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 - 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]

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 reported a significant financial performance for the first half of 2025, achieving a revenue of 24.25 billion yuan, a gross margin of 14.1%, and a net profit of 30 million yuan, making it the second Chinese new energy vehicle company to achieve semi-annual profitability after Li Auto [2] - The company raised its annual sales target from 500,000-600,000 units to 580,000-650,000 units and set a goal to challenge 1 million units in 2026 [2][6] Financial Performance - The delivery volume reached 221,664 units, a year-on-year increase of 155.7% - Revenue increased by 174% year-on-year to 24.25 billion yuan - Gross margin rose to 14.1%, marking a historical high for the company in the first half of the year - Operating cash flow and free cash flow were both positive, with cash reserves amounting to 29.58 billion yuan, indicating strong financial health [2][3] Research and Development - R&D expenditure for the first half of the year reached 1.89 billion yuan, a year-on-year increase of 54.9%, with a doubling of the scale and computational resources of the intelligent driving team [3] - The company aims to leverage its strong cash flow and reserves to support future R&D and global expansion [3] Profitability Drivers - Scale effects are fundamental to Leap Motor's profitability, with main models like C10 and C11 achieving significant sales milestones - Over 65% of core components are self-developed, enhancing cost structure and competitive differentiation [5] - The company reported nearly 1.1 billion yuan in revenue from non-automotive sales, contributing to overall revenue growth [5] Sales and Market Strategy - The annual sales target has been adjusted to 580,000-650,000 units, with a goal of reaching 1 million units by 2026 - The product matrix will continue to expand with new models launching in the coming months [6] - The company plans to establish a localized production base in Europe by the end of 2026 [8] International Expansion - Leap Motor is pursuing international growth through a "reverse joint venture" model, aiming to leverage partnerships for faster development in global markets - As of mid-2025, the company has established over 600 outlets in approximately 30 global markets, with Europe contributing 1.85 billion yuan in revenue [8]

Financial Data and Key Metrics Changes - In the first half of 2025, the company achieved a net profit of 30 million RMB, marking its first interim profitability and becoming the second EV startup to do so [6][9] - The gross profit margin reached a historical high of 14.1% in the first half of 2025, attributed to economies of scale, cost management, and product mix optimization [6][8] - Total income as of June was 24.25 billion RMB, with operating net cash increasing to 2.86 billion RMB compared to 270 million RMB in the same period of 2024 [9][10] - Free cash flow improved to 860 million RMB from a negative 480 million RMB year-on-year [9] Business Line Data and Key Metrics Changes - Total sales in the first half of 2025 were 221,664 units, up 155.7% compared to the same period in 2024, making the company the top startup EV brand in China [10] - In July, deliveries reached a new high of 50,129 vehicles, maintaining the number one position for five consecutive months [10][11] - The company marked cumulative deliveries of 800,000 vehicles since its IPO, with over 100,000 units delivered globally [11] Market Data and Key Metrics Changes - As of June, the company expanded its sales network to cover 286 cities, an increase of 88 cities from the previous year [19] - The company deployed 806 sales outlets, with same-shop performance exceeding 82% [20] - In June, the company's market share in Germany surpassed 1%, with over 4,000 European users placing orders in July, a historical high [25] Company Strategy and Development Direction - The company plans to continue investing in R&D, with a focus on achieving urban assisted driving by the end of 2025 [15][16] - New product launches include facelifts of existing models and the introduction of a high-quality sedan targeting young families [13][14] - The company aims to penetrate tier one and tier two cities while expanding into areas where it currently lacks presence [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sales guidance of 580,000 to 650,000 units for the full year, adjusting from the previous guidance of 500,000 to 600,000 units [33] - The company anticipates a slight increase in gross profit margin in the second half of the year, aiming for around 15% [49] - Management believes that the impact of the removal of purchase tax incentives will be minimal, similar to the previous year's experience with subsidy removal [90][92] Other Important Information - The company received an MSCI ESG double A rating for the second consecutive year, reflecting its commitment to environmental protection and corporate governance [27][28] - The company is exploring capital collaboration opportunities to enhance industrial resource synergies [24] Q&A Session Summary Question: What is the sales outlook for August and September? - Management expects significant growth in sales for August and September, with Q3 sales projected to be between 170,000 to 180,000 units [33] Question: What is the outlook for gross profit margin in subsequent quarters? - Management believes the gross profit margin will improve in the second half compared to the first half, maintaining above 14% [34] Question: How does the company plan to handle pricing strategy amid regulatory changes? - The company supports government efforts to curb industry chaos and will not engage in excessive competition, maintaining a strong gross profit margin through cost control [40][41] Question: What is the guidance on expenses as sales grow? - Management did not provide specific guidance on expenses but noted that the expense ratio is dropping as sales revenue increases [43] Question: What are the expectations for overseas sales and localized production? - The company expects to double overseas sales next year, with localized production in Europe planned for the B series model [44][45] Question: How will the removal of purchase tax incentives impact sales? - Management anticipates minimal impact from the removal of purchase tax incentives, similar to the previous year's experience with subsidy removal [90][92]

