Core Viewpoint - Leap Motor (09863) has seen a stock price increase of over 4% following the announcement of its inclusion in the Hang Seng Tech Index, which is expected to enhance its market visibility and diversify its investor base [1] Group 1: Stock Performance - Leap Motor's stock rose by 4.02%, reaching HKD 49.14, with a trading volume of HKD 61.47 million [1] Group 2: Index Inclusion - The Hang Seng Index Company announced that Leap Motor will be included in the Hang Seng Tech Index, with changes effective after market close on December 5, 2025, and officially starting on December 8, 2025 [1] - Leap Motor stated that being included in the Hang Seng Tech Index will help increase the company's visibility in the secondary market and may lead to a more diversified investor structure [1] Group 3: Future Outlook - Huaxing Securities has released a report expressing optimism about Leap Motor's rapid sales growth driven by high cost-performance models, predicting a profitability turning point by 2025 [1] - The company effectively controls costs through its self-developed technology platform and is rapidly expanding into overseas markets in collaboration with Stellantis, showcasing significant advantages in international expansion [1]

Core Insights - Leap Motor has reported significant growth in revenue, profit, and delivery volume for Q3 2025, marking a transition to high-quality development [2] - The company achieved a record delivery of 173,852 vehicles in Q3 2025, a 101.77% increase compared to 86,150 vehicles in Q4 2024, solidifying its position as the top-selling brand among new forces in China [2] - Leap Motor has completed its annual target of 500,000 vehicle deliveries ahead of schedule and aims to reach a new target of 1 million vehicles in 2026 [2] Financial Performance - The company reported a net profit of 150 million yuan in Q3 2025, a significant turnaround from a loss of 690 million yuan in the same period of 2024, indicating a structural improvement in profitability [3] - The gross margin increased to 14.5% in Q3 2025, up from 8.1% in Q4 2024 and 13.6% in Q2 2025, reflecting advantages in supply chain management and production scale [3] - Operating cash flow reached 4.88 billion yuan, a 149% year-on-year increase, with free cash flow at 3.84 billion yuan, indicating a healthy financial position [3] Market Position and Strategy - Leap Motor's product matrix effectively covers mainstream consumer markets, validated by its leading sales performance [4] - The company plans to expand its market presence with new models and overseas market development, supported by strong financial reserves and an optimized profit structure [4] - Leap Motor's competitive edge is bolstered by its self-research strategy in key areas such as smart cockpit, intelligent driving, and power batteries, enhancing product competitiveness [3]