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Zhejiang Leapmotor Technology (9863) investor relations material
Zhejiang Leapmotor Technology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Q3 net profit reached CNY 160 million, reversing a loss of CNY 690 million in the same period last year, driven by strong vehicle sales and improved per unit revenue capacity.
Q3 revenue was CNY 19.454 billion, up 97.3% year-over-year, with delivery volume at 173,852 units and gross profit margin at 14.5%.
Cumulative sales surpassed 1 million units, with annual sales target of 500,000 units achieved ahead of schedule; full-year sales expected to exceed 600,000 units.
The company is expanding its product lineup with new launches in the C, D, and A series, and is targeting 1 million units in sales and CNY 5 billion in net profit for 2026.
October monthly deliveries exceeded 70,000 units for the first time.
Financial highlights
Gross margin improved to 14.5% in Q3, up from 8.1% a year ago and 13.6% in Q2.
Operating cash flow in Q3 was CNY 4.88 billion, with cash and equivalents at CNY 33.92 billion as of September 30, 2025.
Free cash flow reached CNY 3.84 billion in Q3.
Q3 sales reached 173,852 units, up 101% year-over-year.
Revenue from carbon credits in Europe was CNY 250 million in Q3, expected to rise to CNY 500 million in Q4.
Outlook and guidance
2026 sales target set at 1 million units and net profit target at CNY 5 billion.
Overseas sales target for 2026 is 100,000–150,000 units, with continued high growth expected in Europe, Middle East, Africa, and Asia-Pacific.
Four new models to be launched in 2026, with further expansion into lower-tier domestic cities and international markets.
Plans to accelerate global expansion in 2026, including localization projects in Malaysia and Europe.
Full-year sales expected to exceed 600,000 units, with 2025 annual target of 500,000 units achieved 1.5 months early.
Impact of rising expenses on Q3 profit?
How does Stellantis JV accelerate global expansion?
How does the A, B, C, D series strategy differentiate Leapmotor?
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Next Zhejiang Leapmotor Technology earnings date
Q4 202510 Mar, 2026
Next Zhejiang Leapmotor Technology earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Zhejiang Leapmotor Technology Co., Ltd. is a China-based company specializing in the design, development, and manufacturing of smart electric vehicles (EVs). The company's product portfolio includes passenger cars, featuring advanced technologies such as autonomous driving systems and intelligent connectivity solutions. The company is headquartered in Hangzhou, China, and its shares are listed on the Hong Kong Stock Exchange.
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