正是凭借着这一"全域自研"，零跑才得以打造出多款爆品。目前，其完成了ABCD四大系列及Lafa5的产 品布局，涵盖轿车、SUV、MPV，实现从A0级到D级全维度覆盖，提供纯电和增程双动力选择。经典C 系列车型持续领跑细分市场，C10月销达2万辆；全新B系列及Lafa5上市即热销。 近日，零跑汽车举办了十周年发布会。在发布会现场，零跑科技创始人、董事长、CEO朱江明回顾了十 年造车路，并发布未来十年的战略规划，同时，两款旗舰车型也相继亮相。 零跑十年，是一部以"全域自研"为基因、以"科技普惠"为使命的工程师创业史。创始人朱江明拥有三十 多年深厚技术背景，2015年，在"IT改变汽车"愿景下，零跑跨界入局汽车行业。从行业"门外汉"到在新 势力中脱颖而出，独特的工程师文化和长期主义精神是其发展的底层支撑。 十年间，零跑凭借技术积累与体系化能力建设，成绩斐然。截至目前，其累计交付量已突破120万辆， 2025年全年销量预计近60万辆，稳居中国造车新势力首位，单月销量突破7万辆，且已实现连续季度盈 利。渠道方面，零跑全球渠道网点已超1800家，海外超800家，进入全球35个国家和地区，2025年作为 国际化首个完整年度 ...

成立十周年后，在汽车行业从零起步的零跑汽车，成为自己期待的"领跑者"。 12月28日，零跑汽车在公司总部所在地杭州举办十周年发布会。零跑科技创始人、董事长兼CEO朱江明 发布面向未来的下一个十年战略规划：年销达成400万辆，成为值得尊重的世界级智能电动车企。 成立于2015年的零跑汽车，在创始人朱江明三十余年的技术背景下，形成以工程师文化为底层支撑的公 司发展文化，成长为目前中国造车新势力中的销量领先者。 截至2025年12月28日，零跑累计交付量已突破120万辆。2025年全年销量预计近60万辆，稳居中国造车 新势力首位。同时，在经营层面，零跑已实现连续季度盈利，企业经营进入可持续发展轨道。 朱江明将即将到来的2026年定为"百万辆突破年"，零跑将向年销100万辆发起挑战。 产品方面，目前零跑已完成包含A、B、C、D四大系列及Lafa5在内的产品布局，覆盖从A0级到D级车 型，并提供纯电和增程双动力选择。其中，C系列车型持续热销，C10月销量已达2万辆；年内推出的B 系列及Lafa5也实现上市即热销。 在海外市场，零跑借助与Stellantis集团的战略合作，开辟独特的出海路径。公司业务已覆盖全球35个国 ...

华夏时报记者刘凯北京报道 与此同时，零跑汽车作为造车新势力中的技术派代表，自2015年成立以来坚持"全域自研"战略，已建立起覆盖整车架构、电池、电驱、智能座舱、智能驾 驶等领域的完整技术体系。2025年，零跑汽车交付量预计接近60万辆，稳居造车新势力榜首，并成为继理想汽车之后第二家实现季度盈利的新势力企业。 因此，对于一汽而言，入股零跑汽车能够获得三大关键资源，经过市场验证的电动平台技术、快速迭代的智能化研发能力以及直面用户的市场运营经验。 对于零跑汽车而言，一汽的入股带来的不仅是37.44亿元的资金支持，更是供应链的稳定性、生产制造的规模化经验以及国有资本的背书。针对此次入 股，零跑汽车CEO朱江明在接受媒体采访时特别强调了公司治理结构的稳定性。他表示："与一汽集团投资协议里明确约定，会保持创始团队的控制 权。"这从根本上打消了市场对于零跑可能因引入巨头股东而丧失独立性的疑虑。 12月28日，中国第一汽车集团公司与零跑汽车正式签署投资与战略合作协议，根据协议安排，一汽股权投资(天津)有限公司将专注资本融合，以内资股增 发方式入股零跑汽车，成为其战略股东；而一汽旗新动力(长春)科技有限公司则将负责技术协同，与 ...

