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零跑“抠”出 5 亿盈利：单车均价 10 万，每辆仅赚 905 块 =================================
量 量子位 @杰西卡
One Sentence Summary
Leapmotor achieved its first full-year profit of 540 million RMB, despite an average vehicle price of only 100,000 RMB, by leveraging full-stack in-house R&D for cost control, economies of scale to dilute expenses, and an asset-light overseas expansion strategy.
Summary
This article deeply analyzes Leapmotor's financial performance in 2025, explaining how it transformed from a 2.8 billion RMB loss in the previous year to a 540 million RMB profit. The core logic lies in: First, economies of scale generated by doubling sales (nearly 600,000 vehicles) significantly diluted fixed costs. Second, adhering to full-stack in-house R&D, with over 65% of core components self-developed and manufactured, resulting in approximately a 10% cost advantage. Finally, accelerating overseas expansion through an asset-light joint venture with Stellantis Group, supplemented by diversified revenues such as technology licensing and carbon credit trading (approximately 1 billion RMB). Although the net profit per vehicle was only 905 RMB, Leapmotor has successfully established a high cost-performance business model and set aggressive targets of one million sales and 5 billion RMB profit by 2026.
Main Points
* 1. Economies of scale are the primary driver for Leapmotor's profitability.Sales doubled to nearly 600,000 vehicles in 2025, significantly diluting production line and R&D costs, boosting the gross profit margin from 8.4% to 14.5%, and achieving a qualitative leap from loss to profit. * 2. Full-stack in-house R&D built an ultimate cost control moat.Over 65% of core components are self-developed and manufactured, eliminating supplier profit margins and making the total vehicle cost approximately 10% lower than outsourced models, which is highly competitive in the low-price market. * 3. The asset-light overseas expansion model effectively reduced global expansion costs.By establishing a joint venture with Stellantis, Leapmotor gained direct access to its global dealer and logistics network, avoiding heavy asset investment in network building, and its overseas business has already achieved annual profitability. * 4. A diversified revenue structure supports the stability of profit growth.In addition to vehicle sales, diversified revenue streams such as technology licensing (e.g., cooperation with FAW Group), external sales of components, and approximately 1 billion RMB in carbon credit income collectively form a multi-faceted support system for profitability.
Metadata
AI Score
78
Website qbitai.com
Published At Today
Length 2772 words (about 12 min)
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杰西卡 发自 副驾寺
智能车参考 | 公众号 AI4Auto
一年净赚5个亿！零跑也全年盈利了。
不过，外界最关心的不只是赚了多少钱，还有其盈利背后的逻辑。
毕竟这是素有“低价高配”、“性价比之王”之称的零跑。
在均价动辄二三十万的友商里，零跑一年的单车均价也只有10万元出头，且上一年的全年净亏损还有28亿元……
零跑究竟是怎么盈利的？
我们粗略算了一笔账：每辆车贡献905元。 零跑汽车怎么盈利的？ --------------
2025年，零跑汽车首次实现全年盈利，净利润为5.4亿元；而2024年同期，零跑还有28亿元的净亏损。
在新势力阵营中，继理想之后，第二个真正跨过全年盈利门槛的玩家出现了。
这也意味着，零跑真正意义上跑通了自己的商业模式。
