● 本报记者 龚梦泽 2025年12月，零跑汽车迎来成立十周年的重要节点。在杭州举办的十周年发布会上，零跑科技创始人、 董事长、CEO朱江明携核心管理团队集体亮相，正式宣告企业告别"造车新势力"身份，抛出2026年冲刺 100万辆销量、未来十年实现400万辆销量的宏伟蓝图。这场跨越十年的战略升级背后，是零跑在全域自 研、股权架构、渠道布局和供应链建设等多维度的深度积淀，而与一汽的战略合作、管理层持续增持等 动作，更成为其冲击销量目标的重要支撑。 坚持全域自研战略 "零跑不能再以新势力自居，我们要做全球化世界级车企。"朱江明在接受中国证券报记者采访时明确表 示。这一战略转变并非空穴来风，而是基于企业十年发展的实力积累与行业格局的深刻洞察。数据显 示，零跑2025年全年销量预计近60万辆，单月销量突破7万辆，累计交付量已突破120万辆，且实现连续 季度盈利，即将达成年度盈利目标。 支撑这一转型的核心是零跑坚持十年的全域自研战略。朱江明透露，新能源汽车70%的核心技术集中在 电子、电控等新兴领域，这些技术在十年前尚未成熟，零跑抓住机遇入局，构建了覆盖整车架构、电 池、电驱、座舱系统、辅助驾驶等关键领域的研发体系，自 ...

Core Insights - Leap Motor is transitioning from a "new force" in car manufacturing to a global automotive enterprise, aiming for 1 million vehicle sales in 2026 and 4 million over the next decade [1][2] - The company has achieved significant milestones, including an expected sales volume of nearly 600,000 vehicles in 2025 and a cumulative delivery exceeding 1.2 million vehicles, alongside continuous quarterly profitability [2] R&D Strategy - Leap Motor has adhered to a comprehensive self-research strategy, with 70% of core technologies in the electric vehicle sector concentrated in emerging fields like electronics and control systems [2] - The company has established a robust R&D system covering key areas such as vehicle architecture, batteries, electric drives, cockpit systems, and assisted driving, with self-researched components accounting for 65% of vehicle costs [2] Shareholder Structure - In 2025, Leap Motor formed a strategic partnership with China FAW Group, which became a strategic shareholder, creating a stable "shareholder triangle" with existing stakeholders [3] - This partnership leverages FAW's manufacturing and policy resources alongside Leap Motor's core technology in new energy vehicles, ensuring the founding team's control and strategic continuity [3] Support System - To achieve the 1 million sales target, Leap Motor has developed a three-pronged support system encompassing products, supply chain, and channel services [4] - The company has launched the D series models based on its flagship D platform, targeting the high-end market with competitive pricing [4] Supply Chain Management - Leap Motor employs a standardized and multi-channel strategy for battery supply, having established stable partnerships with leading suppliers like CATL [4] - The company has prepared a battery stock with a redundancy of 1.2 to 1.3 times to meet the production capacity needs for 1 million vehicles [4] Channel and Service Upgrades - Leap Motor focuses on enhancing user experience through a defined luxury core, creating key touchpoints throughout the customer journey [5] - The company has adopted an innovative channel model that fosters a "partner" relationship with dealers, resulting in over 1,800 global channel outlets [5] Technological Investment - Leap Motor plans to increase investment in intelligent assisted driving technologies, aiming to upgrade all models with L3-level capabilities by 2026 [6] - The company recognizes the automotive industry's upcoming adjustment period but remains optimistic about the irreversible trend of electric vehicle adoption [6]

