零跑汽车（09863.HK）投资分析报告

基本面分析

财务业绩：零跑汽车在最新披露的2024年度业绩中，实现了飞跃式增长和亏损收窄 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E8%B2%A1%E5%8B%99%20%E2%80%A2%202024%E5%B9%B4%E6%94%B6%E7%9B%8A%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A3321.6%E5%84%84%E5%85%83%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84%E4%BA%BA%E6%B0%91%E5%B9%A3167.5%E5%84%84%E5%85%83%E5%A2%9E%E9%95%B7%2092.0,%EF%BC%8C%E5%89%B5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%90%E7%AB%8B%E4%BB%A5%E4%BE%86%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%AF%9B%E5%88%A9%E7%8E%87%E6%96%B0%E9%AB%98%EF%BC%9B)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%B7%A8%E8%99%A7%E6%90%8D%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A328))。全年营收达到人民币321.6亿元，同比增长92.0% ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E8%B2%A1%E5%8B%99%20%E2%80%A2%202024%E5%B9%B4%E6%94%B6%E7%9B%8A%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A3321.6%E5%84%84%E5%85%83%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84%E4%BA%BA%E6%B0%91%E5%B9%A3167.5%E5%84%84%E5%85%83%E5%A2%9E%E9%95%B7%2092.0,%EF%BC%8C%E5%89%B5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%90%E7%AB%8B%E4%BB%A5%E4%BE%86%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%AF%9B%E5%88%A9%E7%8E%87%E6%96%B0%E9%AB%98%EF%BC%9B))。下图显示了2023年和2024年零跑的收入和净利润对比，可以看出收入翻倍增长，而净亏损大幅缩减：

([image]()) 2023 vs 2024年零跑汽车收入与净利润（来源：公司年报） ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E8%B2%A1%E5%8B%99%20%E2%80%A2%202024%E5%B9%B4%E6%94%B6%E7%9B%8A%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A3321.6%E5%84%84%E5%85%83%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84%E4%BA%BA%E6%B0%91%E5%B9%A3167.5%E5%84%84%E5%85%83%E5%A2%9E%E9%95%B7%2092.0,%EF%BC%8C%E5%89%B5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%90%E7%AB%8B%E4%BB%A5%E4%BE%86%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%AF%9B%E5%88%A9%E7%8E%87%E6%96%B0%E9%AB%98%EF%BC%9B)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%B7%A8%E8%99%A7%E6%90%8D%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A328))

值得注意的是，公司在2024年第四季度单季首次实现净利润转正，净利约人民币0.8亿元 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%AF%A6%E7%8F%BE%E4%BA%86%E6%B7%A8%E5%88%A9%E6%BD%A4%E8%BD%89%E6%AD%A3%EF%BC%8C%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A30.8%E5%84%84%E5%85%83%EF%BC%8C%E6%8F%90%E5%89%8D%E4%B8%80%E5%B9%B4%E5%AF%A6%E7%8F%BE%20%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%B7%A8%E5%88%A9%E6%BD%A4%E8%BD%89%E6%AD%A3%E7%9A%84%E7%9B%AE%E6%A8%99%EF%BC%8C%E6%88%90%E7%82%BA%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E4%B8%AD%E7%AC%AC%E4%BA%8C%E5%AE%B6%E5%AF%A6%