零跑的销量密码：死磕性价比 事实上，零跑汽车能有如今的发展态势，与创始人的背景有着密不可分的联系。 在当前存活的几家新势力车企中，其创始人都是曾有过成功创业经历的人，这或许是几家企业能够立足的 重要原因。这些成功创业者凭借过往的经验，深谙创业之道；而那些未能存活的新势力，大多是因为创始 人缺乏创业经验，或是未能打通与资本市场的连接。那么这几家存活的新势力企业中，零跑又为何能表现 突出呢？ 电车人产业平台创始人马前程分析，零跑的崛起轨迹与理想有着相似之处，仿佛是同一商业逻辑下的轮 回，只是二者聚焦的市场不同。它们的共同之处在于坚守清晰且专注的战略，始终聚焦单一市场深耕，而 非朝三暮四地拓展业务。 具体来看，理想精准锁定40万元级家用豪华SUV市场，推出的车型均围绕这一市场需求打造，不涉足其他 领域；零跑则聚焦入门级市场，瞄准年轻人及年轻家庭的第一辆车，以较低成本、时尚外观和丰富配置为 卖点。这种聚焦策略让它们能够集中资源打透市场，这是其取得阶段性成功的关键原因。 不过，两者选择的市场特性决定了不同的发展天花板与盈利难度。理想所处的市场虽能较快实现盈利，但 规模有限，当销量达到4万多辆后便难以突破，甚至出现下滑趋 ...

8月18日，零跑汽车旗下全球战略车型零跑C10迎来里程碑时刻--上市仅16个月，累计交付量突破15万 台，刷新零跑品牌在售车型达成此规模的最快纪录。 销量与口碑双赢的背后，是零跑C10颠覆同级的硬核产品实力。今年5月，2026款C10焕新上市，作为零 跑LEAP3.5技术架构下的诚意之作，新车以"全球年轻人更理想的家"为理念，实现了四大核心进阶。零 跑C10凭借"605km超长续航﹢全域800V高压快充"解决里程焦虑，充电16分钟即可补能307km续航；与 中欧顶级底盘团队联合调校，带来兼顾激情与舒适的驾控体验；在智能层面更是树立了标杆，拥有高通 骁龙8295P旗舰座舱﹢激光雷达端到端辅助驾驶，打造沉浸式交互体验与优秀的辅助驾驶方案，加之中 欧澳三大五星安全认证及越级空间实用性，2026款C10以全面越级的产品价值，精准满足了年轻家庭对 续航、驾控、智能、安全等方面的复合需求。 作为品牌全球化先锋，零跑C10自2023年慕尼黑车展首秀以来，便开启"生而全球"的征程。2024年3月， 零跑C10国内正式上市并启动交付；同年9月，登陆欧洲13国；2024年底，C10开启马来西亚、泰国市场 销售；2025年1月，增 ...

记者丨焦文娟 编辑丨吴晓宇 视频编辑丨许婷婷 王学权 "华为系最便宜"新车正式官宣！ 成都车展前夕，上汽与华为鸿蒙智行合作的首款车型——尚界H5亮相。 在8月26日智界及问界秋季新品发布会上，尚界H5开启预售，预售价16.98万元起，将于 9 月 23 日在深圳正式发布上市，并将在国庆期间开始交付。 据官方消息，尚界H5 上市1小时，小 订已突破25000台 。 搭载华为A D S 4的最便宜车型 问题在于，华为的智能化技术成本居高不下。余 承东坦言，华为的智能化技术成本非常高， 将车型做到20万级的价格都容易亏损，做到20万元以下则意味着更大的挑战。 在这一进程中，上汽的制造与产业链整合能力正为其铺平通往主流市场的道路。"上汽垂直一 体化产业整合能力将带鸿蒙智行更快地进入主流市场。"上汽集团总裁贾健旭曾在2025未来汽 车先行者大会公开表示。 尚界H5可以视作这一战略的落地：华为提供智能技术和品牌赋能，上汽则贡献规模制造与供 应链管理能力，共同打造一款价格可能下探至20万元以内、却仍搭载高阶智能驾驶系统的新 车型。余承东透露，尚界H5搭载的XMOTION数字底盘引擎，则融入了上汽70年的底盘开发 经验。 这 ...

