Core Viewpoint - Leap Motor has reported impressive mid-year performance for 2025, driven by new vehicle launches and accelerated overseas market expansion, maintaining a "Buy" rating [1][2]. Financial Performance - For the first half of 2025, Leap Motor achieved revenue of 24.25 billion yuan, a year-on-year increase of 174.0%, and net profit of 30 million yuan, marking the first half-year profit for the company [1]. - In Q2 2025, revenue reached 14.23 billion yuan, up 165.5% year-on-year and 42.0% quarter-on-quarter, with net profit of 160 million yuan, showing positive growth both year-on-year and quarter-on-quarter [1][2]. Vehicle Deliveries and Market Position - Leap Motor delivered a total of 222,000 new vehicles in the first half of 2025, a year-on-year increase of 155.7%, ranking first among new energy vehicle brands in China [2]. - In Q2 2025, the company delivered 134,000 vehicles, reflecting a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2% [2]. Profitability Metrics - The gross margin for the first half of 2025 was 14.1%, an increase of 13.0 percentage points year-on-year, while Q2 2025 gross margin was 13.6%, up 10.8 percentage points year-on-year but down 1.3 percentage points quarter-on-quarter [2]. - The average revenue per vehicle in Q2 2025 was 106,000 yuan, a year-on-year increase of 6,000 yuan, while the net profit per vehicle was 1,000 yuan, up 2,400 yuan year-on-year [2]. International Expansion - Leap Motor ranked first among new energy vehicle brands in export sales, with 20,375 units exported in the first half of 2025 [2]. - The company is accelerating its global product layout, with the first batch of B10 models set to launch globally at the Munich International Motor Show in September 2025 [2]. - Leap Motor has made significant progress in local manufacturing, with the first C10 OTS vehicle successfully rolling off the production line in Malaysia, laying a solid foundation for mass production [2].