-year, with a gross margin of 14.1% [3][4]. - The cash reserves of Leapmotor stood at 29.58 billion RMB [3]. Production and Technology Development - Leapmotor has launched its city commuting navigation assistance feature based on end-to-end algorithms and plans to enhance research and development resources for end-to-end and VLA technologies in the second half of the year [4]. - The company aims to maintain a gross margin target of 14% to 15% for the second half of the year, with an expected full-year gross margin of approximately 12% [4]. Sales and Market Expansion - Leapmotor has adjusted its annual sales target to 580,000 to 650,000 vehicles, up from the previous target of 500,000 to 600,000 vehicles, with a goal to challenge 1 million sales in the following year [4]. - In the first seven months of 2025, Leapmotor achieved sales of 271,800 vehicles, indicating a need to sell 300,000 vehicles in the next five months, averaging 60,000 vehicles per month [4]. Strategic Partnerships - In March 2025, Leapmotor signed a strategic cooperation memorandum with China FAW Group to jointly develop new energy passenger vehicles and collaborate on components [5]. - The first collaborative vehicle project has already been initiated, with plans for further capital cooperation to enhance resource synergy across the entire industry chain [5].

不过值得注意的是，与一季度的14.9%的毛利率相比，半年度毛利率有所下降，零跑汽车在二季度的实 际毛利率不足14%。 在智能辅助驾驶技术落地方面，零跑汽车基于端到端算法的城市通勤领航辅助功能首次实现量产并上 车，并计划在下半年加大端到端和VLA技术的研发资源，在今年年底前实现城市NOA组合辅助驾驶能 力。 这家新势力接下来的月均销售量目标达6万辆。 8月18日，零跑汽车（09863.HK）发布利润转正的中期业绩，并提出年度盈利5亿~10亿元的净利润指 引，同步上调全年销售目标至58万辆~65万辆。 2025年上半年，零跑汽车实现净利润为人民币0.3亿元，撇除作为雇员福利开支一部分的以股份为基础 的付款，经调整净利润（非国际财务报告准则）为人民币3.3亿元。继理想汽车后，零跑汽车成为中国 造车新势力中第二家实现半年度盈利的企业。 交付数量方面，2025年上半年，零跑汽车交付新车22.17万辆，成为中国新势力品牌销冠，较2024年同 期交付量增长155.7%；实现营业收入242.5亿元，较2024年同期增加174%；毛利率为14.1%；同时，零 跑在手资金达295.8亿元。 零跑汽车预期销售规模在下半年大幅增加， ...