凭借十年的技术积累与体系化能力建设，零跑全面实现规模与效益的双提升。 2026年1月，新能源汽车市场在政策调整与春节假期错位的双重影响下进入阶段性盘整，多家车企的交 付数据出现环比下滑。在此背景下，零跑汽车以32,059台的月度交付量逆势同比增长27%。 公开数据显示，零跑汽车截至目前累计交付量超120万辆，单月销量突破7万辆，全球渠道网点超过1800 家，其中海外超800家，已进入全球35个国家和地区。 目前，零跑完成了ABCD四大系列以及Lafa5的产品布局，形成包含轿车、SUV、MPV 在内的多元化产 品阵容，实现了从A0级到D级全维度覆盖，更提供纯电和增程双动力选择。 作为零跑经典车型，C系列凭借越级产品力持续领跑细分市场，其中C10销量已达到月销2万辆的新高 度；旗舰D系列首款车型D19、A系列首款小型纯电SUV A10，亮相阶段收获用户满满期待。 据新华网（603888），即将于2026年第二季度上市的A系列，主打10万级市场。作为一款定位"智能精 品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超长续航、 搭配高通8650智驾芯片、车位到车位全场景 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The 2026 new energy vehicle (NEV) purchase tax subsidy policy has shifted from a flat-rate model to a tiered proportional subsidy, resulting in a slight decrease in per-vehicle subsidy amounts. Companies with a higher proportion of low-end models, such as Geely and BYD, will experience a more significant subsidy reduction, while high-end brands will be less affected [2][3]. - The adjustment in subsidy policy is expected to reshape the sales structure of NEVs in 2026, with a decline in demand for low-end models and a relative advantage for mid-to-high-end models [2]. Summary by Relevant Sections Subsidy Policy Analysis - The new subsidy policy will lead to a 19% reduction for Geely and a 14% reduction for BYD, while companies like Xiaopeng, Great Wall, and Leap Motor will see a smaller impact of around 10% due to their higher proportion of mid-to-high-end models [2]. - The demand for A0 and A00 level low-end models, which previously relied heavily on subsidies, is expected to decrease significantly [2]. Sales Analysis of Key Companies - Xiaopeng Motors delivered nearly 430,000 vehicles in 2025, a 126% year-on-year increase. However, the average selling price (ASP) dropped from approximately 190,000 yuan in 2024 to 160,000 yuan in the first half of 2025 due to changes in product mix [3]. - Leap Motor achieved a delivery volume of 597,000 vehicles in 2025, doubling from 290,000 in 2024. The company plans to launch two high-end models in 2026 and aims for a sales target of 1 million vehicles [4]. - Great Wall Motors sold 1.32 million vehicles in 2025, with a 7% year-on-year growth. The company has set a sales target of 1.8 million vehicles for 2026, reflecting a 40% increase [5]. Investment Recommendations - The report suggests focusing on new energy vehicle companies with advantages in AI and robotics, such as Xiaopeng, NIO, and Li Auto, as well as component manufacturers like Yinchuan, Fuda, and Shuanghuan, which are expected to benefit from the new subsidy policies [6].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [12]. Core Insights - The 2026 new energy vehicle purchase tax subsidy policy has shifted from a "one-size-fits-all" model to a tiered proportional subsidy, resulting in a slight decrease in per-vehicle subsidy amounts. Companies with a higher proportion of low-end models, such as Geely and BYD, will experience a more significant subsidy reduction, while high-end brands are largely unaffected [2][3]. - The adjustment in subsidy policy is expected to significantly reshape the sales structure of new energy vehicles in 2026, with demand for low-end models likely to decline, benefiting mid-to-high-end models and companies with higher average selling prices (ASP) [3]. Summary by Sections Subsidy Policy Analysis - The 2026 subsidy policy will lead to a reduction in subsidies for companies with a higher share of low-end models, with Geely facing a 19% reduction and BYD a 14% reduction. In contrast, companies like Xiaopeng, Great Wall, and Leap Motor will see a reduction of around 10% due to their higher proportion of mid-to-high-end models [3][4]. Sales Analysis of Key Companies - **Xiaopeng Motors**: Projected delivery volume for 2025 is approximately 430,000 units, a 126% increase year-on-year. December deliveries were 37,500 units, showing a decline due to subsidy reductions. The ASP is expected to drop from nearly 190,000 yuan in 2024 to 160,000 yuan in the first half of 2025. Xiaopeng plans to launch seven dual-power models in 2026, which are expected to benefit from the policy changes [4][5]. - **Leap Motor**: Expected to deliver 597,000 units in 2025, doubling from 290,000 units in 2024. The growth is driven by new models and overseas market expansion. Despite the introduction of lower-priced models, Leap Motor has maintained its gross margin due to effective cost control. The 2026 sales target is set at 1 million units [5][6]. - **Great Wall Motors**: Anticipated sales for 2025 are 1.32 million units, a 7% increase. The company has optimized its internal structure, with new models compensating for declines in older models. The sales target for 2026 is set at 1.8 million units, reflecting a 40% year-on-year growth expectation [6]. Investment Recommendations - The report suggests focusing on new energy vehicle companies that have advantages in AI and robotics, such as Xiaopeng, NIO, and Li Auto, as well as key Tier 1 suppliers. It also recommends second-hand car companies and component manufacturers with low valuations and growth potential, such as Yinchuan, Fuda, and others [2][6].

