Core Insights - Leap Motor reported a significant increase in revenue and profitability for the first half of 2025, achieving operating income of 24.25 billion yuan, a year-on-year increase of 174.0% [1] - The company turned profitable with a net profit attributable to shareholders of 30 million yuan and an adjusted net profit of 330 million yuan, both showing a turnaround from losses [1] Revenue Growth - In Q2 2025, the company achieved operating income of 14.23 billion yuan, reflecting a year-on-year increase of 165.5% and a quarter-on-quarter increase of 42.0% [1] - The growth in revenue is attributed to new vehicle launches and strategic partnerships, as well as increased income from carbon credit trading [1] - Total vehicle sales reached 134,000 units in Q2 2025, marking a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2% [1] Profitability and Cost Management - The gross margin for Q2 2025 was 13.6%, an increase of 10.8 percentage points year-on-year, although it decreased by 1.3 percentage points quarter-on-quarter [2] - The company optimized its expense ratios, with sales, management, and R&D expense ratios at 5.6%, 2.9%, and 7.7% respectively, all showing year-on-year declines [2] - The improvement in gross margin is primarily due to ongoing cost management efforts and the scale effect from increased sales [2] Global Expansion - Leap Motor exported 20,000 units in the first half of 2025, ranking first among new car manufacturers in terms of exports [2] - The first batch of B10 vehicles was shipped to Europe in July 2025, with plans for a formal launch at the Munich Auto Show in September [2] - The company’s Malaysian factory completed the assembly of its first C10-OTS vehicle in August, with further plans to introduce other models in Europe [2] Investment Outlook - The company is projected to achieve operating revenues of 64.67 billion yuan, 103.79 billion yuan, and 129.74 billion yuan for 2025, 2026, and 2027 respectively [2] - The current market capitalization to sales (PS) ratios are estimated at 1.4, 0.9, and 0.7 times for the respective years [2] - A target price of 77.4 yuan has been set for 2025, equivalent to 84.5 Hong Kong dollars based on the current exchange rate [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 84.5 HKD for the next 6 months [7]. Core Insights - The company reported excellent mid-year performance for 2025, achieving a revenue of 24.25 billion RMB, a year-on-year increase of 174.0%, and a net profit of 30 million RMB, with an adjusted net profit of 330 million RMB, marking a turnaround from losses [1]. - In Q2 2025, the company achieved a revenue of 14.23 billion RMB, reflecting a year-on-year growth of 165.5% and a quarter-on-quarter increase of 42.0%, driven by new vehicle launches and strategic partnerships [2]. - The company demonstrated further scale effects with a gross margin of 13.6% in Q2 2025, an increase of 10.8 percentage points year-on-year, while optimizing its expense ratios across sales, management, and R&D [3]. - The company is accelerating its global expansion, having exported 20,000 vehicles in H1 2025, leading the new energy vehicle sector, and localizing production in Malaysia [4]. Financial Projections - Revenue projections for the company from 2025 to 2027 are 64.67 billion RMB, 103.79 billion RMB, and 129.74 billion RMB, respectively, with corresponding price-to-sales ratios of 1.4, 0.9, and 0.7 [4]. - The company is expected to achieve a net profit of 886 million RMB in 2025, with a projected net profit margin of 1.4% [10]. - The earnings per share (EPS) is forecasted to be 0.66 RMB in 2025, increasing to 4.89 RMB by 2027 [10].

Group 1 - Multiple automakers reported record delivery numbers for July, with companies like Xpeng, Leapmotor, and Xiaomi achieving significant sales milestones [1][2] - Leapmotor announced a monthly delivery of 50,129 vehicles in July, marking a year-on-year increase of over 126% [2] - Xiaomi's vehicle deliveries exceeded 30,000 units in July, setting a new record for the brand [2][4] Group 2 - Xpeng Motors delivered 36,717 smart electric vehicles in July, representing a year-on-year growth of 229%, and has maintained over 30,000 deliveries for nine consecutive months [5] - As of July 31, Xpeng's cumulative delivery total surpassed 800,000 vehicles, with a 270% increase in deliveries for the first seven months of 2025 compared to the previous year [5] - Li Auto reported a delivery of 30,371 vehicles in July, a decline of 39.74% year-on-year, with a cumulative total of 1.3685 million vehicles delivered [7] Group 3 - NIO delivered 21,017 vehicles in July, with a year-to-date growth of 25.2%, and launched the new L90 model on July 31 [7] - The overall automotive market showed strong performance in July, with retail sales of narrow passenger vehicles estimated at around 1.85 million units, a year-on-year increase of 7.6% [8] - The penetration rate of new energy vehicles reached approximately 54.6% in July, with an estimated 1.01 million units sold [8]

