机构：国投证券 研究员：徐慧雄/杨颖 事件：零跑汽车发布2025 年半年度业绩，2025 年上半年公司实现营业收入242.5 亿元、同比+174.0%； 实现归母净利润0.3 亿元、经调整净利润3.3 亿元、同比均扭亏为盈。 新车周期下，销量提升推动Q2 营收高速增长。 2025H1，公司出口2.0 万台，位居造车新势力第一；首批B10 已于2025 年7 月正式发往欧洲、并将于9 月在慕尼黑车展正式上市，马来西亚工厂于8 月已完成首台零跑C10-OTS 车辆完成装配下线，随后续进 一步导入B 系列等其他车型、欧洲等地本土化产能投产，公司全球化发展有望更进一步。 投资建议：我们预计公司2025-2027 年营业收入分别为646.7、1037.9、1297.4 亿元，对应当前市值PS 分 别为1.4、0.9、0.7倍。首次覆盖给予2025 年1.6x PS，对应6 个月目标价77.4 元，折合港币84.5 元（按照 实时汇率1 人民币=1.091 港元折算）。 风险提示：行业竞争加剧、新品销量不及预期、海外业务拓展不及预期等。 2025Q2 公司实现营业收入142.3 亿元、同比+165.5%、环比+42.0% ...

2025 年 08 月 26 日 零跑汽车(09863.HK) 中报业绩优异，规模效应持续释放，未来可期 事件：零跑汽车发布 2025 年半年度业绩，2025 年上半年公司 实现营业收入 242.5 亿元、同比+174.0%；实现归母净利润 0.3 亿 元、经调整净利润 3.3 亿元、同比均扭亏为盈。 新车周期下，销量提升推动 Q2 营收高速增长。 2025Q2 公司实现营业收入 142.3 亿元、同比+165.5%、环比+42.0%， 我们预计同环比增长主要来自新车上市带动及战略合作、碳积分 交易带来的收入增加：1）2025Q2 公司实现整体销量 13.4 万台、 同比+151.7%、环比+53.2%；零跑 B10、2026 款零跑 C16、2026 款 零跑 C10 等新车贡献显著增量；2）2025Q2 单车 ASP 达到 10.6 万 元、同比+5.6%、环比-7.3%。 规模效应进一步显现，Q2 再度实现季度盈利。 2025Q2 公司毛利率为 13.6%，同比+10.8pcts、环比-1.3pcts； 2025Q2 公司销售/管理/研发费用率分别为 5.6%/2.9%/7.7%，同比 下降 3.3/2 ...

Industry Information - The total production of lithium batteries in China exceeded 473 GWh from January to April 2025, representing a year-on-year growth of 68% [6] - The production of energy storage lithium batteries reached over 110 GWh, while the installation of power lithium batteries for new energy vehicles was approximately 184 GWh [6] - In May, the production of 3D printing equipment, industrial robots, and new energy vehicles increased by 40.0%, 35.5%, and 31.7% year-on-year, respectively [8] - China has signed a memorandum for the construction of a new energy vehicle factory in Ghana, marking the first Chinese new energy vehicle company to establish operations in Africa [9] - LG Energy Solution has signed a six-year supply agreement with Chery Automobile for 46 series cylindrical batteries, with an order scale of 8 GWh [9] - The first tax-electricity integrated demonstration supercharging station in the country has been launched in Shenzhen [10] - The "Supercharging City 2.0" construction plan has been fully initiated in Shenzhen to enhance high-power charging technology applications [11] - The first five months of 2025 saw a 7% increase in automobile exports from Hunan province [23] Policy Information - The Ministry of Industry and Information Technology has released a new list of exempted new energy vehicle models from vehicle purchase tax [36] - The State Development and Reform Commission has published a plan for energy-saving and carbon reduction in Sichuan, promoting the use of new energy vehicles in public transport [30] - The National Development and Reform Commission has issued a notice to strengthen the management of new energy vehicle safety [19] - The State Council has announced a pilot program for interactive pricing mechanisms for residential charging piles in Jinan and Zibo [29] - The Guangzhou Development Zone has introduced policies to support high-end chip design, focusing on CPU and GPU breakthroughs [28]

Group 1 - The 2026 Leopaard C16 has been officially launched and is now being delivered nationwide, featuring two versions: "Champion 6-seater" and "New 5-seater" to meet family users' demands for high quality and flexible expansion [2] - Since its launch in 2024, the Leopaard C16 has delivered over 70,000 units, driven by its innovative MPSUV design that combines the spaciousness of an MPV with the aesthetic appeal of an SUV [2] - The 2026 model upgrades to an 81.9 kWh battery, achieving a CLTC range of 630 kilometers, and features a fast-charging platform that allows charging from 30% to 80% in just 18 minutes [2] Group 2 - The 2026 Leopaard C16 is equipped with a Snapdragon 8650 chip and 28 intelligent sensing hardware, enabling 27 functions including full-scene high-speed navigation assistance [3] - The vehicle's safety design meets new national standards, undergoing over 30 extreme condition tests, and features an AI BMS intelligent battery management system for real-time monitoring and safety prediction [3] - The dual layout of "Champion 6-seater" and "New 5-seater" aims to precisely cover family user needs and promote the mission of "technology for all" [3]

