LEAPMOTOR (09863) announced its 2025 financial results, revealing revenue of 64.73 billion yuan, which represents a year-on-year increase of 101.3%. The annual gross profit margin reached 14.5%, an improvement of 6.1 percentage points from 8.4% in the same period of 2024, setting a new annual record. In the fourth quarter of 2025, the company's gross profit margin was 15.0%, achieving a new high for a single quarter. Profit attributable to the company's equity holders was 540 million yuan, marking a turnaround from a loss to a profit compared to the previous year. This makes LEAPMOTOR the second Chinese new energy vehicle startup to achieve annual profitability. The adjusted net profit was 1.08 billion yuan, an increase of 3.43 billion yuan from 2024. Net cash generated from operating activities in 2025 was 12.62 billion yuan, an increase of 4.15 billion yuan from 8.47 billion yuan in 2024. The company's free cash flow for 2025 was 7.82 billion yuan, an increase of 1.5 billion yuan from 6.32 billion yuan in 2024.

The announcement stated that revenue growth was primarily due to an increase in deliveries of complete vehicles and spare parts. The improvement in gross profit margin was mainly attributable to (i) ongoing cost management; (ii) optimization of the product mix; and (iii) revenue from other business segments. In 2025, LEAPMOTOR achieved the highest vehicle sales among Chinese new energy vehicle startup brands, with cumulative annual deliveries reaching 596,555 units. This represents a 103.1% increase compared to 293,724 units delivered in the same period of 2024, achieving doubled sales for two consecutive years. LEAPMOTOR is the only Chinese new energy vehicle startup brand to exceed monthly deliveries of 70,000 units. The company's export volume in 2025 also ranked first among Chinese new energy vehicle startup brands, reaching 67,052 units. By the end of February 2026, LEAPMOTOR's cumulative exports had surpassed 100,000 units.