Zhejiang Leapmotor Technology Co., Ltd. (9863) Earnings Call Transcripts

Zhejiang Leapmotor Technology Co., Ltd.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Zhejiang Leapmotor Technology Co., Ltd. reported revenue of CNY 10.8 billion, reflecting an 8% year-over-year increase, driven by increased car and parts deliveries. However, the gross profit margin declined to 16%, down from 25.9% in 2025, primarily due to a shift in product mix and rising expenses. Management maintained their sales guidance for Q2 at 240,000 to 250,000 units, with expectations for a recovery in gross margins to around 12-13%.

Reported metrics

Guidance from management

Management maintained Q2 sales guidance at 240,000 to 250,000 units and projected a gross profit margin recovery to 12-13%. They did not revise their annual sales target of 1 million units but acknowledged potential risks due to raw material prices.

What analysts pressed on

Analysts expressed concerns about the sustainability of gross profit margins amid rising raw material costs and the impact of geopolitical factors on overseas sales. There were also questions regarding the effectiveness of the company's strategies to maintain profitability as competition intensifies.

Main topics on the call

• Revenue Growth — Leapmotor achieved Q1 revenue of CNY 10.8 billion, an 8% increase year-over-year, attributed to higher car and parts deliveries. Management noted, "the revenue growth is more about car delivery and parts delivery increas...
• Gross Profit Margin Decline — The gross profit margin fell to 16% in Q1 2026 from 25.9% in 2025, primarily due to a change in product mix and increased expenses. CFO Li Tengfei stated, "the major reason is because the product mix change."
• Strong Overseas Sales — Overseas sales reached a historic high of over 40,000 units in Q1, with management expressing confidence in achieving their annual target of 150,000 units. They stated, "the possibility has increased tremendously" for me...
• New Model Launch Success — The D19 model exceeded expectations with over 15,000 orders within 48 hours of launch. Management aims to stabilize annual sales at around 10,000 units for this model, highlighting its strong market reception.

Read the full Zhejiang Leapmotor Technology Co., Ltd. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 8 Zhejiang Leapmotor Technology Co., Ltd. earnings call transcripts on record, spanning August 15, 2024 to May 15, 2026. Based on this history, Zhejiang Leapmotor Technology Co., Ltd. reports quarterly. The most recent call on file is dated May 15, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

9863

Exchange

SEHK

Country

HK

Sector

Consumer Discretionary

Industry

Automobiles

Calls on record

8

First call

August 15, 2024

Most recent

May 15, 2026

Reporting cadence

quarterly