中国国际贸促会汽车行业委员会会长王侠（右）为广汽本田汽车销售有限公司营销本部用户发展部副部长邹立（左）颁奖 11月21日下午，广州国际车展媒体日首日，2025华輅奖颁奖盛典在威斯汀酒店举行。 步入活动现场，历年评选活动的精彩照片率先映入眼帘：20年泛黄老照片里的青涩与最新影像中的昂扬交相辉映，刻画出华輅奖历年测评的点滴；"五 大维度、百项因子，致敬每一份专业坚守；千款车型、百个品牌，感谢二十载同心同行！"的鎏金大字格外醒目，镌刻着华輅奖与中国汽车产业共生共长的 记忆。 会场内，行业大咖们欢聚一堂，有人驻足展板合影打卡，追溯过往；有人围坐一席，热烈交流……喜气洋洋的气氛中，二十载深厚情谊氤氲流淌。 华輅奖发源于20年前，由中国国际贸促会汽车行业委员会指导，汽车观察和清华汽车工程开发研究院共同发起。2006年，"爱我中国车"年度车型评选正 式起步，后来更名为"中国车年度大选"，并在2022年升级为"华輅奖"，一路走到今天，累计吸引超千款车型参与，见证了中国品牌汽车从稚嫩起步到蓬勃壮 大的全过程，也始终坚守着"评选最好中国车"的初心使命。 经历20年发展，本届华輅奖迎来重要升级：评选范围从中国品牌汽车扩展至所有在中 ...

Core Viewpoint - Leap Motor's Q3 sales reached 174,000 units, a year-on-year increase of 102%, driving revenue growth of 97.3% to 19.45 billion yuan [1][2] Group 1: Sales and Revenue Performance - Q3 revenue was 19.45 billion yuan, with a gross margin of 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [1] - Q3 net profit attributable to shareholders was 150 million yuan, marking a return to profitability with a net profit margin of 0.8% [1] - The company aims for 1 million sales and 5 billion yuan profit by 2026, supported by strong new vehicle launches [1][2] Group 2: Product and Market Expansion - Q3 saw 17,400 vehicles sold, including 15,600 domestically and 17,397 exported, making Leap Motor the top new force in exports [2] - The company plans to launch four new models by 2026, including the Lafa 5, which is set to debut on November 27, with a pre-sale price of 105,800 to 131,800 yuan [1][2] - Leap Motor's international presence includes over 700 sales and service points across 30 international markets, with plans for local production in Malaysia and Europe [2] Group 3: Future Projections - The company expects to achieve overseas sales of 100,000 to 150,000 units by 2026, driven by strong overseas demand and new model launches [2] - Revenue projections for 2025-2027 are 67.5 billion, 113 billion, and 151 billion yuan, with net profits of 1 billion, 5.1 billion, and 11.3 billion yuan respectively [2] - Leap Motor maintains a target valuation of 110 billion HKD, corresponding to a P/E ratio of 20x for 2026 and a P/S ratio of 0.9x for 2026 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a quarterly revenue of 19.45 billion yuan in Q3 2025, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [7] - The company reported a net profit attributable to equity holders of 150 million yuan in Q3 2025, a significant improvement from a loss of 690 million yuan in Q3 2024 and a profit of 160 million yuan in Q2 2025 [7] - The company’s Q3 sales volume reached 174,000 units, with a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [7] - The average selling price (ASP) for the company was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [7] - The gross margin for Q3 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [7] - The company’s sales, management, and R&D expense ratios improved to 4.9%, 3.2%, and 6.2% respectively, compared to the previous year [7] - The company has expanded its sales service network to cover 292 cities with 866 sales outlets as of the end of September 2025 [7] - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36% [7] - The company plans to launch its Lafa5 model overseas in Q2 2026 and is actively pursuing local production capabilities in Malaysia and Europe [7] Financial Projections - The total revenue forecast for the company is projected to reach 65.8 billion yuan in 2025, with a year-on-year growth of 104.58% [1] - The net profit attributable to the parent company is expected to be 693.83 million yuan in 2025, with a significant year-on-year increase of 124.60% [1] - The earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a P/E ratio of 103.14 [1] - The company’s gross margin is expected to improve to 15% in 2025 [8] - The company’s asset-liability ratio is projected to be 77.45% in 2025 [8]

