Core Viewpoint - Leap Motor has achieved remarkable growth in the first half of 2025, with revenue reaching 24.25 billion yuan, a 174% increase compared to the same period in 2024, and has become the second Chinese new energy vehicle company to report a positive net profit for the first half of the year after Li Auto [1][3][5]. Financial Performance - The gross margin for Leap Motor reached a new high of 14.1% in the first half of 2025, up from 1.1% in the same period of 2024, marking a 13 percentage point increase [3]. - The total delivery volume for the first half of 2025 was 22,166 units, a 155.7% increase year-on-year, making Leap Motor the top-selling brand among new energy vehicle companies in China [7]. Market Strategy - Leap Motor has carved out a niche in the highly competitive 80,000-150,000 yuan market, traditionally dominated by BYD and Geely, by adopting a unique approach and focusing on cost control and self-research [3][12]. - The company plans to expand its product matrix, with new models set to debut at the Munich Auto Show in September 2025, and aims to achieve annual deliveries of 580,000 to 650,000 units in 2025, with a target of 1 million units by 2026 [4][9][10]. R&D and Innovation - Leap Motor's R&D expenses increased by 54.9% in the first half of 2025, with a focus on developing advanced driver assistance systems [9]. - The company has successfully launched a city commuting navigation assistance feature based on end-to-end algorithms and aims to be among the top tier in driver assistance technology by the end of 2025 [9]. International Expansion - As of June 30, 2025, Leap Motor has established over 600 sales and service outlets in approximately 30 international markets, including more than 550 in Europe [7]. - The company plans to set up a localized production base in Europe by the end of 2026 to further enhance its global market presence [7]. Cost Management - Leap Motor has demonstrated high efficiency in capital utilization, with total operating expenses for R&D, sales, and administration amounting to 18.9 billion yuan, 14.1 billion yuan, and 7.9 billion yuan respectively, representing 16.9% of revenue [12]. - The company employs a highly integrated supply chain strategy, which has resulted in a 10% cost optimization [12][13]. Leadership and Vision - CEO Zhu Jiangming has maintained a consistent focus on vehicle sales and market expansion, emphasizing the importance of scale over profit margins [15][17]. - Leap Motor's approach to international markets involves a "reverse joint venture" model, partnering with Stellantis to leverage existing sales channels, which has proven beneficial amid changing market conditions [16].

出品丨虎嗅汽车组 作者丨李赓 头图丨视觉中国、零跑汽车 "中国汽车行业，目前处于一种'达尔文式' （适者生存） 的内卷竞争。" 它们不仅是新势力中上半年的销量前五，同时也是销量前五中增速最快的车企；并且，这三家还是所有新势力 中，年度销量目标完成率最高的存在 （因为年度销量目标还能一定程度上反映车企的生产销售的极限能力，完 成比率更能代表车企的实际经营效率） 。 有意思的是，这三家表现优秀的车企不约而同地选择了扎堆发布上半年财报 （本周一零跑刚发完，周二就轮到 了小米和小鹏） ，当我们将其业绩并置分析，便能清晰地看到，这场残酷的淘汰赛的真实比赛规则，以及如何 才能够取得胜利。 "良性增长"，穿越价格战的共同 底色 "但我们不想不惜一切代价抢夺中国市占率。" 这两句话，上周先后从梅赛德斯-奔驰CEO康林松 （Ola Källenius） 的嘴里说出。原因无他，在包括中国市场 的因素影响下，其所掌舵全球顶级车企2025年上半年交出来的成绩堪称惨烈——净利润下滑56%，同比腰斩。 有趣的是，尽管他的两句话从逻辑上看并无漏洞，但中国汽车行业的部分 "后来者"，恰恰在他所说的 "达尔文 式" 竞争中找到了自己的进化路径 ...

Core Viewpoint - Leapmotor achieved its first half-year net profit in 2025, raising its sales guidance for 2025 to 580,000-650,000 units, with a target of challenging 1 million units in 2026 [1][6][7]. Financial Performance - Leapmotor's revenue for the first half of 2025 was RMB 24.25 billion, a 174% increase from RMB 8.85 billion in the same period of 2024 [2][20]. - The company reported a net profit of RMB 30 million for the first half of 2025, marking its first positive half-year net profit [3][24]. - The gross margin reached a record high of 14.1%, up from 1.1% in the first half of 2024, reflecting a 13 percentage point increase [3][22]. - Total vehicle deliveries in the first half of 2025 were 221,700 units, a 155.7% increase compared to 86,700 units in the same period of 2024 [3][24]. Sales and Production Guidance - The sales guidance for 2025 has been adjusted to 580,000-650,000 units, with expectations for significant growth in August and September [6][8]. - Leapmotor aims to challenge the target of 1 million units in annual sales by 2026 [7]. - The D-series models are set to debut in October 2025, with a launch planned for the first quarter of 2026 [10][11]. Research and Development - Leapmotor plans to achieve urban NOA (Navigation on Autopilot) by the end of 2025, aiming to be among the top tier in assisted driving technology [13]. - The company is expected to localize production in Europe, with the B-series models being the first to be produced there [15][18]. Market Expansion - Leapmotor has established over 600 sales and service points in approximately 30 international markets, with more than 550 in Europe [29]. - The company plans to establish a localized production base in Europe by the end of 2026 to enhance its global market presence [29]. Cash Flow and Financial Health - As of June 30, 2025, Leapmotor's cash reserves totaled RMB 29.58 billion, indicating strong financial health [26]. - The free cash flow for the first half of 2025 was RMB 860 million, a significant improvement from a negative RMB 480 million in the same period of 2024 [26].

