Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company aims to become a world-class automotive enterprise, targeting sales of 1 million units in 2026 and 4 million units in the long term [4][5] - The company has established a comprehensive self-research and platform-based manufacturing system, achieving a sales volume of approximately 597,000 units in 2025, marking a significant improvement in its fundamentals [2][3] - The strategic investment from FAW Group, acquiring approximately 5% equity for about HKD 3.74 billion, highlights the recognition of the company's long-term strategy [3] Sales and Financial Projections - The company expects to achieve sales of 600,000, 1,040,000, and 1,420,000 units in 2025, 2026, and 2027 respectively, with corresponding revenues of RMB 68.3 billion, RMB 123.5 billion, and RMB 168.8 billion [5][11] - The net profit attributable to the parent company is projected to be RMB 6.6 million, RMB 51.1 million, and RMB 82.5 million for the years 2025, 2026, and 2027 respectively [5][11] Strategic Developments - The company has signed a powertrain cooperation agreement with FAW, focusing on the joint development of range-extended and plug-in hybrid vehicles, with the first model expected to be mass-produced in 2026 [3] - The D-series models, including D19 and D99, are set to launch in 2026, enhancing the company's high-end product lineup [3][4] Market Expansion - The company plans to leverage Stellantis' distribution channels to export over 60,000 vehicles in 2025, entering 35 countries with more than 800 overseas stores [2][4] - The strategic cooperation with FAW and Stellantis is expected to drive growth and profitability during the upcoming new vehicle cycle [4]

Core Viewpoint - Leap Motor has achieved significant milestones in 2023, including surpassing its annual sales target of 500,000 units and expanding its product line with the new A and D series, targeting price ranges from 60,000 to 300,000 yuan [1][4][7]. Group 1: Strategic Partnerships and Investments - Leap Motor has entered a strategic partnership with FAW Group, which will invest 3.744 billion yuan to acquire a 5% stake in the company, marking the first investment by a state-owned enterprise in a new energy vehicle startup [4][6]. - The collaboration will involve joint research and development of hybrid and extended-range powertrains, enhancing Leap Motor's technological capabilities and resource sharing [4][6]. Group 2: Growth and Future Goals - Leap Motor aims to double its sales to 1 million units by 2026 and establish itself as a world-class smart electric vehicle manufacturer, aspiring to rank among the top 10 globally [7][8]. - The company has set ambitious sales targets, with expectations of significant contributions from its new A series and continued success from its B and C series models [62][70]. Group 3: Historical Context and Development - Leap Motor's journey began in 2015, with founder Zhu Jiangming leveraging his experience from the security industry to enter the automotive sector, driven by the belief that China could achieve breakthroughs in electric vehicles [15][18]. - The company faced early challenges, including low sales of its first model, the S01, which sold only 1,086 units in 2019, and a critical cash shortage in 2020 [22][24]. Group 4: Technological Advancements and Competitive Edge - Leap Motor has focused on developing its own technologies, such as the CTC battery integration and advanced driving assistance systems, which have become key competitive advantages [37][44]. - The company has established a robust in-house manufacturing system, producing 65% of its vehicle components internally, with plans to increase this to 80% [44][46]. Group 5: Market Position and Global Expansion - In 2023, Leap Motor delivered over 500,000 vehicles in China, with expectations for its new A series to drive further growth [62][63]. - The company has partnered with Stellantis, which holds an 18.99% stake, to facilitate its entry into international markets, with plans for local production in Malaysia and Europe [67][70].

（文/观察者网 张家栋 编辑/高莘） 12月28日，在零跑汽车成立十周年的发布会上，零跑汽车董事长朱江明用了近一个小时，完整回顾了这 家造车新势力从"零起步"的十年历程，并宣布了其未来战略规划。 与以往更多聚焦产品和销量不同，本次发布会零跑与朱江明给出的，是一个阶段性总结式的判断：前十 年，零跑完成了"掌握技术、找到造车的感觉"；下一个十年，则是迈向"世界级智能电动车企"的步伐。 零跑十周年"向上，领跑"标语 文中未标注图片均来自观察者网 值得关注的是，在发布会现场，零跑首次提出"向上，领跑"的口号。相较于过去长期强调的"好而不 贵""技术驱动性价比"，这一变化不止是简单的品牌修辞，而是零跑对自身发展阶段的重新定位——从 证明生存能力，走向讨论产业地位。 不典型的新势力路径 零跑汽车董事长朱江明 零跑汽车官网 没有互联网公司的流量优势，也不是传统车企孵化的转型项目，而是由一位长期深耕安防与电子产业的 工程师，在新能源汽车窗口期选择跨界从零造车。 这种背景，决定了零跑最初与其他新势力全然不同的入局方式。 相比同期蔚、小、理等知名新势力企业从品牌、智能化叙事或高端定位切入市场，零跑选择了一条更偏 工程与制造导向的 ...

