杭州奥体中心体育馆内，灯光璀璨。2025年12月28日晚，零跑汽车在这里庆祝自己的十岁生日。台上，创始人朱江明不紧不慢地回顾着这十年——从最初 被称作"门外汉"，到如今坐上中国造车新势力头把交椅，这个带着浓厚工程师气质的企业，走出了一条与众不同的路。 台下，中国一汽和Stellantis集团的代表、用户、经销商、投资人、媒体齐聚一堂。当GALA乐队唱起《追梦赤子心》时，现场不少人跟着哼唱。这首歌， 恰似零跑这十年的注脚。 那个曾被质疑的"门外汉"，如今稳坐新势力头把交椅 时间倒回2015年。那时，新能源汽车行业方兴未艾，各路英雄豪杰纷纷入场。朱江明带着"IT改变汽车"的梦想跨界而来，等待他的不是鲜花掌声，而是质 疑——一个做安防出身的企业，真能造好车？ "我们最初连行业规则都不太懂。"朱江明在发布会上坦言。但正是这种"不懂"，反而让零跑少了些束缚，多了些敢为人先的勇气。 十年间，近百个新势力品牌如潮水般涌来又退去，零跑却稳稳地活了下来，而且活得越来越好。截至目前，零跑累计交付量已突破120万辆，2025年全年 销量预计近60万辆，稳居中国造车新势力首位。更关键的是，他们已经连续季度盈利，企业经营步入良性轨道。 ...

Core Insights - The competition landscape for China's new energy vehicle market is becoming clearer as various automakers disclose their sales data for November 2025, with a focus on efficiency and technological innovation reshaping the industry dynamics [1] Group 1: Sales Performance - Hongmeng Zhixing and Leap Motor both surpassed 70,000 units in deliveries, showcasing over 75% year-on-year growth, significantly widening the gap with traditional leading brands [3] - Hongmeng Zhixing achieved a record delivery of 81,864 vehicles in November, marking a 90% increase year-on-year, with the Aion brand being the main contributor [5] - Leap Motor delivered 70,327 vehicles, maintaining its position as the single brand champion in the new energy vehicle sector, with a 75% year-on-year increase [7] - Xiaomi Auto delivered over 40,000 vehicles, achieving a 100% year-on-year growth, and has exceeded its annual target of 350,000 vehicles [7] - Changan Qiyuan reported 46,909 vehicles delivered, with a 31% year-on-year increase, driven by strong product positioning [9] - NIO delivered 36,275 vehicles, reflecting a 76.3% year-on-year increase, with the ES8 model being a key contributor [10] - Ideal Auto's deliveries were 33,181 vehicles, showing a 31.92% year-on-year decline, attributed to market competition and product transition [12] - Deep Blue Auto delivered 33,060 vehicles, maintaining a steady performance despite market pressures [12] - Zeekr brand achieved 28,843 vehicles delivered, benefiting from improved production efficiency [13] - Lantu Auto reached a new high with 20,005 vehicles delivered, supported by product innovation and manufacturing capabilities [14] - Avita and Zhiji both set new sales records, with 14,057 and 13,577 vehicles delivered respectively, indicating their emergence as stable mainstream brands [16] Group 2: Market Trends and Outlook - The new energy vehicle market is expected to continue its growth in December 2025, driven by seasonal consumption peaks, tax incentives, and promotional activities from automakers [16] - The performance of different brand tiers is anticipated to show significant differentiation, influenced by the delivery rhythm of new models and promotional efforts [16]

