Zhejiang Leapmotor Technology Co., Ltd. Class H (HK:9863)
:9863
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Zhejiang Leapmotor Technology Co., Ltd. Class H
(9863)
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Rating:54Neutral
Price Target:
HK$43.00
▼(-24.50% Downside)
Action:Reiterated
Date:05/19/26
The score is primarily supported by improved financial momentum, especially the shift to strong operating cash flow and positive free cash flow alongside rapid revenue growth. This is tempered by negative operating profit and higher debt levels, while technical indicators show a weak downtrend and valuation signals are inconclusive due to missing/invalid P/E and no dividend yield.
Positive Factors
Revenue Growth Momentum
Sustained high revenue growth across 2024–2025 indicates strong product-market fit and accelerating demand for Leapmotor’s vehicles. This scale expansion supports fixed-cost absorption, improves unit economics over time, and creates a larger base to fund R&D and distribution investments sustainably.
Negative Factors
Negative Core Operating Profit
Core operations remain loss-making even as net income turned positive, implying earnings may rely on below-the-line items or one-offs. Persistent negative operating profit risks margin durability and suggests the company must improve unit economics or face ongoing pressure on operating cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Momentum
Sustained high revenue growth across 2024–2025 indicates strong product-market fit and accelerating demand for Leapmotor’s vehicles. This scale expansion supports fixed-cost absorption, improves unit economics over time, and creates a larger base to fund R&D and distribution investments sustainably.
Read all positive factors
Zhejiang Leapmotor Technology Co., Ltd. Class H (9863) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$60.46B
Dividend YieldN/A
Average Volume (3M)5.85M
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth101.73%
EPS GrowthN/A
CountryHK
Employees15,551
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-0.44
Shares Outstanding1,131,047,100
10 Day Avg. Volume5,184,383
30 Day Avg. Volume5,846,262
Financial Highlights & Ratios
PEG Ratio-0.98
Price to Book (P/B)4.30
Price to Sales (P/S)0.96
P/FCF Ratio7.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$68.16Price Target Upside19.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)2.27
Revenue Forecast (FY)HK$103.03B
Zhejiang Leapmotor Technology Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Zhejiang Leapmotor Technology Co., Ltd. principally engages in the research and development, production, and sale of energy vehicles in the People's Republic of China. The company offers C01, a smart electric sedan; C11, a mid-sized smart electric...
How the Company Makes Money
Leapmotor primarily makes money by selling new energy passenger vehicles to end customers and fleet buyers through its sales channels; revenue is recognized largely from vehicle deliveries. In addition to vehicle sales, the company may generate re...
Zhejiang Leapmotor Technology Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
55
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 47.57B | 63.06B | 32.16B | 16.75B | 12.38B | 3.13B |
| Gross Profit | 6.02B | 9.17B | 2.69B | 80.47M | -2.37B | -1.76B |
| EBITDA | -299.18M | 655.44M | -2.64B | -3.54B | -4.93B | -2.71B |
| Net Income | -576.03M | 524.46M | -2.82B | -4.22B | -5.11B | -2.85B |
Balance Sheet | ||||||
| Total Assets | 46.29B | 62.85B | 37.65B | 28.45B | 19.27B | 12.53B |
| Cash, Cash Equivalents and Short-Term Investments | 18.64B | 28.19B | 20.72B | 15.47B | 7.96B | 5.60B |
| Total Debt | 3.04B | 4.45B | 2.71B | 2.75B | 2.21B | 915.11M |
| Total Liabilities | 33.28B | 48.72B | 27.58B | 15.96B | 11.01B | 5.30B |
| Stockholders Equity | 13.01B | 14.12B | 10.07B | 12.50B | 8.26B | 7.23B |
Cash Flow | ||||||
| Free Cash Flow | 7.73B | 7.69B | 6.37B | -312.89M | -3.93B | -2.70B |
| Operating Cash Flow | 11.06B | 12.31B | 8.47B | 1.08B | -2.28B | -862.12M |
| Investing Cash Flow | -16.34B | -10.92B | -13.32B | -4.86B | -1.29B | -3.00B |
| Financing Cash Flow | 2.55B | 3.13B | -503.45M | 8.55B | 6.36B | 8.26B |
Zhejiang Leapmotor Technology Co., Ltd. Class H Technical Analysis
Negative
56.95
Price Trends
47.64
Negative
46.25
Negative
53.04
Negative
Market Momentum
-1.79
Positive
36.40
Neutral
17.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9863, the sentiment is Negative. The current price of 56.95 is above the 20-day moving average (MA) of 45.72, above the 50-day MA of 47.64, and above the 200-day MA of 53.04, indicating a bearish trend. The MACD of -1.79 indicates Positive momentum. The RSI at 36.40 is Neutral, neither overbought nor oversold. The STOCH value of 17.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9863.
Zhejiang Leapmotor Technology Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$216.62B | 5.70 | 18.03% | 1.95% | 39.48% | -27.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | HK$882.57B | 51.93 | 11.86% | 1.55% | -3.19% | -40.56% | |
56 Neutral | HK$110.73B | 90.07 | -3.77% | ― | 88.09% | 80.63% | |
54 Neutral | HK$60.46B | ― | -2.16% | ― | 101.73% | ― | |
49 Neutral | HK$109.02B | 82.52 | -984.82% | ― | 51.57% | 66.02% | |
48 Neutral | HK$125.79B | 4,582.27 | 1.55% | ― | -22.22% | -86.30% |
* Consumer Cyclical Sector Average
HK:9863
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Zhejiang Leapmotor Technology Co., Ltd. Class H Corporate Events
Leapmotor Grows Q1 Revenue and Sales but Margins Compress Amid Cost and Mix Pressures
May 15, 2026
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 ...
Leapmotor Sets May 15 Board Meeting and Investor Call on Q1 2026 Results
May 5, 2026
Zhejiang Leapmotor Technology Co., Ltd. has scheduled a board meeting for May 15, 2026 to review and approve the group’s first-quarter results for the period ended March 31, 2026 and to authorize their public release. The timing underscores ...
Leapmotor Top Shareholders Boost Stakes in HK-Listed EV Maker
Apr 1, 2026
Zhejiang Leapmotor Technology’s leadership has increased its stake in the company, underscoring confidence in its long-term prospects and alignment with public investors. Chairperson and CEO Zhu Jiangming and shareholder Fu Liquan recently b...
Leapmotor Strikes 2026 EU–UK CO₂ Credit Deal With Stellantis Units
Mar 31, 2026
Zhejiang Leapmotor Technology Co., Ltd. said its subsidiary Leapmotor Automobile has signed a carbon dioxide credits transfer agreement with several Stellantis subsidiaries, covering CO₂ credits generated from the sale and registration of al...
Leapmotor Doubles Sales, Turns Profitable as Cash Pile Swells in 2025
Mar 16, 2026
Leapmotor reported a strong 2025, more than doubling annual vehicle sales to 596,555 units and securing the top position among China’s emerging auto brands by both domestic sales and export volume. The company’s SUVs, including the C11...
Zhejiang Leapmotor Sets March 16 Board Meeting and 2025 Results Call
Mar 4, 2026
Zhejiang Leapmotor Technology has scheduled a board meeting for March 16, 2026 to approve and publish its audited financial results for the year ended December 31, 2025, and to consider a potential final dividend for shareholders. The timing under...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.