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。 ...

12月29日，零跑科技创始人、董事长兼CEO朱江明在接受媒体采访时，再次表明2026年冲刺百万辆年 销，未来十年跻身年销400万辆的世界级车企行列的目标。从30万元级旗舰MPV的高端突围，到智驾技 术从"跟随"向"领跑"的跨越，再到渠道体系的升级，零跑正试图完成从"性价比代表"到"世界级车企"的 跃迁。 60万、100万和400万 在零跑汽车十周年之际，朱江明明确了品牌"向上"的清晰路径：2026年剑指100万辆年销，未来十年跻 身年销400万辆的世界级车企行列。 零跑销量目标植根于产品端的全面升级。作为冲击高端市场的核心力量，D系列全系基于零跑最新旗舰 D平台打造，首款科技豪华旗舰MPV-D99也在零跑十周年发布会上迎来全球首秀。新车定价将在30万元 级，提供增程与纯电双动力选择，增程版搭载80.3kWh大电池与800V高压平台；纯电版则配备115kWh 大电池与全栈1000V高压平台。 零跑科技高级副总裁曹力介绍，零跑始终坚持"成本定价"原则，即便向高端化迈进，也不会脱离用户对 高性价比的核心诉求。"D系列车型定位25万—30万元的价格区间，比以往零跑ABC系列车型的价格更 高，但其品质感和价值感可以与5 ...

年销最大的造车新势力，要 给电动车行业"祛魅" 出品丨虎嗅汽车组 作者丨李赓 头图丨视觉中国 2025年临近尾声，如虎嗅汽车之前总结，各家车企销量全年不达标情况今年尤甚，而全行业利润降至最 低。 行业高度承压之下，零跑，这家从10年前出发的造车新势力，能在今年取得如下成绩，确实令人高看一眼 —— 1. 1至11月累计交付量已达53.6万辆，单一品牌排名行业第五，仅次于比亚迪、吉利银河、五菱和特斯 拉等"大车企品牌"； 2. 单月交付量持续增长，除2月受春节影响外，其余月份均实现环比正增长。其中11月交付量攀升至 70327辆，1至11月累计增幅高达92%； 3. 各车型销量均衡，2025年绝大多数车型保持同比增长（除C01），呈现"齐头并进"态势； 4. 财务上，零跑2025年上半年实现了净利润刚好转正，三季度更是连续实现季度盈利，今年大幅增长的 销量必然会带来毛利润和净利润的进一步上涨。 更难能可贵的是，在销量大幅提升的同时，零跑几乎没有付出额外的"代价"：既没有像部分友商前几年"降 价换量"被吐槽背刺，也没有和任何一家友商直接公开对垒，甚至在营销的投入上也远不如其他友商，始终 保持一副"闷声发大财"的低调 ...

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 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 Viewpoint - The article discusses the contrasting financial performances of traditional car manufacturers and new energy vehicle brands in the recent half-year financial reports, highlighting the challenges faced by established companies and the successes of emerging brands like Li Auto, Xiaopeng, and Lantu [1][3]. Group 1: Financial Performance - Traditional global car manufacturers are experiencing significant profit declines due to challenges in the Chinese and American markets, with net profits dropping by over 100 billion [1]. - New energy vehicle brands are showing promising results, with Li Auto achieving quarterly profitability and Xiaopeng's gross margin soaring to 17.3% [1]. - Lantu, a relatively low-profile brand, is on the verge of profitability, with projected net losses of 1.472 billion and 18 million for 2023 and 2024, respectively [3][4]. Group 2: Lantu's Strategy - Lantu's operational efficiency is emphasized, with the company reportedly spending only a few billion since its inception while carefully managing production capacity and supply chain [4]. - The brand focuses on differentiating its models, with Lantu FREE+ dedicated to range-extended vehicles and Lantu Zhi Yin focusing on pure electric vehicles, allowing for concentrated resources [6][8]. - The use of common components across models is expected to reduce costs through economies of scale, which can lead to lower prices and increased sales [17]. Group 3: Product Features and User Feedback - Lantu Zhi Yin features a high-voltage platform with a range of 901 km and a competitive price of 236,900 yuan, showcasing its value proposition [20]. - The vehicle includes advanced features such as a sliding screen and high-quality audio systems, which enhance user experience [22][31]. - Lantu has partnered with Huawei to integrate advanced driving assistance systems and smart cockpit features, enhancing the vehicle's technological appeal [33][34]. Group 4: Market Position and Competition - Despite a strong launch with 3,000 pre-orders in one hour, Lantu Zhi Yin faces stiff competition in the 200,000 yuan electric SUV market from brands like Xiaomi and Tesla [40][42]. - The pricing strategy of Lantu Zhi Yin may need adjustment to differentiate it from similar models within its own lineup and to compete effectively in a crowded market [40][44]. - Lantu's upcoming listing on the Hong Kong stock exchange aims to accelerate investment in core technologies and enhance product competitiveness [45].