Core Viewpoint - The company reported strong performance in Q3 2025, with significant revenue growth and a return to profitability, driven by increased vehicle sales and improved operational efficiency [1][2]. Performance Review - Q3 2025 revenue reached 19.45 billion yuan, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [1]. - The net profit attributable to shareholders for Q3 2025 was 150 million yuan, marking a turnaround from losses, although it decreased by 8% quarter-on-quarter [1]. - Cumulative net profit for the first three quarters of 2025 reached 180 million yuan [1]. Development Trends - Multiple vehicle models contributed to sustained high sales growth, with Q3 2025 sales volume at 174,000 units, up 102% year-on-year and 30% quarter-on-quarter [1]. - The C series and B series saw sales increase to 98,000 units and 61,000 units respectively, with October sales surpassing 70,000 units for the first time [1]. - The T series small car's sales proportion decreased, leading to a 5.4% increase in average revenue per vehicle to 112,000 yuan [1]. - The D19 large six-seater model is expected to further enhance the product matrix and growth potential [1]. Profitability and Cash Flow - Q3 2025 gross margin improved to 14.5%, up 6.4% year-on-year and 0.9 percentage points quarter-on-quarter, benefiting from economies of scale, cost control, and product structure optimization [1]. - The combined selling, general, and administrative expenses decreased by 1.2 percentage points year-on-year to 14.3%, reflecting effective management [1]. - Operating cash flow for Q3 2025 reached 4.88 billion yuan, indicating ongoing improvement in cash flow performance [1]. Global Strategy and Market Expansion - The company is advancing its globalization strategy, with a strong new vehicle cycle and the launch of the Lafa5 sports sedan and D19 flagship SUV [2]. - In Q3 2025, the company exported 17,000 units, with total exports for the first three quarters reaching 38,000 units [2]. - By the end of September, the company established over 700 sales and service outlets in international markets, enhancing its competitive edge in the new energy passenger vehicle sector [2]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged at 860 million yuan and 4.89 billion yuan respectively [2]. - The current stock price corresponds to a 14.4 times price-to-earnings ratio for 2026 [2]. - The target price has been adjusted down by 12.6% to 78.00 HKD, reflecting a 20.5 times price-to-earnings ratio for 2026, with a potential upside of 42.3% from the current stock price [2].

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 transitioning from a budget-friendly brand to a higher-end market with the launch of its flagship D19 model, aiming to offer luxury at an accessible price point of around 300,000 yuan [2][3]. Product Development - The D19 is a full-size six-seat SUV with dimensions exceeding 5.2 meters in length, nearly 2 meters in width, and over 3.1 meters in wheelbase, priced significantly higher than previous models [2]. - Leap Motor's product line includes T, B, C, and D series, with the D series positioned as the highest tier [2]. Sales Performance - Leap Motor has achieved monthly sales exceeding 50,000 units recently, with September sales surpassing 60,000 units, making it the top new energy vehicle brand in terms of sales [2]. - Cumulative sales from January to September reached 395,500 units, indicating strong market demand [2]. R&D and Cost Structure - The company emphasizes its robust R&D capabilities, claiming that 65% of the D platform's vehicle costs are self-researched and manufactured, which contributes to cost savings [3]. - Leap Motor's gross margin has improved, reaching 14.1%, with expectations to turn profitable by mid-2025 due to increased sales volume and cost optimization [3]. Technology and Features - The D platform boasts advanced technologies, including over 500 kilometers of electric range, a high-voltage system, and cutting-edge driving assistance features, positioning it competitively in the 300,000 yuan market [4]. Market Strategy and Partnerships - Leap Motor plans to expand the D series to include various vehicle types such as SUVs, MPVs, and sedans, targeting the 300,000 yuan market segment [5]. - Strategic partnerships with Stellantis and FAW Group have been established to enhance international market presence and collaborative development [5]. Competitive Landscape - The D19 will compete with other six-seat SUVs in the 300,000 yuan segment, including models from Li Auto, Aito, and XPeng, indicating a highly competitive environment [5]. - Leap Motor is working on building a premium brand image, recently engaging a celebrity spokesperson to enhance its market presence [5]. Current Development Stage - The company is experiencing a phase of rising sales and improving operational performance, which is crucial for successfully launching the D series [6].

