以下文章来源于远川汽车评论 ，作者母智婕 从瓦伦西亚的街头构想到如今的百万整车下线，零跑用十年时间完成了一场制造业的硬核跋涉，成为中国第二家跨入"百万俱乐部"的新势力。而从第50万台到第 100万台，零跑仅用343天，再创行业记录。 零跑百万台下线 远川汽车评论 . 不止是汽车 多年以后的今天，当朱江明站在零跑第100万辆整车下线仪式现场时，他或许会想起2015年在西班牙瓦伦西亚街头的那个夏天。 十年前，身为大华股份CTO的朱江明在西班牙度假，一辆雷诺Twizy电动车吸引了这位理工男的目光，从那之后，造车的种子便在心中埋下，当年年底，零跑汽车 正式注册成立，那年，他已经48岁。 回望来路，质疑和挑战从未缺席。资质门槛、融资寒冬、技术壁垒、交付压力以及愈演愈烈的行业内卷如影随形。 两年前，恐怕朱江明自己也不会想到，在高手如林和血海搏杀的中国，零跑会成为新势力销量的带头大哥，月销量在半年内从3万辆跃升至6.6万辆，断层领先其他 新势力。 这不仅是零跑单月交付量的首次跨越式突破，更一举刷新了造车新势力诞生以来的单月交付历史纪录。 若将视野从新能源阵营拉至整个汽车市场，这份成绩更具分量：2025年9月，零跑6.6万台 ...

这场中国新势力史上最快的"加速度"背后，是一家低调的黑马企业走出的新路径。发源于杭州的零跑，正在通过快速的规模化，形成自己的盈 利密码。 规模与盈利的双重突破 零跑汽车正式跻身"百万辆俱乐部"，完成从50万辆到100万辆的跨越仅用时343天，呈现典型的"加速成长曲线"。这一速度远高于行业平均水 平，标志着其已从早期的技术积淀与体系构建期，全面进入体系效能规模化释放的新阶段。 2025年9月25日，零跑汽车迎来发展史上的里程碑时刻——第100万台整车正式下线。这意味着，零跑成为中国第二家跻身"百万俱乐部" 的新势 力造车企业。 更值得关注的是其突破纪录的速度：从2024年10月17日的第50万台到2025年9月25日的第100万台，零跑仅用时343天。而在刚刚过去的9月，零 跑单月交付达66657辆，连续7个月稳坐新势力销冠宝座。 从首款车型S01下线至第50万辆，零跑用了五年时间，完成了自研技术平台与核心供应链的搭建；而第二个50万辆的快速达成，则清晰反映出 其在研发、制造、渠道与品牌多维度协同效率的提升，规模效应开始显现。 零跑汽车创始人、董事长朱江明在百万辆下线仪式上表示："第一个50万辆用了五年，第二个 ...