E7%8F%BE%E7%9B%88%E5%88%A9%E7%9A%84%E4%BC%81%E6%A5%AD%EF%BC%9B%20%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%EF%BC%8C%E6%98%AF%E5%90%8C%E6%AF%94%E5%A2%9E%E9%95%B7%E6%9C%80%E5%BF%AB%E7%9A%84%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E5%93%81%E7%89%8C%EF%BC%8C%E5%85%A8%E5%B9%B4%E9%8A%B7%E9%87%8F%E5%9C%A8%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E5%93%81%E7%89%8C%E9%8A%B7%20%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82))。这是零跑成立以来首度单季盈利，比原计划提前了一年完成盈利拐点，也使其成为中国造车新势力中第二家实现季度盈利的企业（第一家为理想汽车） ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%AF%A6%E7%8F%BE%E4%BA%86%E6%B7%A8%E5%88%A9%E6%BD%A4%E8%BD%89%E6%AD%A3%EF%BC%8C%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A30.8%E5%84%84%E5%85%83%EF%BC%8C%E6%8F%90%E5%89%8D%E4%B8%80%E5%B9%B4%E5%AF%A6%E7%8F%BE%20%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%B7%A8%E5%88%A9%E6%BD%A4%E8%BD%89%E6%AD%A3%E7%9A%84%E7%9B%AE%E6%A8%99%EF%BC%8C%E6%88%90%E7%82%BA%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E4%B8%AD%E7%AC%AC%E4%BA%8C%E5%AE%B6%E5%AF%A6%E7%8F%BE%E7%9B%88%E5%88%A9%E7%9A%84%E4%BC%81%E6%A5%AD%EF%BC%9B%20%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%EF%BC%8C%E6%98%AF%E5%90%8C%E6%AF%94%E5%A2%9E%E9%95%B7%E6%9C%80%E5%BF%AB%E7%9A%84%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E5%93%81%E7%89%8C%EF%BC%8C%E5%85%A8%E5%B9%B4%E9%8A%B7%E9%87%8F%E5%9C%A8%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E5%93%81%E7%89%8C%E9%8A%B7%20%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82)) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)。相比之下，2023年第四季度公司净亏损仍高达9.55亿元人民币，而2024年第三季度净亏损约6.90亿元 (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)。全年来看，零跑2024年归母净亏损为人民币28.2亿元，较2023年的42.2亿元显著收窄了人民币14.0亿元 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%B7%A8%E8%99%A7%E6%90%8D%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A328))。经调整后（剔除股份支付等一次性费用）的净亏损为23.5亿元，同比也收窄约11.7亿元 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%B7%A8%E8%99%A7%E6%90%8D%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A328))。毛利率方面，2024年全年毛利率提升至8.4%，远高于2023年的0.5%，提高了7.9个百分点；其中第四季度毛利率达13.3%，创公司历史新高 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E8%B2%A1%E5%8B%99%20%E2%80%A2%202024%E5%B9%B4%E6%94%B6%E7%9B%8A%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A3321.6%E5%84%84%E5%85%83%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84%E4%BA%BA%E6%B0%91%E5%B9%A3167.5%E5%84%84%E5%85%83%E5%A2%9E%E9%95%B7%2092.0,%EF%BC%8C%E5%89%B5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%90%E7%AB%8B%E4%BB%A5%E4%BE%86%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%AF%9B%E5%88%A9%E7%8E%87%E6%96%B0%E9%AB%98%EF%BC%9B))。毛利率的显著改善，叠加销量增长和产品结构优化，是公司业绩扭亏的主要原因 (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)。

