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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - Leap Motor plans to issue 74.832 million domestic shares to FAW at a price of HKD 50.03 per share, totaling HKD 3.744 billion. Approximately 50% of the funds will be allocated for R&D, 25% for operational capital, and 25% for expanding sales and service networks [2][4][6]. - The company is expected to benefit from a strong domestic new car cycle, driving continuous sales growth, while its partnership with Stellantis will facilitate a light-asset overseas expansion, enhancing global sales potential [4][6]. - The projected net profits for Leap Motor from 2025 to 2027 are estimated at CNY 6.3 billion, CNY 5.0 billion, and CNY 8.37 billion, with corresponding P/E ratios of 102.5X, 13.0X, and 7.7X [4]. Summary by Relevant Sections Domestic Market - The company leverages its technological foundation to create a strong price-performance ratio, which is expected to enhance sales during the ongoing new car cycle. Scale effects and product structure optimization are anticipated to improve profitability [4][6]. Overseas Market - The collaboration with Stellantis, the fourth-largest automotive group globally, allows Leap Motor to utilize Stellantis's extensive sales and after-sales network and production capacity for a rapid and flexible overseas expansion. This partnership is expected to yield significant profit contributions from high single-vehicle profitability [4][6]. Product Development and Sales Network - Leap Motor plans to launch 2-3 new products globally each year over the next three years, with several models already introduced in 2025. The company has established a robust domestic sales network with 866 sales outlets across 292 cities and has expanded its international presence with over 700 sales and service points in approximately 30 international markets [6].

（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 ...

当央视《经济半小时-出海2.0》将镜头对准零跑汽车，用"行业黑马"定义这家成立十年的车企时，中国新能源汽车产业正迎来一场深刻的格局重塑。 连续9个月"霸榜"中国造车新势力销量榜首、第三季度销量同比翻倍、海外布局一年多门店超800家、11月出口订单突破1.5万辆——这一系列亮眼数据共 同构筑了被央视盖章认证的"零跑现象"。 而多款产品的热销，本质上是其技术实力的市场验证。C10的快速上量、T03的长周期畅销、B10斩获国际大奖并成为智能SUV标杆，三款产品覆盖不 同细分市场且均获认可，说明零跑的自研技术已转化为用户可感知的产品力。从技术赋能产品到产品打动市场的正向循环，让其提前完成全年50万辆目 标、剑指2026年百万辆销量，具备了可持续增长的底气。 800家门店背后的出海新模式 零跑在技术突围不仅限于国内，在海外市场的快速崛起更是堪称速度奇迹——创新合作模式、高质量渠道布局与纵深全球化战略共同构筑的竞争优 势，这种优势在当下中国车企出海浪潮中极具差异化价值。 在国内市场竞争白热化、海外市场壁垒重重的2025年，零跑汽车的崛起绝非偶然，而是其全域自研战略与创新出海模式深度融合的必然结果，更为中 国车企高质量出海 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In November, the company delivered 70,327 vehicles, representing a year-on-year increase of 75.1% and a month-on-month increase of 0.1%. This marks a new historical high for the company [2][4]. - The company is expected to benefit from a strong domestic new car cycle, which will drive continuous sales growth. Additionally, the collaboration with Stellantis will facilitate a light-asset overseas expansion, opening up global sales opportunities [6]. Summary by Sections Sales Performance - The cumulative sales from January to November reached 536,000 vehicles, a year-on-year increase of 113.4%, surpassing the annual target of 500,000 vehicles ahead of schedule [6][7]. Product Launches - The company officially launched the Lafa5 model on November 27, priced between 97,800 to 121,800 CNY, continuing its strategy of offering high value for price [6][7]. Future Outlook - The company is expected to see significant growth in sales and profitability due to a robust new car cycle and an expanding product matrix. The forecasted net profits for 2025, 2026, and 2027 are 630 million, 5.01 billion, and 8.37 billion CNY, respectively, with corresponding P/E ratios of 108.7X, 13.8X, and 8.2X [6][7]. Market Expansion - The company has established over 700 sales and service points across approximately 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific, with a significant presence in Europe [6][7]. Technological Investment - The company has increased its investment in intelligent driving, with a nearly 100% increase in team size and computational resources in the first half of 2025 [6].

