HK Stock Market Move | LEAPMOTOR (09863) opened nearly 3% higher after the performance announcement. Earnings in the third quarter increased by 83.9% compared to the previous quarter, while sales volume maintained a steady upward trend.

LEAPMOTOR (09863) opened nearly 3% higher after the performance report, as of the time of writing, it has increased by 2.95% to HK$34.9, with a turnover of HK$558.75 million. On the news front, LEAPMOTOR announced that its revenue for the third quarter of 2024 was RMB 9.86 billion, an 83.9% increase from the second quarter and a 74.3% increase from the same period in 2023. The main reasons for this growth were a significant increase in product deliveries and optimization of product sales structure. The gross profit margin for the third quarter of 2024 was 8.1%, a significant improvement from the 2.8% in the second quarter of 2024. The main reasons for this improvement were the optimization of the product sales structure, ongoing cost management efforts, and economies of scale resulting from increased sales. The average gross profit margin from January to September 2024 was 4.8%, and the company expects to exceed the annual gross profit margin target. In the third quarter of 2024, the company's net loss attributable to equity holders was RMB 690 million, compared to a net loss of RMB 990 million in the same period of 2023. The significant reduction in losses in the third quarter compared to the first and second quarters of 2024 was due to steady growth in sales and revenue, continuous improvement in gross profit, and effective cost control. The company sold 86,165 vehicles in the third quarter of 2024, with 22,093 in July, 30,305 in August, and 33,767 in September, representing a sequential increase of 61.7% and a year-on-year increase of 94.4%. In October 2024, the company sold 38,177 vehicles and had a net increase of orders exceeding 40,000, with net increases of over 10,000 orders for the C11, C10, and C16 models, continuing the momentum of rapid and steady sales growth seen in the third quarter.