● 本报记者 龚梦泽 2025年12月，零跑汽车迎来成立十周年的重要节点。在杭州举办的十周年发布会上，零跑科技创始人、 董事长、CEO朱江明携核心管理团队集体亮相，正式宣告企业告别"造车新势力"身份，抛出2026年冲刺 100万辆销量、未来十年实现400万辆销量的宏伟蓝图。这场跨越十年的战略升级背后，是零跑在全域自 研、股权架构、渠道布局和供应链建设等多维度的深度积淀，而与一汽的战略合作、管理层持续增持等 动作，更成为其冲击销量目标的重要支撑。 坚持全域自研战略 "零跑不能再以新势力自居，我们要做全球化世界级车企。"朱江明在接受中国证券报记者采访时明确表 示。这一战略转变并非空穴来风，而是基于企业十年发展的实力积累与行业格局的深刻洞察。数据显 示，零跑2025年全年销量预计近60万辆，单月销量突破7万辆，累计交付量已突破120万辆，且实现连续 季度盈利，即将达成年度盈利目标。 支撑这一转型的核心是零跑坚持十年的全域自研战略。朱江明透露，新能源汽车70%的核心技术集中在 电子、电控等新兴领域，这些技术在十年前尚未成熟，零跑抓住机遇入局，构建了覆盖整车架构、电 池、电驱、座舱系统、辅助驾驶等关键领域的研发体系，自 ...

Core Insights - Leap Motor is transitioning from a "new force" in car manufacturing to a global automotive enterprise, aiming for 1 million vehicle sales in 2026 and 4 million over the next decade [1][2] - The company has achieved significant milestones, including an expected sales volume of nearly 600,000 vehicles in 2025 and a cumulative delivery exceeding 1.2 million vehicles, alongside continuous quarterly profitability [2] R&D Strategy - Leap Motor has adhered to a comprehensive self-research strategy, with 70% of core technologies in the electric vehicle sector concentrated in emerging fields like electronics and control systems [2] - The company has established a robust R&D system covering key areas such as vehicle architecture, batteries, electric drives, cockpit systems, and assisted driving, with self-researched components accounting for 65% of vehicle costs [2] Shareholder Structure - In 2025, Leap Motor formed a strategic partnership with China FAW Group, which became a strategic shareholder, creating a stable "shareholder triangle" with existing stakeholders [3] - This partnership leverages FAW's manufacturing and policy resources alongside Leap Motor's core technology in new energy vehicles, ensuring the founding team's control and strategic continuity [3] Support System - To achieve the 1 million sales target, Leap Motor has developed a three-pronged support system encompassing products, supply chain, and channel services [4] - The company has launched the D series models based on its flagship D platform, targeting the high-end market with competitive pricing [4] Supply Chain Management - Leap Motor employs a standardized and multi-channel strategy for battery supply, having established stable partnerships with leading suppliers like CATL [4] - The company has prepared a battery stock with a redundancy of 1.2 to 1.3 times to meet the production capacity needs for 1 million vehicles [4] Channel and Service Upgrades - Leap Motor focuses on enhancing user experience through a defined luxury core, creating key touchpoints throughout the customer journey [5] - The company has adopted an innovative channel model that fosters a "partner" relationship with dealers, resulting in over 1,800 global channel outlets [5] Technological Investment - Leap Motor plans to increase investment in intelligent assisted driving technologies, aiming to upgrade all models with L3-level capabilities by 2026 [6] - The company recognizes the automotive industry's upcoming adjustment period but remains optimistic about the irreversible trend of electric vehicle adoption [6]

12月29日，零跑汽车发布公告称，12月28日，其与中国一汽全资附属公司一汽股权投资（天津）有限公 司（下称"一汽股权"）订立内资股认购协议，计划以每股50.03元的价格发行7483.22万股内资股，总筹 资约37.44亿元，其中约50%将用于研发投入，约25%将用于补充营运资金及一般公司用途，约25%将用 于扩大销售及服务网络并增强品牌知名度。 股权架构方面，公告显示，7483.22万股内资股相当于零跑汽车已发行内资股总数的约25.74%、经扩大 已发行内资股的约20.47%；相当于已发行股份总数的约5.26%，以及经扩大已发行股份的约5%。而在本 次认购完成后，零跑科技创始人、董事长、CEO朱江明及股东傅利泉所属的单一最大股东集团合计持有 公司股份比例从23.75%降至22.56%，持股数不变，斯泰兰蒂斯（Stellantis）占总股份比例则由19.99%降 至18.99%，持股数同样不变。 公告发布后，零跑汽车股价早盘高开，一度涨超6%，达53.5港元/股，截至29日收盘，报50.4港元/股。 而从交易细节看，此次认购价较协议签署前零跑最后一个交易日收盘价49.94港元及前五个交易日平均 收盘价49.2 ...