Group 1 - Manus AI's Revenue Run Rate (RRR) has reached $90 million, with expectations to exceed $100 million soon [1] - Manus is collaborating with Stripe to enable payments within their Agent platform, aiming to create a seamless "research-decision-order/settlement" process [1] Group 2 - Haier Biomedical signed a strategic cooperation agreement with RAM Medical Group in Thailand, focusing on pharmacy automation and smart healthcare [2] - This partnership marks a significant step in Haier's "one country, one policy" overseas strategy in Southeast Asia, targeting a market of 670 million people [2] Group 3 - Lenovo Group is establishing a regional headquarters in Riyadh, Saudi Arabia, as part of its strategic cooperation with the Public Investment Fund [2] - This move supports Saudi Arabia's Vision 2030 and aims to enhance Lenovo's local leadership and operational capabilities [2] Group 4 - Rokid Glasses, an AI+AR product, has received 300,000 global orders and launched its overseas version in Hong Kong [3] - This launch is a key milestone in Rokid's global expansion strategy [3] Group 5 - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into Brazil in the coming months [4] Group 6 - Leap Motor has exported 24,980 vehicles in the first seven months of 2025, leading the new energy vehicle export rankings in China [5] - The company is accelerating its global expansion, with a new ship designed for car transport set to deliver over 2,500 vehicles to Europe [5] Group 7 - Zhaowei Electromechanical plans to invest $10 million in a new production base in Thailand, enhancing its international market presence [7] Group 8 - XGIMI's first projector from its Vietnam factory has officially rolled off the production line, with an investment of $14 million and an annual capacity of 1 million units [8] - The factory is a crucial part of XGIMI's global supply chain and is expected to drive significant growth in overseas revenue [8] Group 9 - Great Wall Motors' factory in Brazil has been completed and is set to produce 50,000 vehicles annually, focusing on smart and electric models [9] - This factory represents a comprehensive strategic layout for Great Wall Motors in the Brazilian market [9] Group 10 - China Zhongwei New Materials has established a joint venture with Germany's Revomet, acquiring a 25% stake in Revomet Bitterfeld GmbH [10] - This partnership is part of Zhongwei's broader global expansion strategy [10] Group 11 - Ganfeng Lithium is collaborating with Lithium Argentina AG to develop three lithium salt lake projects in Argentina, with a planned annual capacity of 150,000 tons of lithium products [11][12] - Ganfeng International will provide up to $130 million in financial support for this project [12] Group 12 - Temasek led a strategic financing round for TOP TOY, a潮玩 brand under Miniso, achieving a post-investment valuation of approximately HKD 10 billion [13] - TOP TOY generated revenue of 400 million yuan in Q2, with a total of 293 stores [13]

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 ...

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].

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].

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].

Core Insights - Leap Motor has achieved its first half-year profit, marking a significant milestone in its ten-year history [2] - The company has raised its annual sales target to between 580,000 and 650,000 units, reflecting strong market performance and sales growth [3][4] Financial Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of the year, a year-on-year increase of 174%, with electric vehicle sales contributing 23.1 billion yuan, accounting for 95.26% of total revenue [3] - The gross margin for the first half reached 14.1%, a 13 percentage point increase year-on-year, with a net profit of 30 million yuan, reversing a net loss of 2.21 billion yuan in the same period last year [6] - Operating losses narrowed to 88.63 million yuan from 2.395 billion yuan year-on-year, despite increased spending on sales, administration, and R&D [6] Sales and Delivery - Leap Motor delivered 221,700 vehicles in the first half, surpassing Li Auto to become the top new energy vehicle brand in China [3] - The introduction of new models, including the compact SUV Leap B10, has driven sales growth, with the B10 alone accounting for approximately 12.6% of total sales [3][4] Product Strategy - The company plans to expand its product lineup, with new models like the Leap C11 and B01 already launched, and the B05 set to debut at the Munich Auto Show [4] - Leap Motor's strategy includes a focus on high-value features at competitive prices, with over 70% of B10 models equipped with advanced features like laser radar [3] International Expansion - Leap Motor exported 25,000 vehicles in the first half, leading among new energy vehicle brands in exports, and aims to establish a local production base in Europe by the end of 2026 [8][9] - The company has set an overseas sales target of 50,000 to 80,000 units for this year, with a long-term goal of selling one million vehicles annually by 2026 [9]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company, with a target price of HK$88.27, reflecting a potential upside from the current price of HK$68.15 [2][18]. Core Insights - The company achieved a significant turnaround in the first half of 2025, reporting a revenue of Rmb24.25 billion, a 147% year-on-year increase, and a record gross margin of 14.1% [3][13]. - The management has raised its full-year sales guidance for 2025 from 500-600k units to 580-650k units, with a target of reaching 1 million units by 2026 [4][14]. - The company is focusing on rapid expansion in international markets, having established over 600 overseas sales and service outlets, with plans for local assembly in Malaysia and a manufacturing base in Europe [4][15]. Financial Performance - The company reported an adjusted net profit of Rmb330 million in the first half of 2025, marking its first-ever half-year profitability compared to a loss of Rmb2.02 billion in the same period last year [3][13]. - Revenue forecasts for 2025-2027 have been updated to Rmb65.9 billion, Rmb98.5 billion, and Rmb131.8 billion, reflecting increases of 3%, 18%, and 25% respectively [6][17]. - The projected earnings per share (EPS) for 2025-2027 are Rmb0.53, Rmb3.07, and Rmb5.78, indicating a strong growth trajectory [6][17]. Product Development - The upcoming D-series flagship models, including the D16 SUV, are expected to launch in October 2025, targeting the Rmb200k-300k market segment with advanced technology [5][16]. - The company emphasizes a cost-performance strategy, aiming to provide premium features at lower costs, which is expected to enhance its competitive edge in the market [5][16].