不过，别看销量往上冲，零跑汽车背后的危机可不少，尤其是财务这一块，真让人捏把汗。 2025年9月，零跑汽车和它旗下的凌跑汽车商贸有限公司，双双被列为"失信被执行人"。说白了，就是法院判他们还钱，但他们完全没还。更离谱的是， 早在今年6月，他们就因为同一个案件被强制执行过。可奇怪的是，零跑明明不差钱，2025年上半年手里还握着近296亿元的现金，怎么就偏偏拖着三百多 万元的债务不肯还呢？这操作实在让人看不懂。 新能源汽车市场的竞争，从未像今天这样残酷。价格战席卷行业，技术迭代加速，资本热情降温，一批批曾经风光无限的新势力车企在洗牌中黯然退场。 然而，就在这片红海之中，一家曾经被质疑"掉队"的企业零跑汽车再次杀出重围。 2025年第三季度，零跑汽车实现净利润1.5亿元人民币，一举扭转了去年同期及此前多个季度的亏损局面。这份成绩单的背后，是公司销量翻倍增长与毛 利率显著提升的共同作用。财报显示，2025年上半年，零跑交付新车221664台，位居中国新势力品牌销量榜首，较2024年同期交付量增长155.7%，自今 年3月起已连续四个月销量呈现稳定增长态势。 然而，盈利的"喜报"并不能掩盖生存的焦虑。在比亚迪、特斯拉两 ...

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]

本报讯 （记者刘钊）11月17日，浙江零跑科技股份有限公司（以下简称"零跑汽车"）发布2025年第三季度财报。2025年第 三季度，零跑汽车净利润持续为正，为1.5亿元，已连续实现季度盈利；交付新车173852台，位居中国新势力品牌销量榜首，较 2024年同期交付量增长101.8%；实现营业收入194.5亿元，较2024年同期增长97.3%；毛利率为14.5%，同比大幅提升；同时， 零跑汽车在手资金充裕达339.2亿元，并保持正向经营现金流与自由现金流。 自今年3月份以来，零跑汽车已连续8个月稳居中国新势力月销冠军，从9月份首次突破6万台，再到10月份继续冲破7万 台，接连刷新中国新势力月销纪录。零跑汽车于11月15日提前完成2025年50万台销量目标；2026年将冲刺百万台销量新目标。 ABCD四大系列布局落定以完善产品矩阵 彰显体系化竞争力 三季度以来，零跑汽车迎来前所未有的产品密集发布期，连续推出多款重磅新车以满足全域用户多元化需求。其中：零跑 C11自2021年上市以来累计销量约30万台，成为SUV市场现象级产品。7月10日，零跑C11焕新上市，10月单月销量突破1.1万 台。 零跑B01定位为高质量 ...

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]

Core Insights - The penetration rate of new energy vehicles (NEVs) in China surpassed 50% for the first time in October 2025, marking a significant shift towards electric vehicles as the dominant market force [1] - In October, the production and sales of NEVs reached 1.772 million and 1.715 million units respectively, with year-on-year growth exceeding 20%, setting new historical records for the month [1] - Cumulative sales for the first ten months of the year approached 13 million units, indicating a sustained increase in market enthusiasm for NEVs [1] Market Dynamics - The price range of 200,000 to 220,000 yuan has emerged as a critical threshold for consumers when choosing between new and used vehicles, as it encompasses both mainstream new energy vehicles and high-end used models [1] - Used cars in this price range offer advantages in terms of intelligent features, vehicle size, and driving experience compared to new cars [1] Competitive Landscape - The top-selling new models in the 200,000 to 220,000 yuan range for October included the Fangchengbao Titanium 7, Xiaomi SU7, and Leap Motor C11, all of which have high-value alternatives in the used car market [1] - For instance, the 2023 model of Li Auto L7 Pro offers superior range and comfort compared to its new counterparts, while the BMW 5 Series New Energy 535Le, originally priced around 500,000 yuan, is available for approximately 230,000 yuan in the used market [1] Consumer Behavior - The trend towards purchasing used NEVs is increasingly viewed as a smart and pragmatic choice rather than a compromise, as the technology stabilizes and the depreciation rates of used vehicles decline [2] - Consumers are encouraged to focus on thorough research and verification when selecting used NEVs, emphasizing the importance of asking questions, inspecting details, and ensuring guarantees [3][5] Recommendations for Purchasing Used NEVs - Utilize reputable platforms like Guazi Second-hand Cars for better pricing and direct sourcing [5] - Engage with AI tools to clarify needs and compare options before purchase [5] - Conduct detailed inspections of vehicle conditions through video checks and ensure comprehensive support during the pickup process [5] - Pay special attention to battery health and consider warranties that provide dual protection [5]

