就在前几天，智己亮相了一款增程版的 LS6 ，半小时小订一万，好像又回到了当初纯电品牌被增程随意践踏的时代？ 有时候吧，很难说增程到底是个宝藏，还是个坑。 紧随其后，广汽埃安的亲戚昊铂也抓住了这个 timing ，赶紧发布了昊铂 HL 的增程版。 而如果大伙儿再等等，还能有幸看到小鹏的增程车。因为在上一期工信部爆料里，就有小鹏 X9 增程版的信息，估计离亮相也不远了。 | 产品商标： | 小鹏牌 | 产品型号: | NHQ6530SHEVHA | 产品名称: | 插电式增程混合动力多用途乘用车 | | --- | --- | --- | --- | --- | --- | | 企业名称: | 肇庆小鹏新能源投资有限公司 | 注册地址: | 广东省肇庆高新区北江大道18号富民大厦十五楼1507房自编48号 | | | | 目录序号: | 140 | 生产地址: | 广东省广州市黄埔区中新广州知识城鹏行环街1号 | | | 总之，智己、昊铂、小鹏，再加上之前零跑、深蓝、阿维塔这些前辈，大家从纯电赶来做增程，都有美好的未来。 然而现实真是这样吗？一边是纯电品牌争先恐后做增程，而另一边，则是增程品牌疯狂逃回纯电。 就 ...

就在同行还处于价格战的"淤泥"中时，零跑跳出造车新势力的"生死簿"，逆势上岸！8月18日晚，零跑 汽车发布2025年半年度业绩。财报显示，2025年上半年，公司实现营收242.5亿元，同比增加174%；净 利润为0.3亿元，首次实现半年度净利润转正，去年同期净亏损22.1亿元。 在财报中，零跑将营收同比增长主要归因为整车及备件交付量的增加，而从下半年开始，零跑持续进入 新车密集发布期。展望未来，零跑汽车副总裁李腾飞在财报电话会议上提到，今年零跑的全年销量目标 将从原本的50万—60万辆，提升至58万—65万辆，并争取2025年力争实现全年盈利，实现5亿~10亿元 的净利润。而对于明年的销量预期表现，李腾飞称，"我们非常有信心明年可以挑战100万辆的全年销量 目标"。 卖车"上岸"后，零跑将明年目标提升到100万辆 交出亮眼成绩单，零跑"上岸"了。8月18日，零跑汽车发布2025年上半年财报，首次实现半年度净利润 转正，这使零跑迅速成为继理想汽车之后第二家实现半年度盈利的中国新势力车企。 不仅是扭亏为盈，零跑半年报中还有着营收同比增长近两倍、毛利率稳步提升等亮点。这背后，都离不 开今年上半年零跑猛增的销量。 财 ...

零跑汽车交出了史上最强半年报。 8月18日，零跑汽车发布2025年上半年财报。财报显示，上半年营收242.5亿元，较2024年上半年的人民币88.5亿元增加174.0%，增长了近两 倍。同时，上半年首次实现半年度净利润转正，是继理想汽车之后第二家实现半年度盈利的中国新势力车企。 上半年，毛利率也创公司成立以来新高，由2024年上半年的1.1%提升至2025年上半年的14.1%，增长了13个百分点。 就在汽车行业都处于价格战的"疲软期"时，零跑逆势增长，成为上半年车市最大的变量，这个成绩令整个行业都震惊。 8万-15万元市场是比 亚迪和吉利主导的红海市场，产品密集，同质化程度极高，零跑却另辟蹊径，在新老品牌的前后夹击下拼出一席之地。 这个曾经不被看好的汽车股，如今距离千亿市值也只有一步之遥了。8月20日盘中，零跑汽车股价一度超76港元，总市值一度摸高千亿市值。 现在，这家以全域自研的新势力，正在用自己极致的成本控制、规模，在车市的激烈竞争中走出一条不能复制的新路线。 全年目标上调，2026年剑指百万辆 营收同比增长近两倍、首次实现半年度净利润转正、毛利率的稳步提升，都来源于这半年零跑在销量上的猛增。 上半年，零 ...

