LEAPMOTOR(HK:09863)2025-09-08 06:23Key Takeaways from Leapmotor Investor Meeting Company Overview - Company: Leapmotor (9863.HK) - Event: Asia Leaders Conference 2025 - Date: September 5, 2025 - Location: Hong Kong Industry Insights - Industry: Electric Vehicle (EV) Market - Sales Target: Leapmotor aims for approximately 1.1 million total sales in 2026, with over 1 million units in the domestic market and 100k-150k units in overseas markets, considering reduced government support and price competition [1][6] Core Points and Arguments - New Model Launches: Leapmotor plans to introduce 5 new models in 2026, including: - 2 A-series BEV models priced between RMB 50k-100k - 2 D-series models with dual-powertrain priced between RMB 200k-300k - 1 C-series model (C18), a large-size SUV - Timeline for launches includes D16 in October 2025 and D21 in December 2025, with 4 A/D series models by July 2025 and C18 in Q4 2025 [1][6] - Long-term Vision: The company targets a total sales volume of 4 million units in the long term, with 50% of sales coming from overseas markets [1] - International Expansion: Leapmotor has established over 600 overseas dealer stores, with 550+ in Europe and around 50 in Asia Pacific/Middle East/Africa. The company has entered 30+ countries through its joint venture, Leapmotor International, with Stellantis [1][8] - Sales Projections: For 2025, Leapmotor expects total sales volume of 580-650k units, with 8%-10% from overseas markets. Monthly sales are projected to increase from over 3k units in 1H25 to 5k-6k in 2H25 [1][8] - Competitive Advantage: Management believes Leapmotor's competitive edge lies in its cost reduction and efficiency improvement capabilities. The company conducts biannual cost reduction efforts and has developed key powertrain components in-house [1][8] - Profitability Goals: In the mid-term, management anticipates a vehicle gross margin of 15% and an operating expense to revenue ratio of 10%-11%, leading to a net margin of approximately 4% as revenue scales [1][8] Additional Important Information - Joint Venture: Leapmotor formed a joint venture with Stellantis in May 2024, with Stellantis holding a 51% stake [1][6] - Profitability of Leapmotor International: The joint venture achieved profitability in the first half of 2025 [1][7] - Cost Management: Leapmotor shares 88% of core components across its four platforms (A/B/C/D), enhancing bargaining power with suppliers [1][8] - Technological Leadership: The company maintains a technological lead of 8 months over peers, utilizing cost-effective components such as Qualcomm 8650 chips [1][8] This summary encapsulates the key insights from the Leapmotor investor meeting, highlighting the company's strategic direction, market positioning, and financial outlook in the evolving electric vehicle landscape.