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Zhejiang Leapmotor Technology Co., Ltd. Class H
(9863)
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Rating:62Neutral
Price Target:
HK$38.00
▼(-5.24% Downside)
Action:Reiterated
Date:08/19/26
The score is primarily supported by improving financial performance (revenue surge, positive net income, and strong operating/free cash flow) and constructive near-term technical momentum. These positives are tempered by a stretched valuation (high P/E) and remaining fundamental risks, including negative operating profit in 2025 and a sharp increase in debt.
Positive Factors
Strong Revenue Growth
Rapid revenue expansion indicates strong vehicle volume and scale momentum, improving the company’s ability to spread fixed costs and support further investment. If sustained, this growth can strengthen market position and provide a broader base for future profitability.
Negative Factors
Negative Operating Profit
Negative operating profit shows that the core vehicle business has not yet established consistently profitable operations. Positive net income may therefore depend partly on below-the-line items, leaving earnings quality less durable and margins more exposed to competitive pricing pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Rapid revenue expansion indicates strong vehicle volume and scale momentum, improving the company’s ability to spread fixed costs and support further investment. If sustained, this growth can strengthen market position and provide a broader base for future profitability.
Read all positive factors
Zhejiang Leapmotor Technology Co., Ltd. Class H (9863) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$53.72B
Dividend YieldN/A
Average Volume (3M)7.79M
Price to Earnings (P/E)84.2
Beta (1Y)1.31
Revenue Growth70.92%
EPS GrowthN/A
CountryHK
Employees31,388
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)0.38
Shares Outstanding1,131,047,100
10 Day Avg. Volume8,442,457
30 Day Avg. Volume7,787,233
Financial Highlights & Ratios
PEG Ratio-0.97
Price to Book (P/B)4.30
Price to Sales (P/S)0.94
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$58.78Price Target Upside46.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)1.99
Revenue Forecast (FY)HK$104.81B
Zhejiang Leapmotor Technology Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Zhejiang Leapmotor Technology Co., Ltd., a company primarily operating within the People's Republic of China, focuses on the innovation, production, and distribution of new energy vehicles. Its diverse lineup of intelligent electric vehicles featu...
How the Company Makes Money
Leapmotor primarily makes money by selling vehicles to end customers through its sales channels, generating revenue from the delivery of Leapmotor-branded new energy passenger vehicles (primarily BEVs). In addition to vehicle sales, the company ca...
Zhejiang Leapmotor Technology Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
55
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 64.73B | 32.16B | 16.75B | 12.38B | 3.13B |
| Gross Profit | 9.41B | 2.69B | 80.47M | -2.37B | -1.76B |
| EBITDA | 655.44M | -2.64B | -3.54B | -4.93B | -2.71B |
| Net Income | 524.46M | -2.82B | -4.22B | -5.11B | -2.85B |
Balance Sheet | |||||
| Total Assets | 62.85B | 37.65B | 28.45B | 19.27B | 12.53B |
| Cash, Cash Equivalents and Short-Term Investments | 28.19B | 20.72B | 15.47B | 7.96B | 5.60B |
| Total Debt | 4.45B | 2.71B | 2.75B | 2.21B | 915.11M |
| Total Liabilities | 48.72B | 27.58B | 15.96B | 11.01B | 5.30B |
| Stockholders Equity | 14.12B | 10.07B | 12.50B | 8.26B | 7.23B |
Cash Flow | |||||
| Free Cash Flow | 7.69B | 6.37B | -312.89M | -3.93B | -2.70B |
| Operating Cash Flow | 12.31B | 8.47B | 1.08B | -2.28B | -862.12M |
| Investing Cash Flow | -10.92B | -13.32B | -4.86B | -1.29B | -3.00B |
| Financing Cash Flow | 3.13B | -503.45M | 8.55B | 6.36B | 8.26B |
Zhejiang Leapmotor Technology Co., Ltd. Class H Technical Analysis
Negative
40.10
Price Trends
38.15
Negative
41.01
Negative
44.07
Negative
Market Momentum
-0.45
Positive
44.51
Neutral
14.78
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 40.1 is above the 20-day moving average (MA) of 39.70, above the 50-day MA of 38.15, and below the 200-day MA of 44.07, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 44.51 is Neutral, neither overbought nor oversold. The STOCH value of 14.78 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$187.47B | 9.61 | 17.21% | 2.98% | 34.63% | 6.58% | |
62 Neutral | HK$53.72B | 84.20 | 3.97% | ― | 70.92% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | HK$841.15B | 27.06 | 12.56% | 0.49% | -5.22% | -30.07% | |
53 Neutral | HK$83.00B | -23.08 | -10.72% | ― | 29.34% | 23.95% | |
51 Neutral | HK$73.95B | -13.06 | -108.55% | ― | 70.16% | 82.65% | |
48 Neutral | HK$98.12B | -18.06 | -6.52% | ― | -24.50% | -159.09% |
* Consumer Cyclical Sector Average
HK:9863
Zhejiang Leapmotor Technology Co., Ltd. Class H
36.04
-28.21
-43.91%
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84.50
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Zhejiang Leapmotor Technology Co., Ltd. Class H Corporate Events
Leapmotor Delivers Profit and Record EV Sales as Exports Surge in First Half 2026
Aug 24, 2026
Leapmotor reported strong interim results for the six months ended 30 June 2026, with net profit reaching RMB210 million and achieving consecutive half-year profitability. Vehicle deliveries surged 60.8% year-on-year to 356,487 units, making it th...
Leapmotor Sets August Board Meeting and Investor Call for 2026 Interim Results
Aug 12, 2026
Zhejiang Leapmotor Technology Co., Ltd. has scheduled a board meeting for August 24, 2026 to approve and publish its interim results for the six months ended June 30, 2026, and to consider the payment of an interim dividend. The company’s ma...
Leapmotor details new H-share option scheme and caps for 2025
Aug 3, 2026
Zhejiang Leapmotor Technology has issued a supplemental announcement to its 2025 annual report detailing a new share option scheme adopted on 8 December 2025 for its H shares. The scheme is designed to recognize and incentivize directors and emplo...
Leapmotor insiders boost stake with HK$900 million share purchases
Jul 2, 2026
Zhejiang Leapmotor Technology disclosed that chairperson and CEO Zhu Jiangming and shareholder Fu Liquan have recently bought a combined 4,814,200 H-shares on the open market at an average price of about HK$35.86 per share. Following these purchas...
Leapmotor Shareholders Approve Full Slate of AGM Resolutions, Bolstering Flexibility and Governance
Jun 29, 2026
Shareholders of Zhejiang Leapmotor Technology Co., Ltd. approved all ordinary and special resolutions at the annual general meeting held on June 29, 2026, including the 2025 board, supervisory and ESG reports, the final financial report, profit di...
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.