Core Viewpoint - Leap Motor officially launched the 2026 model of the Leap C16, which includes both range-extended and pure electric versions, with prices ranging from 151,800 to 181,800 yuan, reflecting a price reduction of 8,000 yuan compared to the pre-sale price [1][3] Group 1: Product Launch and Features - The new Leap C16 offers two seating configurations (5-seat and 6-seat) and a total of 8 configurations [1] - The vehicle utilizes CTC 2.0 battery integration technology, featuring an 81.9 kWh battery for the pure electric version with a CLTC range of 630 km, and a 38.7 kWh battery for the range-extended version with a combined range of 1,150 km [8] - The C16 is equipped with the new LEAP 3.5 electronic architecture and Qualcomm Snapdragon SA8295P cockpit chip, enhancing its technological capabilities [9] Group 2: Market Positioning and Strategy - Leap Motor has positioned the C16 in a unique market space by entering the 150,000 yuan segment, avoiding direct competition with other brands in the mid-to-large SUV market [5] - The company has achieved a cumulative delivery of over 800,000 vehicles, with a record sales figure of 45,000 units in May, demonstrating its ability to maintain competitive pricing while enhancing features [3][5] Group 3: Driving Experience and Comfort - The C16 features advanced driving dynamics with front and rear dual FSD variable damping shock absorbers, improving ride comfort by over 50% on bumpy roads [11] - The 6-seat version includes electric sliding second-row seats, enhancing passenger space and comfort [11][13] - The 5-seat version offers a unique electric flat bed mode, along with luxury features such as a 15.6-inch rear screen and a high-end audio system [13]

Core Insights - Zhejiang Leapmotor Technology Co., Ltd. officially launched the 2026 Leapmotor C16, positioning it as a "super comfortable intelligent long-range SUV" with over 70 upgrades and a value increase of more than 25,000 yuan, enhancing the travel experience for family users [1][3] Group 1: Product Launch and Features - The 2026 Leapmotor C16 is available in two versions: "Champion 6-seater" and "New 5-seater," catering to diverse family needs [1][3] - The new 5-seater version features "full configuration luxury, versatile space," including unique configurations such as an electric one-button bed mode and a 1,663L adaptable trunk [3][4] - The 6-seater version has undergone comprehensive upgrades in comfort, range, and intelligent experience, with a global first MPSUV design concept that combines MPV space advantages with SUV aesthetics [4][6] Group 2: Performance and Technology - The 2026 Leapmotor C16's pure electric version is equipped with an 81.9 kWh battery, achieving a CLTC range of 630 km, with fast charging capabilities allowing 30% to 80% charge in just 18 minutes [4][5] - The intelligent experience is enhanced with the Qualcomm Snapdragon SA8295P smart cockpit chip and the upgraded Leapmotor OS 4.0 Plus, featuring advanced AI voice interaction capabilities [5][6] - Safety features include a "fortress-level" protective design with a high-strength safety structure and advanced battery integration technology, achieving top scores in safety tests [6]

Core Viewpoint - Leapmotor officially launched the 2026 model of the Leapmotor C16, positioning it as a "super comfortable intelligent long-range SUV" with a price range of 151,800 to 181,800 yuan [1] Product Features - The 2026 Leapmotor C16 introduces a new 5-seat version with a focus on "fully equipped luxury and versatile space," featuring ten unique standard configurations in its class [1] - The new model includes an electric one-button bed mode, allowing the rear seats to fold down into a 2-meter flat bed, and a rear trunk viewing mode for outdoor camping with a 15.6-inch rear screen and 21-speaker luxury sound system [3] - The 5-seat version is equipped with Nappa leather seats, 10-point massage, ventilation, heating functions, independent three-zone air conditioning, and an 8.1L refrigerator [3] - The 6-seat version features unique double-side sliding seats in the second row, enhancing comfort and accessibility, along with a theater-style third-row seating layout [3] Design and Space Utilization - The 2026 Leapmotor C16 adopts a global first MPSUV design concept, combining the spatial advantages of MPVs with the aesthetic appeal of SUVs, achieving an effective interior space of 3301mm and a space utilization rate of 67.2% [3] - The model boasts a class-leading total interior volume of 5290L [3] Performance and Technology - The 2026 model is equipped with front and rear dual FSD variable damping shock absorbers, improving ride comfort by over 50% on bumpy roads, and features an LMC tire blowout stability control system [4] - The pure electric version is upgraded with an 81.9kWh battery, achieving a CLTC range of 630km, and supports fast charging from 30% to 80% in just 18 minutes [4] - The range-extended version has a battery capacity of 38.7kWh, with a CLTC pure electric range of 280km and a total range of 1150km, charging from 30% to 80% in 19 minutes [6] Intelligent Experience - The new model features a Qualcomm Snapdragon SA8295P smart cockpit chip and an upgraded Leapmotor OS 4.0 Plus operating system, incorporating advanced AI capabilities for improved user interaction [6] - The vehicle is equipped with a Snapdragon 8650 chip and 28 intelligent sensing hardware components, enabling a comprehensive end-to-end driver assistance system with 27 functionalities [6] Safety Features - The 2026 Leapmotor C16 is designed with a "fortress-level" protection concept, utilizing a high-strength safety structure and a CTC2.0 battery-integrated chassis design, with key areas made from high-strength steel [6]

6月18日，2026款零跑C16正式上市并陆续开启全国交付。新车定位"舒适智能长续航SUV"，此次推出 了"冠军6座"与"全新5座"双版本，官方售价区间15.18万-18.18万元。 ...