零跑汽车交出了史上最强半年报。 8月18日，零跑汽车发布2025年上半年财报。财报显示，上半年营收242.5亿元，较2024年上半年的人民 币88.5亿元增加174.0%，增长了近两倍。同时，上半年首次实现半年度净利润转正，是继理想汽车之后 第二家实现半年度盈利的中国新势力车企。 上半年，毛利率也创公司成立以来新高，由2024年上半年的1.1%提升至2025年上半年的14.1%，增长了 13个百分点。 就在汽车行业都处于价格战的"疲软期"时，零跑逆势增长，成为上半年车市最大的变量，这个成绩令整 个行业都震惊。8万-15万元市场是比亚迪（002594）和吉利主导的红海市场，产品密集，同质化程度极 高，零跑却另辟蹊径，在新老品牌的前后夹击下拼出一席之地。 这个曾经不被看好的汽车股，如今距离千亿市值也只有一步之遥了。8月20日盘中，零跑汽车股价一度 超76港元，总市值一度摸高千亿市值。现在，这家以全域自研的新势力，正在用自己极致的成本控制、 规模，在车市的激烈竞争中走出一条不能复制的新路线。 全年目标上调， 2026年剑指百万辆 营收同比增长近两倍、首次实现半年度净利润转正、毛利率的稳步提升，都来源于这半年零跑在销 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - In the first half of 2025, the company achieved total revenue of 24.25 billion, a year-on-year increase of 174.15%, and a net profit of 0.33 billion, marking a 101.49% increase, with a gross margin reaching a historical high of 14.1% [1][2]. - The company has launched new models and upgraded existing ones, significantly enhancing its product matrix and driving sales growth. The sales guidance for the year has been raised from 500,000-600,000 units to 580,000-650,000 units, with a target of reaching 1 million units in the following year [2][3]. - The global expansion strategy is progressing, with the establishment of a joint venture with Stellantis, enabling the company to tap into overseas markets effectively. In the first half of 2025, the company exported 20,375 vehicles, leading the new forces in sales [3][4]. Financial Summary - The projected revenues for 2025-2027 are 64.86 billion, 100.70 billion, and 122.10 billion respectively, with year-on-year growth rates of 101.6%, 55.3%, and 21.2%. The net profits are expected to be 0.55 billion, 2.73 billion, and 5.01 billion respectively [3][4]. - The company’s earnings per share (EPS) is projected to turn positive in 2025, reaching 0.41, and further increasing to 2.04 and 3.75 in 2026 and 2027 respectively [4][5].

商报记者郭雨昕 近日，零跑汽车发布2025年半年度财报：上半年首次实现净利润转正，成为中国新势力中第二家达成半 年度盈利的企业。财报发布前夕，创始人朱江明于8月17日公布最新战报——周末单日净锁单量连续突 破3000台，创历史新高。 这些信号表明，零跑B系列与C系列产品的强劲竞争力，正将上半年破局的势头延续至下半年，印证了 市场对其"科技普惠"战略的持续认可。当日公司股价盘中突破68港元，市值站上900亿港元高位，资本 市场用真金白银为这份"厚积薄发"的答卷投票。 技术深耕：全域自研筑牢盈利基石 在新能源行业深陷价格鏖战的2025年上半年，零跑以155.7%的交付增速登顶新势力销冠，总交付量为 221664台。刚刚过去的7月，零跑月销量首度突破5万台，这已经是零跑第5个月连续位居中国新势力品 牌月销量榜首。 技术普惠的乘数效应，正在销量与盈利的双重维度兑现。 全球跃升：第二曲线驱动可持续增长 当国内市场步入存量竞争，零跑已率先在海外开辟第二战场。 2025年1-7月，其以24980台出口量稳居新势力出海榜首，其中欧洲市场7月订单突破4000台，创历史新 高。首批B10已于7月正式发往欧洲，并将于9月在慕尼黑车 ...