销量与业务布局：零跑汽车在销量上呈现爆发式增长。2024年全年整车交付量达到293,724辆，较2023年的144,155辆猛增103.8%，增速位居造车新势力首位，全年销量稳居新势力前三名 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82))。其中第四季度平均月销量已超过4万台 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=103.8,%E3%80%82%20%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024))，带动全年累计交付量自成立以来首次突破60万辆大关 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=103.8,%E3%80%82%20%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024))。销量的迅猛攀升使公司在新势力中脱颖而出，与蔚来、小鹏等竞争对手相比优势明显：零跑2024年销量已接近蔚来和小鹏的总和，增速更是远超后两者，体现出在产品市场接受度方面的成功 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82))。公司旗舰产品C系列功不可没——2024年C系列车型（如C01轿车、C11 SUV等）累计交付225,071辆，占全年总销量的76.6%，这一占比较2023年提高了3.3个百分点 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%20%E6%88%AA%E8%87%B32024%E5%B9%B412%E6%9C%8831%E6%97%A5%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B4%AF%E8%A8%88%E4%BA%A4%E4%BB%98%E9%87%8F%E8%B6%8560%E8%90%AC%E5%8F%B0%EF%BC%9B%20%E2%80%A2%202024%E5%B9%B4C%E7%B3%BB%E5%88%97%E7%B4%AF%E8%A8%88%E4%BA%A4%E4%BB%98225%2C071%E8%BC%9B%EF%BC%8C2024%E5%B9%B4C%E7%B3%BB%E5%88%97%E9%8A%B7%E9%87%8F%E4%BD%94%E7%B8%BD%E9%8A%B7%E9%87%8F%E7%9A%8476.6,%E3%80%82%20%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024%20%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%858%2C000%E5%8F%B0%E3%80%82))。C系列全年销量同比增长112.9%，显示中高端产品线贡献度提升 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%20%E6%88%AA%E8%87%B32024%E5%B9%B412%E6%9C%8831%E6%97%A5%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B4%AF%E8%A8%88%E4%BA%A4%E4%BB%98%E9%87%8F%E8%B6%8560%E8%90%AC%E5%8F%B0%EF%BC%9B%20%E2%80%A2%202024%E5%B9%B4C%E7%B3%BB%E5%88%97%E7%B4%AF%E8%A8%88%E4%BA%A4%E4%BB%98225%2C071%E8%BC%9B%EF%BC%8C2024%E5%B9%B4C%E7%B3%BB%E5%88%97%E9%8A%B7%E9%87%8F%E4%BD%94%E7%B8%BD%E9%8A%B7%E9%87%8F%E7%9A%8476.6,%E3%80%82%20%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024%20%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%858%2C000%E5%8F%B0%E3%80%82))。相比之下，入门微型车T03等车型占比有所下降，但仍提供了走量基础。

在产品策略上，零跑近年不断丰富矩阵并提升技术含量。2024年公司基于全新C平台成功推出了两款重磅车型：紧凑型SUV C10 和中大型SUV C16 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024%20%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%858%2C000%E5%8F%B0%E3%80%82%20C10%E8%87%AA%E5%85%A8%E7%90%83%E4%BA%AE%E7%9B%B8%E4%BB%A5%E4%BE%86%EF%BC%8C%E6%86%91%E8%97%89%E5%8D%93%E8%B6%8A%E7%9A%84%E7%94%A2%E5%93%81%E5%8A%9B%E6%8E%A5%E9%80%A3%E6%96%AC%E7%8D%B2%E5%9C%8B%E9%9A%9B%E6%AC%8A%E5%A8%81%E7%8D%8E%E9%A0%85%E8%88%87%E5%AE%89%E5%85%A8%E8%AA%8D%E8%AD%89%EF%BC%8C,%E5%85%85%E5%88%86%E