Core Viewpoint - Leap Motor's recent share purchases by major shareholders indicate confidence in the company's fundamentals and long-term investment value, especially during challenging times for performance or stock price [2][3]. Group 1: Shareholder Activity - Leap Motor's Chairman and CEO Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 3.2435 million H-shares at an average price of HKD 63.19 per share, amounting to approximately HKD 205 million [2]. - Zhu Jiangming and Fu Liqian have committed not to transfer or reduce their holdings for the next ten years, demonstrating long-term confidence in the company [3]. - Since August 2024, Zhu Jiangming and Fu Liqian have collectively increased their holdings by approximately HKD 850 million [3]. Group 2: Operational Performance - In September, Leap Motor achieved a delivery volume of 66,700 vehicles, a year-on-year increase of over 97%, setting a record for monthly deliveries among new car manufacturers [4]. - For the first nine months of 2025, Leap Motor's cumulative deliveries reached 396,000 vehicles, a year-on-year growth of 129%, achieving 79.1% of its annual target [4]. - Leap Motor's product line covers four major series (A to D), focusing on the mainstream family car market priced between RMB 100,000 and RMB 250,000 [4]. Group 3: Product Development - The launch of the D series models is expected to broaden Leap Motor's product range and potentially enhance profitability, with the D19 model anticipated to improve gross margins [5]. - Leap Motor's senior vice president indicated that combined sales of the A and D series could reach 30,000 units per month, contributing to the company's goal of achieving annual sales of one million vehicles [5].

Core Viewpoint - Recent share purchases by major shareholders of Leap Motor reflect confidence in the company's fundamentals and long-term investment value during a period of market pressure [1][2]. Group 1: Shareholder Activity - Leap Motor's chairman and CEO, Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 3.2435 million H-shares at an average price of approximately HKD 63.19 per share, amounting to about HKD 205 million [1]. - Zhu Jiangming and Fu Liqian have cumulatively invested approximately HKD 850 million in Leap Motor over the past 14 months [2]. - The latest share purchase announcement indicates that Zhu Jiangming and Fu Liqian now hold a combined total of 206.9 million H-shares and 128.5 million domestic shares, representing 23.59% of the company's total issued shares [2]. Group 2: Company Performance - Leap Motor achieved a delivery volume of 66,700 vehicles in September, marking a year-on-year increase of over 97%, and has maintained a month-on-month growth for nine consecutive months [3]. - In the first nine months of 2025, Leap Motor delivered a total of 396,000 vehicles, a year-on-year increase of 129%, achieving 79.1% of its annual target [3]. - The company has expanded its product line to cover four major series (A to D), focusing on the mainstream family car market priced between 100,000 to 250,000 yuan [3]. Group 3: Product Development - The launch of the D series, including the flagship D19 model, signifies a new phase in Leap Motor's technology and product layout, potentially enhancing profitability [3][4]. - The D series is expected to contribute significantly to sales, with projections suggesting that combined sales of the A and D series could reach 30,000 units per month [4][5].