Group 1 - The core viewpoint of the article highlights the challenges and confidence of Leap Technology in achieving its sales targets for 2026, despite external and internal pressures [1] - Leap Technology's new model, the Leap A10, was launched at the Guangzhou International Auto Show, completing its product matrix across four major series (A, B, C, D) and marking a new phase of full coverage in mainstream market segments [1] - The Leap A10 features impressive specifications, including a 500km CLTC range, dual flagship chips (Snapdragon 8295P and 8650), comprehensive intelligent assistance, and an 88.1% space utilization rate [1] Group 2 - Leap Technology aims to double its overseas sales target to over 100,000 units next year, with a current target of 50,000 units for this year [1] - The company plans to expand its network and enhance its product lineup in overseas markets, with models like T03, C10, B10, and the upcoming Lafa5 and C16 [1] - Leap Technology has signed a strategic cooperation agreement with FAW, focusing on joint product development and exploring potential capital collaboration [2]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant revenue growth and improved profitability metrics, indicating a positive trend in its business operations [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 19.45 billion yuan, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [1] - The gross margin reached 14.5%, improving by 6.3 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, driven by increased sales volume, cost management, and enhanced revenue from carbon credit sales, which contributed approximately 250 million yuan [1] - The net profit for Q3 2025 was 150 million yuan, with a total net profit of 180 million yuan for the first three quarters [1] Product and Channel Expansion - The company delivered 174,000 vehicles in Q3 2025, maintaining the top position in new energy vehicle deliveries for eight consecutive months [1] - The introduction of new models, such as the B01, has contributed to strong sales, with monthly sales exceeding 10,000 units since its launch [1] - The sales service network expanded to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets, enhancing market reach [1] Export Growth and Overseas Expansion - In Q3 2025, the company exported 17,400 vehicles, leading the new energy vehicle sector in exports, with a total of 37,800 vehicles exported in the first three quarters [2] - The company has established over 700 sales points overseas, including more than 650 in Europe, and plans to enter the South American market with a presence at the São Paulo Auto Show [2] - Local production projects in Malaysia and Europe are expected to enhance profitability and supply capabilities in local markets by 2026 [2] Profitability Forecast - The company maintains its profitability outlook, projecting revenues of 63.9 billion yuan, 113.2 billion yuan, and 174 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 740 million yuan, 6.27 billion yuan, and 8.43 billion yuan [2]

Core Insights - The company achieved a revenue of 19.45 billion yuan in Q3 2025, with a gross margin of 14.5% and a net profit attributable to shareholders of 150 million yuan [1] Group 1: Financial Performance - In Q3 2025, the company reported a sales volume of 174,000 vehicles, representing a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [1] - The revenue of 19.45 billion yuan in Q3 2025 reflects a year-on-year growth of 97.3% and a quarter-on-quarter growth of 36.7% [1] - The average revenue per vehicle was 112,000 yuan, showing a year-on-year decrease of 600 yuan but a quarter-on-quarter increase of 600 yuan [1] - The gross margin of 14.5% in Q3 2025 improved by 6.4 percentage points year-on-year and by 0.9 percentage points quarter-on-quarter [1] - The company achieved a net profit of 150 million yuan in Q3 2025, marking a turnaround from losses year-on-year, but a quarter-on-quarter decrease of 6.3% [1] Group 2: Operational Highlights - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched in 2025 and an additional model, Lafa5, planned for release within the year [2] - As of September 30, 2025, the company had 866 sales outlets in China, including 367 core stores and 499 experience centers, covering 292 cities [2] - The company exported 38,000 vehicles from January to September 2025, with a significant increase in overseas customer contracts in October [2] - The company has established over 700 sales and service points in approximately 30 international markets, including over 650 in Europe [2] Group 3: Strategic Initiatives - The company is leveraging its technological advantages to create a strong price-performance ratio, which is expected to drive continued sales growth [3] - A partnership with Stellantis, the fourth-largest automotive group globally, is aimed at utilizing its extensive sales and service network for efficient international expansion [3] - The company anticipates net profits of 630 million yuan, 5.01 billion yuan, and 8.37 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 112.2X, 14.2X, and 8.5X [3]