要说近期倒霉的车企，零跑肯定算一个。 9 月 25 日，零跑前脚刚在各大媒体投放"整车下线 100 万台"的重大好消息，当天就爆出创始人朱江明成了"老赖"。 因为子公司的合同纠纷，作为母公司的零跑被法院以"有履行能力而拒不履行生效法律文书确定义务"为由，列入"失信被执行人名单"，这时作为老板的朱 江明，自然成了被限制高消费的"老赖"。 在短短的两天之后，零跑就迅速解决了合同纠纷，朱江明也从"老赖"恢复自由身，但这"一边庆功、一边老赖"的强烈反差，不仅带来了戏剧效果，也让大 家更多地关注到这位新势力"静悄悄"的销量王者背后的"难言之隐"。 零跑的王者之路，远没有大家想的那么简单。 草根之王的逆袭 从今年 3 月开始，零跑的销量就按不住了。 3月，零跑交付37095 台车，首次拿下新势力单月销冠；4 月首次踏入月交付 40000 台大关、7 月首次破 5 万、9 月预计破 6 万… 这7 个月零跑合计交付约 33.8 万辆，将销量指引从50万-60万辆提升至58万-65万辆，并连续 7 个月稳居新势力月销榜首，形成"量价利"三升局面：销量飙 涨、毛利率创新高（14.1%）、半年度扭亏为盈。 | | | 2025年 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [4][16]. Core Insights - The report highlights the strong performance of Tianzhun Technology, Fuyao Glass, and Xingyu Co., emphasizing their competitive advantages and growth potential in the automotive sector [3][4][6][7]. - Tianzhun Technology is expected to benefit significantly from the release of NVIDIA's Orin chip, enhancing its position in the Jetson platform and leading to a potential valuation increase [3][5]. - Fuyao Glass has revised its annual profit guidance upwards, projecting a profit of 10 billion yuan for 2025, supported by a 17% year-on-year revenue growth in the first half of 2025 [4][6]. - Xingyu Co. reported a 28.3% year-on-year revenue increase in Q1 2025, with expectations for continued strong performance in subsequent quarters [4][7]. - Top Group is anticipated to rebound due to expected improvements in Tesla's performance and the upcoming launch of its third-generation humanoid robot [4][9]. - Leap Motor has shown significant improvement, achieving profitability in the first half of 2025, with a focus on high-margin products and strategic partnerships [4][10]. Summary by Company Tianzhun Technology - Anticipated to gain a competitive edge with the release of NVIDIA's Orin chip, enhancing its capabilities in the Jetson platform [3][5]. - The report suggests a clear trend of computational power inflation, with expectations of reaching hundreds of TeraFLOPS [5]. Fuyao Glass - Achieved a revenue of 21.447 billion yuan in H1 2025, a 17% increase year-on-year, with a projected profit of 10 billion yuan for the full year [4][6]. - The growth is attributed to increased market share and the rising demand for high-value glass applications in the automotive sector [6]. Xingyu Co. - Reported a revenue of 3.09 billion yuan in Q1 2025, marking a 28.3% increase year-on-year, with strong performance expected to continue [4][7]. - The company is well-positioned in the global market, benefiting from competitors' struggles [7]. Top Group - Experienced a significant stock price drop due to underperformance from Tesla, but is expected to recover with upcoming product launches [4][9]. - The anticipated release of Tesla's third-generation humanoid robot is seen as a major catalyst for growth [9]. Leap Motor - Achieved profitability in H1 2025, with a focus on high-end product lines and strategic partnerships contributing to revenue growth [4][10]. - The D series is expected to differentiate itself in the market, leading to increased sales and profitability [10].

Core Insights - Leap Motor has emerged as a significant player in the electric vehicle market, achieving remarkable sales milestones and becoming the only new energy vehicle brand to deliver over 50,000 units monthly since 2025 [1][5] - The company aims to reach an annual sales target of 1 million vehicles to ensure sustainable growth, although it has only achieved a modest profit of 0.33 million yuan [1][6] - The upcoming D series is crucial for Leap Motor's future, as it seeks to penetrate the high-end market, which presents unique challenges compared to its current offerings [2][11] Sales Performance - Leap Motor has topped the sales charts for five consecutive months, with a cumulative delivery of 900,000 vehicles as of August 21 [1][5] - The C16 model has been pivotal in driving sales, priced below 200,000 yuan, making it highly competitive in the market [2][10] - The C series models account for over 70% of total sales, indicating strong consumer demand in the mid-range segment [11] Market Strategy - The company employs a "rural encirclement of cities" strategy, which has contributed to its sales success [2] - Leap Motor's sales network has expanded to 806 sales outlets and 461 service centers across 286 cities, with a significant increase in store efficiency [7][8] - The company focuses on cost control and efficiency, achieving a gross margin of 8.4% for the year, with plans to improve profitability through scale [6][8] Product Development - Leap Motor emphasizes in-house development, with 65% of core components self-manufactured, leading to a 40% reduction in R&D costs compared to outsourcing [8][13] - The company plans to launch the D series, targeting the 300,000 yuan price range, which will require significant advancements in technology and brand positioning [11][12] - Leap Motor's R&D investment from 2019 to 2024 totals 7.07 billion yuan, which is significantly lower than competitors like NIO and Li Auto [13][14] Challenges Ahead - Leap Motor faces challenges in enhancing its intelligent driving capabilities, lagging behind competitors by 6-12 months in development [12][15] - Consumer complaints regarding vehicle quality remain a concern, with 3,619 complaints recorded, indicating potential issues with customer satisfaction [10] - The transition to the high-end market will require more than just competitive pricing; it will necessitate improvements in product design and brand perception [15]