5%B1%95%E7%8F%BE%E5%93%81%E7%89%8C%E5%89%B5%E6%96%B0%E5%AF%A6%E5%8A%9B%EF%BC%8C%E9%80%A3%E7%BA%8C%E5%8C%85%E6%94%AC%E7%BE%8E%E5%9C%8BIDEA%E5%B7%A5%E6%A5%AD%E8%A8%AD%E8%A8%88%E5%84%AA%E7%A7%80%E7%8D%8E%E3%80%81%E6%B3%95%E5%9C%8B%E8%A8%AD%E8%A8%88%E5%A4%A7%E7%8D%8E%E9%87%91%20%E7%8D%8E%E3%80%81%E7%BE%8E%E5%9C%8B%E7%B9%86%E6%96%AF%E8%A8%AD%E8%A8%88%E9%87%91%E7%8D%8E%E3%80%81%E5%9C%8B%E9%9A%9BCMF%E8%A8%AD%E8%A8%88%E7%8D%8E%E5%9B%9B%E9%A0%85%E5%9C%8B%E9%9A%9B%E9%A0%82%E5%B0%96%E8%A8%AD%E8%A8%88%E7%8D%8E%E9%A0%85%EF%BC%9B%E5%90%8C%E6%AD%A5%E6%96%AC%E7%8D%B2Euro%20NCAP%E5%92%8CANCAP%E9%9B%99%E4%BA%94%E6%98%9F%E5%AE%89%E5%85%A8%E8%AA%8D%E8%AD%89%EF%BC%8C%E4%BB%A5%E5%8F%8A%E4%B8%AD%E6%B1%BD%E6%95%B8%E7%A0%94%E9%A0%92%E7%99%BC%E7%9A%84%E3%80%8C%E9%9B%B6%E7%94%B2%E9%86%9B%E3%80%8D%E6%B1%BD%E8%BB%8A%E7%A8%B1%E8%99%9F%E5%92%8C%E4%B8%AD%E5%9C%8B%20%E6%B1%BD%E8%BB%8A%E7%81%AB%E7%81%BD%E5%AE%89%E5%85%A8%E6%8C%87%E6%95%B8%E5%B9%B4%E5%BA%A6%E5%84%AA%E7%A7%80%E8%BB%8A%E5%9E%8B%E3%80%82C10%E5%9C%A8%E5%B7%A5%E6%A5%AD%E8%A8%AD%E8%A8%88%E3%80%81%E5%81%A5%E5%BA%B7%E7%92%B0%E4%BF%9D%E8%88%87%E5%AE%89%E5%85%A8%E6%8A%80%E8%A1%93%E9%A0%98%E5%9F%9F%E6%8C%81))。C10上市后广受市场欢迎，全年交付75,469台，上市季度（月均销量近1万台）表现亮眼 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024%20%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%858%2C000%E5%8F%B0%E3%80%82))。C16作为中大型增程SUV，全年也交付了43,528台，第四季度月均销量超8,000台 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024%20%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%858%2C000%E5%8F%B0%E3%80%82))。C10车型凭借优秀的产品力，不仅销量出色，还斩获了包括美国IDEA设计奖、欧盟及澳洲双重碰撞测试五星认证等多个国际大奖，体现了零跑在设计、安全和品质方面的实力 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=C10%E8%87%AA%E5%85%A8%E7%90%83%E4%BA%AE%E7%9B%B8%E4%BB%A5%E4%BE%86%EF%BC%8C%E6%86%91%E8%97%89%E5%8D%93%E8%B6%8A%E7%9A%84%E7%94%A2%E5%93%81%E5%8A%9B%E6%8E%A5%E9%80%A3%E6%96%AC%E7%8D%B2%E5%9C%8B%E9%9A%9B%E6%AC%8A%E5%A8%81%E7%8D%8E%E9%A0%85%E8%88%87%E5%AE%89%E5%85%A8%E8%AA%8D%E8%AD%89%EF%BC%8C%20%E5%85%85%E5%88%86%E5%B1%95%E7%8F%BE%E5%93%81%E7%89%8C%E5%89%B5%E6%96%B0%E5%AF%A6%E5%8A%9B%EF%BC%8C%E9%80%A3%E7%BA%8C%E5%8C%85%E6%94%AC%E7%BE%8E%E5%9C%8BIDEA%E5%B7%A5%E6%A5%AD%E8%A8%AD%E8%A8%88%E5%84%AA%E7%A7%80%E7%8D%8E%E3%80%81%E6%B3%95%E5%9C%8B%E8%A8%AD%E8%A8%88%E5%A4%A7%E7%8D%8E%E9%87%91%20%E7%8D%8E%E3%80%81%E7%BE%8E%E5%9C%8B%E7%B9%86%E6%96%AF%E8%A8%AD%E8%A8%88%E9%87%91%E7%8D%8E%E3%80%81%E5%9C%8B%E9%9A%9BCMF%E8%A8%AD%E8%A8%88%E7%8D%8E%E5%9B%9B%E9%A0%85%E5%9C%8B%E9%9A%9B%E9%A0%82%E5%B0%96%E8%A8%AD%E8%A8%88%E7%8D%8E%E9%A0%85%EF%BC%9B%E5%90%8C%E6%AD%A5%E6%96%AC%E7%8D%B2Euro%20NCAP%E5%92%8CANCAP%E9%9B%99%E4%BA%94%E6%98%9F%E5%AE%89%E5%85%A8%E8%AA%8D%E8%AD%89%EF%BC%8C%E4%BB%A5%