来源：中国汽车报网 近日，国内造车新势力陆续交出第三季度"成绩单"。 在新能源汽车市场竞争日趋激烈、技术迭代加速的背景下，头部新势力企业表现呈现显著分化：蔚来、 小鹏向盈亏平衡发起冲击，小米实现汽车业务首季盈利，零跑持续盈利，理想汽车则在向纯电转型的关 键期遭遇挑战，转向亏损。 | | | | 国内造车新势力第三季度财报一览 | | | | --- | --- | --- | --- | --- | --- | | 车企 | 营收 | 净利润 | 销量 | 综合毛利率 | 车辆毛利率 | | 小米(智能电动汽 车及AI等创新业务 分部) | 290亿元 | 7亿元(经营收益) | 10.9万辆 | | 25,50% | | 理想 | 274亿元 | -6.244亿元 | 9.3万辆 | 16.30% | 15.50% | | 蔚来 | 217.9 亿元 | -34.8 亿元 | 8.71万辆 | 13.90% | 14.70% | | 小鹏 | 203.8 亿元 | -3.8亿元 | 11.6 万辆 | 20.10% | 13.10% | | 零跑 | 194.5亿元 | 1.5亿元 | 17.4万辆 | 1 ...

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]

11月17日，零跑汽车（09863.HK）披露了2025年第三季度业绩报告。三季度，零跑实现营收194.5亿元，较2024年同期的98.6亿元同比增 长97.3%。同时，继2025年上半年首次实现半年度净利润转正之后，零跑在三季度实现单季度盈利1.5亿元，前三季度净利润1.8亿元。 无论从销量、营收还是利润来看，这都算得上是一张亮眼的成绩单。在2024年同期，零跑的净亏损为6.9亿元。零跑在财报中提到，同比 盈利增加主要由于整车销量的增加及单车收益能力的优化。 销量的增长是零跑的核心驱动力，这不仅带动营收同比大增97.3%、净利润达到1.5亿元，还直接推动毛利率提升至14.5%。作为对比，其 毛利率在2024年同期为8.1%，在2025年第二季度为13.6%。 零跑表示，业绩同比改善主要由于销量上升带来的规模效应、持续的成本管理、产品组合的优化，及其他业务的收入；环比改善主要由于 产品组合的优化，及持续的成本管理。 单季度销量超17万辆，提前完成年销50万辆目标 零跑汽车在财报中提到，收入增长主要得益于：整车及备件交付量的提升，带动整车相关服务收入同步增长。 2025年三季度，零跑在单季度交付新车173852 ...

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]

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]

产品方面，零跑Lafa5于9月8日在慕尼黑车展惊艳亮相，正式揭开了Lafa系列的全新篇章。该系列 以"Lifestyle(关乎生活方式)、Attitude(彰显个性态度)、Freedom(实现自由掌控)、Art(契合潮流审美)"为 核心价值，为都市青年群体打造高颜值运动出行方式。作为Lafa系列的首款车型，Lafa5定位为高颜值 运动轿跑，基于LEAP3.5技术架构打造，集超高颜值、欧式驾控、旗舰智能、越级品质于一身，已于11 月7日预售发布，将于11月27日在国内正式上市，并于2026年第二季度推向全球市场。 销售渠道方面，公司销售服务网络已覆盖292个城市，较去年同期增加88城，共布局866家销售门店(含 367家零跑中心和499家体验中心)及493家服务门店。 公告称，收入增长主要由于整车及备件交付量的提升，带动整车相关服务收入同步增长。盈利增加主要 由于整车销量的增加及单车收益能力的优化。 此外，期内公司的汽车总交付量为17.39万台;10月，公司交付量再次突破新高，达7.03万台，连续8个月 位居中国新势力品牌销量榜首，也是唯一一家月交付量超7万台的中国新势力品牌公司。C10上市18个 月累计销量突 ...

张翔表示，欧拉5选择在11月份开启预售，并计划于第四季度正式上市，同样显示出车企对政策窗口的 高度重视。 除了上述两款车型外，还有广汽丰田铂智3X，零跑C10均搭载激光雷达，且售价均在15万元以下。 胡麒牧表示，政策环境的不确定性，要求车企在产品规划、产能布局和市场营销等方面具备更强的应变 能力。同时，政策逐步退出也将倒逼企业提升核心竞争力，减少对补贴的依赖。 曾几何时，激光雷达作为高端智能驾驶的标志性配置，仅出现在25万元以上的车型中。这一局面在2024 年被彻底打破。随着供应链成本的下降和市场竞争的白热化，激光雷达正以前所未有的速度向主流价位 段渗透。 "激光雷达能够快速下探至主流价位区间，背后是新能源汽车产业链整体成本的优化。"黄河科技学院客 座教授张翔在接受《证券日报》记者采访时表示，电池级碳酸锂价格的下降直接带动了纯电车型成本的 显著降低。与此同时，国内企业在核心零部件领域的布局日益完善，进一步扩大了这一成本优势。 11月上旬，两款搭载激光雷达的新能源汽车相继登场，将这一高端智能驾驶配置的价格门槛进一步拉 低。11月12日晚间，长城汽车（601633）欧拉5开启预售，价格区间为10.98万元至14. ...