Sales Performance - The sales of the H5 model have improved significantly, with current sales reaching over 40 units, largely driven by the launch of the Xiangjie S9T and Shangjie H5 models, with the Shangjie H5 accounting for 40% of total sales [1][2]. Customer Demographics - The typical customer profile for the H5 model is predominantly aged between 35-55 years, contrary to the manufacturer's data suggesting a younger demographic of 25-35 years [4][5]. - Recently, there has been an increase in customers aged 45-55, with diverse professions represented among buyers [5]. Purchase Motivations - Customers are primarily motivated to purchase the Shangjie H5 for two reasons: the backing of the Huawei brand and the competitive pricing within the Hongmeng Intelligent Driving series [9]. - The most popular configurations sold are the range-extended versions, specifically the Pro and Max models, priced at ¥159,800 and ¥179,800 respectively [2][16]. Competitive Landscape - The H5 model is frequently compared with various competitors, including BYD's Hai Si 06, Song series, Leap Motor C11 and C16, and Deep Blue S07, indicating a broad competitive field [12]. - Reasons for choosing competitors like Leap Motor include longer range for range-extended versions and flexible seating options [12][13]. Customer Feedback - Common complaints from customers include the driving quality of the chassis not meeting expectations, insufficient electric range for the range-extended version, and a desire for more visible branding from Huawei [19]. - The first maintenance for the range-extended version is required every 6 months or 5,000 kilometers, with regular maintenance costs around ¥500 [21]. Financial Options - The most common financing option is a 5-year low-interest plan, with a cash discount of ¥3,000 available at the dealership [11][17]. - The financial breakdown for the H5 Max model includes a loan amount of ¥150,000, with monthly payments around ¥2,811 [17]. Customer Incentives - There is a current promotion offering a ¥5,000 subsidy for trade-ins or additional purchases within the Hongmeng Intelligent Driving brand [26].

Core Viewpoint - The article discusses the potential acquisition of Leap Motor by China FAW Group through a directed share issuance, which has been denied by Leap Motor's official statement, indicating ongoing speculation and uncertainty in the market regarding this acquisition [2][4]. Group 1: Acquisition Speculation - China FAW Group is reportedly planning to acquire shares in Leap Motor, aiming to become its largest shareholder, with the announcement expected on November 17 [2]. - Previous reports indicated that China FAW was considering acquiring approximately 10% of Leap Motor's shares, which was also denied by both parties involved [4]. Group 2: Strategic Cooperation - In March, China FAW and Leap Motor signed a strategic cooperation memorandum to enhance technological integration and resource pooling, focusing on joint development of new energy vehicles and components [6]. - The memorandum emphasizes two main areas: leveraging each other's R&D strengths and exploring the feasibility of deeper capital cooperation [6]. Group 3: Leap Motor's Financial Performance - Leap Motor has shown significant growth, achieving a revenue of 24.25 billion RMB in the first half of 2025, a 174.1% increase year-on-year, and marking its first half-year profit with a net profit of 0.03 billion RMB [7][8]. - The company delivered 221,700 vehicles in the first half of 2025, a 155.68% increase compared to the previous year, and aims to sell 500,000 to 600,000 vehicles by the end of the year [7]. Group 4: Market Position - Leap Motor has become the second new energy vehicle manufacturer to achieve profitability, attributed to its competitive pricing and technological advantages [7]. - The company has recorded a cumulative sales figure of 465,800 vehicles in the first ten months of the year, reflecting a year-on-year growth of 120.72% [8].

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]