E5%8F%8A%E4%B8%AD%E6%B1%BD%E6%95%B8%E7%A0%94%E9%A0%92%E7%99%BC%E7%9A%84%E3%80%8C%E9%9B%B6%E7%94%B2%E9%86%9B%E3%80%8D%E6%B1%BD%E8%BB%8A%E7%A8%B1%E8%99%9F%E5%92%8C%E4%B8%AD%E5%9C%8B%20%E6%B1%BD%E8%BB%8A%E7%81%AB%E7%81%BD%E5%AE%89%E5%85%A8%E6%8C%87%E6%95%B8%E5%B9%B4%E5%BA%A6%E5%84%AA%E7%A7%80%E8%BB%8A%E5%9E%8B%E3%80%82C10%E5%9C%A8%E5%B7%A5%E6%A5%AD%E8%A8%AD%E8%A8%88%E3%80%81%E5%81%A5%E5%BA%B7%E7%92%B0%E4%BF%9D%E8%88%87%E5%AE%89%E5%85%A8%E6%8A%80%E8%A1%93%E9%A0%98%E5%9F%9F%E6%8C%81,%E7%BA%8C%E7%AA%81%E7%A0%B4%EF%BC%8C%E7%82%BA%E5%85%A8%E7%90%83%E7%94%A8%E6%88%B6%E6%89%93%E9%80%A0%E6%9B%B4%E5%AE%89%E5%85%A8%E3%80%81%E6%9B%B4%E6%99%BA%E8%83%BD%E7%9A%84%E5%87%BA%E8%A1%8C%E9%AB%94%E9%A9%97%E3%80%82)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=3%20C16%E5%9C%A8%E8%A8%AD%E8%A8%88%E3%80%81%E6%80%A7%E8%83%BD%E3%80%81%E6%99%BA%E8%83%BD%E5%8C%96%E4%BB%A5%E5%8F%8A%E5%AE%89%E5%85%A8%E3%80%81%E5%8F%AF%E9%9D%A0%E6%80%A7%E5%92%8C%E7%94%A8%E6%88%B6%E9%AB%94%E9%A9%97%E7%AD%89%E6%96%B9%E9%9D%A2%E8%A1%A8%E7%8F%BE%E5%87%BA%E8%89%B2%EF%BC%8C%E6%A6%AE%E8%86%BA%20%E5%9C%8B%E9%9A%9B%E6%B1%BD%E8%BB%8A%E8%B3%AA%E9%87%8F%E6%A8%99%E6%BA%96%E5%8C%96%E5%8D%94%E6%9C%83,%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%A8%88%E5%8A%83%E6%96%BC2025%E5%B9%B4%E5%85%A7%E5%AE%8C%E6%88%90B%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E7%9A%84%E4%BD%88%E5%B1%80%EF%BC%8C%E5%8D%B3%E7%B7%8A%E6%B9%8A%E5%9E%8BSUV%20B10%E3%80%81%E4%B8%AD%E5%9E%8B%E8%BD%8E%E8%BB%8A%20B01%E5%8F%8A%E9%81%8B%E5%8B%95%E5%9E%8B%E6%8E%80%E8%83%8C%E8%BB%8AB05%E3%80%82%E8%A9%B2%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E9%9D%A2%E5%90%91%E4%B8%AD%E5%9C%8B%E6%9C%80%E5%A4%A7%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%EF%BC%8C%E5%B0%87%E6%88%90%E7%82%BA%E6%9C%AC%E5%85%AC%20%E5%8F%B82025%E5%B9%B450%E8%90%AC%E5%8F%B0%E9%8A%B7%E9%87%8F%E7%9B%AE%E6%A8%99%E9%87%8D%E8%A6%81%E7%9A%84%E5%A2%9E%E9%95%B7%E9%BB%9E%E3%80%82B10%E4%BD%9C%E7%82%BAB%E7%B3%BB%E5%88%97%E7%9A%84%E9%A6%96%E6%AC%BE%E8%BB%8A%E5%9E%8B%EF%BC%8C%E5%AE%9A%E4%BD%8D%E7%82%BA%E7%B7%8A%20%E6%B9%8A%E5%9E%8BSUV%EF%BC%8C%E6%96%BC2024%E5%B9%B4%E5%9C%A8%E5%B7%B4%E9%BB%8E%E9%A6%96%E7%99%BC%E4%BA%AE%E7%9B%B8%EF%BC%8C2025%E5%B9%B43%E6%9C%8810%E6%97%A5%E5%B0%87%E6%AD%A3%E5%BC%8F%E9%96%8B%E5%95%9F%E9%A0%90%E5%94%AE%E3%80%82))。高品质的产品力为品牌树立口碑、进入更高端市场打下基础。