2025年12月24日，零跑汽车迎来创立十周年。从2015年跨界入局备受质疑，到全年销量逼近60万辆、连续季度盈利，这家自主品牌以十年坚守实现从"门 外汉"到"领跑者"的逆袭。在新能源汽车重塑全球竞争的今天，零跑的征程不仅是一家企业的成长史诗，更揭示了中国汽车从"跟跑"到"领跑"的核心密码 ——以全域自研筑牢根基，以用户至上赢得市场，以全球布局开拓未来。 十年磨一剑：全域自研的孤勇与远见 零跑的十年，是中国品牌坚持核心技术自主的缩影。创始人朱江明在跨界造车之初便确立"全域自研"道路，将占整车成本65%的核心零部件纳入自研范 畴，从三电系统到中央域控，从智能驾驶算法到底盘一体化技术，拒绝依赖外部"攒车"。这一选择最终成为零跑穿越行业周期的关键。 自研始终紧扣用户痛点。针对北方冬季用车难题，普及耐寒密封胶条与智能温控系统；面对智能驾驶需求，将高阶功能下放至10万级车型，提供"傻瓜式 倒车"、窄路辅助等实用配置。2025年，LEAP3.5中央域控、800V高压平台、OneBox制动系统等核心技术量产，使零跑成为少数全产业链自主掌控的车 企。 自研还带来成本优势。通过核心部件自研自制，零跑将零部件环节10%的毛利率让 ...

2015-2025，是中国新能源汽车产业从萌芽到引领全球的黄金十年，也是零跑从一名IT跨界而来的行业门外汉，在近百家造车新势力中突围成长为头部新能 源品牌的关键十年。 今年，零跑汽车全年销量预计接近60万辆，其中海外交付约6万辆，均位居造车新势力第一。其创立以来累计销量将突破120万辆。 - 11 / 17 作者 | 柴旭晨 编辑 | 王小娟 "创业第十年，我们完成了5年前制定的目标，全年销量接近60万辆，公司有望实现年度盈利，这是零跑成果最丰硕的一年。" 12月24日，在圣诞节前一天，零跑董事长朱江明发表了一篇名为《零跑十年，向上领跑》的内部信。带着新势力销冠的高光，零跑宣告"车圈优衣库"+全域 自研的战略初步成功。 在出海层面，零跑汽车在2025年累计拓展35个海外市场，海外门店超过800家，借助与Stellantis集团的合作，在全球市场完善了销交服体系。 根据此前公布的2025年三季报，2025年第三季度，零跑汽车净利润持续为正，已连续实现季度盈利。而在零跑成立十周年的重要节点，2025年还有望成为零 跑首次实现全年盈利的里程碑。 站在十年的路口，朱江明却要求零跑不能"在半场开香槟"。 "过去的十年我 ...

零跑汽车 分时图 日K线 周K线 月K线 49.88 0.80 1.63% 1.67% 1.12% 0.55% 0.00% 0.55% 1.12% 1.67% 48.26 48.53 48.81 49.08 49.35 49.63 49.90 09:30 10:30 12:00/13:00 14:00 16:10 0 90万 180万 270万 2025年12月24日，零跑汽车创立十周年，公司创始人、董事长兼CEO朱江明发布了一封全员信，强调将 2026年的销量目标定在100万辆。 在内部信中，朱江明指出零跑汽车在2026年有四大工作要点：技术必须持续创新；品质必须做到极致； 必须加速海外市场的拓展；组织必须保持高效敏捷。 早在11月15日，零跑汽车宣布提前完成全年50万辆的销售目标，并将2026年的销量目标定在100万辆。 根据此前公布的2025年三季报，2025年第三季度，零跑汽车净利润持续为正，已连续实现季度盈利。 2025年有望成为零跑首次实现全年盈利的里程碑。 在零跑汽车看来，公司用十年时间证明了两件事：其一是全域自研体系化能力的可行性；第二是好而不 贵产品定位的准确性。 2025年，零跑汽车推出包 ...

