Hong Kong · Delayed Price · Currency is HKD Zhejiang Leapmotor Technology Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 8% revenue growth and record overseas sales, but gross margin declined due to product mix and rising costs. Full-year sales and profit targets are maintained, with strong global expansion and new models driving momentum.
Fiscal Year 2025
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Record 2025 results with 103% sales growth, over 596,000 units delivered, and first-time profitability. Gross margin rose to 14.5%, cash position strengthened, and global expansion accelerated, especially in Europe and South America.
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Q3 2025 saw a sharp turnaround to profitability, with net profit of CNY 160 million and revenue up 96.3% year-over-year. Gross margin improved to 14.5%, and sales targets for 2026 are set at 1 million units and CNY 5 billion net profit, with robust new model launches and global expansion planned.
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Achieved first interim net profit and record deliveries in H1 2025, raising full-year sales guidance to 580,000–650,000 units and targeting 14–15% gross margin. Overseas expansion accelerated, with profitability in Europe and new models driving growth.
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Q1 2025 saw revenue surge 187% year-over-year to CNY 12 billion, with gross margin at 14.9% and net loss narrowing sharply. Overseas expansion and new model launches drive growth, while annual guidance targets 500,000–600,000 units and break-even.
Fiscal Year 2024
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Achieved record deliveries and revenue in 2024, with Q4 turning profitable and gross margin reaching a historic high. 2025 targets include 500,000–600,000 deliveries, 10–11% GP margin, and overseas expansion, while maintaining strong R&D and cost control focus.
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Q3 saw record deliveries, revenue, and gross margin improvement, with net loss narrowing sharply. Strong order backlog and new B-series launches are set to drive 2024 growth, while overseas expansion and localization efforts accelerate to counter tariff headwinds.
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Vehicle deliveries nearly doubled year-over-year, driving 52% revenue growth and improved gross margin. Strong new model launches and overseas expansion underpin a confident 2024 outlook, with a 250,000 sales target and rising profitability.