Core Insights - Leapmotor has reported its strongest half-year results to date, with revenue reaching 24.25 billion yuan, a 174% increase compared to the same period in 2024, marking nearly a twofold growth [1] - The company achieved its first half-year net profit, becoming the second Chinese new energy vehicle manufacturer to do so after Li Auto [1] - Leapmotor's gross margin reached a record high of 14.1%, up from 1.1% in the previous year, an increase of 13 percentage points [1] Sales Performance - In the first half of 2025, Leapmotor delivered 221,664 vehicles, leading the sales among Chinese new energy brands, a 155.7% increase year-on-year [2] - The company achieved a monthly sales record of over 50,000 units in July, maintaining the top position in monthly sales for five consecutive months [2] - Leapmotor plans to adjust its annual delivery target for 2025 to 580,000-650,000 units, aiming for 1 million units by 2026 [3] Product Development - Leapmotor's R&D expenses increased by 54.9% in the first half of the year, focusing on developing advanced driver-assistance systems [3] - The company plans to expand its product matrix with new models, including the B series and high-end D series, set to debut at the Munich Auto Show in September [4] - Leapmotor aims to cover various market segments with its A, B, C, and D series vehicles, targeting a sales volume of 1 million units [4] Market Strategy - Leapmotor has established over 600 sales and service outlets in approximately 30 international markets, with plans for a localized production base in Europe by the end of 2026 [2] - The company emphasizes maintaining a high price-performance ratio across its vehicle offerings, regardless of the price segment [5] - Leapmotor's strategy focuses on penetrating lower-tier cities as the overall penetration of new energy vehicles expands [5] Competitive Positioning - Leapmotor differentiates itself by targeting a younger demographic that appreciates new energy vehicle concepts but has budget constraints [7] - The company has achieved high operational efficiency, with R&D, sales, and administrative expenses accounting for 16.9% of revenue, compared to significantly higher expenses from competitors [7] - Leapmotor's supply chain strategy, inspired by BYD, has led to a 10% cost optimization [7] Leadership and Vision - CEO Zhu Jiangming has maintained a consistent focus on becoming a world-class new energy vehicle manufacturer, prioritizing scale over profit margins [9] - The company has adopted a "reverse joint venture" model for international expansion, partnering with Stellantis to leverage their distribution channels [10] - Leapmotor's management remains vigilant about future challenges, viewing the target of 1 million annual sales as just a starting point [10]

Core Viewpoint - Leap Motor has achieved remarkable growth in the first half of 2025, with revenue reaching 24.25 billion yuan, a 174% increase compared to the same period in 2024, and has become the second Chinese new energy vehicle company to report a positive net profit for the first half of the year after Li Auto [1][3][5]. Financial Performance - The gross margin for Leap Motor reached a new high of 14.1% in the first half of 2025, up from 1.1% in the same period of 2024, marking a 13 percentage point increase [3]. - The total delivery volume for the first half of 2025 was 22,166 units, a 155.7% increase year-on-year, making Leap Motor the top-selling brand among new energy vehicle companies in China [7]. Market Strategy - Leap Motor has carved out a niche in the highly competitive 80,000-150,000 yuan market, traditionally dominated by BYD and Geely, by adopting a unique approach and focusing on cost control and self-research [3][12]. - The company plans to expand its product matrix, with new models set to debut at the Munich Auto Show in September 2025, and aims to achieve annual deliveries of 580,000 to 650,000 units in 2025, with a target of 1 million units by 2026 [4][9][10]. R&D and Innovation - Leap Motor's R&D expenses increased by 54.9% in the first half of 2025, with a focus on developing advanced driver assistance systems [9]. - The company has successfully launched a city commuting navigation assistance feature based on end-to-end algorithms and aims to be among the top tier in driver assistance technology by the end of 2025 [9]. International Expansion - As of June 30, 2025, Leap Motor has established over 600 sales and service outlets in approximately 30 international markets, including more than 550 in Europe [7]. - The company plans to set up a localized production base in Europe by the end of 2026 to further enhance its global market presence [7]. Cost Management - Leap Motor has demonstrated high efficiency in capital utilization, with total operating expenses for R&D, sales, and administration amounting to 18.9 billion yuan, 14.1 billion yuan, and 7.9 billion yuan respectively, representing 16.9% of revenue [12]. - The company employs a highly integrated supply chain strategy, which has resulted in a 10% cost optimization [12][13]. Leadership and Vision - CEO Zhu Jiangming has maintained a consistent focus on vehicle sales and market expansion, emphasizing the importance of scale over profit margins [15][17]. - Leap Motor's approach to international markets involves a "reverse joint venture" model, partnering with Stellantis to leverage existing sales channels, which has proven beneficial amid changing market conditions [16].