Core Viewpoint - The company reported significant growth in revenue and profitability in Q3 2025, indicating a strong recovery and positive market response to new vehicle launches [2][3][4]. Financial Performance - Q3 2025 revenue reached 19.45 billion yuan, with year-on-year and quarter-on-quarter growth of 97.3% and 36.7% respectively [2]. - The net profit attributable to equity holders for Q3 2025 was 150 million yuan, a significant improvement from a loss of 690 million yuan in Q3 2024 [2][4]. - The overall average selling price (ASP) for vehicles was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [3]. Sales and Production - The company sold 174,000 vehicles in Q3 2025, marking a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [3]. - The new vehicle model, Leap B01, launched on July 24, 2025, contributed to the sales growth [3]. Profitability Metrics - The gross margin for Q3 2025 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [3]. - The company achieved a profit of 150 million yuan in Q3 2025, with a profit per vehicle of 90 yuan, although this represented a quarter-on-quarter decrease of 29% [4]. Cost Management - The company reported improvements in expense ratios, with sales, management, and R&D expense ratios at 4.9%, 3.2%, and 6.2% respectively, showing reductions compared to previous periods [3]. Market Expansion - As of September 2025, the company had expanded its sales and service network to 292 cities, adding 88 cities year-on-year, with a total of 866 sales outlets [3]. - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36%, and established over 700 international sales and service points [3]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 downwards due to increased industry competition, now expecting 700 million, 3.3 billion, and 6.8 billion yuan respectively [5]. - The upcoming launch of new models, including Lafa5 in Q2 2026, is anticipated to strengthen the company's market position [5].

零跑汽车有关负责人对上海证券报记者介绍，公司经营业绩持续改善背后是研发实力的有力支撑。零跑汽车近期发布了全新旗舰D平台六大技术，覆盖增 程、千伏纯电、智能、驾控、安全、舒适等，其中，增程版搭载80.3度大电池，实现500km纯电续航，千伏纯电首发115kWh超级混合电芯，智能化首发双 8797芯片，提供1280TOPS算力，实现VLA辅助驾驶与端侧大模型座舱，零跑汽车还首次将车规级制氧机融入汽车。 业内专家表示，零跑汽车业绩增长也得益于新能源汽车产销规模化效应带来的成本优化。零跑C10车型上市18个月累计销量突破20万台，其中2025年第三季 度C10月均销量达1.5万台，10月C10单月销量超2万台，成为零跑首款单月销量超2万台的产品。零跑C11车型自2021年上市以来累计销量约30万台，以"好而 不贵"理念成为SUV市场现象级产品，10月单月销量突破1.1万台。零跑B01定位为高质量智能轿车，自上市次月起月销量均破万台，顺利切入A级轿车市 场。 在产销提升的同时，零跑汽车有关人士介绍，公司正在渠道、零售、服务三端协同，全面构建用户服务新生态。2025年，零跑汽车持续践行"三快两省"（响 应快、修车快、供件 ...

Core Insights - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking its continuous quarterly profitability and leading the sales among new energy vehicle brands in China with over 170,000 vehicle deliveries, a 101.8% increase year-on-year [1] - The company achieved a revenue of 19.45 billion yuan, reflecting a 97.3% year-on-year growth, with a gross margin of 14.5%, significantly improved compared to the previous year [1] - Leap Motor has a strong cash position of 33.92 billion yuan and maintains positive operating and free cash flows [1] Product Launches and Sales Performance - The C11 model has sold approximately 300,000 units since its launch in 2021, with a monthly sales record of over 11,000 units in October following its refreshed release in July [1] - The B01 model, positioned as a high-quality smart sedan, has also seen monthly sales exceeding 10,000 units since its launch in July [1] - Leap Motor has completed its product lineup with the introduction of the A, B, C, and D series, enhancing its diversified product matrix [2] International Expansion - In Q3, Leap Motor exported 17,397 vehicles, with a total of 37,772 units exported from January to September 2025, achieving significant market presence in Europe [2] - The company established over 700 sales and service outlets across approximately 30 international markets, with more than 650 in Europe [2] - Leap Motor officially entered the South American market with the launch of the C10 and B10 models in Brazil, and plans to accelerate local projects in Malaysia and Europe by 2026 [3]

本报讯 （记者刘钊）11月17日，浙江零跑科技股份有限公司（以下简称"零跑汽车"）发布2025年第三季度财报。2025年第 三季度，零跑汽车净利润持续为正，为1.5亿元，已连续实现季度盈利；交付新车173852台，位居中国新势力品牌销量榜首，较 2024年同期交付量增长101.8%；实现营业收入194.5亿元，较2024年同期增长97.3%；毛利率为14.5%，同比大幅提升；同时， 零跑汽车在手资金充裕达339.2亿元，并保持正向经营现金流与自由现金流。 自今年3月份以来，零跑汽车已连续8个月稳居中国新势力月销冠军，从9月份首次突破6万台，再到10月份继续冲破7万 台，接连刷新中国新势力月销纪录。零跑汽车于11月15日提前完成2025年50万台销量目标；2026年将冲刺百万台销量新目标。 ABCD四大系列布局落定以完善产品矩阵 彰显体系化竞争力 三季度以来，零跑汽车迎来前所未有的产品密集发布期，连续推出多款重磅新车以满足全域用户多元化需求。其中：零跑 C11自2021年上市以来累计销量约30万台，成为SUV市场现象级产品。7月10日，零跑C11焕新上市，10月单月销量突破1.1万 台。 零跑B01定位为高质量 ...

