---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/39280325.md"
description: "Leapmotor 4Q25 First Take: the company delivered a solid, in-line quarter. It demonstrated steady operating discipline.Management had guided that heavier promotions would offset scale benefits, leaving GPM flat QoQ. That set a conservative bar.However, GPM still rose 50bps QoQ to 15%. Despite lower ASPs due to promotions and a mix shift toward lower-priced models, the QoQ uptick was driven by three factors.Drivers included ongoing cost-down through platformization and in-house R&D/manufacturing, and further scale effects. In Q4, other income also lifted GPM; with faster overseas ramp, carbon credit revenue recognition likely doubled vs. last quarter.On opex, sales expense was RMB 1.3bn, up QoQ on heavier ad spend and concurrent network expansion. R&D and admin were well controlled and declined QoQ. OP reached RMB 220mn, above the market’s ~RMB 60mn expectations. $LEAPMOTOR(09863.HK)"
datetime: "2026-03-16T11:16:27.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/39280325.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/39280325.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/39280325.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Leapmotor 4Q25 First Take: the company delivered a…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**