LEAPMOTOR (09863) Q1 2026: Sales continue to dominate, with overseas markets becoming the second growth curve.

On May 15th, LEAPMOTOR (09863) released its financial report for the first quarter of 2026, achieving a revenue of 10.82 billion yuan, hitting a historical high for the same period. During this period, the company delivered approximately 110,200 new vehicles globally, a year-on-year increase of 25.8%. Among them, about 40,200 units were exported overseas, a 442% increase compared to the same period last year, accounting for 36% of total sales. In terms of both delivery volume and export volume, the company has maintained the number one position among new energy companies. In April 2026, the company continued to lead among new energy companies in terms of sales, reaching a new monthly high by delivering 71,387 units, a 73.9% increase year-on-year. Compared to the second-ranked new energy company, the company outsold them by 109.4%. Since March 2025, apart from January this year (where it ranked second, following only Xiaomi), it has been the top-selling new energy brand every month. Furthermore, the company has been widening the gap with other new energy brands month by month, with its market share in the new energy passenger car market increasing to 4.22% in the first quarter, holding a leading position. In fact, the company has been implementing a strategy of launching blockbuster single products and continuously enriching its A-D series product range. The launch of the C series and B series models (C10/C11/C16/B10) has been extremely successful, securing the top position in the SUV market in the 150-200 thousand yuan price range. In March 2026, the A-series A10 was launched, achieving over 40,000 units in the first month, setting a new record for brand order growth; in April, the D-series D19 was launched, competing with million-dollar luxury cars and surpassing 15,000 units in sales within 15 days of launch. The core logic of the blockbuster single product strategy lies in LEAPMOTOR's self-developed policy, with high-intensity investment in research and development to create "good and affordable" models, penetrating from the 100-200 thousand yuan price range to the 200-300 thousand yuan price range. Each model in every price range is fully equipped with the latest technology and self-developed achievements, achieving technological equality. Over the past three years (2023-2025), the company has invested over 9 billion yuan in research and development, continuously accelerating the iteration of its self-developed central domain control architecture, tri-electric system, intelligent cockpit, and intelligent chassis, which are now being integrated into the latest models. In 2026, the company's C series and B series models will be fully equipped with urban navigation assistance functions, LEAP 3.0 and LEAP 3.5 architecture models will be gradually upgraded, and the LEAP 4.0 central domain control architecture will be first installed on the D19, pioneering the concept of cockpit and driving integrated super collaboration and achieving "one brain controlling the entire intelligent vehicle." With its self-developed capabilities, LEAPMOTOR has achieved comprehensive assisted driving coverage from the A10 in six figures to the flagship D19, making advanced assisted driving no longer a privilege for a few, and technology equality no longer a pale slogan in the industry. In April 2026, the company has already achieved 64.8% of its first-quarter sales, with two more months to go in the second quarter. According to industry sales patterns, these two months are peak demand seasons, which means that sales will only go higher. With the recent launch of the A10 and D19, both becoming blockbusters immediately, and with their advantages of high value for money, they will capture a larger market share. Together with the main series (B and C series), they will jointly drive the company's high growth in sales and performance in the second quarter. In addition, the overseas market is gradually becoming the company's second growth curve. In the first quarter of 2026, the company's exports grew by more than four times, reaching 14,225 units in April, surpassing the total exports from the previous four months, solidifying the company's leading position among new energy companies. In specific regional markets, Europe has shown remarkable performance. For example, within the 12 EU countries, LEAP vehicles sold approximately 17,000 units in the first quarter, ranking first among Chinese pure electric brands; in Italy, sales accumulated to 11,637 units in the first quarter, with a market share of 33.5%, meaning that for every 3 pure electric cars sold, one of them is a LEAP vehicle; in Germany, sales in March reached 1,258 units, also securing the position of the top-selling Chinese pure electric brand. Additionally, other markets in Europe have also shown rapid growth. In 2023, the introduction of Stellantis as a single largest shareholder was a significant strategic move for LEAPMOTOR's internationalization, which has also established the company's leading position in the overseas market, especially in Europe. As of March 2026, LEAP International, a subsidiary of the company, has set up approximately 1,000 sales and after-sales service outlets in over 40 international markets in Europe, the Middle East, Africa, and the Asia-Pacific region, with over 850 outlets in Europe alone. In May 2026, Stellantis announced an expansion of strategic cooperation with LEAPMOTOR, with the two parties planning to jointly produce in a factory in Spain. LEAPMOTOR has become a successful model in the export strategy of domestic new energy companies. On the one hand, by deeply cooperating with international giants and leveraging their brand and network coverage, they have rapidly gained market share in international markets; on the other hand, by enhancing self-research efforts, they have gained global consumer recognition with "good and affordable" models. While XPeng also introduced Volkswagen in 2023, LEAPMOTOR's deeper cooperation and stronger self-research efforts have clearly produced more successful results. By the end of April 2026, the company's total export volume was 54,400 units, with an average monthly export of 13,600 units. Management expressed confidence in achieving more surprising achievements in overseas export sales this year, aiming beyond the original target of 100-150 thousand units. If the average monthly rate is maintained, the export volume for 2026 would reach 163,200 units, representing a growth rate of 143.6%. The sustained high growth in overseas market sales will become one of the core drivers of business growth. In conclusion, LEAPMOTOR continues to lead among new energy companies in sales for the first quarter, maintaining high growth in performance. With self-developed technology, it has implemented a blockbuster single product strategy with the B series and C series dominating in price ranges, while the A10 and D19 have become instant hits upon launch. Sales in April are far ahead of the second-ranked new energy company, indicating that high growth in second-quarter sales is highly probable. The company's performance in overseas markets is outstanding, with exports reigning supreme among new energy companies, establishing itself as a leader in the second growth curve. Based on its strong fundamentals, the company is favored by shareholders. In April this year, the company's founder, chairman, and CEO Zhu Jiangming, along with shareholder Fu Liquan, once again increased their holdings in the company with an investment of approximately 230 million Hong Kong dollars, bringing the total cumulative investment by the largest shareholder group to nearly 1.2 billion Hong Kong dollars. With continued high growth in performance and the release of growth potential in overseas markets, the company's valuation is expected to undergo a reevaluation.