Core Insights - Leap Motor celebrated its 10th anniversary on December 28, 2025, and announced a strategic partnership with FAW, acquiring a 5% stake for approximately 3.74 billion yuan, aiming to become a world-class automaker [1][2] - The company reported a total sales volume of 597,000 units for 2025, marking a significant milestone with expectations for its first annual profit [1][2] - Leap Motor's long-term goals include achieving sales of 1 million units by 2026 and 4 million units in the future, supported by a new vehicle cycle and strategic collaborations [1][3] Company Development - From 2015 to 2025, Leap Motor transitioned from an IT cross-border player to a leading new energy vehicle manufacturer, with cumulative deliveries exceeding 1.2 million units and a peak monthly sales of over 70,000 units [2] - The company has established 17 major component factories, achieving a 65% self-manufacturing ratio for core components, which provides a cost advantage of approximately 10% compared to external procurement [2] - The LEAP platform allows for high component commonality, significantly reducing R&D and manufacturing costs for models like C10 and C16 [2] Strategic Partnerships - FAW's investment highlights strategic recognition of Leap Motor, with funds allocated for R&D, operational capital, and brand development [2] - A collaboration agreement was signed between FAW and Leap Motor for joint development of powertrains, with the first model expected to be produced in 2026 [3] Future Outlook - Leap Motor aims to transition from a follower to a leader in the automotive industry, with a focus on technology leadership, product matrix expansion, and a cooperative ecosystem [3] - The company plans to host annual technology days starting in 2026 to enhance supply chain integration and factory construction [3] Financial Projections - Adjusted sales forecasts for 2025-2027 are 600,000, 1,040,000, and 1,420,000 units respectively, with revenue projections of 68.3 billion, 123.5 billion, and 168.8 billion yuan [3] - The net profit estimates for the same period are 660 million, 5.11 billion, and 8.25 billion yuan, reflecting a significant adjustment in expectations [3] - The target price for Leap Motor is set at 83.69 HKD, reflecting a 30% premium on the estimated valuation due to anticipated growth and profitability [3]

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].

Core Insights - The article discusses Leap Motor's ten-year journey and future strategic planning, emphasizing its transition from survival to aiming for a world-class smart electric vehicle company [1][3][24] Group 1: Company Overview - Leap Motor was founded by an engineer with a background in security and electronics, lacking the typical advantages of internet companies or traditional automakers [5] - The company initially struggled with its first model, S01, but found success with the T03, establishing a stable sales trajectory [7][9] Group 2: Sales and Growth - Leap Motor's sales have shown significant growth, delivering approximately 44,000 vehicles in 2021, over 100,000 in 2022, and reaching 140,000 in 2023, with projections nearing 300,000 in 2024 and close to 600,000 by 2025 [9][24] - The company aims to achieve annual sales of 4 million vehicles by 2033, with a target of 1 million units by 2026 [18][20] Group 3: Technological Development - Leap Motor has invested heavily in core technologies, focusing on battery, electric drive, and electronic architecture, which are seen as essential for electric vehicles [10][12] - The company has developed a self-research and manufacturing system, with self-produced components accounting for about 65% of vehicle costs [12] Group 4: Market Positioning and Strategy - The new slogan "Upward, Lead" reflects Leap Motor's shift in focus from survival to establishing its position in the industry [3][24] - The company is enhancing its product lineup with the introduction of the D series, which features advanced technologies and aims to elevate the brand's market presence [23][26] Group 5: Future Challenges and Opportunities - Leap Motor acknowledges the challenges ahead, including price competition and the complexities of globalization, as it transitions into a more competitive environment [24][26] - The partnership with Stellantis is part of its strategy to strengthen its global presence, with expectations of significant overseas sales by 2025 [18][26]

