受益于战略合作，公司2025Q1 毛利率超预期。2025Q1，零跑汽车实现100.2 亿元，同比增长187.1%， 主要系1）Q1 销量同比增长162%至87552 辆，2）产品组合优化，单车收入同比增长4.9%。Q1 毛利率 实现14.9%，超出预期，同比从-1.4%扭亏，环比提升1.6pct，主要是受益于1）销量同比提升带来的规模 效应，2）成本管控，3）产品结构优化，4）战略合作等。细分来看，公司Q1 汽车毛利率环比略有下 降，这表明来自战略合作的业务毛利率较高。营业费用环比有所减少，归母净亏损为-1.3 亿元，归母净 亏损率录得1.3%。展望Q2，公司预计销量有望实现13-14 万、毛利率环比有所回落、Q2 净利润盈亏平 衡。展望2025 年全年，公司预计全年销量50-60 万、毛利率10%-12%、全年净利润盈亏平衡。 Q1 销量强势，B 系列新车发布、C 系列改款升级，有望推动销量持续增长。零跑Q1销量87552 辆，同 比增长162%，其中C 系列占比提升5.7pct 至77.5%。1）车型方面，公司仍处于强势的产品周期。基于 全新LEAP 3.5 架构的B 平台首款车型B10 于4月10 日上 ...

Core Viewpoint - Leap Motor has reported its best-ever first-quarter performance, with significant growth in sales and revenue, indicating strong market demand and effective operational strategies [2][4]. Financial Performance - In Q1 2025, Leap Motor achieved a sales volume of 87,600 units, representing a year-on-year increase of 162% [4]. - Revenue for the same period exceeded 10 billion RMB, reaching 10.02 billion RMB, a year-on-year growth of 187.1% [2][4]. - The gross margin reached a historical high of 14.9%, compared to -1.4% in Q1 2024 and 13.3% in Q4 2024, reflecting improvements in scale effects, cost management, and product mix optimization [4][5]. Market Expansion - Leap Motor has expanded its presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America, with over 550 sales and service outlets [2][7]. - The company aims to accelerate its global expansion, with plans to introduce three new models (B10, B01, B05) in 2025 to cater to diverse global customer needs [3][7]. Product Performance - The C series has been a standout performer, accounting for 77.5% of total sales in Q1 2025, with 67,800 units delivered [5]. - The B10 model, launched in April 2025, has already seen over 10,000 units delivered by the announcement date [5]. Strategic Partnerships and Production - Leap Motor is collaborating with Stellantis Group to localize production in Malaysia, with plans to start producing the C10 model by the end of 2025 and to establish manufacturing in Europe by 2026 [7][8]. - The company is focusing on maintaining a balance between market penetration and profitability, with an emphasis on long-term growth rather than immediate high profits [8]. Sales and Distribution Strategy - The company aims to exceed 1,000 sales outlets by the end of 2025, having nearly 800 currently, and is implementing a pixel model and online systems to enhance sales capabilities [9]. - Leap Motor prioritizes dealer profitability in its channel management strategy, ensuring a competitive edge in the industry [9].

零跑汽车创始人、董事长兼CEO 朱江明 在这个每一天都可能有新车上市的2025，中国汽车行业步入了极限内卷的新常态。 2025上海车展，超千家企业参展、超过百款新车集中亮相，汽车行业的"热闹"似乎远未退潮。 零跑汽车创始人、董事长兼CEO 朱江明在接受媒体群访时透露，今年市场预计将迎来 600 至 700 款车 型上市。若将年度改款车型纳入统计，该数据或达此规模；而严格意义上的全新车型，实际上经统计约 为 120 款。 在朱江明看来，行业已经步入深度红海竞争，绝对是残酷的，价格战必然不可避免。当前汽车行业竞争 格局中，新势力车企、传统中国车企与海外车企构成三大主要竞争阵营，未来三年对每一家车企而言， 其销量表现都至关重要。 可以说，市场格局最终明朗尚还需要经过三年左右的时间。在此关键窗口期内，各大车企开始疯狂向市 场推出新产品，目的只有一个就是为了抢占更多市场份额，让自己活下来。 朱江明坦言，去年对今年市场的一些预估和策略都有调整，但零跑整个B系列车型的定价策略没有变 过。面对激烈的市场竞争，零跑做好了充分的准备，有信心完成今年的销量目标。 走量车型打开新增量，冲刺年销50万辆 零跑在2024年全年销量达到2 ...