Group 1 - Several automakers, including Xpeng, Leapmotor, and Xiaomi, reported record-high sales in July, with "breakthrough" being a key term in their delivery reports [1][2] - Leapmotor announced a monthly delivery of 50,129 vehicles in July, marking a year-on-year increase of over 126%, and its June deliveries were 48,000 units, up over 138% [2] - Xiaomi's vehicle deliveries exceeded 30,000 units in July, setting a new brand record, and the company plans to increase its annual delivery target for 2025 to 350,000 units [4] Group 2 - Xpeng delivered 36,717 smart electric vehicles in July, a year-on-year increase of 229%, and has achieved over 300,000 deliveries for nine consecutive months [5] - In July, Li Auto delivered 30,371 vehicles, a decline of 39.74% year-on-year, while NIO delivered 21,017 vehicles, with a year-to-date growth of 25.2% [7] - The overall retail market for narrow passenger vehicles in July is estimated to be around 1.85 million units, reflecting a year-on-year growth of 7.6% [8]

8月1日，多家车企公布7月交付数据。 零跑汽车7月全系交付50129台 零跑汽车月销量首次突破5万台。 8月1日，据零跑汽车官方微博，7月全系交付达50129台，同比增长超126%。 据小米汽车官微数据，这是小米汽车成立以来，首次月度交付量突破3万台。2025年6月交付量超过25000台，2025年5月交付量超过28000台，2025年3月交 付量超29000台。 另据小米汽车官方消息，小米汽车决定从8月1日起，下架小米SU7和SU7 Ultra两款车型的熔岩橙、寒武岩灰两款车漆颜色，下架曜石黑和银河灰内饰以及 20英寸五辐花瓣轮毂等配置选项。 回顾零跑汽车在6月份的表现，全系交付量达4.8万辆，同比增长幅度超过138%。在车型方面，零跑B10在6月份交付了1.43万辆，而2026款零跑C10的表现 也相当亮眼，6月份大定突破1.5万辆。 小米汽车7月小米汽车交付量超过30000台 雷军发布微博消息称，2025年7月，小米汽车交付量超过30000台，并感谢大家的选择与支持。 大量网友纷纷留言，有网友在线"催产能"，希望尽早提车。 （文章来源：21世纪经济报道） 截至8月1日16:00,，小米集团尾盘拉升，股价 ...

8月1日，多家车企公布7月交付数据。 零跑汽车7月全系交付50129台 零跑汽车月销量首次突破5万台。 8月1日，据零跑汽车官方微博，7月全系交付达50129台，同比增长超126%。 回顾零跑汽车在6月份的表现，全系交付量达4.8万辆，同比增长幅度超过138%。在车型方面，零跑B10在6月份交付了1.43万辆，而2026款零跑C10的表现 也相当亮眼，6月份大定突破1.5万辆。 小米汽车7月小米汽车交付量超过30000台 雷军发布微博消息称，2025年7月，小米汽车交付量超过30000台，并感谢大家的选择与支持。 大量网友纷纷留言，有网友在线"催产能"，希望尽早提车。 据小米汽车官微数据，这是小米汽车成立以来，首次月度交付量突破3万台。2025年6月交付量超过25000台，2025年5月交付量超过28000台，2025年3月交 付量超29000台。 另据小米汽车官方消息，小米汽车决定从8月1日起，下架小米SU7和SU7 Ultra两款车型的熔岩橙、寒武岩灰两款车漆颜色，下架曜石黑和银河灰内饰以及 20英寸五辐花瓣轮毂等配置选项。 截至8月1日16:00,，小米集团尾盘拉升，股价报53.8港元。 | | 53. ...

Core Viewpoint - The article highlights the significant growth in electric vehicle (EV) deliveries from various automotive companies in July 2025, indicating a strong market demand and competitive landscape in the EV sector. Group 1: Company Deliveries - Leap Motor achieved a total delivery of 50,129 vehicles in July, marking a year-on-year increase of over 126% [2] - Xiaomi Motors reported a delivery of over 30,000 vehicles in July, which is the first time their monthly deliveries surpassed this figure since the company's inception [3][8] - XPeng Motors set a new monthly delivery record with 36,717 vehicles in July, reflecting a year-on-year growth of 229% and a cumulative total of over 800,000 vehicles delivered [10] - Zhi Ji Motors delivered 7,027 vehicles in July [12] Group 2: Market Trends - The strong delivery numbers from these companies suggest a robust demand for electric vehicles, with Leap Motor and XPeng Motors showing particularly high growth rates [2][10] - Xiaomi Motors' decision to remove certain vehicle configurations indicates a strategic shift in product offerings, possibly to streamline production and focus on more popular models [8] - The competitive landscape is intensifying as companies like XPeng expand into new markets, enhancing their growth momentum [10]