Core Viewpoint - Leap Motor's Q3 2025 financial report shows mixed results, with revenue exceeding expectations but net profit declining due to increased expenses [1][4]. Revenue Performance - Total revenue for Q3 reached 19.45 billion, significantly surpassing market expectations of 18.33 billion, primarily due to the recognition of 2.5 billion in carbon credit income and a rebound in vehicle selling prices [1][4]. - The average selling price of vehicles increased to 112,000, up by 6,000 from the previous quarter, contrary to market expectations of a decline [1][4]. Profitability Metrics - The vehicle gross margin rose by 0.9 percentage points to 14.5%, exceeding the market expectation of 12.9%, driven by higher selling prices, carbon credit income, and economies of scale [1][4]. - Despite the positive gross margin, net profit fell to 150 million, below the market expectation of 200 million, due to increased operating expenses [2][4]. Expense Analysis - R&D expenses increased to 1.2 billion, reflecting ongoing investments in smart technology and channel expansion [1][2]. - Selling expenses rose to 950 million, exceeding market expectations, as the company expanded its retail channels and increased marketing efforts [2][4]. Future Outlook - For Q4 and 2026, the company aims for a gross margin of 14%-15% and a net profit of 500-1,000 million for the full year 2025, with projected sales of 580,000 to 650,000 vehicles [5][6]. - The company is implementing promotional strategies to boost sales, including cash subsidies on various models, and anticipates Q4 sales to reach 218,000 vehicles, a 25% increase from the previous quarter [6][4]. Competitive Positioning - Leap Motor's strategy focuses on high vertical integration and self-sourcing, aiming to enhance cost advantages and offer high-value models to price-sensitive consumers [9]. - The partnership with Stellantis is expected to strengthen Leap Motor's overseas expansion, leveraging Stellantis's brand and distribution channels in Europe [9].

Core Viewpoint - In August, domestic new energy vehicle company Leap Motor achieved record sales, delivering over 57,066 units, marking its sixth consecutive month as the top-selling brand among new forces in the market, showcasing strong market momentum and brand resilience [1][4]. Group 1: Sales Performance - Leap Motor's weekly sales performance remains robust, with 13,800 units delivered in the latest week, ranking first among new forces and second overall in the new energy sector, only behind BYD, Geely Galaxy, and Wuling, surpassing Tesla for two consecutive weeks [4][5]. - Year-to-date, Leap Motor has consistently set monthly delivery records, with August being the second consecutive month exceeding 50,000 units. Cumulative sales have surpassed 320,000 units, positioning the company as a strong contender for the annual sales champion among new forces [4][5]. Group 2: Competitive Advantage - Analysts attribute Leap Motor's sustained sales success to its competitive product matrix and clear market positioning, with models in the C and B series covering mainstream price ranges, offering high value for money and intelligent configurations that meet market demands [5]. - The company's rapid growth is reflected not only in sales figures but also in user reputation and brand influence, with new owners highlighting Leap Motor's competitive advantages in range, intelligent cockpit, and driving experience as key factors in their purchasing decisions [5]. Group 3: Future Outlook - With the traditional sales peak season approaching, Leap Motor has indicated that its supply chain and production capabilities are well-prepared, suggesting a continuation of strong delivery performance [5]. - Industry insiders predict that if Leap Motor maintains its current growth pace, its annual sales could exceed original targets and potentially reach higher delivery milestones [5].