从财务角度拆解，零跑的盈利公式有这么几个关键变量：营收、毛利率、费用率。
分开来看，营收代表的是销量规模。2025年，零跑汽车营收为647.3亿元，同比增长101.3%，实现翻倍增长。
其中，电动汽车及部件的销售收入为620.1亿元，同比增长96.0%，由整车及备件交付量增加所带动。
结合全年销量计算，零跑2025年的单车均价约为10.39万元，同比下滑了大约3740元。
作为参考，已经披露2025年财报的蔚来和理想，2025年的单车均价大约为23.58万元和26.23万元。
来自服务及其他销售的收入为27.2亿元，同比增长413.2%，主要是由于海外整车销量大涨，带动碳积分交易收入增加。
再看单车是否赚钱的重要指标——毛利率。
2025年，零跑的毛利率为14.5%，同比提升6.1个百分点，首次达到两位数水平，增速惊人。
其中，公司第四季度的毛利率已达15%。据零跑汽车副总裁、CFO李腾飞透露，整车的毛利率大约在12个点左右，其他毛利率还有3个点。
与此同时，零跑的费用端也在相对收紧：
2025年，公司研发开支、销售开支分别为42.9亿元、36.5亿元，同比分别增长47.9%和70.6%。
但在营收猛涨的前提下，零跑去年的研发费用率、销售费用率分别为6.63%和5.64%，同比分别下降2.4个和1个百分点。
所以综合来说，零跑的盈利路径已经清晰——每卖一辆车，更赚钱的同时还更省钱了。
如果从业务的维度去拆解，零跑的盈利模式依然说得通。
首先，最关键的一点就是销量，其实也对应零跑的营收水平。
2025年全年，零跑销量为596555辆，同比暴涨103.1%，连续两年翻倍增长，跃居2025年新势力车企销冠。
汽车行业有个很典型的规律：规模上来之后，成本会被摊薄。
研发一套平台、建一条产线、养一支销售团队，固定成本就那么多。车卖得越多，摊到每台车上的成本就越低。
所以销量显著提高的结果就是，单车成本得到下降，利润空间被释放——这就是规模效应。
零跑的毛利率从8.4%涨到14.5%，很大一部分就是规模摊薄出来的。
但这里有个值得注意的点：对比其他车企的毛利率，理想是19%左右，特斯拉是18%左右。零跑的14.5%，其实还处在“卖车不太赚钱”的区间。
换句话说，零跑是靠卖得多实现盈利的，而非靠卖得贵。
算下来，零跑去年一年净利润5.4亿，是由每辆车净赚905元叠加而来的。
当然，保障销量水平的前提还是产品的竞争力。2025年，零跑完成了ABCD四大平台全面落地，打造了6-30万元的全价格带产品矩阵。
其中，B平台车型成为爆款主力，贡献了超70%的销量；C平台车型则巩固主流SUV市场竞争力，形成了“走量车型保规模、高端车型提溢价”的量价齐升格局。
在产品背后，支撑起规模效应的，还是归结于零跑的两个核心能力。
第一个能力是成本控制。零跑坚持从电驱、电池管理系统到智驾的全域自研，核心部件不受制于供应商。
这种模式虽然初期研发投入巨大，但一旦形成技术平台，便等于构建出了强大的成本优势。
零跑官方曾多次强调，其自研自制核心零部件的比例，已达整车成本的65%以上。
按这一算法，如果外购，供应商要留15%的毛利，自研就意味着整车成本能比别人低10%左右。
这10%，意味着一台卖15万的车，成本能低1.5万。在十几万这个价格敏感的市场，1.5万甚至称得上拉开差距的“生死线”。
零跑的第二个核心能力，在于出海。
2025年，零跑汽车出口量达6.7万辆，位列中国新势力品牌第一。
在欧洲、中东、非洲、南美和亚太等约40个国际市场，零跑已经建立了约900家销售服务网点。
零跑具备的这种出海能力，得益于其采用了“轻资产”模式，也就是与Stellantis集团成立合资公司，接入后者的全球经销商网络与物流体系，销售成本远低于自己从头建网。
2025年，零跑跟Stellantis合资的“零跑国际”，已经实现年度盈利，同样具有里程碑意义。
另外，除了整车销售带来的增量，零跑的盈利结构还由技术授权、零部件外销、碳积分等多元业务共同支撑。
以技术授权为例，零跑去年和一汽达成了合作。双方合力推出的首款车，由零跑负责车型的研发和制造，会在今年三季度投产，年底在海外市场销售。
同时，随着零跑在欧洲市场的出口量增加，其碳积分收入也实现了同比增长，规模大约已达10亿元。
整体来看，零跑无疑是2025年里最大的新势力黑马。但这并不是零跑的巅峰。
对于2026年，在原材料涨价、新能源补贴政策调整的背景下，零跑的预期和外界的悲观论调相反，新一年指引反倒更为乐观了。
信心何在？ 今年冲刺百万年销＆50亿净利 ------------------
零跑的2026年指引，在去年年末就早早给出了数据：
* 全年冲刺100万台以上销量； * 全年净利润进一步上涨到50亿元。
并且在今年1、2月份市场普遍销量走弱的情况下，零跑依然坚持销量和净利目标不变。
结合财报电话会中的信息，零跑的信心大致有三个方面的进展来支撑。
其一是产品线，零跑今年计划推出4款新车，分别是本月上市的A10、4月下旬上市的D平台首发产品D19，以及6~7月发布的A05和D99。
此外，零跑今年还有2个改款车型，是今年二季度将推出的改款B01和B10。
其二是在出海方面。零跑的百万年销计划中，包含了10~15万台的海外销量。
欧洲目前是零跑出海的主战场，销售渠道已达800家。
今年，零跑计划重点在南美发力，以巴西为起点，陆续向智利、阿根廷、厄瓜多尔、哥伦比亚等国家拓展。
公司在南美市场的渠道数量，今年会得到大幅度的增加；同时，欧洲和亚太市场的渠道数量，今年也会同步扩张。
今年1~2月，零跑出海销量已经达到2.4万辆，全年目标已完成16%~24%，照这个进度，或许超额完成海外目标已不是问题。
最后一点值得关注的是零跑的技术，特别是在辅助驾驶层面。
李腾飞透露，今年应当是零跑智驾爆发的一年。
据说，公司在过去一年半内，着重加大了在智驾领域上的人才、技术以及资金等投入，公司智驾的进展非常快。
而在这一过程中，零跑会有跟合作伙伴进行相关业务上的交流，但不会影响其全域自研的方向和结果。
“希望今年年底，零跑的智驾水平，能达到公认的行业第一梯队。”
量 量子位 @杰西卡
One Sentence Summary
Leapmotor achieved its first full-year profit of 540 million RMB, despite an average vehicle price of only 100,000 RMB, by leveraging full-stack in-house R&D for cost control, economies of scale to dilute expenses, and an asset-light overseas expansion strategy.
Summary