Core Insights - Leap Motor has achieved significant milestones in its tenth year, with annual sales expected to approach 600,000 units and a potential for annual profitability, marking it as the most fruitful year for the company [2][3] - The company has established itself as a leading new energy vehicle brand in China, with cumulative sales surpassing 1.2 million units since its inception [2][3] Sales Performance - In 2025, Leap Motor's sales are projected to reach nearly 600,000 units, including approximately 60,000 units delivered overseas, making it the top performer among new energy vehicle manufacturers [2][3] - The company aims to challenge for annual sales of 1 million units by 2026, with new product launches planned for the A and D series [4][7] Global Expansion - Leap Motor has expanded into 35 overseas markets, with over 800 international stores, and has partnered with Stellantis to enhance its global sales and service network [3][6] - The company is transitioning from merely selling cars abroad to establishing manufacturing capabilities in international markets [8] Strategic Focus - The company emphasizes the need for continuous technological innovation, quality excellence, and efficient organizational operations to maintain competitiveness in an increasingly fierce market [4][7][8] - Leap Motor's leadership stresses the importance of a crisis mindset and warns against complacency despite recent successes, aiming to evolve from a "new force" to a respected global automotive enterprise [4][5][8]

Core Viewpoint - Leap Motor aims to achieve a sales target of 1 million vehicles by 2026, emphasizing continuous innovation, quality, overseas market expansion, and organizational efficiency as key focus areas for the next decade [2]. Group 1: Sales and Market Performance - Leap Motor announced it has completed its annual sales target of 500,000 vehicles ahead of schedule and is projecting sales of nearly 600,000 vehicles for 2025, with approximately 60,000 of those being overseas deliveries [3]. - The company has expanded into 35 overseas markets and plans to have over 800 stores globally by 2025, supported by a partnership with Stellantis to enhance its sales and service system [3]. - Cumulative sales since inception are expected to exceed 1.2 million vehicles by the end of 2025 [3]. Group 2: Product Development and Innovation - In 2025, Leap Motor plans to launch several new models, including B10, B01, and Lafa5, with the C10 model achieving monthly sales of 20,000 units [4]. - The flagship D series and the smart premium A series will also debut, with new products from the A and D series expected to be released in 2026 [4]. - The company aims to maintain a consistent product upgrade cycle across its B and C series [4]. Group 3: Company Vision and Future Goals - Leap Motor's founder, Zhu Jiangming, stated that the company must transition from being seen as a "new force" to a sustainable, respected global automotive enterprise [2][4]. - The long-term goal is to achieve annual sales of 4 million vehicles, indicating a significant ambition beyond the immediate target of 1 million [4]. - The upcoming 10th-anniversary event will highlight the company's journey and outline its strategic vision for the next decade [2].

Core Insights - Leap Motor celebrates its 10th anniversary on December 24, 2025, with a focus on future development and achievements over the past decade [1][10] - The company aims to transition from a "new force" in the automotive industry to a "sustainable and respected world-class car manufacturer" [10] Group 1: Company Achievements - Leap Motor is expected to achieve nearly 600,000 vehicle sales in 2025, with approximately 60,000 units delivered overseas, leading the new car-making forces [6] - Cumulative sales have surpassed 1.2 million units, with market expansion to 35 countries and over 800 stores [6][12] - The company has completed its annual sales target of 500,000 units ahead of schedule by November 2025, setting a target of 1 million units for 2026 [10] Group 2: Financial Performance - Leap Motor's net profit has remained positive in Q3 2025, marking consecutive quarters of profitability, with 2025 projected to be its first profitable year [8] - The company maintains a gross margin of 14%-15% while ensuring competitive pricing through self-research and production of 65% of core components [8] Group 3: Product Development - In 2025, Leap Motor launched several new models including B10, B01, and Lafa5, with the C10 model achieving monthly sales of 20,000 units [8] - The flagship D series and the A series are set to be unveiled, with significant market interest anticipated [8] Group 4: Strategic Direction - The company emphasizes continuous innovation in technology, extreme quality, accelerated overseas market expansion, and maintaining an efficient organizational structure as part of its future strategy [10] - Leap Motor's long-term goal is to become a world-class electric vehicle manufacturer, targeting annual sales of 4 million units [10]