Leapmotor H1 2026 Revenue Up 57.2% to RMB38.11 Billion, Net Profit RMB210 Million

In the first half of 2026, Leapmotor achieved operating revenue of RMB38.11 billion, up 57.2% year-on-year. Global vehicle deliveries reached 356,487 units, an increase of 60.8%. Net profit attributable to shareholders was RMB210 million, continuing its profitable trend. The gross margin for the period stood at 11.7%, down from 14.1% in the same period of 2025, which the company attributed to rising upstream raw material prices and a product mix shift driven by the ramp-up of its low-priced A-series models.

On a quarterly basis, the gross margin recovered to 12.6% in the second quarter, up 3.2 percentage points from the first quarter. In terms of revenue structure, the automotive and parts segment contributed RMB35.6 billion, accounting for approximately 93% of total revenue. Service and other income reached RMB2.51 billion, up 118.3% year-on-year, mainly driven by overseas business expansion and higher carbon credit trading revenue.

On the income statement, share-based payment expenses fell to RMB60 million from RMB300 million in the same period of 2025, boosting current-period profit. Adjusted net profit, excluding share-based payments, was RMB270 million, down from RMB330 million a year earlier. On the expense side, selling, administrative, and research and development expenses increased by 41.1%, 27.8%, and 22.8% year-on-year, respectively, all below the 57.2% revenue growth rate.

In terms of cash flow, net operating cash inflow in the first half was RMB2.17 billion, down from RMB2.86 billion in the same period of 2025, with free cash flow falling to RMB140 million. The company said the weaker cash flow mainly reflected higher procurement spending due to advance stocking to meet domestic and overseas demand. As of the end of June, total cash and fund balances amounted to RMB38.59 billion.

In overseas operations, Leapmotor exported 96,294 vehicles in the first half, up 372.6% year-on-year, exceeding its total exports for the full year of 2025 and accounting for 27% of total sales. Of the 134,800 additional vehicles sold in the first half, more than half came from overseas markets. By the end of the period, Leapmotor's business covered more than 45 countries and regions, with over 1,000 overseas sales and after-sales outlets. The C10 model began mass production at its Malaysia plant, and the B10 model is scheduled to start production at its Spain plant in the third quarter.

In the domestic product matrix, the A, C, and D series models complement each other: the A10 enters the sub-RMB100,000 market, the D19 has reached monthly sales of 10,000 units, and the D99 covers the price range above RMB300,000. Leapmotor has expanded its cooperation with FAW to ten areas, including complete vehicles, intelligent driving, and batteries, with jointly developed models set to enter mass production soon. In July 2026, Leapmotor's monthly deliveries exceeded 100,000 units, and its full-year sales target is 1 million vehicles.