Core Insights - Leap Motor reported a net profit of 150 million yuan for Q3 2025, marking continuous quarterly profitability and a significant growth in vehicle deliveries and revenue compared to the previous year [1] - The company achieved a total vehicle delivery of 173,852 units, a 101.8% increase year-on-year, and generated operating revenue of 19.45 billion yuan, up 97.3% from the same period last year [1] - Leap Motor has maintained a strong cash position with 33.92 billion yuan in hand and positive operating and free cash flow [1] Group 1: Product Performance - The C11 model has sold approximately 300,000 units since its launch in 2021, becoming a phenomenon in the SUV market, with a monthly sales record of over 11,000 units in October [1] - The B01 model, positioned as a high-quality smart sedan, has consistently sold over 10,000 units monthly since its launch in July [2] - The D19 model, launched as the flagship of the D platform, aims to bring high-end technology experiences to the 300,000 yuan market [2] Group 2: International Expansion - Leap Motor exported 17,397 units in Q3, with a total of 37,772 units exported from January to September 2025, showing strong performance in European markets [2][3] - The company has established over 700 sales and service outlets across approximately 30 international markets, with more than 650 in Europe [3] - Leap Motor plans to accelerate its global localization strategy in 2026, starting with Malaysia and then expanding to Europe [3] Group 3: Technological Innovation - The company launched its new flagship D platform on October 16, introducing several industry-first technologies [3] - Leap Motor's sales service network has expanded to cover 292 cities, with a total of 866 sales outlets and 493 service centers [3]

Group 1 - The core point of the article is that Leap Motor has achieved significant sales milestones, surpassing 500,000 vehicles sold this year, ahead of its 2025 target [2] - In October, Leap Motor delivered a record 70,289 vehicles, marking a year-on-year increase of over 84%, while also rolling out OTA updates for multiple models [2] - For the first ten months of the year, Leap Motor's cumulative sales reached 469,800 vehicles, with a consistent month-on-month growth trend observed [2] Group 2 - Leap Motor reported a revenue of 24.25 billion yuan in the first half of the year, representing a substantial year-on-year growth of 174% [2] - The company's gross margin increased to 14.1%, a rise of 13 percentage points compared to the same period in 2024, achieving a record high since its establishment [2] - For the first time, Leap Motor achieved a net profit attributable to equity holders of 30 million yuan in the first half of the year, with an adjusted net profit of 330 million yuan, marking a turnaround from previous losses [2] Group 3 - In August, there were rumors about FAW Group planning to acquire approximately 10% of Leap Motor's shares to become a strategic shareholder, but the situation remains unresolved as Leap Motor denied the rumors [3] - Despite the uncertainty regarding capital cooperation, technical collaboration between traditional automakers and new energy vehicle companies continues to deepen [3]

Core Viewpoint - The collaboration between JD.com, GAC Group, and CATL has led to the launch of the Aion UT Super, a competitive electric vehicle targeting the sub-100,000 yuan market, featuring a price point that disrupts existing market dynamics [1][3]. Group 1: Product Overview - The Aion UT Super is a pure electric hatchback with a standard range of 500 kilometers, equipped with CATL's lithium iron phosphate battery, and designed primarily for urban commuting and short-distance travel [1]. - The vehicle is priced at 49,900 yuan for the battery rental version, with a minimum price of 45,400 yuan after subsidies, significantly impacting the pricing balance in its segment [1][3]. - JD.com has implemented an internet marketing strategy, offering a refundable deposit of 500 yuan and additional benefits to lower the purchase threshold for consumers [1]. Group 2: Service Network and Maintenance - JD.com's car maintenance service currently focuses on traditional fuel vehicles, with plans to upgrade to accommodate the Aion UT Super as the vehicle gains traction [2]. - The maintenance facilities in Beijing require a minimum area of 200 to 300 square meters and must adhere to JD.com's digital management systems, ensuring quality control of electric vehicle parts and consumables [2]. - Customers primarily using JD.com's services are accustomed to lower maintenance costs compared to traditional dealerships, which could influence their decision-making regarding the Aion UT Super [3]. Group 3: Market Strategy and Competition - The Aion UT Super targets price-sensitive consumers, with promotional comparisons highlighting its lower starting price compared to competitors like BYD Seagull and Leap Motor T03 [3]. - Despite its low price, experts suggest that the Aion UT Super may not be the cheapest option in the sub-100,000 yuan segment, as other models have higher sales volumes [4]. - The vehicle's battery rental model, while initially appealing, may not result in long-term cost savings for users, raising concerns about its overall value proposition [4]. Group 4: Future Considerations - The success of the Aion UT Super will depend on the enhancement of the battery swapping network, as demonstrated by competitors like NIO, which have leveraged their infrastructure for consumer convenience [5]. - Market dynamics may shift due to changes in purchase tax policies and subsidy reductions, making the performance of the Aion UT Super a critical indicator for the entry-level electric vehicle market [5].