On March 16, Leapmotor (9863.HK) released its 2025 financial report, showing that in 2025, Leapmotor delivered 596,555 new vehicles, achieving doubled sales growth for two consecutive years and ranking first in sales among China's new force brands; it achieved a net profit of 540 million yuan, realizing annual profitability for the first time and becoming the second company among China's new automotive forces to achieve annual profitability; it achieved revenue of 64.73 billion yuan, an increase of 101.3% compared with the same period in 2024; its gross margin was 14.5%, a record annual high; its cash on hand was ample at 37.88 billion yuan, and it maintained positive operating cash flow and free cash flow.
The four major series A, B, C, and D were launched, with multiple models setting benchmarks in their respective segments.
In 2025, Leapmotor's product line underwent intensive renewal. The B platform launched three all-new models, the B10, B01, and Lafa5; the three SUVs of the C platform completed major facelifts; the A platform's A10 and the D platform's D19 and D99 were unveiled one after another. A richer product matrix will provide a solid product foundation and strong sales growth points for Leapmotor's 2026 sales target.
The first model of the Leapmotor A series, the A10, made its debut on November 21, 2025 at the Guangzhou Auto Show and is scheduled to be launched on March 26, 2026. As a global model positioned as an "intelligent premium long-range SUV," the Leapmotor A10 takes "good but not expensive, technology for all" as its core concept. With over 500 km CLTC ultra-long range, the 8650 assisted driving chip and 8295 intelligent cockpit chip, parking-space-to-parking-space full-scenario intelligent assistance, oil-cooled electric drive, and an 88.1% space utilization rate and other premium configurations, it provides mainstream families and users pursuing quality with a "full-scenario, no compromises" mobility solution.
The first "tech-luxury flagship SUV" model of the Leapmotor D platform, the D19, held its global debut in Shanghai on October 16, 2025. With the core mission of creating "the top of the top, the flagship of flagships," and relying on flagship-level aesthetics, comfort, range, intelligence, driving control, and safety experience, it reshapes the value benchmark for full-size flagship SUVs in the 300,000-yuan class and will be launched in April 2026. Leapmotor's first "tech-luxury flagship MPV," the D99, made its debut on December 28, 2025 at the Leapmotor brand's tenth-anniversary launch event, offering users six major luxury experiences: flagship aesthetics, flagship comfort, flagship range, flagship intelligence, flagship driving control, and flagship safety. With extreme product strength, it becomes a new flagship and new benchmark among 300,000-yuan-class MPVs. The D platform will fully empower the D99 with million-level technology, making flagship products within reach.
Technological architecture continues to iterate, with dense rollout of fully self-developed achievements.
On March 10, 2025, Leapmotor released the LEAP 3.5 technology architecture, achieving new upgrades across technologies including intelligent driving, intelligent cockpit, electric drive, battery, thermal management, and chassis, with central domain control as the foundation, to bring users a more efficient and convenient vehicle experience. In 2025, all of Leapmotor's new and refreshed products were equipped with the LEAP 3.5 technology architecture, among which the all-electric models of the C series were all equipped with an 800V high-voltage platform.
On October 16, 2025, Leapmotor released six core technologies of the all-new flagship D platform - flagship extended range, equipped with an 80.3 kWh large battery to achieve 500 km pure electric range; flagship kilovolt pure electric, debuting a 115 kWh super hybrid cell, a full-stack 1000V three-electric system, and a 34-in-1 super thermal management module; flagship intelligence, debuting dual 8797 chips, providing 1280 TOPS computing power, and enabling VLA assisted driving and an on-device large-model cockpit; flagship driving control, equipped with the LMC2.0 chassis system, enabling functions such as high-speed dual-wheel blowout stability and a 3.6-meter-class compass turning radius; flagship safety, featuring 16 locations of 2 GPa high-strength steel, ten-layer battery safety protection, and other configurations; flagship comfort, integrating an automotive-grade oxygen generator into a car for the first time, opening a new dimension of healthy and comfortable mobility.
Leapmotor's end-to-end assisted driving technology is accelerating its rollout: in June 2025, the urban commuting navigation function was launched and gradually covered the B/C platforms; in February 2026, the urban navigation function was rolled out and is expected to cover the whole country in the second quarter. In terms of core three-electric systems, Leapmotor continues to maintain industry-leading advantages: the electric drive business achieved a strategic breakthrough, with compressor and power supply products successfully achieving mass production, product quality reaching industry-leading levels, and NVH performance setting an industry benchmark; CTC battery-chassis integration technology passed the new national standard among the first batch one year ahead of schedule, and the company is actively laying out forward-looking technologies such as all-new battery system architectures, 5C fast charging, solid-state batteries, immersion cooling, and lightweight technologies to help products and technologies maintain continued leadership.
