在新势力车企中，零跑汽车无疑已经站到了第一梯队的最前排。
Among China’s EV startups, Leapmotor has firmly positioned itself at the very front of the first tier.
成立十周年之际，零跑汽车创始人、董事长兼CEO朱江明发布了一封全员内部信，为公司定下了下一个阶段的核心目标——年销量100万辆。
At its 10th anniversary, Leapmotor founder, Chairman and CEO Zhu Jiangming released an internal letter setting a new milestone: annual sales of one million vehicles.
朱江明在信中回顾了过去一年的成绩，并明确指出，站在新十年的起点，零跑不能再以“新势力”自居，而必须以一家可持续发展、值得尊敬的世界级车企来要求自己。
In the letter, Zhu reviewed the company’s achievements and stressed that at the dawn of a new decade, Leapmotor must no longer see itself as a “startup,” but as a sustainable and globally respected automaker.
这番表态的底气，来自零跑在销量与财务层面的双重突破。
This confidence is backed by Leapmotor’s breakthroughs in both sales and financial performance.
自2025年3月以来，零跑汽车已连续八个月稳居中国新势力月销量冠军，成为行业中最具持续增长力的玩家之一。
Since March 2025, Leapmotor has topped China’s EV startup monthly sales rankings for eight consecutive months, emerging as one of the industry’s most consistently growing players.
截至11月15日，公司已提前完成全年50万辆的销量目标，全年交付量预计接近60万辆。
By November 15, the company had already surpassed its annual target of 500,000 units, with full-year deliveries expected to approach 600,000 units.
在盈利能力方面，零跑同样迎来关键转折。
Profitability has also reached a crucial turning point.
2025年第三季度，零跑实现营收194.5亿元，同比增长97.3%，并首次实现单季度盈利，成功扭转多年亏损局面。
In Q3 2025, Leapmotor reported revenue of RMB 19.45 billion, up 97.3% year-on-year, and achieved its first quarterly profit, reversing years of losses.
前三季度累计净利润达1.8亿元，零跑正式迈过“活下去”的阶段，开始思考如何“走得更远”。
Cumulative net profit for the first three quarters reached RMB 180 million, marking Leapmotor’s transition from survival to long-term growth.
产品层面，是零跑最具竞争力的核心支点。
On the product side lies Leapmotor’s strongest competitive pillar.
2025年内，B10、B01、C10、C11、C16等多款车型实现上市即热销，其中C10月销量一度突破2万辆，成为品牌新的销量支柱。
In 2025, models including the B10, B01, C10, C11, and C16 achieved strong launches, with the C10 surpassing 20,000 units in monthly sales and becoming a new sales backbone.
随着D系列和A系列陆续推出，零跑已完成A、B、C、D四大产品序列布局，覆盖轿车、SUV、MPV等主流细分市场。
With the rollout of the D and A series, Leapmotor has completed its A, B, C, and D product lines, covering sedans, SUVs, and MPVs across mainstream segments.
在技术路线选择上，零跑坚持“全域自研”，800V高压平台、中央域控、高阶辅助驾驶等核心技术已实现规模化量产。
Technologically, Leapmotor remains committed to full-stack in-house development, with key technologies such as 800V platforms, centralized computing, and advanced driver assistance entering mass production.
这种高研发投入策略，为零跑带来了差异化优势，但也对盈利能力和现金流提出了更高要求。
This high-investment R&D strategy delivers differentiation, but also places greater pressure on profitability and cash flow.
全球化布局方面，零跑的节奏同样迅猛。
Leapmotor’s global expansion has been equally aggressive.
目前，公司业务已覆盖35个以上海外市场，落地超过800家海外门店，全年海外交付量有望突破6万辆。
The company now operates in more than 35 overseas markets, with over 800 international outlets, and overseas deliveries are expected to exceed 60,000 units this year.
管理层的态度也释放出强烈信号。
Management’s stance sends a strong signal of confidence.
2025年12月，朱江明及核心股东在二级市场合计增持超1亿港元股份，用真金白银为百万销量目标背书。
In December 2025, Zhu and key shareholders increased their holdings by over HKD 100 million, backing the million-unit goal with real capital.
但必须看到，百万销量目标并非坦途。
However, the road to one million units will not be smooth.
目前，零跑的净利率仍处于较低水平，在价格战激烈、研发持续加码的背景下，盈利质量仍需时间检验。
Leapmotor’s net profit margin remains low, and amid intense price competition and rising R&D spending, profit quality still needs validation.
与此同时，15万至20万元价格区间已成为新能源竞争最激烈的主战场，比亚迪、吉利、理想、乐道等强敌环伺。
At the same time, the RMB 150,000–200,000 segment has become the fiercest battleground, crowded with strong competitors such as BYD, Geely, Li Auto, and others.
更深层的问题在于，销量领先是否足以构成真正的护城河。
At a deeper level, the question remains whether sales leadership alone can form a true competitive moat.
在补贴逐步退坡、市场全面进入存量竞争阶段后，决定胜负的将是体系能力，而非单一产品爆款。
As subsidies fade and the market shifts fully into a stock-based competition, victory will depend on systemic capabilities rather than isolated hit products.
从跟跑到领跑，零跑已经跑在最前，但真正决定其行业地位的关键考验，才刚刚开始。
Leapmotor has moved from follower to front-runner, but the true test of its industry standing is only just beginning.
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