2025年12月24日，零跑汽车迎来创立十周年纪念日，公司创始人、董事长兼CEO朱江明向全体员工发布内部信，回顾十年创业历 程并明确未来发展方向。据悉，零跑汽车将于12月28日在杭州奥体中心体育馆（小莲花）举办"向上，领跑"主题十周年发布会，届时将 邀请员工、用户、合作伙伴及投资方代表共同参与，朱江明也将发表主题演讲，系统梳理十年发展成果并展望未来十年规划。 2015年成立的零跑汽车，伴随中国新能源汽车产业从萌芽到全球引领的发展历程，从跨界入局的行业新丁成长为造车新势力头部品牌。 2025年，该企业交出亮眼成绩单：全年销量预计接近60万辆，其中海外交付约6万辆，均位列造车新势力首位，累计销量突破120万辆；海外市 场拓展至35个，门店数量超800家，借助与Stellantis集团的合作完善了全球销交服体系。 在内部信中，朱江明表示，零跑过去十年"九死一生"，目前仅"刚过温饱线"，尚未到庆功之时。他强调，新十年起点上，企业需告别"新 势力"定位，以"可持续发展、值得尊敬的世界级车企"为标准，同时提出"四个必须"：技术必须持续创新、品质必须做到极致、必须加速海外 市场拓展、组织必须保持高效敏捷。 据悉，零跑汽车已 ...

导语：站在十年的路口，朱江明要求零跑汽车不能再以"新势力"自居，而要以一家可持续发展、值得尊敬的世界级车企来要求自己。 "过去的十年我们很难，可以说是九死一生。现在我们也才刚过温饱线，远远没到庆功的时候。站在新十年的起点，从跟跑到领跑，这要求我们不能再以'新 势力'自居，而要以一家可持续发展、值得尊敬的世界级车企来要求自己。" 智通财经APP获悉，2025年12月24日，在零跑汽车(09863)创立十周年的日子，公司创始人、董事长兼CEO朱江明发布了一封全员信，回顾了零跑汽车十年来 的创业历程。 同时，零跑汽车宣布将于12月28日在杭州奥体中心体育馆(小莲花)举办以"向上，领跑"为主题的十周年发布会。在成立十周年这一重要节点，零跑汽车盛情 邀请十年来砥砺同行的员工代表、用户代表、伙伴代表、投资方代表等，共同见证这一凝聚过往、开启未来的历史性时刻。 2025年，零跑汽车全年销量预计将接近60万辆，其中海外交付约6万辆，均位居造车新势力第一，其创立以来累计销量将突破120万辆。 在出海层面，零跑汽车在2025年累计拓展35个海外市场，海外门店超过800家，借助与Stellantis集团的合作，在全球市场完善了销交 ...

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

Core Insights - In Q3 2025, Leap Motor reported revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 150 million yuan, with a gross margin of 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [1] - The company achieved a record vehicle delivery of 173,852 units in Q3, representing a year-on-year growth of 101.77% [1] Financial Performance - Q3 gross margin improved due to scale effects, cost control, product mix optimization, and other business income [1] - Cash flow from operating activities was 4.88 billion yuan, with free cash flow of 3.84 billion yuan, and total cash and equivalents amounted to 33.92 billion yuan, indicating ample liquidity [1] Sales and Delivery - Q3 vehicle deliveries reached 173,852 units, a 101.77% increase year-on-year and a 29.63% increase quarter-on-quarter [1] - In October, sales reached 70,289 units, a year-on-year increase of 84.11%, with the core model C10 exceeding 20,000 units in monthly sales [1] Research and Development - R&D expenses in Q3 were 1.21 billion yuan, a year-on-year increase of 55.4% and a quarter-on-quarter increase of 11.4%, driven by increased R&D investment and personnel expansion [1] - The company launched a new flagship D platform in October, featuring six key technologies [2] Global Expansion - Q3 exports totaled 17,397 units, with cumulative exports from January to September reaching 37,772 units [2] - The number of overseas terminal customer contracts in October increased by over 100% compared to September, with more than 700 overseas sales and service outlets established in various international markets by September 30, 2025 [2] Revenue Forecast - Revenue projections for 2025-2027 are 64 billion yuan, 102.4 billion yuan, and 131.1 billion yuan, reflecting year-on-year growth rates of 99%, 60%, and 28% respectively [2] - The current stock price corresponds to price-to-sales ratios of 1.02, 0.64, and 0.50 for 2025-2027 [2]