Workflow
2026款零跑C16
icon
Search documents
零跑汽车(09863.HK):中报业绩优异 规模效应持续释放 未来可期
Ge Long Hui· 2025-08-26 19:12
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]
零跑汽车(09863):中报业绩优异,规模效应持续释放,未来可期
Guotou Securities· 2025-08-26 03:04
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].
【新能源周报】新能源汽车行业信息周报(2025年6月16日-6月22日)
乘联分会· 2025-06-24 08:39
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]
满足更多家庭用车需求,2026款零跑C16上市
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]
新车看点丨2026款零跑C16上市,延续“人无我有”模式
Guan Cha Zhe Wang· 2025-06-21 08:15
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]
2026款零跑C16上市开启家庭出行新选择 70余项升级引领家用SUV“顶配平权”新风尚
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]
2026款零跑C16上市 售价15.18万元起
Cai Jing Wang· 2025-06-18 09:08
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]
2026款零跑C16携6座/5座双版本上市
news flash· 2025-06-18 08:05
Group 1 - The 2026 Leap C16 has officially launched and is beginning nationwide deliveries [1] - The new model is positioned as a "comfortable intelligent long-range SUV" [1] - Two versions are introduced: "Champion 6-seat" and "All-new 5-seat" [1] - The official price range is between 151,800 to 181,800 yuan [1]