How does the technology disruptor LEAPMOTOR (09863) D19 reshape the high-end market landscape?

In October 2025, after ten years of independent research and development, LEAPMOTOR (09863) officially launched its flagship D platform and globally premiered its first full-size SUV, the ZeroRun D19, sparking a wave of market reservations. This model, defined as the "top of the line among the top of the line, the flagship of the flagship," not only marks the official entry of the ZeroRun brand into the high-end market of 300,000 yuan, but also, with its disruptive technology configuration and pricing strategy, has sparked a new round of "technology equality" storm in the new energy vehicle market. According to reports, the ZeroRun D19 is the culmination of ten years of technological accumulation by ZeroRun, incorporating a number of industry-leading technologies, including "flagship range extender," "flagship kilovolt pure electric," "flagship intelligent," and "flagship drivability." Its range extender version is equipped with an 80.3kWh ultra-large battery, achieving over 500 kilometers of pure electric range under CLTC conditions, pioneering a new paradigm of "large battery, small fuel tank," completely solving users' daily commuting range anxiety. The pure electric version adopts a 115kWh mixed core battery pack, supports 800V high-voltage fast charging, and can charge from 30% to 80% in just 15 minutes, with a range exceeding 700 kilometers. In terms of intelligence, the D19 globally debuts the dual high-throughput SA8797 cabin-drivetrain integrated chip, with a computing power of up to 1280 TOPS, supporting the VLA (Vision-Language-Action) world model assisted driving system, achieving full-scene smart driving from parking space to parking space. The cabin is equipped with a 14.6-inch 2K large screen and a large model AI assistant on the side, providing four-zone voice interaction and personalized services. In addition, the D19 is equipped with the LMC 2.0 chassis system, integrating high-speed dual-wheel blowout control, a 3.6-meter "compass turn," and other black technologies, and is equipped with a dual-chamber air suspension and CDC electromagnetic damping, balancing comfort and handling performance. The ZeroRun D19 is positioned as a 6-seater luxury family SUV, with a body length of 5.25 meters and a wheelbase exceeding 3.1 meters, highlighting the "third-row freedom" superior space experience. It directly competes with mainstream high-end new energy SUVs such as the Ideal L9 and the Ask M9, but the pre-sale price range is only 250,000 to 300,000 yuan, nearly 150,000 yuan lower than its competitors, making it the "king of cost-effectiveness." ZeroRun founder Zhu Jiangming emphasized, "The D series is not a luxury car, but ZeroRun's high-end series, sticking to the concept of 'good quality at an affordable price.'" By independently developing 65% of core components, ZeroRun has effectively controlled costs, bringing million-level configurations down to the 300,000 yuan price range, truly implementing "technology equality." The appearance of the D19 is not only a precise hit on Ideal and Ask, but also accelerates the marginalization of traditional luxury brands in the new energy era. The release of the D19 significantly boosted the capital market's confidence in ZeroRun. On October 20, Zhu Jiangming and shareholder Fu Liquan increased their holdings of the company's stock for the second time, with a total increase of 3.2435 million shares at an average price of 63.19 Hong Kong dollars, totaling approximately 850 million Hong Kong dollars. With this positive news, ZeroRun's stock price rose by 6.19% on the same day, closing at 59.15 Hong Kong dollars. China Citic Lyon released a research report, maintaining a "outperform market" rating for ZeroRun with a target price of 80 Hong Kong dollars, believing that the D19 is likely to break ZeroRun's "high growth, low valuation" dilemma. Although ZeroRun has maintained its position as the leader in new power delivery for a long time (delivering nearly 400,000 units in the first three quarters of 2025), its market value has been under pressure for a long time. The successful launch of the D19 may improve market recognition of its brand premium and profitability, driving valuation repair.