11月17日，零跑汽车（09863.HK）披露了2025年第三季度业绩报告。三季度，零跑实现营收194.5亿元，较2024年同期的98.6亿元同比增 长97.3%。同时，继2025年上半年首次实现半年度净利润转正之后，零跑在三季度实现单季度盈利1.5亿元，前三季度净利润1.8亿元。 无论从销量、营收还是利润来看，这都算得上是一张亮眼的成绩单。在2024年同期，零跑的净亏损为6.9亿元。零跑在财报中提到，同比 盈利增加主要由于整车销量的增加及单车收益能力的优化。 销量的增长是零跑的核心驱动力，这不仅带动营收同比大增97.3%、净利润达到1.5亿元，还直接推动毛利率提升至14.5%。作为对比，其 毛利率在2024年同期为8.1%，在2025年第二季度为13.6%。 零跑表示，业绩同比改善主要由于销量上升带来的规模效应、持续的成本管理、产品组合的优化，及其他业务的收入；环比改善主要由于 产品组合的优化，及持续的成本管理。 单季度销量超17万辆，提前完成年销50万辆目标 零跑汽车在财报中提到，收入增长主要得益于：整车及备件交付量的提升，带动整车相关服务收入同步增长。 2025年三季度，零跑在单季度交付新车173852 ...

Core Insights - The automotive industry is currently facing intense competition and price wars, prompting companies to seek technological breakthroughs to redefine value standards [1][3] - Leap Motor has introduced its flagship D platform and the D19 model, showcasing six industry-first technologies that span hybrid, electric, intelligent, driving control, safety, and comfort [3][6] - The company's commitment to a fully self-research model over the past decade has allowed it to integrate technology and cost control, enabling high-end technology to be accessible in the mid-range market [4][12] Group 1: Technological Innovations - Leap Motor's D platform features six industry-first technologies that represent a systemic reconstruction of user experience rather than isolated innovations [6][12] - In the hybrid sector, Leap Motor has launched an innovative 80.3-degree hybrid battery that achieves 500 km of pure electric range, significantly enhancing user experience [7][14] - The introduction of a 115 kWh super hybrid cell in the electric sector improves energy density by 18.5% and optimizes battery health after 100,000 km [9][11] Group 2: Business Model and Strategy - The company's self-research model has resulted in 80% of its workforce being involved in R&D, with 65% of core components being self-manufactured, leading to cost advantages [4][12] - Leap Motor's strategy of technology reuse has allowed for rapid upgrades and the introduction of multiple industry-first technologies simultaneously [6][12] - The D19 model exemplifies the company's approach to breaking the traditional notion that flagship vehicles must be high-priced, offering luxury experiences at a mid-range price point [14][15] Group 3: Market Impact and Future Trends - The technological breakthroughs from the D platform are expected to reshape industry competition rules, emphasizing the importance of core technology and cost reduction [12][15] - As the market shifts from quantity to quality, companies that focus on core technology and systematic capabilities will be better positioned to succeed [15][17] - Leap Motor's approach to supply chain management emphasizes collaborative R&D with partners like CATL and Qualcomm, enhancing innovation and supply chain security [14][15]