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On March 16, Leapmotor (9863.HK) released its 2025 financial report. According to the report, Leapmotor delivered 596,555 new vehicles in 2025, achieving doubled sales growth for two consecutive years. The company recorded a net profit of RMB 540 million, marking its first full-year profitability. In 2025, revenue reached RMB 64.73 billion, an increase of 101.3% compared to the same period in 2024. The gross margin stood at 14.5%, hitting a record annual high. The company maintains ample cash reserves of RMB 37.88 billion and has sustained positive operating cash flow and free cash flow.
In terms of products, Leapmotor’s product lineup underwent intensive renewal in 2025. The B platform launched three all-new models: the B10, B01, and Lafa5. Three SUVs on the C platform completed their annual facelifts, while the A10 on the A platform and the D19 and D99 on the D platform made their successive debuts. The launch of these new models has further enriched the product portfolio and will create new growth drivers for Leapmotor’s 2026 sales targets. In 2026, the Leapmotor A10 is planned to launch on March 26, and the Leapmotor D19 is scheduled for launch in April 2026.
Notably, in 2025, Leapmotor signed a “Strategic Cooperation Memorandum of Understanding” with China FAW Group. Currently, the first joint vehicle development project between the two parties has been implemented, with subsequent work being actively advanced.
Regarding exports, Leapmotor ranked first among Chinese new force brands in export volume in 2025, reaching 67,052 units. By the end of February 2026, cumulative exports exceeded 100,000 units. In 2025, Leapmotor’s pure electric vehicle sales in 29 European countries ranked among the top three Chinese passenger vehicle brands, with the fourth quarter ranking specifically taking the second spot. As of December 31, 2025, Leapmotor International had established approximately 900 sales and after-sales service outlets in around 40 international markets across Europe, the Middle East, Africa, South America, and the Asia-Pacific region. This includes over 800 outlets in Europe, over 50 in the Asia-Pacific market, and over 30 in the South American market.
Currently, the Spain CKD (Completely Knocked Down) project has been approved, with plans to introduce the Leapmotor B10 and B05. The B10 has initiated local vehicle manufacturing in the OTS (Off-Tooling Sample) phase, with the first prototype already completed; official production is expected to begin in October 2026. The B05 is expected to start trial production in June 2026 and officially launch production in 2027. The site selection for the battery factory supporting these two models has been completed, and it is currently in the factory renovation stage. The plan is to start trial production of the first battery pack in April 2026 and officially launch mass production in July.