Core Viewpoint - Leap Motor has achieved a net profit of 30 million yuan in the first half of 2025, becoming the second new energy vehicle company to report a half-year profit, with a revenue of 24.25 billion yuan, representing a year-on-year growth of 174% [1][2][3]. Financial Performance - In the first half of 2025, Leap Motor's revenue reached 24.25 billion yuan, a 174% increase year-on-year, while the net profit was 30 million yuan, marking a return to profitability [3]. - The gross margin for the first half of the year was 14.1%, up 13 percentage points year-on-year, with expectations for further improvement in the second half [3][5]. Sales and Delivery - Leap Motor delivered over 221,000 vehicles in the first half of 2025, a year-on-year increase of 155.7%, making it the sales champion among new energy vehicle manufacturers [1][3]. - The company has raised its annual sales target to between 580,000 and 650,000 vehicles, with a goal to challenge for 1 million vehicles in 2026 [1][4]. New Product Launches - Leap Motor has entered a phase of intensive new vehicle launches, with several models set to debut, including the B01 and a new model in the D series [6][9]. - The D series is anticipated to be a significant product line, with the first model expected to be unveiled in October 2025 [6][9]. Market Expansion - Leap Motor has exported 20,375 vehicles in the first half of 2025, leading among new energy vehicle companies in exports [8]. - The company is collaborating with Stellantis Group for localized assembly in Malaysia, aiming to enhance its global market presence [9]. Strategic Focus - Leap Motor is prioritizing market penetration over immediate profitability in overseas markets, focusing on establishing a strong foothold before pursuing profit margins [10].

Core Viewpoint - Leapmotor achieved its first half-year net profit in 2025, raising its sales guidance for 2025 to 580,000-650,000 units, with a target of challenging 1 million units in 2026 [1][6][7]. Financial Performance - Leapmotor's revenue for the first half of 2025 was RMB 24.25 billion, a 174% increase from RMB 8.85 billion in the same period of 2024 [2][20]. - The company reported a net profit of RMB 30 million for the first half of 2025, marking its first positive half-year net profit [3][24]. - The gross margin reached a record high of 14.1%, up from 1.1% in the first half of 2024, reflecting a 13 percentage point increase [3][22]. - Total vehicle deliveries in the first half of 2025 were 221,700 units, a 155.7% increase compared to 86,700 units in the same period of 2024 [3][24]. Sales and Production Guidance - The sales guidance for 2025 has been adjusted to 580,000-650,000 units, with expectations for significant growth in August and September [6][8]. - Leapmotor aims to challenge the target of 1 million units in annual sales by 2026 [7]. - The D-series models are set to debut in October 2025, with a launch planned for the first quarter of 2026 [10][11]. Research and Development - Leapmotor plans to achieve urban NOA (Navigation on Autopilot) by the end of 2025, aiming to be among the top tier in assisted driving technology [13]. - The company is expected to localize production in Europe, with the B-series models being the first to be produced there [15][18]. Market Expansion - Leapmotor has established over 600 sales and service points in approximately 30 international markets, with more than 550 in Europe [29]. - The company plans to establish a localized production base in Europe by the end of 2026 to enhance its global market presence [29]. Cash Flow and Financial Health - As of June 30, 2025, Leapmotor's cash reserves totaled RMB 29.58 billion, indicating strong financial health [26]. - The free cash flow for the first half of 2025 was RMB 860 million, a significant improvement from a negative RMB 480 million in the same period of 2024 [26].

Core Viewpoint - Leap Motor is in talks with Huawei to integrate Huawei's ADS driver assistance system into its vehicles, indicating a strategic shift towards higher-end models and away from its previous focus on cost-effective vehicles [1][20]. Group 1: Strategic Shift - Leap Motor aims to transition from a low-cost brand to a higher-end market player, seeking to enhance its product offerings and profit margins [3][7]. - The collaboration with Huawei is seen as a critical step in this transition, allowing Leap Motor to leverage advanced technology and brand recognition [14][20]. Group 2: Market Positioning - Leap Motor has achieved significant sales success, topping the new energy vehicle sales charts with over 50,000 units delivered in a single month by July 2025 [2]. - The company has established a manufacturing system termed "full self-research," which supports its competitive pricing strategy in the mid-range market [2][6]. Group 3: Technological Collaboration - The partnership with Huawei is not new; it follows a previous agreement to develop applications based on HarmonyOS, showcasing a history of collaboration [8]. - Huawei's ADS system offers a modular architecture that can cater to both economical and high-end models, making it attractive for Leap Motor's diverse product range [9][12]. Group 4: Cost Management - Leap Motor's cost control capabilities are expected to facilitate the integration of Huawei's advanced systems into its vehicles without compromising profitability [13][14]. - The introduction of Huawei's technology is aimed at creating a competitive value proposition in the 300,000+ yuan market segment, challenging established players [14][20]. Group 5: Industry Trends - The automotive industry is increasingly moving towards collaboration, with many manufacturers recognizing the need to integrate advanced technologies rather than relying solely on in-house development [19][20]. - Huawei's rapid expansion in the automotive solutions sector, with a reported revenue increase of 474.4% year-on-year, highlights the growing demand for smart driving technologies [19].