Financial Performance Zhejiang Leapmotor Technology Co., Ltd. reported 2025 revenue of RMB 64.73 billion, up 101.30 % from the prior year’s RMB 32.16 billion. Gross profit expanded to RMB 9.41 billion, lifting gross margin to 14.5 % (+6.1 ppts). The company reversed the 2024 net loss of RMB 2.82 billion to a net profit of RMB 0.54 billion, or RMB 0.39 per basic share. Excluding RMB 0.54 billion of share-based expenses, adjusted net profit reached RMB 1.08 billion.
Cash Flow and Liquidity Net cash generated from operating activities increased 49.0 % to RMB 12.62 billion, while free cash flow rose to RMB 7.82 billion. Cash and cash equivalents, restricted cash, financial assets at fair value through profit or loss and bank deposits totaled RMB 37.88 billion at year-end, a 54.9 % rise versus 2024. Total borrowings stood at RMB 2.96 billion, with a predominantly long-term profile; gearing remained negative due to ample cash. Capital expenditures reached RMB 4.80 billion, and outstanding capital commitments were RMB 5.04 billion.
Operational Metrics • Vehicle deliveries doubled for the second consecutive year to 596,555 units (+103.1 %), topping China’s emerging auto brands and making Leapmotor the only peer exceeding 70,000 monthly deliveries. • Export volume hit 67,052 units, ranking first among emerging Chinese brands; cumulative exports surpassed 100,000 units by February 2026. • Market share in China’s new-energy passenger segment improved to 3.9 % from 2.5 %.
Product & R&D Highlights 2025 saw three new Platform B models and major upgrades to three Platform C SUVs. Notable launches included the B10 SUV (April), B01 sedan (July) and Lafa5 coupe (November). High-end Platform D introduced D19 SUV (October) and D99 MPV (December), while Platform A’s A10 SUV debuted ahead of its March 2026 launch. R&D expenditure increased 47.9 % to RMB 4.29 billion, underpinning the rollout of the LEAP 3.5 technical architecture and progression toward nationwide City Navigation Assistance by end-2026.
Capital Market & Strategic Moves • August 2025 private placement raised RMB 2.60 billion via issuance of 70.21 million new shares. • FAW Equity Investment committed RMB 3.74 billion in December 2025, supporting joint EV development. • Zhejiang Jinhua Jinyi High-tech agreed to invest RMB 3.00 billion in January 2026. • Inclusion in the Hang Seng TECH Index from December 2025 broadened market visibility.
Global Expansion Leapmotor International established ~900 sales and service outlets across 40 overseas markets. Battery-electric vehicle sales ranked among the top three Chinese brands in 29 European countries in 2025. A CKD project in Spain targets local B10 mass production by October 2026.
Dividend The board did not propose a final dividend for 2025.
Outlook Management plans to leverage a robust cash position, expanded model line-up and strategic partnerships to pursue continued growth in 2026 while advancing intelligent driving and overseas manufacturing initiatives.