LEAPMOTOR (09863) has unveiled its most robust financial performance to date, demonstrating a remarkable transition from a technology-focused startup to a leader in sustainable, high-quality growth within China's new energy vehicle sector. The company's 2025 financial report reveals impressive figures, with revenue reaching 64.73 billion yuan, a year-on-year increase of 101.3%, surpassing market expectations. Profitability showed even greater strength, achieving a gross margin of 14.5%, an improvement of 6.1 percentage points from the previous year. Shareholder net profit stood at 540 million yuan, marking a significant turnaround from a loss to profitability and establishing LEAPMOTOR as the second among emerging automakers to achieve full-year profitability.
Annual sales volume hit 596,600 units, a surge of 103% year-on-year, solidifying its top position among peers in both sales volume and growth rate. While leading in scale, the company also achieved high-quality growth, evidenced by continuous gross margin improvement, a return to shareholder profitability, and a net operating cash flow of 12.62 billion yuan. As of December 2025, the company held cash and cash equivalents of 37.88 billion yuan.
The year 2025 marked LEAPMOTOR's tenth anniversary. Founder Zhu Jiangming, speaking at a celebration themed "Upward Leadership," stated that the company stands at the beginning of a new decade, having progressed from a follower to a leader. He emphasized that LEAPMOTOR must now hold itself to the standards of a sustainable and respected world-class automotive manufacturer, moving beyond the "startup" label. The key question for the next decade is whether LEAPMOTOR can maintain its leadership in both sustainable development and globalization.
Achieving volume leadership and securing the top sales spot was not an easy journey for LEAPMOTOR between 2015 and 2025. This period represented a golden decade for China's NEV industry, from its infancy to global leadership, but also involved intense survival challenges amid fierce competition. Starting as an IT industry outsider, LEAPMOTOR successfully navigated the competitive landscape to emerge as a leader among nearly a hundred new automakers.
Beginning in 2024, LEAPMOTOR distinguished itself, ranking second among new automakers with 293,700 vehicles, just behind Li Auto. Momentum continued strongly into 2025, with the company securing the top spot starting in March. From June to December, its sales significantly outpaced the second-place competitor for seven consecutive months. In October, it became the only Chinese emerging automaker to exceed 70,000 monthly deliveries. For the full year 2025, LEAPMOTOR's sales exceeded those of its closest rival, XPeng, by 167,200 units.
The company's overseas performance was equally notable, with annual exports reaching 67,052 units, ranking first among Chinese new automaker brands. This leadership continued into February 2026, with 9,769 vehicles exported. Cumulative exports surpassed 100,000 units by the end of February 2026.
Founded on a technology-first philosophy, LEAPMOTOR's comprehensive in-house research and development strategy enables "technology democratization," allowing consumers access to high-quality, affordable vehicles. This approach has consistently resulted in market successes for its models. Within the C Series, the C10, C11, and C16 models dominate the 150,000-200,000 yuan SUV market. Refreshed with technological upgrades in 2025, their sales grew significantly to 159,000, 95,000, and 78,000 units respectively, totaling 332,000 units and accounting for 55.65% of total annual sales.
The B Series saw its first model, the B10, launch in April 2025, achieving monthly sales exceeding 10,000 units starting in May. The B01, launched in July, became an instant hit, reaching the 10,000-unit production milestone within a week and maintaining monthly deliveries above 10,000 for several months, with nearly 70,000 units delivered in 2025. LEAPMOTOR's dual-series strategy has created an unbeatable value proposition in the 150,000-200,000 yuan segment, with "high quality and affordability" resonating strongly with consumers.
Furthermore, the first model in the A Series, the A10, debuted at the Guangzhou Auto Show in November 2025 and is scheduled for launch in March 2026. Adhering to the same core principles, it is expected to become another successful model following the B and C Series. Notably, in October 2025, the company introduced the D Series, extending its high value proposition to the premium segment above 300,000 yuan. For example, the D99 offers features like semi-aniline leather, CDC+air suspension, dual-vector electric drive, and a cabin oxygen system—typically found in million-yuan luxury vehicles—at a price point around 300,000 yuan. This demonstrates LEAPMOTOR's commitment to making "technology democratization" a tangible reality across its entire lineup.
Amid intense competition where many brands rely on cash-burn strategies for market share, often resulting in losses, LEAPMOTOR adopted a forward-looking strategic approach. This has enabled it not only to lead in sales volume but also to pioneer a path of high-quality, sustainable growth.
Achieving high-quality growth and leading the way to profitability is critical. While burning cash for market share can ensure short-term survival, it heavily depends on financial strength. Without stabilized market share, cash reserves can deplete rapidly, leading to severe operational challenges. LEAPMOTOR's extensive in-house R&D significantly reduces costs, allowing it to produce high-value, affordable vehicles. This cost advantage enables competitive pricing while maintaining healthy margins.