Group 1 - The company reported a significant increase in revenue and sales for the first half of 2025, achieving revenue of 24.25 billion yuan, a year-on-year increase of 174%, and sales of 222,000 vehicles, a year-on-year increase of 156% [1] - In Q2 2025, the company achieved revenue of 14.23 billion yuan, a year-on-year increase of 165% and a quarter-on-quarter increase of 42%, with sales of 134,000 vehicles, a year-on-year increase of 152% and a quarter-on-quarter increase of 53% [1] - The gross profit margin for the first half of 2025 was 14.1%, an increase of 13.0 percentage points year-on-year, while the net profit attributable to shareholders was 30 million yuan, marking a turnaround from losses [1] Group 2 - The B series has become a new driver for sales growth, with the B10 model contributing significantly to sales since its launch, achieving sales of 31,000 units in Q2 2025, accounting for 23.2% of total sales [2] - The B01 model, launched in July, continued the high cost-performance characteristics, securing 10,132 orders within 72 hours of its launch, indicating strong future sales potential [2] - The company expects to achieve over one million vehicle sales next year, driven by both domestic and overseas markets, with the D series expected to enhance gross profit margins [2] Group 3 - The company launched the Leap 3.5 architecture in March 2025, featuring advanced integrated control architecture and supporting high-level autonomous driving capabilities [3] - The company has maintained strong cost control, enabling the integration of laser radar into vehicles priced below 150,000 yuan, and has reserved over 1.5 EFLOPS of computing power [3] - The company has revised its revenue and net profit forecasts for 2025-2027, increasing revenue estimates from 62.6 billion yuan to 65.3 billion yuan for 2025, and net profit estimates from 200 million yuan to 700 million yuan for 2025 [3]

Core Insights - Leap Motor reported a significant revenue increase of 174% year-on-year, reaching 24.25 billion yuan in the first half of 2025, with a net profit of 30 million yuan, marking its first positive half-year profit [1][2] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a target of 170,000-180,000 units for Q3 [1][4] - Leap Motor aims to achieve a sales target of 1 million units in 2026, supported by new model launches and existing series [1][3] Financial Performance - Revenue for the first half of 2025 was 24.25 billion yuan, a 174% increase from 8.85 billion yuan in the same period of 2024, driven by a significant rise in vehicle deliveries [2] - The total delivery volume reached 221,664 units, a 155.7% increase year-on-year, making Leap Motor the top-selling new energy vehicle brand in China [2] - The gross margin improved to 14.1%, up from 1.1% in 2024, nearing levels of competitors like Tesla and Li Auto [2][3] Research and Development - R&D expenditure for the first half of 2025 was 1.89 billion yuan, a 54.9% increase from 1.22 billion yuan in 2024, reflecting increased investment in smart driving technology [3] - The company plans to enhance its smart driving capabilities, aiming to reach a leading position in the domestic market by the end of 2025 [3] Market Strategy - Leap Motor plans to launch multiple new models in the second half of 2025, including the B05 at the Munich Auto Show and the D series, which will debut in Q1 2026 [5] - The company is focusing on maintaining a competitive edge in the domestic market while targeting 50,000-80,000 units in overseas sales without raising the current overseas sales target [5][6] - Leap Motor has initiated local assembly projects in Malaysia and plans to establish local production in Europe for its B series models [6]

Core Viewpoint - The Chinese electric vehicle market in 2025 is characterized by intense competition, with companies like Leap Motor setting ambitious sales targets, aiming for a significant increase in both volume and profitability, challenging the notion that new entrants cannot achieve profitability [1][3]. Group 1: Financial Performance - Leap Motor's revenue for the first half of 2025 reached 24.249 billion yuan, a 174% increase from 8.845 billion yuan in the same period last year, significantly outpacing the industry average and the company's own sales growth of 155.7% [3][4]. - The company achieved a net profit of approximately 33 million yuan, a turnaround from a loss of over 2.2 billion yuan in the previous year, making it the second new force after Li Auto to report a half-year profit [3][4]. - Leap Motor's gross margin improved dramatically from 1.1% to 14.1%, with expectations to reach around 15% in the second half of the year [3][4]. Group 2: Strategic Focus - Leap Motor's success is attributed to a dual strategy of cost control and product structure optimization, with sales costs increasing by only 137.9%, significantly lower than revenue growth [4][5]. - The company has shifted from a "money-for-market-growth" approach to a model that emphasizes efficiency for profit growth, with a revised sales target of 580,000 to 650,000 units for 2025 [5][6]. Group 3: Competitive Positioning - Leap Motor differentiates itself by targeting the mass market with high-value configurations, avoiding the pitfalls of the high-end market, and leveraging a platform strategy that enhances cost control through high parts commonality [6][7]. - The company employs a "light asset" strategy, utilizing leasing and contract manufacturing to minimize capital expenditure while maintaining cost control through centralized procurement and strict expenditure oversight [7][8]. Group 4: Market Challenges and Future Outlook - Despite its achievements, Leap Motor faces significant competition from established players like BYD, which has a strong market presence and vertical integration advantages [8][9]. - The company plans to launch its D series, targeting the 200,000 to 250,000 yuan segment, which will face intense competition from brands with higher recognition and established technological advantages [9][10]. - Leap Motor aims to enhance its smart driving capabilities and is investing heavily in R&D to compete with industry leaders by the end of 2025 [10][11].