Globalization strategy accelerates its rollout, with overseas markets achieving profitability.
In 2025, Leapmotor ranked first among China's new force brands in export volume, reaching 67,052 units; as of the end of February 2026, cumulative exports exceeded 100,000 units. In 2025, Leapmotor's pure electric sales in 29 European markets ranked among the top three Chinese passenger car brands, and in the fourth quarter it ranked second among Chinese passenger car brands. As of December 31, 2025, Leapmotor International had established about 900 outlets combining sales and after-sales service functions in about 40 international markets including Europe, the Middle East, Africa, South America, and Asia-Pacific, among which there were more than 800 in Europe, more than 50 in the Asia-Pacific market, and more than 30 in the South American market.
In November 2025, the C10 and B10 were officially launched in Brazil, with the C10 already on sale first, and the number of stores in Brazil currently exceeding 30. In the same month, the Leapmotor C10, B10, and C16 appeared at the Sao Paulo Auto Show, marking the Leapmotor brand's official entry into the South American market. In January 2026, the A10 appeared at the Brussels Auto Show and received high attention from the European market.
At present, the Spanish CKD project has completed project approval and plans to introduce the Leapmotor B10 and B05. The B10 has started local vehicle manufacturing at the OTS stage, with the first trial-production vehicle completed, and is expected to officially start production in October 2026. The B05 is expected to start trial production in June 2026 and officially start production in 2027. The battery factory supporting the aforementioned two models has completed site selection and is currently in the factory renovation stage, with plans to start trial production of the first battery pack in April 2026 and officially start mass production in July.
In 2025, relying on Leapmotor's leading technology and high value-for-money products, and combined with Stellantis' commercial and channel capabilities, Leapmotor International successfully achieved annual profitability in the second year after its establishment, bringing the company stable investment returns.
Channel network quality and efficiency improved, service experience comprehensively upgraded.
As of the end of 2025, Leapmotor's sales and service network covered 295 cities nationwide, adding 31 cities compared with the same period last year, with a cumulative layout of 950 sales stores (including 407 Leapmotor Centers and 543 Experience Centers) and 526 service stores. The "Gold and Silver Seed Investor Plan" achieved remarkable results, with 205 new stores added throughout the year, and average store efficiency increased by 85.1% year on year, further improving channel quality. At the same time, in order to further enhance consumers' car-buying experience, Leapmotor comprehensively promoted the rollout of the new SI3.5 image, expanded the display area and delivery area, and improved channel image.
Leapmotor continues to practice the core service concept of "three fast and two save" (fast response, fast repair, fast parts supply, save time, save worry), and is committed to building user service capability into a golden signboard of Leapmotor. In terms of vehicle repair and spare parts support, Leapmotor accelerated the construction of digital repair capability, continued to promote service quality improvement, increased the one-time satisfaction rate of spare parts to 98%, and increased the 48-hour delivery rate by more than 23 percentage points year on year. In terms of user service experience, the entire network implemented the system of one-hour vehicle delivery for scheduled maintenance and electronic work orders, promoting more efficient and transparent service, and released four major service commitments to comprehensively improve users' sense of safety and convenience.
Strategic cooperation continues to deepen, ESG governance achieves remarkable results.
On March 3, 2025, Leapmotor signed a Strategic Cooperation Memorandum of Understanding with China FAW, and the two parties will fully leverage their respective technical accumulations in R&D to jointly carry out joint development of new energy passenger vehicles and parts cooperation. At present, the first jointly developed model project between the two parties has landed, and follow-up work is being actively advanced.
On December 8, 2025, Leapmotor was officially included as a constituent stock of the Hang Seng TECH Index, marking that the company has received important recognition from the capital market in aspects such as technological innovation, R&D investment, revenue growth, market value, and liquidity, effectively broadening the company's investor base and enhancing brand influence.
On December 28, 2025, Leapmotor and FAW Equity entered into a domestic share subscription agreement, under which FAW Equity will invest 3.74 billion yuan in Leapmotor, laying a good foundation for the two parties to realize resource synergy across the entire industry chain. In January 2026, Leapmotor received an MSCI ESG rating of AA for the third consecutive year, remaining firmly among the top in the global industry, and its EcoVadis assessment rose from bronze to silver, with its ranking jumping to the global top 15%. At the same time, Leapmotor was rated a "National-level Green Factory," with the construction of a green manufacturing system further advanced.
Looking ahead, Leapmotor will uphold the original aspiration of "technology for all," and with continuously leading product strength, steadily improving profitability, and an open and win-win cooperation ecosystem, create value for users, bring returns to shareholders, and work together with global partners to win in the new era of intelligent electric vehicles.