Core Viewpoint - The next three years are crucial for Leap Motor's rapid development, with expectations of doubling sales in 2024 and 2025, and a target of 50% to 100% growth in 2026 [1] Group 1: Sales and Market Position - Leap Motor aims to rank 11th in global sales among new energy vehicle companies in 2024, with aspirations to enter the top five in the future [2] - The company has a solid foundation and unique advantages that allow it to identify new growth opportunities [2] Group 2: Product Development and Cost Management - All models of Leap Motor are designed on a platform basis, allowing for flexibility and cost optimization [1] - The company has a clear and stable R&D strategy, focusing on self-research and manufacturing of high-value components, which helps reduce costs and improve vehicle value [1] Group 3: Product Offering and Market Confidence - Leap Motor is confident in entering the market above 200,000 yuan, with the C11 model exceeding previous price ranges while maintaining strong sales [1] - The D series is expected to be a high-end offering that will also attract customers due to its quality and features [1] Group 4: Production Capacity and Financial Health - Leap Motor plans to establish production capacity that aligns with its sales targets while controlling fixed asset investment [3] - The company will maintain sufficient cash reserves to support its operations [3]

Core Viewpoint - Leapmotor's entry into the Hong Kong market is a strategic move aimed at brand positioning and market penetration, leveraging its successful models and understanding of local consumer behavior [2][3]. Group 1: Market Entry and Strategy - Leapmotor opened its 1500th store in Hong Kong's Central business district, showcasing its C10 SUV and T03 compact car at the Hong Kong International Auto Show [2]. - The C10 is targeted at young families and has been labeled as a "half-price ideal" in mainland China, while the T03 is designed for Hong Kong's congested driving conditions [2]. - The company aims to capture market share from established brands like Toyota by offering quality vehicles at competitive prices, addressing the price-sensitive nature of Hong Kong consumers due to high registration taxes [3]. Group 2: Policy and Market Conditions - The Hong Kong government has facilitated the growth of electric vehicles (EVs) by exempting pure electric models from initial registration taxes and reducing annual license fees, contributing to a 68% penetration rate of EVs in the first four months of the year [3]. - Despite the favorable policies, the limited annual market size of 40,000 to 50,000 vehicles raises questions about the scale of Leapmotor's investment in the region [3]. Group 3: Future Plans and Global Expansion - Leapmotor's founder, Zhu Jiangming, views Hong Kong as a key window for brand exposure and attracting investment, with plans to introduce a flagship D series model priced between 200,000 to 300,000 yuan [4]. - The collaboration with Stellantis allows Leapmotor to share development costs for right-hand drive vehicles, facilitating entry into markets like the UK, Australia, and Southeast Asia [4][8]. - The company has set ambitious sales targets, aiming for 500,000 to 600,000 units this year, 1 million units in two years, and 4 million units in five years [6]. Group 4: Financial Performance and Market Position - Leapmotor achieved nearly 300,000 total sales last year and has maintained a leading position among new energy vehicle manufacturers, with increasing gross margins [4]. - The company is focused on achieving profitability by 2025, with strategies including scaling production, maintaining cost control through in-house development, and improving product offerings [17][18]. - Leapmotor's market capitalization is expected to grow significantly, with the potential to reach a valuation of 100 billion yuan [10][9].