Core Viewpoint - The article highlights the significant shift in the Chinese electric vehicle (EV) market, particularly focusing on the growing demand for affordable EVs priced between 10-20 million and 20-30 million yuan, which cater to a broader consumer base outside major cities [1][2][3]. Market Overview - The majority of China's population resides outside major cities, creating a substantial demand for economical EVs, which contrasts with the preferences of urban consumers [1]. - The recent trend shows a surge in new EV models entering the 10-20 million yuan price range, with the launch of models like the Leap Motor B series capturing industry attention [1][2]. Sales Data - In 2023, the sales volume for EVs priced between 10-20 million yuan reached 393.6 thousand units, while the 20-30 million yuan segment sold 142.8 thousand units, indicating a preference for lower-priced models [5]. - The market share for the 20-30 million yuan segment is lower than expected, with sales figures showing that this price range has the least market scale despite accounting for over 80% of total EV sales [3][5]. Competitive Landscape - BYD has historically dominated the 10-15 million yuan segment, but competition is intensifying with new entrants like Xiaomi and Leap Motor gaining traction [2][8]. - The article categorizes competitors into three groups: new forces, established domestic brands, and traditional joint ventures, each vying for market share in the affordable EV segment [15][26]. Key Players - Notable models in the 20-30 million yuan range include Tesla's Model Y and Xiaomi's SU 7, with sales figures of 208,330 and 153,425 units respectively [7]. - In the 10-15 million yuan category, BYD's models dominate, with the Qin family achieving significant sales, contributing to over half of BYD's total sales [9][12]. Future Trends - The article suggests that the 10-15 million yuan market is ripe for competition, with new models like the Leap Motor B10 and B01 targeting this segment, indicating a strategic focus on design and consumer preferences [20][22]. - The increasing presence of foreign brands like Nissan with the N7 model, which has garnered significant attention due to its competitive pricing and features, reflects the evolving landscape of the EV market in China [34][35]. Conclusion - The article concludes that the shift towards affordable EVs is not just a trend but a fundamental change in consumer behavior, driven by the need for practical and cost-effective transportation solutions across China's vast geography [43].

Core Viewpoint - The company demonstrated strong financial performance in 2024, with total revenue increasing by 62.6% year-on-year to 4.23 billion yuan and net profit attributable to shareholders rising by 98.7% to 610 million yuan, driven by the ramp-up of the Xiaopeng MONA M03 model and the new factory in Guangdong [3]. Financial Performance - In Q4 2024, the company's revenue grew by 51.8% year-on-year and 19.9% quarter-on-quarter to 1.37 billion yuan, while net profit increased by 93.4% year-on-year and 80.8% quarter-on-quarter to 250 million yuan [3]. - The gross margin for 2024 improved by 2.1 percentage points to 27.7%, with Q4 2024 gross margin reaching 30.3%, reflecting a year-on-year increase of 2.1 percentage points and a quarter-on-quarter increase of 5.7 percentage points [4]. Cost Management and R&D - The selling, general, and administrative (SG&A) expense ratio for 2024 was 7.3%, with R&D expenses increasing by 0.6 percentage points to 3.8%, indicating a focus on innovation and long-term profitability [4]. - The increase in expense ratios is attributed to higher R&D investments, which are expected to yield long-term profit potential as scale effects expand and R&D results materialize [4]. Future Growth Prospects - The company is expected to benefit from the ramp-up of strong cyclical models such as the AITO M8, Xiaopeng MONA M03, and Leapmotor B series in 2025, with an expanding customer base including major clients like Ideal, Seres, Geely, and BYD [5]. - The company is actively expanding production capacity with new subsidiaries in Changzhou and Chongqing, enhancing its ability to respond quickly to customer demands and increasing opportunities for modular product collaborations [5]. - The installation of two 9,000-ton die-casting units is complete, with a third unit planned for installation in Q1 2025, which is anticipated to unlock a second growth curve for the company's performance [5].