Core Insights - Leapmotor's D19 SUV is positioned as a non-luxury vehicle despite its premium features, emphasizing value over brand prestige [2] - The company adopts a "full self-research" strategy to maintain cost control while utilizing top-tier suppliers [3][4] - Leapmotor's approach to smart driving is pragmatic, focusing on following established technology trends rather than leading [5][6] Product Strategy - The D19 SUV is priced between 250,000 to 300,000 yuan, with a focus on high-end configurations without luxury branding [2] - Leapmotor's "range extender" solution combines a large battery with a small fuel tank, aiming for improved electric range [4] - The company plans to release 2-3 additional models in the D series and 2 models in the A series by next year, with 2026 expected to be a significant year for product launches [7][8] Market Positioning - Leapmotor's strategy targets rational consumers who prioritize product value over brand prestige, aiming to penetrate the high-end market without the luxury label [2][8] - The company achieved a gross margin of 14.1% in the first half of the year, focusing on scale rather than high margins for profitability [6][7] - Leapmotor's channel strategy is designed to efficiently reach potential customers in major cities, ensuring high conversion rates [6][7] Technological Innovation - Leapmotor's collaboration with ZF on an integrated electric drive and generator system showcases its commitment to innovation and cost reduction [3] - The company is cautious about entering the smart driving space, preferring to adopt proven technologies rather than chase trends [5][6] Production and Capacity - Leapmotor's production capacity is aligned with future sales targets, focusing on models suitable for local markets, particularly in Europe [7][8] - The company is strategically avoiding launching the D19 in overseas markets initially, opting for models better suited for those regions [8]

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 - Leapmotor has reported its strongest half-year results to date, with revenue reaching 24.25 billion yuan, a 174% increase compared to the same period in 2024, marking nearly a twofold growth [1] - The company achieved its first half-year net profit, becoming the second Chinese new energy vehicle manufacturer to do so after Li Auto [1] - Leapmotor's gross margin reached a record high of 14.1%, up from 1.1% in the previous year, an increase of 13 percentage points [1] Sales Performance - In the first half of 2025, Leapmotor delivered 221,664 vehicles, leading the sales among Chinese new energy brands, a 155.7% increase year-on-year [2] - The company achieved a monthly sales record of over 50,000 units in July, maintaining the top position in monthly sales for five consecutive months [2] - Leapmotor plans to adjust its annual delivery target for 2025 to 580,000-650,000 units, aiming for 1 million units by 2026 [3] Product Development - Leapmotor's R&D expenses increased by 54.9% in the first half of the year, focusing on developing advanced driver-assistance systems [3] - The company plans to expand its product matrix with new models, including the B series and high-end D series, set to debut at the Munich Auto Show in September [4] - Leapmotor aims to cover various market segments with its A, B, C, and D series vehicles, targeting a sales volume of 1 million units [4] Market Strategy - Leapmotor has established over 600 sales and service outlets in approximately 30 international markets, with plans for a localized production base in Europe by the end of 2026 [2] - The company emphasizes maintaining a high price-performance ratio across its vehicle offerings, regardless of the price segment [5] - Leapmotor's strategy focuses on penetrating lower-tier cities as the overall penetration of new energy vehicles expands [5] Competitive Positioning - Leapmotor differentiates itself by targeting a younger demographic that appreciates new energy vehicle concepts but has budget constraints [7] - The company has achieved high operational efficiency, with R&D, sales, and administrative expenses accounting for 16.9% of revenue, compared to significantly higher expenses from competitors [7] - Leapmotor's supply chain strategy, inspired by BYD, has led to a 10% cost optimization [7] Leadership and Vision - CEO Zhu Jiangming has maintained a consistent focus on becoming a world-class new energy vehicle manufacturer, prioritizing scale over profit margins [9] - The company has adopted a "reverse joint venture" model for international expansion, partnering with Stellantis to leverage their distribution channels [10] - Leapmotor's management remains vigilant about future challenges, viewing the target of 1 million annual sales as just a starting point [10]