Group 1: Automotive Brand Developments - Ruisheng Automotive has officially launched as an independent brand focusing on the MPV market, targeting the price range of 120,000 to 250,000 yuan, with a planned investment of 20 billion yuan in R&D over the next five years [1] - Geely's new China Star series made its debut at the Chengdu Auto Show, highlighting the brand's commitment to a dual fuel strategy despite the rising penetration of electric vehicles in China [2] - Li Auto announced the full rollout of its VLA driver model, which has significantly increased the usage rates of its assisted driving features since its launch [3] Group 2: New Product Launches - Leap Motor plans to introduce a new D-series SUV priced around 300,000 yuan in Q4, aiming to compete in the high-end market with a cost-based pricing strategy [4] - Cadillac has introduced a new XT5 model with a starting price of 224,900 yuan, significantly lowering its entry price to attract more customers [5][6] - Ora is set to launch two global strategic models by the second half of 2025, following a period of rapid growth and subsequent market challenges [7] Group 3: Market Trends and Competition - The MPV market is experiencing a resurgence, with brands like Weipai and Haval introducing new models to capture market share previously dominated by traditional players [10][12] - Jianghuai's new energy pickups have been launched, indicating a shift towards electrification in the pickup segment, with competitive pricing starting at 159,800 yuan [13] - The competitive landscape in the SUV market is intensifying, with Haval introducing multiple models to cater to diverse consumer needs [12] Group 4: Sales Performance and Projections - The 2026 model of Lantu Dreamer has begun pre-sales, with a price range of 389,900 to 459,900 yuan, reflecting the brand's focus on high-tech features and market positioning [9] - Tengshi D9 has achieved significant sales growth, with over 103,198 units sold from January to August 2023, marking a 29.2% increase year-on-year [18]

Core Viewpoint - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder, with the proposal currently circulating within FAW's internal departments [1] Group 1: Strategic Cooperation - In March 2023, China FAW and Leap Motor signed a strategic cooperation memorandum, focusing on joint development of new energy passenger vehicles and component collaboration to enhance product competitiveness [1] - The cooperation also explores the feasibility of deepening capital collaboration to achieve resource synergy across the entire industry chain [1] Group 2: Market Impact - Following the news, the automotive sector saw significant stock movements, with SAIC Motor hitting the daily limit up, and other companies like FAW Jiefang and Jianghuai Automobile also experiencing notable gains [3][4] Group 3: Leap Motor's Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of 2025, a 174% year-on-year increase, and achieved a net profit of 30 million yuan, marking its first half-year profit [6] - The company delivered 221,664 vehicles in the first half of 2025, a 155.7% increase compared to the same period in 2024, leading the sales among new energy vehicle brands in China [6][7] - Leap Motor's gross margin reached 14.1%, a significant increase from 1.1% in 2024, driven by higher sales volume, cost control, and product mix optimization [7] Group 4: Future Outlook - Leap Motor has raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, driven by a positive domestic market outlook [7] - The company plans to launch multiple new models in the second half of the year, including the B05 and D series, with a target of reaching 1 million units in sales by next year [10]

Group 1 - The core viewpoint of the article highlights that Leap Motor is actively developing its flagship D series vehicles, which are undergoing rigorous testing in extreme conditions [1] - Leap Motor's COO shared images of two new models from the D series, indicating that the company is committed to quality and performance through extensive testing [1] - The founder and CEO of Leap Motor, Zhu Jiangming, announced plans for four series (A, B, C, D) with a total of 13 to 14 models targeting the market segment of 60,000 to 300,000 yuan [1] Group 2 - The D series is positioned as Leap Motor's first flagship product aimed at the 300,000 yuan price point, featuring a full-size SUV design and advanced technology [1] - The D series models are expected to enter mass production in the first quarter of next year, as disclosed during the 2025 Qualcomm Automotive Technology and Cooperation Summit [1] - The new vehicles are currently in the summer testing phase, indicating progress towards their market launch [1]

Group 1 - Xiaomi's YU7 model was officially launched with prices set at 253,500 yuan for the standard version, 279,900 yuan for the Pro version, and 329,900 yuan for the Max version. There are reports of scalpers reselling YU7 orders at a markup ranging from 1,000 to 20,000 yuan. Xiaomi has stated that orders cannot be transferred or modified, advising consumers to purchase through official channels [1]. - Seres Automotive announced that three individuals were penalized by law enforcement for spreading false information regarding the AITO Wenjie brand at the Shenyang Auto Show. The company emphasized its commitment to legal action against any attempts to undermine its brand and disrupt market order [1]. - Honda has initiated a large-scale recall in China, affecting over 380,000 vehicles, including models such as Accord, Civic, and CR-V, in compliance with national regulations [1]. - The CEO of Leap Motor expressed pressure after Xiaomi's YU7 sales performance, noting that the company plans to launch its flagship D series model in the first quarter of next year, featuring Qualcomm's Snapdragon dual 8797 chip [1].