On August 25, LEAPMOTOR declined 3.41% in regular trading, trading at 41.16 HKD/share with turnover of 192 million HKD. The stock initially opened higher following its H1 earnings release on August 24, but reversed sharply as the market digested management's significantly lowered full-year guidance.

LEAPMOTOR reported H1 revenue of 38.11 billion yuan, up 57.1% year-over-year, and net profit of 208.4 million yuan, up 531% from the prior year. However, gross margin declined to 11.7% from 14.1% a year earlier due to rising raw material costs and product mix changes. More critically, management cut its full-year net profit forecast from approximately 5 billion yuan to around 3 billion yuan during the earnings call, with full-year gross margin guided at only 13-14% and vehicle gross margin at 10-11%.

CICC maintained its Outperform rating with a target price of 60.80 HKD, implying 42.2% upside. Additionally, the company deepened its strategic partnership with China FAW covering NEV development, intelligent driving, and embodied intelligent robots, and confirmed plans to formally enter the robotics business.

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