Leapmotor Grows Q1 Revenue and Sales but Margins Compress Amid Cost and Mix Pressures

Zhejiang Leapmotor Technology Co., Ltd. Class H ( (HK:9863) ) just unveiled an announcement.

Leapmotor reported first-quarter 2026 revenue of RMB10.82 billion, up 8% year on year, driven by higher vehicle and parts deliveries but pressured by a weaker product mix. Gross margin fell to 9.4% from 14.9% a year earlier, and the company swung to a net loss of RMB390 million as lower gross profit and higher expenses outweighed growth, though it ended the quarter with RMB30.63 billion in cash and liquid investments despite negative operating cash flow.

Vehicle sales rose 25.8% to 110,155 units in the quarter, with overseas deliveries hitting a record 40,901 units and accounting for more than a third of volume, underscoring Leapmotor’s accelerating international expansion. Newly launched models A10 and flagship D19, built on its latest platforms, generated strong order momentum and record showroom traffic, reinforcing the brand’s push upmarket and its bid to strengthen its position among China’s emerging auto makers.

The most recent analyst rating on (HK:9863) stock is a Buy with a HK$76.60 price target. To see the full list of analyst forecasts on Zhejiang Leapmotor Technology Co., Ltd. Class H stock, see the HK:9863 Stock Forecast page.

More about Zhejiang Leapmotor Technology Co., Ltd. Class H

Zhejiang Leapmotor Technology Co., Ltd. is a Chinese new energy vehicle manufacturer focused on intelligent electric and range-extended vehicles. The company targets both domestic and overseas mass-market segments with multi-platform SUVs and passenger cars positioned as high-tech, high-value offerings in the mid- to upper-range price bands.

Average Trading Volume: 10,858,855

Technical Sentiment Signal: Hold

Current Market Cap: HK$63.81B

See more data about 9863 stock on TipRanks’ Stock Analysis page.