Core Viewpoint - Leap Motor is set to achieve its annual sales target of 500,000 units ahead of schedule this year, driven by its commitment to maintaining a cost-effective pricing strategy while entering the high-end market with its new D platform and D19 model [2][4][6]. Group 1: D Platform and Market Positioning - The D platform represents Leap Motor's entry into a new market segment, aiming to compete with leading players while adhering to its principle of "good but not expensive" [2][4]. - Leap Motor emphasizes that the D19 is not positioned as a luxury vehicle but rather as a high-spec model with flagship features, maintaining its core value proposition [5][18]. - The company plans to introduce 2-3 flagship models from the D series by 2026, alongside 2 new models from the A series [4][7]. Group 2: Sales and Growth Expectations - Leap Motor is optimistic about its Q4 performance, with orders meeting expectations, and anticipates reaching its sales target of 500,000 units ahead of schedule [6][8]. - The company has a strategic plan for the next five years, aiming for significant growth and will announce its next sales target upon achieving the current one [26]. Group 3: Cost Control and Innovation - Leap Motor's unique approach involves setting prices based on costs rather than pursuing high margins, which is a departure from typical high-end market strategies [3][5]. - The company focuses on in-house research and development, which allows it to maintain lower costs and higher efficiency in product development [4][10]. - Innovations such as the integrated electric drive and generator system contribute to cost savings and improved performance [10][22]. Group 4: Brand Strategy and Marketing - Leap Motor's brand positioning remains consistent, with the D series not representing a shift to a luxury brand but rather an enhancement of its existing product lines [5][18]. - The decision to engage a celebrity spokesperson is aimed at enhancing brand visibility and resonance with consumers, aligning with the launch of the D series [14][35]. Group 5: Future Product Development - The D19 model features advanced technology such as a dual-vector electric drive system, which enhances performance and control, particularly in challenging driving conditions [15][16]. - Leap Motor is committed to maintaining a high standard of quality and performance across all its models, leveraging its technological capabilities to meet consumer demands [20][32]. Group 6: Financial Outlook and Profitability - The company aims to achieve profitability through scale rather than high margins, with expectations for improved financial performance in the latter half of the year [24]. - Leap Motor's strategy includes maintaining reasonable profit margins across all platforms, ensuring that high-end models do not lead to inflated pricing [29].

Core Insights - Leap Motor has delivered 37,000 new vehicles overseas from January to September this year [1][3] - The company plans to launch a new A series model in Q1 2026, which will be smaller than the B series to cater to European market preferences [2][3] - Leap Motor's domestic sales have surged, with 66,657 vehicles delivered in September, marking a year-on-year increase of over 97% [4] Group 1 - Leap Motor's overseas market presence includes nearly 700 sales and service outlets across over 30 countries, with a significant concentration in Europe [3] - The company has formed a partnership with Stellantis Group, establishing Leap Motor International with a shareholding ratio of 49% to 51% [3] - Leap Motor is on track to achieve its annual sales target of 500,000 vehicles, with cumulative deliveries nearing 400,000 units in the first nine months [4]

Core Insights - The recent news highlights the contrasting situation of Leap Motor, celebrating the milestone of 1 million vehicles produced while facing legal issues involving its founder, Zhu Jiangming, being labeled as a "dishonest person" due to a contract dispute [1][2] Group 1: Sales Performance - Leap Motor achieved significant sales growth, delivering 37,095 vehicles in March, surpassing 40,000 in April, and expected to exceed 60,000 in September, totaling approximately 338,859 vehicles delivered this year [4][5] - The company has raised its sales guidance from 500,000-600,000 to 580,000-650,000 vehicles for the year, maintaining its position as the top seller among new energy vehicle manufacturers for seven consecutive months [4][5] Group 2: Financial Goals and Challenges - Leap Motor aims to achieve annual sales exceeding 1 million vehicles, which Zhu Jiangming considers the "survival bottom line" for stable profitability [6][7] - Despite recent sales successes, the company remains in a precarious financial position, with cumulative net profit under 500 million yuan and a net profit margin of only 1%-2% [8] Group 3: Product Strategy - The company plans to expand its product lineup, introducing the A and D series by 2026 to cover a broader price range from 60,000 to 300,000 yuan [9][10] - Leap Motor's strategy emphasizes self-research and development, allowing for competitive pricing and features that appeal to consumers [13][15] Group 4: Market Position and Competition - The competitive landscape for new energy vehicles is intensifying, with Leap Motor facing challenges from established brands and new entrants offering advanced technology and features at competitive prices [26][27] - Leap Motor's current positioning as a "luxury alternative" is under pressure as competitors launch similar products at lower prices, potentially limiting its market share [24][27]

