LEAPMOTOR (09863) net profit is expected to reach 540 million yuan in 2025, with sales doubling for two consecutive years.

LEAPMOTOR (09863) announced its performance for 2025, with revenue reaching RMB 64.73 billion, a year-on-year increase of 101.3%. The annual gross profit margin was 14.5%, an increase of 6.1 percentage points from the same period in 2024, reaching a new annual gross profit margin high; the gross profit margin for the fourth quarter of 2025 was 15.0%, setting a new quarterly gross profit margin high. The company's net profit attributable to equity holders was RMB 540 million, turning from a loss to a profit year-on-year, becoming the second Chinese new energy vehicle company to achieve full-year profitability. The adjusted net profit was RMB 1.08 billion, an increase of RMB 3.43 billion from 2024. The net cash generated from operating activities in 2025 was RMB 12.62 billion, an increase of RMB 4.15 billion from RMB 8.47 billion in 2024. The company's free cash flow in 2025 was RMB 7.82 billion, an increase of RMB 1.50 billion from RMB 6.32 billion in 2024. The announcement stated that the revenue growth was mainly due to an increase in the delivery of complete vehicles and spare parts. The increase in the gross profit margin was mainly attributed to (i) continued cost management; (ii) optimization of product portfolio; and (iii) revenue from other businesses. In 2025, Luhu realized the highest sales volume among Chinese new energy vehicle brands, with a total of 596,555 vehicles delivered throughout the year, an increase of 103.1% compared to 293,724 vehicles in the same period in 2024, achieving doubling of sales for two consecutive years. It is the only Chinese new energy vehicle brand company to deliver over 70,000 vehicles in a single month. In 2025, the company ranked first among Chinese new energy vehicle brands in terms of export volume, reaching 67,052 vehicles. As of the end of February 2026, LEAPMOTOR had exported over 100,000 vehicles.