2025年是零跑汽车高光的一年。C系列多款产品迎来换代，B系列推出即热销，D系列有望推动零跑走向更高端化，Lafa5则是零跑汽车个性品质化发展的尝 试。临近年末，零跑汽车再次"突然"发布A平台首款车型——零跑A10，再次引发市场关注。 11月21日，在2025广州车展开幕当日，零跑汽车正式揭幕全新A平台首款车型——零跑A10，标志着零跑补齐A、B、C、D四大系列矩阵的最后一块拼图， 正式进入主流细分市场全覆盖的新阶段。 2025年，零跑汽车风光无限，在爆发式产品攻势助推下，市场销量、企业经营表现齐头并进。2025年第三季度财报显示，公司净利润持续为正，达1.5亿 元，已连续实现季度盈利。实现营业收入194.5亿元，较2024年同期增长97.3%；毛利率为14.5%，同比大幅提升。 聚焦零跑A10，其定位于"智能精品长续航SUV"，以"好而不贵、科技普惠"为核心理念，集500km CLTC超长续航、高通8295P+8650双旗舰芯片、车位到车 位全场景智能辅助、油冷电驱、88.1%空间得房率等越享配置，打破10万元级市场"智能妥协、续航焦虑、空间必挤"的行业困局，为主流家庭及追求品质的 用户提供全场景不将就的出 ...

Core Insights - Leap Motor has announced a sales target of 1 million units for 2026, having completed its 2025 target of 500,000 units 45 days ahead of schedule [2][5] - The company has become the first new car manufacturer to achieve its 2025 sales target and is positioned to be the leader in the new car manufacturing sector for that year [5] - Leap Motor has consistently been the monthly sales leader among new car manufacturers since March 2025, with record monthly deliveries exceeding 60,000 units in September and 70,000 units in October 2025 [5] Sales Performance - Leap Motor's early achievement of the 2025 sales target was anticipated, with CEO Zhu Jiangming expressing optimism about the fourth quarter of 2025 and confirming that orders were meeting expectations [5][7] - The company aims to launch 2 to 3 new models from the D series and 2 models from the A series in 2026, indicating a strong product pipeline [7] Historical Context - Leap Motor was founded in 2015 and reached its 1 millionth vehicle production milestone on September 25, 2025, becoming the second new car manufacturer to join the "million club" after Li Auto [7] - The company took five years to produce its first 500,000 vehicles but achieved the next 500,000 in less than a year, showcasing rapid growth [7] Strategic Focus - Leap Motor's strategy for achieving its next 1 million vehicle production target is centered on "upgrading and sincerity," emphasizing the importance of superior products and positive user feedback [7]

Core Insights - Leap Motor announced a sales target of 1 million vehicles for 2026, having completed its 2025 target of 500,000 vehicles 45 days ahead of schedule [2][8] - The company has been the top performer among new car manufacturers for eight consecutive months since March 2025, setting monthly delivery records [6] - Leap Motor's CEO expressed optimism about achieving the 2025 target, indicating strong order levels and expectations [6][9] Group 1 - Leap Motor achieved its 2025 sales target of 500,000 vehicles ahead of schedule, with September and October 2025 deliveries exceeding 60,000 and 70,000 vehicles respectively [6] - The company plans to launch 2 to 3 new models from the D series and 2 models from the A series in 2026, marking it as a significant product year [9] - Leap Motor became the second new car manufacturer to reach the milestone of 1 million vehicles produced, following Li Auto [9][11] Group 2 - The CEO highlighted that it took Leap Motor five years to produce its first 500,000 vehicles, but less than a year to reach the next 500,000 [11] - The key to achieving the next 1 million vehicles is believed to be "upgrading and sincerity," focusing on superior products and improved customer reputation [11]