This article deeply analyzes Leapmotor's financial performance in 2025, explaining how it transformed from a 2.8 billion RMB loss in the previous year to a 540 million RMB profit. The core logic lies in: First, economies of scale generated by doubling sales (nearly 600,000 vehicles) significantly diluted fixed costs. Second, adhering to full-stack in-house R&D, with over 65% of core components self-developed and manufactured, resulting in approximately a 10% cost advantage. Finally, accelerating overseas expansion through an asset-light joint venture with Stellantis Group, supplemented by diversified revenues such as technology licensing and carbon credit trading (approximately 1 billion RMB). Although the net profit per vehicle was only 905 RMB, Leapmotor has successfully established a high cost-performance business model and set aggressive targets of one million sales and 5 billion RMB profit by 2026.
Main Points
* 1. Economies of scale are the primary driver for Leapmotor's profitability.
Sales doubled to nearly 600,000 vehicles in 2025, significantly diluting production line and R&D costs, boosting the gross profit margin from 8.4% to 14.5%, and achieving a qualitative leap from loss to profit.
* 2. Full-stack in-house R&D built an ultimate cost control moat.
Over 65% of core components are self-developed and manufactured, eliminating supplier profit margins and making the total vehicle cost approximately 10% lower than outsourced models, which is highly competitive in the low-price market.
* 3. The asset-light overseas expansion model effectively reduced global expansion costs.
By establishing a joint venture with Stellantis, Leapmotor gained direct access to its global dealer and logistics network, avoiding heavy asset investment in network building, and its overseas business has already achieved annual profitability.
* 4. A diversified revenue structure supports the stability of profit growth.
In addition to vehicle sales, diversified revenue streams such as technology licensing (e.g., cooperation with FAW Group), external sales of components, and approximately 1 billion RMB in carbon credit income collectively form a multi-faceted support system for profitability.
Key Quotes
* Leapmotor achieved its first full-year profit, with a net profit of 540 million RMB; in the same period of 2024, Leapmotor had a net loss of 2.8 billion RMB. * Leapmotor achieved profitability by selling more, not by selling at a high price. Calculated, Leapmotor's net profit of 540 million RMB last year was accumulated from a net profit of 905 RMB per vehicle. * The proportion of self-developed and manufactured core components has reached over 65% of the total vehicle cost. If outsourced, suppliers would retain a 15% gross profit margin, meaning in-house R&D allows the total vehicle cost to be about 10% lower than others. * We hope that by the end of this year, Leapmotor's intelligent driving capabilities will reach the recognized top tier in the industry.
AI Score
78
Website qbitai.com
Published At Today
Length 2772 words (about 12 min)
Tags
Leapmotor
New Energy Vehicles
Financial Report Analysis
Full-stack In-house R&D
Economies of Scale
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Leapmotor Squeezes Out 500 Million Profit: Average Vehicl... ===============