Core Insights - Overall sales in October showed positive trends, with some brands achieving historic breakthroughs while others faced growth bottlenecks [1] - Leap Motor's sales stood out with approximately 70,200 units delivered, marking an 84% year-on-year increase, and it was the first time the company surpassed 70,000 monthly sales [1][2] - Traditional automakers also demonstrated steady performance in the new energy vehicle sector, with BYD selling over 440,000 units in October and a cumulative total of over 3.7 million units from January to October [1] Group 1: Company Performance - Leap Motor's success is attributed to the strong performance of its C11 and C10 models, which account for 70% of deliveries in the 150,000 to 200,000 yuan price range [2] - Xpeng and NIO maintained stable sales around 40,000 units, with NIO achieving a 92.6% year-on-year growth and surpassing 40,000 monthly sales for the first time [1][2] - Li Auto faced challenges with a significant decline in sales, delivering only about 31,700 units in October, a nearly 40% year-on-year drop [1][3] Group 2: Market Trends - The market for range-extended vehicles has shifted from a "blue ocean" to a "red ocean," with a notable decline in sales growth for these vehicles [3] - The cancellation of free green plates for range-extended vehicles in major cities has impacted demand, indicating a clear market turning point [3] - The multi-brand strategy has become a mainstream trend in the new energy vehicle market, allowing leading brands to capture various market segments while reducing R&D costs through technology sharing [6] Group 3: Future Outlook - Li Auto is focusing on upgrading its range-extended vehicles to compete in the pure electric market, aiming to create a popular model for family users [4] - The introduction of the i6 model at a competitive price point of 249,800 yuan aims to fill the gap in the family-oriented pure electric SUV market [5] - Brands like NIO and BYD are leveraging their sub-brands to enhance user engagement and brand loyalty, with NIO's sub-brand Lada achieving significant sales growth [5][6]

Core Viewpoint - The article highlights the stable performance of the new energy vehicle market in October 2025, with significant growth in delivery volumes for several key players, indicating a strong demand and increasing market penetration of new energy vehicles [2][3]. Group 1: Market Overview - In October 2025, the retail market for narrow passenger vehicles is estimated at approximately 2.2 million units, a year-on-year decrease of 2.6% and a month-on-month decrease of 2.0%. The new energy vehicle retail volume is expected to reach 1.32 million units, with a penetration rate of around 60.0% [3]. - The combined delivery of six new energy vehicle companies (excluding Xiaomi) reached 232,903 units in October, representing a year-on-year increase of 16.7% and a month-on-month increase of 3.8% [3]. Group 2: Company Performance - **Leap Motor**: Delivered 70,289 units in October, a year-on-year increase of 84.1% and a month-on-month increase of 5.4%. The growth is attributed to strong sales of models C10 and B01, with the C10 accounting for 23.4% of total deliveries [4]. - **Xpeng Motors**: Delivered 42,013 units in October, a year-on-year increase of 75.7% and a month-on-month increase of 1.0%. The MONA M03 model contributed significantly to the sales [5]. - **NIO**: Delivered 40,397 units in October, a year-on-year increase of 92.6% and a month-on-month increase of 16.3%. The delivery of the ET5T and ES6 models played a key role in this growth [6]. - **Li Auto**: Delivered 31,767 units in October, a year-on-year decrease of 38.2% and a month-on-month decrease of 6.4%. The company is expected to recover as new electric models are introduced [6]. - **Aion**: Delivered 27,014 units in October, a year-on-year decrease of 32.6% and a month-on-month decrease of 7.2% [6]. - **Zeekr**: Delivered 21,423 units in October, a year-on-year decrease of 14.5% but a month-on-month increase of 17.3% [6]. Group 3: Technological Advancements - The article discusses the acceleration of end-to-end technology applications in intelligent driving, with a focus on achieving equality in smart driving capabilities. Companies like Xpeng and those associated with Huawei are leading the charge in this area [8]. - The article predicts that advancements in intelligent driving technology will lower hardware barriers and expand applications in the mainstream market, particularly for vehicles priced under 200,000 yuan [8]. Group 4: Investment Recommendations - The article recommends focusing on companies with strong intelligent driving capabilities and those that are well-positioned in the new energy vehicle market, including Geely, Xpeng, Li Auto, BYD, and Xiaomi [9][10].