Core Insights - Leap Motor achieved a significant milestone by delivering 66,657 vehicles in September 2025, becoming the first new force brand to exceed 60,000 monthly sales and maintaining the top position in sales for seven consecutive months [1] - The launch of the D19 model, positioned as the flagship of the D series, was held on October 16, 2025, showcasing advanced technology and high-end features [1][3] Product Strategy - The D series is defined as "the flagship among flagships," featuring a dual-vector three-motor system, an 80 kWh battery with a small fuel tank range extender, and a Qualcomm 8797 chip, with suppliers including Bosch, ZF, and CATL [3] - CEO Zhu Jiangming emphasized that the brand's positioning remains unchanged, focusing on "good but not expensive" products, with pricing strategies aligned with the B and C series, avoiding high margins [3][5] Business Model - Zhu provided examples of clothing brands to illustrate that pursuing scale effects can be more profitable than focusing on high margins, comparing Ermenegildo Zegna and Uniqlo's profitability [5][6] - Leap Motor's core advantage lies in its comprehensive in-house research and development, allowing efficient collaboration with suppliers and cost optimization through technological innovation [6] Technological Innovation - Innovations such as the integrated electric drive generator system developed with ZF reduce weight and costs significantly, while the CTC technology enhances space and safety in the D series [6] Market Strategy - The key to sales growth is attributed to product strength, with a focus on technology and reasonable pricing to attract customers [9] - Leap Motor plans to concentrate on first-tier cities for high-end store layouts while maintaining advantages in lower-tier markets [9] Future Outlook - Zhu expressed confidence in achieving the annual target of 500,000 vehicles ahead of schedule and anticipates a product explosion in 2026 with plans to launch 2-3 new D series models and 2 A series models [9] - The company does not prioritize immediate sales leadership but aims for sustained efforts to reach long-term goals [9]

Core Insights - The company has established a strategic plan and sales targets for the next five years, aiming to achieve the previously announced goal of 500,000 units sold before revealing next year's sales targets, indicating potential for significant growth in the coming year [1] Group 1 - In September, the company achieved a record monthly delivery of 66,657 units, ranking first among new energy vehicle manufacturers, with total sales for the first nine months reaching 395,516 units, representing a year-on-year increase of 129% [1] - The company has raised its annual sales target to between 580,000 and 650,000 units [1] Group 2 - The founder and CEO expressed optimism for 2026, highlighting the competitive nature of the already released B series, Lafa5, and C series products, along with plans to launch 2-3 new models from the D series and 2 models from the A series next year [3] - The year 2026 is anticipated to be the most significant for the company's product lineup, with expected overall sales growth [3]

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company reported a significant increase in revenue and sales volume in its 2025 half-year report, with revenue reaching 24.25 billion RMB, a year-on-year increase of 174%, and sales volume of 222,000 vehicles, up 156% year-on-year [4][5]. - The introduction of the B series models is expected to drive further sales growth, with the B10 model contributing significantly to sales since its launch [7]. - The company is projected to achieve substantial revenue and profit growth in the coming years, with revenue estimates for 2025, 2026, and 2027 revised upwards to 65.32 billion RMB, 133.26 billion RMB, and 178.08 billion RMB, respectively [5][7]. Financial Data and Profit Forecast - The company’s financial projections show a recovery in net profit, with estimates of 691 million RMB for 2025, 5.47 billion RMB for 2026, and 8.3 billion RMB for 2027, reflecting a strong growth trajectory [5][8]. - The earnings per share (EPS) is expected to turn positive in 2025, with an estimate of 0.52 RMB per share, increasing to 6.21 RMB per share by 2027 [5][8]. - The company’s gross margin is projected to improve, with a gross margin of 14.1% reported for the first half of 2025, up 13 percentage points year-on-year [4]. Sales and Market Expansion - The company plans to expand both domestically and internationally, with new models and strategic partnerships expected to enhance sales and profitability [7]. - The B series models are anticipated to match the sales performance of the C series, contributing to the overall sales target of over one million vehicles in the next year [7]. - The company is also focusing on enhancing its overseas market presence, with local production in Europe expected to begin next year, which will help mitigate tariffs and improve margins [7].

Core Insights - Leap Motor has emerged as a leading player in the new energy vehicle sector, achieving significant growth in revenue and profitability during a traditionally slow sales season [2][3][5] - The company reported a remarkable increase in sales volume, reaching 221,700 units in the first half of the year, and aims to sell between 580,000 to 600,000 units by year-end [3][10] - Leap Motor's strategy focuses on cost control and self-research, allowing it to offer competitive pricing and advanced features, which has resonated well with consumers [7][8][19] Financial Performance - Leap Motor's revenue surged to 15.4 billion yuan, with a gross margin increase from 1.1% to 14.1% year-on-year, marking a significant turnaround to profitability [7][8] - The company achieved its first half-year net profit, becoming the second new force in the industry to do so after Li Auto [2][3] Market Strategy - The company plans to challenge the sales limit of 750,000 units per month and aims for a target of 1 million units by next year, which is considered a survival threshold [4][10][14] - Leap Motor is expanding its product lineup, with new models in the B series and plans for the A and D series to cover a broader price range [15][16] Competitive Landscape - The current market environment is characterized by aggressive pricing strategies, and Leap Motor is capitalizing on this by penetrating the 150,000 yuan segment effectively [7][19] - The company is also expanding its presence in overseas markets, with plans for local assembly in Malaysia and partnerships to enhance its global footprint [18][19] Future Outlook - Leap Motor's management is optimistic about continued growth, with expectations of significant sales increases in the upcoming months [9][10] - The company is positioning itself to become a top-tier player in the global automotive industry, with ambitious long-term sales targets [11][13][19]