Core Viewpoint - The Chinese automotive industry is currently experiencing a "Darwinian" competition, where survival of the fittest is paramount, yet some new entrants have found their evolutionary path to success despite the challenges faced by established players like Mercedes-Benz, which reported a 56% decline in net profit year-on-year [2][5]. Group 1: Performance of New Entrants - The "growth trio" of new energy vehicle companies—Li Auto, Xpeng, and Xiaomi—have emerged as the top performers in terms of sales and growth rates in the first half of the year [5]. - These companies have the highest completion rates for their annual sales targets, indicating strong operational efficiency [5]. Group 2: Healthy Growth Amid Price Wars - The commonality among the "growth trio" is achieving "healthy growth," characterized by simultaneous increases in sales volume and gross margin [7]. - This success can be attributed to two main factors: strong economies of scale and precise market trend understanding [8]. Group 3: Economies of Scale - The automotive industry benefits from economies of scale, which help to dilute costs and enhance profits [10]. - For instance, Li Auto's Q2 sales surged by 53% quarter-on-quarter, reaching 134,000 units, contributing to a stable gross margin of 13.6% [13]. - Xpeng and Xiaomi also benefited from increased sales, with Xpeng's Q2 sales rising by 10% and Xiaomi's SU7 model achieving over 100,000 units in cumulative sales within four months [13]. Group 4: Enhancing Per Vehicle Value - The "growth trio" has improved per-vehicle value through various strategies, driving gross margin growth [14]. - Li Auto focuses on cost control through vertical integration, allowing it to maintain gross margin despite lower average vehicle prices [14]. - Xpeng's gross margin increased to 14.3% due to a shift in product mix towards higher-end models [14]. - Xiaomi's gross margin benefited from the strong sales of its higher-priced SU7 Ultra model [14]. Group 5: Market Precision and Emotional Value - Xiaomi's YU7 model achieved remarkable pre-order success, highlighting the importance of brand power and emotional value in the Chinese automotive market [16][20]. - The user demographic for YU7 shows a preference for aesthetics and brand identity, with a significant portion of buyers being young and affluent [25]. - The "growth trio" recognizes the shift towards emotional value, with each company adapting its strategies to resonate with consumer sentiments [21]. Group 6: Global Expansion Strategies - As domestic competition intensifies, the "growth trio" is looking to global markets for growth opportunities [22]. - Li Auto has established a joint venture with Stellantis, rapidly expanding its overseas presence with over 600 stores, primarily in Europe [26]. - Xpeng is adopting a flexible approach, establishing direct sales in Europe while partnering with local firms in Southeast Asia for assembly [26]. - Xiaomi aims to enter the European market by 2027, indicating its commitment to global expansion [27]. Group 7: Conclusion - The innovative models and strategic foresight demonstrated by the "growth trio" suggest they have the potential to define the future of the automotive industry [29]. - The competitive landscape indicates that traditional players may need to reconsider their strategies as Chinese companies leverage their hard-earned competitive advantages on a global scale [29].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 低毛利下，极致降本。 文丨司雯雯 编辑丨冒诗阳 宋玮 新势力创业者中，零跑汽车朱江明也许才是最 " 疯狂 " 的那个。 况且，对手规模远超零跑。2023 年，比亚迪销量 302 万辆，是零跑的 21 倍。 差距悬殊，更常见的做法是打差异化。李斌、李想、何小鹏的共同判断是，先避开大众价位，理想 强调产品、蔚来看重服务、小鹏主打技术领先，这些都是传统车企不足的地方。 一位也在 10 万元造车的汽车人士一开始就判断，规模优势下，和比亚迪拼成本，"没有任何可能 赢，你便宜它更便宜"。 新势力中，只有朱江明这么选。 他认为有得打，"我们的成本控制不比比亚迪差"。比亚迪降价，那就跟牌，"我们今年不就在跟 吗？" 再降呢？"那就看看它能不能把别人打掉"。他不回避正面竞争。 比亚迪的成本优势，主要来自高度垂直整合的供应链。2023 年，瑞银证券拆解了一辆比亚迪海豹， 发现约 75% 的零部件都是自制。 朱江明认可比亚迪整体的成本控制，但觉得建太多产能，风险也随之增加。"它为什么要降价？它现 在的 ...