---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40823333.md"
description: "Leapmotor 1Q26 First Take: Overall, the first quarter of FY26 did not carry forward the company's usual operational discipline. The print is concerning. Despite a decent delivery print for an industry off-season and reasonable cost control, both revenue and GP fell short. Revenue was RMB 10.82bn, a slight miss vs. market. GP missed by about 40%, which weighed on sentiment. On margins, GPM fell 550bps YoY; even stripping out roughly RMB 200mn of GP uplift from strategic partnerships, GPM was still down 390bps YoY. Management added that lower output increased per-unit manufacturing costs. The market has largely priced in several factors. 1) Management had guided to a sequential decline for Q1 due to seasonality on the Q4 call. This was flagged in advance.2) Mix shifted down-market as T03 rose from 11% in Q4 to 22% in Q1, while the lower-price A10 started to ramp in Mar, pressuring ASP. This further diluted the model mix. On opex: selling expenses were RMB 680mn, seasonally softer and broadly in line. R&D was RMB 1.04bn, a slight miss tied to project timing. G&A came in at RMB 440mn vs. the market’s RMB 420mn, essentially in line and largely seasonal. OP was -RMB 410mn, better than the market’s -RMB 540mn, implying sizable non-recurring items this quarter. More color should come on the call.a) Management’s explanation for the per-vehicle margin decline. Details will help quantify the impact.b) Q2 guidance. It will frame the near-term recovery trajectory.c) Sustainability of the strategic partnership uplift. This affects visibility on GP support. Dolphin Research will publish a follow-up note; stay tuned. $LEAPMOTOR(09863.HK)"
datetime: "2026-05-15T11:10:52.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40823333.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40823333.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40823333.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Leapmotor 1Q26 First Take: Overall, the first quar…


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