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Leapmotor: Profit Guidance Slashed; Is Overseas Expansion the Only Way Out?
2026 net profit guidance cut from RMB 5 bn to RMB 3 bn.
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LEAPMOTORFinancial Analysis
LEAPMOTOR
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Leapmotor (Trans): FY net profit guidance cut from RMB 5bn to RMB 3bn
H1 revenue was RMB 38.11 bn (+57.2% YoY). Deliveries reached 356k units, with Jul. topping 100k for the first time.
However, higher raw-material costs forced a cut to FY net profit guidance to ~RMB 3 bn from RMB 5 bn at the start of the year. FY GPM is guided at only 13–14%.Meanwhile, the company is pivoting growth to overseas markets. It expects overseas sales of 200k units this year, targeting 350–400k next year.
LEAPMOTORConference Minutes
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Leapmotor (Trans): Q2 GPM guide at 12–13%; confident to hit 1m units
Below is Dolphin Research's Trans of $LEAPMOTOR(09863.HK) Q1 26 earnings call. For our earnings take, see 'Leapmotor: Aiming for 1mn, is GPM slipping first?'. I. Key highlights: 1) Guidance — Q2 26 delivery guidance of 240–250k units (April alone exceeded 70k)...
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Leapmotor: Aiming for 1mn Units, Is GPM the First to Slip?
$LEAPMOTOR(09863.HK) released its Q1 2026 results after the HK close on May 15 (BJT). The print marked a departure from Leapmotor’s historically steady execution.
Despite a seasonal soft quarter for the industry, volumes were still decent and opex discipline was reasonable. However, both revenue and GP missed, with per-vehicle GP well below street expectations.
On the details: revenue missed as ASP fell further on a shift toward lower-end models. Q1 revenue was RMB 10.82bn (+8% YoY)...
LEAPMOTORFinancial Analysis
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Leapmotor (4Q25 Trans): 2026 sales target unchanged at 1mn units---
We maintain the 2026 net profit target at RMB 5 bn. Guidance unchanged.
LEAPMOTORConference Minutes
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Leapmotor: Can its overseas blockbuster model really hit 1 mn units and 'lead' China's new EV upstarts?---
The latest results were solid. They again highlight Leapmotor's consistent, steady operating discipline.
LEAPMOTORFinancial Analysis
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Leapmotor (3Q25 Minutes): 2026 sales target of 1 million units, net profit target of 5 billion.
2026 overseas sales target: 100,000 to 150,000 vehicles
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Leapmotor: The 'leading' momentum encounters obstacles, how to break through the blood path?
The significant increase in the three expenses has eroded Leapmotor's net profit.
LEAPMOTORFinancial Analysis
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Leapmotor: Annual sales target raised to 580,000 to 650,000 vehicles
For the full year, the company aims to achieve a gross margin level of 14% to 15%.
LEAPMOTORConference Minutes
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"Hardcore" Red Sea Arena, Leapmotor's Bloody Breakthrough!
$LEAPMOTOR(09863.HK) released its Q2 2025 financial report after the Hong Kong stock market closed on August 18, Beijing time. This financial report continues to perform well, beating market expectations for three consecutive quarters. Specifically: 1. Revenue was in line with expectations, but the average selling price of cars declined quarter-on-quarter due to a shift in the model mix: This quarter's revenue was 14.2 billion, which was in line with market expectations, but the average selling price of cars continued to decline quarter-on-quarter, mainly due to the recognition of nearly 440 million in technology licensing revenue (from FAW) in the previous quarter. Excluding this factor...
LEAPMOTORFinancial Analysis