Core Viewpoint - The domestic new energy vehicle market is experiencing significant growth, with several companies reporting impressive sales figures for the first half of the year, particularly Leap Motor, which has seen a remarkable increase in sales compared to the previous year [1][2][3]. Group 1: Sales Performance - Leap Motor achieved sales of 221,700 units in the first half of the year, marking a year-on-year increase of 155.8% [2][6]. - Hongmeng Zhixing and Li Auto followed closely, with sales of 206,200 units and 203,800 units respectively, showing growth rates of 6.2% and 7.8% [2][7]. - Xiaopeng Motors reported a significant year-on-year increase of 279%, with sales reaching 197,200 units [2][9]. - Xiaomi Motors, despite a drop in June deliveries, reported a total of over 150,000 units delivered in the first half, reflecting a 456% increase [2][12]. Group 2: Competitive Landscape - Leap Motor's rapid rise to the top of the sales chart was unexpected, as it was previously considered a second-tier player [2][6]. - Hongmeng Zhixing is undergoing a model refresh, with new vehicles expected to drive future growth, although it has only achieved 20.6% of its annual sales target so far [6][7]. - Li Auto is focusing on expanding its high-pressure pure electric product line, with new models set to launch in the coming months [9]. - Xiaopeng Motors achieved a record quarterly delivery of 103,181 units, indicating strong market demand [9]. Group 3: Challenges and Future Outlook - Xiaomi faces production capacity challenges, with delivery timelines extending significantly for its new models [12]. - Aion is the only company to report a decline in sales, dropping 14.2% year-on-year, despite launching new models [13]. - NIO, once a leader in sales, has been surpassed by Leap Motor and Xiaopeng, with a total of 114,200 units sold in the first half, reflecting a 30.6% increase [13]. - The future of Nezha, a previously successful brand, is uncertain due to financial difficulties and bankruptcy restructuring efforts [14].

Core Insights - The new energy vehicle market in China is experiencing robust growth and intense competition, with several new players reporting significant sales figures for June [1][2][3] Company Performance - Hongmeng Zhixing achieved a record delivery of 52,700 vehicles in June, marking a historical high for both monthly and daily sales, and leading the new energy vehicle market [2] - Leap Motor delivered 48,000 vehicles in June, a year-on-year increase of over 138%, with cumulative deliveries exceeding 800,000 [2] - Li Auto's deliveries fell to 36,300 units in June, a decrease of 24.1% compared to the same month last year, but plans to accelerate the launch of new electric models in the second half of the year [2] - Xpeng Motors reported a significant increase in deliveries, with 34,600 vehicles delivered in June, a year-on-year growth of 224% [3] - Deep Blue Automotive delivered 29,900 vehicles in June, a year-on-year increase of 79% [4] - Xiaomi Automotive delivered over 25,000 vehicles in June, with a notable order volume for its new SUV model, the Xiaomi YU7 [4] - NIO delivered 24,900 vehicles in June, a year-on-year increase of 17.5% [5] - Zeekr delivered 43,000 vehicles in June, maintaining a delivery volume above 40,000 for four consecutive months [6] Market Trends - The June sales performance was influenced by various factors, including promotional activities during the Dragon Boat Festival and increased family car purchases due to the end of the college entrance examination [1] - The shift in consumer behavior is evident, with a focus on practicality and cost-effectiveness in vehicle purchases [6] - The new energy vehicle market is seeing a reshuffling of delivery rankings, indicating changing dynamics and competition among new players [6]

Core Insights - The sales data for June from various new energy vehicle manufacturers shows significant growth, with BYD maintaining its leadership position in the market [1][2]. Group 1: BYD Performance - BYD reported a June sales increase of 12% year-on-year, reaching 382,585 units, with pure electric vehicle sales up 43% to 206,884 units, while plug-in hybrid vehicle sales fell by 12% to 170,744 units [2]. - The company exported 90,049 units in June [2]. Group 2: Geely Performance - Geely's June sales rose by 42% year-on-year to 236,036 units, with pure electric vehicle sales increasing by 129% to 84,879 units and plug-in hybrid vehicle sales up 30% to 37,488 units, making new energy vehicles account for 52% of total sales [2]. - Geely has raised its annual sales target to 3 million units [2]. Group 3: New Entrants Performance - Xiaopeng Motors reported a June delivery increase of 2.2 times year-on-year, delivering 34,611 electric vehicles, marking the eighth consecutive month of over 30,000 deliveries [3]. - Leap Motor's June deliveries increased by 140% year-on-year to 48,006 units, maintaining over 40,000 deliveries for three consecutive months [3]. - Li Auto's June deliveries decreased by 24% year-on-year to 36,279 units, but the company plans to accelerate the launch of high-voltage pure electric products in the second half of the year [3]. - NIO's June deliveries increased by 18% year-on-year to 24,925 units, with a total of 114,150 units delivered in the first half of the year, reflecting a 31% year-on-year increase [3][4]. Group 4: Upcoming Models - NIO announced the launch of three new models in the second half of the year, including the third-generation ES8 and the L90 and L80 models from the sub-brand, with the L90 set to begin pre-sales in early July [4].