研发投入：快速发展的背后是公司对研发的持续高投入。2024年零跑研发开支达到人民币29.0亿元，同比大增51.0% ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF%20%E6%96%BC2024%20%E5%B9%B4%EF%BC%8C%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A329,%E3%80%82%E8%A9%B2%E5%A2%9E%E9%95%B7%E4%B8%BB%E8%A6%81%E7%94%B1%E6%96%BC%E6%96%BC%E7%A0%94%E7%99%BC%E6%8A%95%E5%85%A5%E5%8A%9B%E5%BA%A6%E7%9A%84%E5%8A%A0%E5%A4%A7%E4%BB%A5%E5%8F%8A%E7%A0%94%E7%99%BC%E4%BA%BA%E5%93%A1%E7%9A%84%E5%A2%9E%E5%8A%A0%E3%80%82%20%E7%B6%93%E7%87%9F%E8%99%A7%E6%90%8D))。公司当年发布了全新的LEAP 3.0技术架构，包括行业首个“四域合一”中央集成式电子电气架构（代号“四叶草”）、首个单颗8295芯片实现舱驾行泊融合的高级驾驶辅助系统（ADAS）、首个无需高精地图的城市NOA（网络准入控制）通行技术，以及首创的CTC电池+油冷电驱一体化增程动力总成等 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%A0%94%E7%99%BC%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%96%BC2024%E5%B9%B4%E9%A6%96%E7%99%BCLEAP%203,5%E6%9E%B6%E6%A7%8B%EF%BC%8C%E6%8E%A1%E7%94%A8%E5%85%A8%E7%90%83%E9%A6%96%E5%80%8B%E8%B6%85%E7%B4%9A%E9%9B%86%E6%88%90%E4%B8%AD%E5%A4%AE%E5%9F%9F%E6%8E%A7))。该架构使零跑在智能电动车核心技术上取得重大突破，并直接助力C系列车型热销：2024年第四季度C系列组合月均销量超过30,000台，在各自细分市场均跻身前五 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E9%80%9A%E8%A1%8C%E6%8A%80%E8%A1%93%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E6%84%9F%E5%BC%8FOTA%E5%8D%87%E7%B4%9A%E6%8A%80%E8%A1%93%E5%8F%8A%E8%A1%8C%E6%A5%AD%E9%A6%96%E7%99%BC%E6%96%B0%E8%83%BD%E6%BA%90%E9%BB%83%E9%87%91%E5%8B%95%E7%B8%BD%E6%8A%80%E8%A1%93%EF%BC%88CTC%20%E9%9B%BB%E6%B1%A0%2B%E6%B2%B9%E5%86%B7%E9%9B%BB%E9%A9%85%EF%BC%89%E5%8F%8A%E6%95%B4%E8%BB%8A%E6%9E%B6%E6%A7%8B%E9%80%9A%E7%94%A8%E5%8C%96%E7%8E%87%E9%81%94%E5%88%B0%E8%A1%8C%E6%A5%AD%E6%9C%80%E9%AB%98%E7%9A%8488,5%E6%9E%B6%E6%A7%8B%EF%BC%8C%E6%8E%A1%E7%94%A8%E5%85%A8%E7%90%83%E9%A6%96%E5%80%8B%E8%B6%85%E7%B4%9A%E9%9B%86%E6%88%90%E4%B8%AD%E5%A4%AE%E5%9F%9F%E6%8E%A7))。此外，公司还筹建了“智能技术研究院”，组建500余人的自动驾驶研发团队，在高速导航辅助驾驶（NAP）、城市领航辅助（NAC）以及停车场记忆泊车等功能上取得阶段成果 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=2025%E5%B9%B43%E6%9C%8810%E6%97%A5%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%B0%87%E6%8E%A8%E5%87%BALEAP%203,5%E6%9E%B6%E6%A7%8B%E4%B8%8A%E5%AF%A6%E7%8F%BE%E5%9F%8E%E5%B8%82NOA%EF%BC%8C%E5%85%A8%E9%9D%A2%E8%BA%8B%E8%BA%AB%E6%99%BA%E8%83%BD%E9%A7%95%E9%A7%9B%E7%AC%AC%E4%B8%80%E6%A2%AF%E9%9A%8A%E3%80%82))。展望未来，零跑计划于2025年推出升级的LEAP 3.5架构，采用全球首个超集成中央域控制器，搭载8650自动驾驶芯片和激光雷达等硬件，实现端到端高阶智驾能力，目标在2025年底前实现城市NOA功能，跻身业内第一梯队 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E5%9F%9F%E6%8E%A7%E6%8A%80%E8%A1%93%E7%9A%84%E6%88%90%E5%8A%9F%E6%87%89%E7%94%A8%EF%BC%8C%E6%9C%89%E5%8A%9B%E5%9C%B0%E5%BC%95%E9%A0%98%E4%BA%86C%E7%B3%BB%E5%88%97%E8%BB%8A%E5%9E%8B%E5%8F%96%E5%BE%97%E5%B7%A8%E5%A4%A7%E7%9A%84%E5%B8%82%E5%A0%B4%E6%88%90%E5%8A%9F%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%20%E5%9B%9B%E5%AD%A3%E5%BA%A6C%E7%B3%BB%E5%88%97%E7%B5%84%E5%90%88%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%85%E9%81%8E30%2C000%E5%8F%B0%EF%BC%8C%E5%9C%A8%E5%90%84%E8%87%AA%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%E4%B8%AD%E5%9D%87%E4%BD%94%E6%93%9A%E5%89%8D%E4%BA%94%E7%9A%84%E4%BD%8D%E7%BD%AE%E3%80%82%202025%E5%B9%B43%E6%9C%8810%E6%97%A5%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%B0%87%E6%8E%A8%E5%87%BALEAP%203,5%E6%9E%B6%E6%A7%8B%E4%B8%8A%E5%AF%A6%E7%8F%BE%E5%9F%8E%E5%B8%82NOA%EF%BC%8C%E5%85%A8%E9%9D%A2%E8%BA%8B%E8%BA%AB%E6%99%BA%E8%83%BD%E9%A7%95%E9%A7%9B%E7%AC%AC%E4%B8%80%E6%A2%AF%E9%9A%8A%E3%80%82))。