Leapmotor reported its second consecutive quarterly profit as strong sales growth and improved operational efficiency lifted its third-quarter performance.
The company posted net income of RMB 150 million in the July–September period, reversing a RMB 690 million loss a year earlier. The latest result follows a profitable second quarter, when the company recorded RMB 160 million in net income, and marks continued recovery after a brief return to losses in the first quarter amid broader industry weakness.
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The company delivered a record 173,852 vehicles in the third quarter, an increase of 101.77 percent year-on-year and 29.63 percent over the second quarter. This drove quarterly revenue to RMB 19.45 billion, up 97.3 percent from the same period last year.
Gross margin strengthened to 14.5 percent, compared with 8.1 percent a year earlier and 13.6 percent in the second quarter, supported by scale efficiencies, ongoing cost controls, and a more optimized product mix.
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As of September 30, Leapmotor held RMB 33.92 billion in cash, restricted cash, financial assets, and bank time deposits. The company delivered 70,289 vehicles in October, marking its sixth consecutive month of record-high monthly deliveries.
From January through October, deliveries reached 465,805 units, up 120.72 percent year-on-year. Having reached its 2025 full-year target of 500,000 units on November 15—roughly 1.5 months ahead of schedule—Leapmotor now expects total annual sales to exceed 600,000 units.