Group 1: Sales Performance of Traditional Automakers - BYD remains the sales champion with June sales of 382,600 units, up from 341,700 units year-on-year. Total sales for the first half of the year reached 2.146 million units, a 33.04% increase from 1.613 million units last year [1][2] - SAIC Motor showed steady recovery with June sales of 365,000 units, a year-on-year increase of 21.6%. Total sales for the first half of the year reached 2.053 million units, up 12.4% [1] - Geely Auto reported the highest year-on-year growth among traditional automakers, with June sales of 236,000 units, a 42% increase. Total sales for the first half of the year exceeded 1.409 million units, a 47% increase [1] Group 2: New Energy Vehicle Contributions - New energy vehicles significantly contributed to the sales growth of traditional automakers. BYD's sales increased by 33.04%, while SAIC Motor's new energy vehicle sales reached 646,000 units, a 40.2% increase [2] - Geely's new energy vehicle sales (including Geely, Lynk & Co, and Zeekr) reached 725,200 units, a 126% increase. Changan's new energy vehicle sales for the first half of the year reached 450,000 units, up 48.8% [2] - Chery Group's new energy vehicle sales reached 359,400 units, a remarkable 98.6% increase [2] Group 3: Overseas Sales Performance - BYD's overseas sales reached 470,000 units in the first half of the year, a staggering 229.8% increase. Changan Group's overseas sales surpassed 300,000 units, a 49% increase [3] - SAIC Motor achieved overseas sales of 494,000 units, a modest 1.3% increase. Chery's overseas sales reached 550,300 units, a 3.3% increase [3] - Geely and Great Wall Motors experienced a decline in overseas sales [3] Group 4: New Energy Vehicle Startups - The leading new energy vehicle startups have shifted from "Li Auto, Seres (Aito), NIO" to "Leap Motor, Li Auto, Xpeng" [3] - Leap Motor emerged as the biggest "dark horse," with sales increasing from 86,700 units last year to 221,700 units in the first half of this year [3] - Xpeng Motors also saw significant growth, with sales nearly reaching 200,000 units in the first half of the year, surpassing its total sales from the previous year [3] Group 5: Performance of Other New Energy Vehicle Companies - Li Auto's sales reached 201,000 units, but the year-on-year growth rate slowed to 7.8%. NIO's sales were below 30,000 units in June, with total sales for the first half of the year at 114,200 units [4]

Group 1 - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [1] - Total revenue reached 10.02 billion yuan in Q1 2025, up 187.4% year-on-year, but down 25.6% quarter-on-quarter [1] - The gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, despite a decline in sales volume [1] Group 2 - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a notable collaboration with China FAW Group to develop new energy vehicles and components [1] - The B10 model, the company's first intelligent vehicle, received over 30,000 orders within 48 hours of its launch, indicating strong market demand [2] - The company aims to achieve total sales exceeding 500,000 vehicles in 2025, driven by the launch of new models such as B01 and B05 [2] Group 3 - The company is recognized as a quality new energy vehicle manufacturer, with a focus on cost-effective models priced mainly between 100,000 to 200,000 yuan [3] - Revenue forecasts for 2025-2027 have been revised upwards to 62.6 billion, 81.4 billion, and 99.9 billion yuan respectively, alongside increased net profit estimates [3] - The company maintains a "buy" rating based on its growth potential and market positioning [3]