高强度的研发投入为公司产品竞争力和技术护城河提供了有力支撑。

新产品规划：在车型规划上，公司正由C系列向更高层级的B系列延伸，进一步拓展市场空间。根据公司公告，2025年将完成B系列产品布局，计划推出紧凑型SUV B10、中型轿车 B01 以及运动型掀背车 B05 等全新车型 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%A8%88%E5%8A%83%E6%96%BC2025%E5%B9%B4%E5%85%A7%E5%AE%8C%E6%88%90B%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E7%9A%84%E4%BD%88%E5%B1%80%EF%BC%8C%E5%8D%B3%E7%B7%8A%E6%B9%8A%E5%9E%8BSUV%20B10%E3%80%81%E4%B8%AD%E5%9E%8B%E8%BD%8E%E8%BB%8A%20B01%E5%8F%8A%E9%81%8B%E5%8B%95%E5%9E%8B%E6%8E%80%E8%83%8C%E8%BB%8AB05%E3%80%82%E8%A9%B2%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E9%9D%A2%E5%90%91%E4%B8%AD%E5%9C%8B%E6%9C%80%E5%A4%A7%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%EF%BC%8C%E5%B0%87%E6%88%90%E7%82%BA%E6%9C%AC%E5%85%AC%20%E5%8F%B82025%E5%B9%B450%E8%90%AC%E5%8F%B0%E9%8A%B7%E9%87%8F%E7%9B%AE%E6%A8%99%E9%87%8D%E8%A6%81%E7%9A%84%E5%A2%9E%E9%95%B7%E9%BB%9E%E3%80%82B10%E4%BD%9C%E7%82%BAB%E7%B3%BB%E5%88%97%E7%9A%84%E9%A6%96%E6%AC%BE%E8%BB%8A%E5%9E%8B%EF%BC%8C%E5%AE%9A%E4%BD%8D%E7%82%BA%E7%B7%8A%20%E6%B9%8A%E5%9E%8BSUV%EF%BC%8C%E6%96%BC2024%E5%B9%B4%E5%9C%A8%E5%B7%B4%E9%BB%8E%E9%A6%96%E7%99%BC%E4%BA%AE%E7%9B%B8%EF%BC%8C2025%E5%B9%B43%E6%9C%8810%E6%97%A5%E5%B0%87%E6%AD%A3%E5%BC%8F%E9%96%8B%E5%95%9F%E9%A0%90%E5%94%AE%E3%80%82,0%E6%8A%80%E8%A1%93%E6%9E%B6%E6%A7%8B%EF%BC%8C%E5%8C%85%E6%8B%AC%EF%BC%9A%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E5%9B%9B%E5%9F%9F%E5%90%88%E4%B8%80%E7%9A%84%E4%B8%AD%E5%A4%AE%E9%9B%86%E6%88%90%E5%BC%8F%20%E9%9B%BB%E5%AD%90%E9%9B%BB%E6%B0%A3%E6%9E%B6%E6%A7%8B%EF%BC%88%E3%80%8C%E5%9B%9B%E8%91%89%E8%8D%89%E3%80%8D%E6%9E%B6%E6%A7%8B%EF%BC%89%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E4%B8%80%E9%A1%868295%E8%8A%AF%E7%89%87%E5%AF%A6%E7%8F%BE%E8%89%99%E9%A7%95%E8%A1%8C%E6%B3%8A%E8%9E%8D%E5%90%88%E6%8A%80%E8%A1%93%E7%9A%84%20%E9%AB%98%E7%B4%9A%E9%A7%95%E9%A7%9B%E8%BC%94%E5%8A%A9%E7%B3%BB%E7%B5%B1%28ADAS%29%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E9%9C%80%E9%96%8B%E5%9F%8E%E7%9A%84%E7%B6%B2%E7%B5%A1%E5%87%86%E5%85%A5%E6%8E%A7%E5%88%B6%28NAC%29%E5%9F%8E%E5%B8%82%E5%85%A8%E5%A0%B4%E6%99%AF%20%E9%80%9A%E8%A1%8C%E6%8A%80%E8%A1%93%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E6%84%9F%E5%BC%8FOTA%E5%8D%87%E7%B4%9A%E6%8A%80%E8%A1%93%E5%8F%8A%E8%A1%8C%E6%A5%AD%E9%A6%96%E7%99%BC%E6%96%B0%E8%83%BD%E6%BA%90%E9%BB%83%E9%87%91%E5%8B%95%E7%B8%BD%E6%8A%80%E8%A1%93%EF%BC%88CTC))。