Core Viewpoint - Leap Motor reported strong financial results for the first half of 2025, achieving revenue of 24.25 billion yuan, a year-on-year increase of 174%, and becoming the second Chinese new energy vehicle manufacturer to achieve half-year profitability [1] Financial Performance - The company's gross margin reached a historical high of 14.1%, with net profit attributable to shareholders at 30 million yuan, and adjusted net profit at 330 million yuan [1] - The actual net profit for Q2 2025 exceeded market expectations by 115 million yuan, with a reported net profit of 163 million yuan [1] - Operating cash flow generated during the period was 2.86 billion yuan, with cash reserves amounting to 29.58 billion yuan [6] Sales and Market Position - Leap Motor delivered approximately 222,000 vehicles in the first half of 2025, marking a year-on-year growth of 155.7%, leading the new energy vehicle sector in terms of delivery volume [1] - The company achieved a record monthly delivery of 50,129 vehicles in July 2025, maintaining its position as the top-selling new energy vehicle brand in China [4] - The B series and C series models have been well-received, with the C10 and C16 models leading sales in their respective categories [4] Product Strategy and Innovation - Leap Motor has adopted a high-end strategy, increasing the average selling price of its vehicles by 76% year-on-year, contrasting with the overall market trend of declining prices [5] - The company has invested heavily in R&D, with a nearly 100% increase in its autonomous driving team and computing resources [7] - The B10 model, launched in April 2025, features advanced technology and has quickly become a best-seller, achieving over 10,000 deliveries in its first month [8] International Expansion - Leap Motor exported 24,980 vehicles from January to July 2025, leading among new energy vehicle brands in China [9][12] - The company has established over 600 sales and service outlets across approximately 30 international markets, with plans to set up a local production base in Europe by the end of 2026 [12] - The stock performance has been strong, with a 125% increase in market value this year, and several investment banks have raised their target prices for the company [12]

Core Viewpoint - Leap Motor reported strong financial results for the first half of 2025, achieving revenue of 24.25 billion yuan, a year-on-year increase of 174%, and a gross margin of 14.1%, marking a historical high for the company [1] Financial Performance - The company achieved a net profit of 30 million yuan, and an adjusted net profit of 330 million yuan, becoming the second Chinese new energy vehicle manufacturer to report a half-year profit [1] - The actual net profit for Q2 2025 exceeded market expectations by 115 million yuan, with a gross margin of 13.6%, surpassing predictions by 0.3 percentage points [1][6] - Operating cash flow generated 2.86 billion yuan, with cash reserves reaching 29.58 billion yuan, indicating a healthy financial position [6] Sales and Market Position - Leap Motor delivered approximately 222,000 vehicles in the first half of 2025, a year-on-year increase of 155.7%, leading the new energy vehicle sector in delivery volume [1][5] - The company’s B and C series models have been well-received, with the C10 model topping the sales chart for medium-sized SUVs among new energy brands for three consecutive months [4] - In July 2025, the company achieved a record delivery of 50,129 vehicles, maintaining its position as the top-selling new energy brand in China [4] Product Strategy and Innovation - Leap Motor has adopted a high-end strategy, increasing the average selling price by 76% year-on-year, contrasting with the overall market trend of declining vehicle prices [5][6] - The company has invested heavily in R&D, with a nearly 100% increase in its autonomous driving team and computing resources, leading to the successful launch of advanced driving assistance features [7][8] - The B10 model, launched in April 2025, features the LEAP 3.5 technology architecture, achieving significant sales milestones shortly after its release [8] International Expansion - Leap Motor has exported 24,980 vehicles from January to July 2025, leading among new energy brands in China [10][15] - The company plans to establish a localized production base in Europe by the end of 2026, enhancing its global market presence [15] - The stock performance has been strong, with a 125% increase in market value this year, and several investment banks have raised their target prices for the company [15]