Core Viewpoint - Leap Motor has achieved significant growth in its financial performance and vehicle deliveries, positioning itself as a leading player in the new energy vehicle market in China, with ambitious goals for future expansion and innovation [1][2][8]. Financial Performance - In the first half of 2025, Leap Motor reported revenue of 24.25 billion yuan, a 174% increase compared to 8.85 billion yuan in the same period of 2024 [2]. - The gross margin for the same period was 14.1%, a substantial improvement of 13 percentage points from 1.1% in 2024, marking the highest gross margin since the company's inception [2][3]. - The company had cash reserves of 29.58 billion yuan, with a net cash flow from operating activities of 2.86 billion yuan and free cash flow of 860 million yuan [2]. Sales Performance - Leap Motor delivered 221,664 vehicles in the first half of 2025, achieving a 155.7% increase in deliveries compared to the same period in 2024, making it the top-selling brand among new energy vehicle manufacturers in China [2][3]. - The company aims to achieve a sales target of 500,000 vehicles for the year and has set a long-term goal of reaching 4 million vehicles [1][8]. Product Development - Leap Motor has launched several new models, including the B10, which achieved over 10,000 deliveries in its first month, and the C10, which has surpassed 150,000 global deliveries in 16 months [3][4]. - The company plans to introduce five to six new models in 2026, including high-end options with advanced technology [3][5]. Research and Development - Leap Motor has significantly increased its investment in intelligent driving technology, with team size and computational resources nearly doubling compared to 2024 [5]. - The company aims to enhance its autonomous driving capabilities, with plans to implement city navigation assistance features by the end of 2025 [5]. International Expansion - Leap Motor has established a strategic partnership with China FAW Group to jointly develop new energy vehicles and explore capital cooperation [6]. - The company has become a leader in exports among new energy vehicle brands, with 24,980 units shipped overseas in the first seven months of the year, particularly strong in the European market [6][7]. - Leap Motor has set up approximately 600 sales and service outlets across 30 international markets, with over 550 in Europe [7]. Future Outlook - The company is focused on solidifying its position in the global market while maintaining a grounded approach to growth, aiming to become a world-class electric vehicle manufacturer [8].

Core Viewpoint - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder, with the proposal currently circulating within FAW's internal departments [1] Group 1: Strategic Cooperation - In March 2023, China FAW and Leap Motor signed a strategic cooperation memorandum, focusing on joint development of new energy passenger vehicles and component collaboration to enhance product competitiveness [1] - The cooperation also explores the feasibility of deepening capital collaboration to achieve resource synergy across the entire industry chain [1] Group 2: Market Impact - Following the news, the automotive sector saw significant stock movements, with SAIC Motor hitting the daily limit up, and other companies like FAW Jiefang and Jianghuai Automobile also experiencing notable gains [3][4] Group 3: Leap Motor's Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of 2025, a 174% year-on-year increase, and achieved a net profit of 30 million yuan, marking its first half-year profit [6] - The company delivered 221,664 vehicles in the first half of 2025, a 155.7% increase compared to the same period in 2024, leading the sales among new energy vehicle brands in China [6][7] - Leap Motor's gross margin reached 14.1%, a significant increase from 1.1% in 2024, driven by higher sales volume, cost control, and product mix optimization [7] Group 4: Future Outlook - Leap Motor has raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, driven by a positive domestic market outlook [7] - The company plans to launch multiple new models in the second half of the year, including the B05 and D series, with a target of reaching 1 million units in sales by next year [10]

Investment Rating - The report maintains a "Buy" rating for Leap Motor [2][6][10] Core Views - Leap Motor's mid-2025 performance is impressive, with significant revenue growth and a return to profitability for the first half of the year. The company is expected to benefit from new vehicle launches and accelerated overseas market expansion [2][10]. Financial Summary - Total revenue for 2023 is projected at 16,747 million RMB, increasing to 32,164 million RMB in 2024, and reaching 65,268 million RMB by 2025, reflecting a growth rate of 35%, 92%, and 103% respectively [4][13]. - Gross profit is expected to rise from 80 million RMB in 2023 to 2,694 million RMB in 2024, and further to 9,333 million RMB in 2025 [4][13]. - Net profit is forecasted to turn positive in 2025, with estimates of 1,267 million RMB, following losses of 4,216 million RMB in 2023 and 2,821 million RMB in 2024 [4][13]. Performance Highlights - In the first half of 2025, Leap Motor achieved a revenue of 24.25 billion RMB, a year-on-year increase of 174%, and a net profit of 30 million RMB, marking the first half-year profit for the company [10]. - The company delivered 222,000 vehicles in the first half of 2025, a 155.7% increase year-on-year, leading the sales among new energy vehicle brands in China [10]. - The gross margin for the first half of 2025 was 14.1%, up 13.0 percentage points year-on-year, indicating significant improvement in profitability [10]. Market Position and Strategy - Leap Motor ranked first among new energy vehicle brands in terms of export volume, with 20,375 units exported in the first half of 2025 [10]. - The company is accelerating its global product rollout, with the first batch of B10 models set to launch in Europe in September 2025 [10]. - Leap Motor plans to establish a localized manufacturing base in Europe by the end of 2026, enhancing its global supply chain [10].