From the second quarter of 2024, LEAPMOTOR's sales volume reached a scale sufficient for gross profit breakeven, with its gross margin turning positive. For the full year 2024, it achieved a gross profit of 2.694 billion yuan and a gross margin of 8.37%. In 2025, with continued rapid sales growth, the annual gross margin improved further to 14.5%, outperforming most peers. Operating leverage from this scale growth optimized various expenses, leading progressively to shareholder profitability. In Q2, Q3, and Q4 of 2025, shareholder net profit was 163 million yuan, 150 million yuan, and 357 million yuan respectively, culminating in the full-year profit of 540 million yuan. The transition from positive gross margin to positive net profit took only one year, a pace of cost and expense optimization that exceeded expectations and ushered in a new era of profitability for emerging automakers.
Moreover, LEAPMOTOR's profitability is of high quality. Net operating cash flow for Q1, Q2, Q3, and Q4 of 2025 was 340 million yuan, 2.52 billion yuan, 4.88 billion yuan, and 4.88 billion yuan respectively, totaling 12.62 billion yuan for the year. The company has established a self-sustaining operational cycle, capable of funding investment, financing, and business expansion needs. Its cash flow has increased year by year, with cash and cash equivalents reaching 37.88 billion yuan by December 2025, an increase of 13.42 billion yuan from the previous year. Adhering to a long-term development philosophy, LEAPMOTOR has charted a course of sustainable, high-quality growth, serving as a successful model for profitability among its peers.
A key aspect of its strategy is a focus on the global market. Founder Zhu Jiangming has repeatedly expressed the ambition to build a world-class electric vehicle company, and actions have matched these words. LEAPMOTOR leads its peers in exports, with overseas markets gradually becoming a core growth driver. As global expansion deepens, it unlocks further growth potential and is expected to drive the continuous release of long-term company value.
LEAPMOTOR is accelerating its globalization efforts, embarking on the next decade primarily through LEAPMOTOR International. Leveraging a partnership with the Stellantis Group and its overseas market strengths, the company is rapidly expanding globally. By December 2025, LEAPMOTOR International had established approximately 900 sales and service outlets across about 40 international markets in Europe, the Middle East, Africa, South America, and Asia-Pacific. This network included over 800 locations in Europe, more than 50 in Asia-Pacific, and over 30 in South America.
In 2025, the company achieved top sales rankings in multiple overseas countries and regions. Its pure electric vehicle sales ranked among the top three Chinese passenger car brands in 29 European countries, reaching the second position among Chinese brands in the fourth quarter. LEAPMOTOR's success overseas can be attributed to three main factors: the strong market presence and resources of its partner, Stellantis; the global appeal of its "high quality and affordability" product philosophy; and continuous R&D investment driving product innovation, exporting "technology democratization" worldwide. Comprehensive in-house R&D is the foundation supporting its globalization and sustainable, high-quality development.
Technological advancements continued throughout 2025. In March, the company unveiled the LEAP 3.5 technical architecture. In June, the City Navigation Assist Pilot (CNAP) was officially launched, with gradual rollout across B/C platforms, accelerating the implementation of end-to-end assisted driving technology. October saw the release of six major technologies underpinning the new flagship D Platform, covering flagship extended-range electric, flagship kilovolt pure electric, flagship intelligence, flagship safety, and flagship comfort. With each technological iteration, LEAPMOTOR incorporates advancements into its vehicles without price increases, delivering tangible benefits to users.
The "LEAPMOTOR speed" has become a hallmark of the brand, both domestically and internationally, attracting partnership interest from other automakers. In December 2025, China FAW Group and LEAPMOTOR signed a strategic cooperation memorandum to jointly develop new energy passenger vehicles and collaborate on components. Additionally, FAW equity invested 3.74 billion yuan in LEAPMOTOR, creating a deep strategic partnership to fuel long-term development.
The company continues to enjoy confidence from its shareholders and southbound capital. Founder Zhu Jiangming has made multiple share purchases since August 2024, with the most recent acquisition exceeding 100 million Hong Kong dollars in December 2025. His cumulative purchases now total over 950 million Hong Kong dollars. Southbound capital inflows have persisted, with the holding ratio reaching 12.21% by March 13, 2026, an increase of 2.12 percentage points since the start of the year. Furthermore, LEAPMOTOR has received positive ratings from major investment banks. For instance, Guotai Junan Securities expressed optimism regarding the FAW partnership, assigning a target price of HK$68.73.
In summary, LEAPMOTOR has delivered its strongest financial report ever. While exceeding expectations in scale growth, more importantly, its underlying growth logic has shifted from prioritizing volume to embracing a sustainable, high-quality development path. While maintaining dominant sales, it has also achieved profitability ahead of most peers, becoming the second new automaker brand to do so. The company's deepening global footprint, with already notable successes, is creating a new growth trajectory and unlocking valuation potential. The past decade's journey was challenging, but the success is significant. LEAPMOTOR's achievement represents a victory for a technology-driven approach, proving to the market that there are no shortcuts to success. As it enters the next decade, transitioning from volume leadership to a sustainable development path and aiming for global brand status, the future is just beginning.