In 2025, China's new energy vehicle market penetration rate surpassed 50% for the first time, officially transitioning from policy-driven to market-driven growth. Industry competition has moved from the initial qualification stage focused on scale expansion to an elimination phase centered on profitability, technological barriers, and global strategy.
During this critical transition period, LEAPMOTOR delivered a strong annual report. In 2025, the company achieved sales leadership among emerging automakers with 596,555 vehicle deliveries, recorded its first annual net profit of RMB 540 million, and led its peers in overseas exports with 67,000 units. These solid results demonstrate the brand's pragmatic, innovative, and hard-working ethos, marking a strategic evolution from scale leadership to high-quality development.
Scale advantages have solidified the company's market influence, while its channel and production capacity laid the foundation for rapid growth. Amid intensifying "Matthew Effect" in the new energy sector during 2025, LEAPMOTOR achieved sustained sales growth through precise product positioning and comprehensive cost control across the industrial chain.
LEAPMOTOR's total deliveries reached 596,555 units in 2025, a year-on-year increase of 103.1%. This performance not only surpassed leading rivals but also made the company the only domestic emerging automaker to achieve monthly deliveries exceeding 70,000 units, thereby reinforcing its market position through scale advantages.
This success stems from LEAPMOTOR's deep understanding of mainstream consumer demand and its pragmatic product strategy of "democratizing high-end features." For the RMB 100,000-200,000 mainstream market, the company built its core B/C series product matrix. The B10, a strategic global model, is now sold in 31 countries and regions worldwide, surpassing 100,000 units in sales just 11 months after launch. The C10, with its 66.8% interior space efficiency, 605km pure electric range, and lidar configuration, became a benchmark for global product value in the RMB 150,000 segment, with cumulative 2025 sales exceeding 159,000 units. This "premium yet affordable, technology for all" product philosophy accurately meets family users' core demand for quality-to-price intelligent vehicles, maintaining LEAPMOTOR's leading position in intense market competition.
The strong product cycle continues with the A-series first model A10 scheduled for launch on March 26, 2026. Positioned as a global "intelligent premium long-range SUV," it will offer mainstream families and quality-seeking users a "no-compromise, all-scenario" mobility solution. The D-series first model D19, a "tech-luxury flagship SUV," will launch in April 2026, redefining value standards in the RMB 300,000 full-size SUV segment with flagship-level range, intelligence, driving control, safety, comfort, and aesthetics.
Synchronized expansion of channels and production capacity provides solid support for sales growth. By the end of 2025, LEAPMOTOR's sales and service network covered 295 cities with 950 sales outlets and 526 service centers. Through the "Gold & Silver Seed Investor Program," the company introduced high-quality resources, improving single-store efficiency by 85.1% compared to 2024. On the production side, LEAPMOTOR's factories achieved a combined annual capacity of one million vehicles, ensuring order fulfillment efficiency while further reducing production costs through scale effects, creating a virtuous cycle.
Breakthroughs in proprietary technology have overcome the profitability bottleneck, establishing a self-sustaining development mechanism. In 2025, LEAPMOTOR achieved a net profit of RMB 540 million, becoming the second emerging automaker to achieve annual profitability. This milestone signifies the company's complete escape from the industry's "scale without profit" dilemma and validates the feasibility of its "proprietary R&D + cost control" business model. This breakthrough is not accidental but the inevitable result of years of dedicated focus on core technology development and operational efficiency optimization.
The core drivers of profitability were continuous gross margin improvement and efficient expense control. LEAPMOTOR's gross margin reached 14.5% in 2025, up 6.1 percentage points year-on-year, with Q4 gross margin further climbing to 15%, setting a new quarterly record. Gross margin improvement benefited from the full implementation of the LEAP 3.5 technology architecture and ongoing cost management. Additionally, a self-developed and self-manufactured rate exceeding 65% has made the company independent in key areas like core three-electric systems and high-value-added components.
Combined with optimized product mix and other business revenues, LEAPMOTOR's profitability path—using proprietary technology to reduce costs and scale effects to allocate expenses—perfectly aligns with capital markets' shifting valuation logic for new energy automakers, from "burning cash for scale" to sustainable profitability. This has enabled the company to stand out amid increasing industry profitability divergence.
Healthy cash flow further strengthens profit quality. In 2025, net cash generated from operating activities reached RMB 12.62 billion, with free cash flow at RMB 7.82 billion. The company maintained ample cash reserves of RMB 37.88 billion. This strong cash position supports continued R&D investment and provides solid financial security for global expansion and new model development, forming a virtuous cycle of "profitability-cash flow-R&D."
As the new energy industry transitioned from "electrification" to "intelligence" in 2025, LEAPMOTOR adhered to its "full-domain proprietary R&D" innovation path, achieving multiple breakthroughs in technology architecture, advanced driver-assistance systems, and core components. Driving high-quality development through technological advancement, the company has built a difficult-to-replicate core competitiveness, demonstrating the brand connotation of "high-quality development" through innovation strength.
Resource synergy has opened a second growth curve, while value reassessment begins a new cycle. LEAPMOTOR's overseas exports reached 67,052 units in 2025, ranking first among Chinese emerging automaker brands. Cumulative exports surpassed 100,000 units by the end of February 2026, indicating accelerated global expansion.
The deep cooperation with Stellantis Group serves as the core engine for LEAPMOTOR's globalization. The joint venture "LEAPMOTOR International," established by both parties, leverages Stellantis' mature channels and manufacturing resources across 130+ countries and regions to achieve rapid large-scale overseas market expansion. In 2025, LEAPMOTOR ranked among the top three Chinese passenger car brands in pure electric vehicle sales across 29 European markets, securing the second position in Q4. In South America, the C10 and B10 officially launched in Brazil, with store count exceeding 30, successfully entering Stellantis' stronghold markets.
LEAPMOTOR International achieved annual profitability in its second year of operation, becoming a new profit growth point for the company—a rare feat among overseas-expanding new energy vehicle enterprises. Through diversified revenue models including complete vehicle exports, component supply, production license fees, and carbon credit transfers, LEAPMOTOR's global business not only delivers sales growth but also builds a sustainable overseas profit system, injecting strong momentum for long-term company growth.
LEAPMOTOR's strategic transformation perfectly aligns with capital markets' evolving valuation logic for new energy automakers, shifting focus from "burning cash for scale" to technological barriers, sustainable profitability paths, and ecosystem synergies. In December 2025, LEAPMOTOR was officially included as a constituent of the Hang Seng Tech Index, signifying important capital market recognition for its technological innovation, R&D investment, and revenue growth, while continuously broadening its investor base.
From a follower to a sales leader among emerging automakers, and from technological catch-up to profitability leadership, LEAPMOTOR has demonstrated the power of "pragmatic innovation and hard work" over a decade. In the new phase of high-quality development for the new energy vehicle industry, the company has achieved triple breakthroughs in sales, profitability, and globalization, standing at a new starting point for development.
Notably, FAW Group's strategic investment in LEAPMOTOR in December 2025 marked the company as the only emerging automaker to receive triple endorsement from government capital, multinational giants, and central state-owned enterprise leaders, while the founding team retains controlling interest. This unique positioning among peers creates a "golden triangle" at the brand level comprising "national team certification, global vision, and founder control."
Looking ahead, with continuous deepening of technological innovation, ongoing improvement of the product matrix, and steady advancement of global layout, LEAPMOTOR is poised to become a core representative of Chinese new energy vehicle brands going global, creating greater value for shareholders, users, and the industry.