B系列将定位于中国最大的主流乘用车细分市场，承担起公司销量进一步攀升的重任 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%A8%88%E5%8A%83%E6%96%BC2025%E5%B9%B4%E5%85%A7%E5%AE%8C%E6%88%90B%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E7%9A%84%E4%BD%88%E5%B1%80%EF%BC%8C%E5%8D%B3%E7%B7%8A%E6%B9%8A%E5%9E%8BSUV%20B10%E3%80%81%E4%B8%AD%E5%9E%8B%E8%BD%8E%E8%BB%8A%20B01%E5%8F%8A%E9%81%8B%E5%8B%95%E5%9E%8B%E6%8E%80%E8%83%8C%E8%BB%8AB05%E3%80%82%E8%A9%B2%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E9%9D%A2%E5%90%91%E4%B8%AD%E5%9C%8B%E6%9C%80%E5%A4%A7%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%EF%BC%8C%E5%B0%87%E6%88%90%E7%82%BA%E6%9C%AC%E5%85%AC%20%E5%8F%B82025%E5%B9%B450%E8%90%AC%E5%8F%B0%E9%8A%B7%E9%87%8F%E7%9B%AE%E6%A8%99%E9%87%8D%E8%A6%81%E7%9A%84%E5%A2%9E%E9%95%B7%E9%BB%9E%E3%80%82B10%E4%BD%9C%E7%82%BAB%E7%B3%BB%E5%88%97%E7%9A%84%E9%A6%96%E6%AC%BE%E8%BB%8A%E5%9E%8B%EF%BC%8C%E5%AE%9A%E4%BD%8D%E7%82%BA%E7%B7%8A%20%E6%B9%8A%E5%9E%8BSUV%EF%BC%8C%E6%96%BC2024%E5%B9%B4%E5%9C%A8%E5%B7%B4%E9%BB%8E%E9%A6%96%E7%99%BC%E4%BA%AE%E7%9B%B8%EF%BC%8C2025%E5%B9%B43%E6%9C%8810%E6%97%A5%E5%B0%87%E6%AD%A3%E5%BC%8F%E9%96%8B%E5%95%9F%E9%A0%90%E5%94%AE%E3%80%82,0%E6%8A%80%E8%A1%93%E6%9E%B6%E6%A7%8B%EF%BC%8C%E5%8C%85%E6%8B%AC%EF%BC%9A%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E5%9B%9B%E5%9F%9F%E5%90%88%E4%B8%80%E7%9A%84%E4%B8%AD%E5%A4%AE%E9%9B%86%E6%88%90%E5%BC%8F%20%E9%9B%BB%E5%AD%90%E9%9B%BB%E6%B0%A3%E6%9E%B6%E6%A7%8B%EF%BC%88%E3%80%8C%E5%9B%9B%E8%91%89%E8%8D%89%E3%80%8D%E6%9E%B6%E6%A7%8B%EF%BC%89%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E4%B8%80%E9%A1%868295%E8%8A%AF%E7%89%87%E5%AF%A6%E7%8F%BE%E8%89%99%E9%A7%95%E8%A1%8C%E6%B3%8A%E8%9E%8D%E5%90%88%E6%8A%80%E8%A1%93%E7%9A%84%20%E9%AB%98%E7%B4%9A%E9%A7%95%E9%A7%9B%E8%BC%94%E5%8A%A9%E7%B3%BB%E7%B5%B1%28ADAS%29%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E9%9C%80%E9%96%8B%E5%9F%8E%E7%9A%84%E7%B6%B2%E7%B5%A1%E5%87%86%E5%85%A5%E6%8E%A7%E5%88%B6%28NAC%29%E5%9F%8E%E5%B8%82%E5%85%A8%E5%A0%B4%E6%99%AF%20%E9%80%9A%E8%A1%8C%E6%8A%80%E8%A1%93%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E6%84%9F%E5%BC%8FOTA%E5%8D%87%E7%B4%9A%E6%8A%80%E8%A1%93%E5%8F%8A%E8%A1%8C%E6%A5%AD%E9%A6%96%E7%99%BC%E6%96%B0%E8%83%BD%E6%BA%90%E9%BB%83%E9%87%91%E5%8B%95%E7%B8%BD%E6%8A%80%E8%A1%93%EF%BC%88CTC))。其中B10作为首款B系列车型，已于2024年在巴黎车展全球首发亮相，并于2025年3月10日开启预售 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%A8%88%E5%8A%83%E6%96%BC2025%E5%B9%B4%E5%85%A7%E5%AE%8C%E6%88%90B%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E7%9A%84%E4%BD%88%E5%B1%80%EF%BC%8C%E5%8D%B3%E7%B7%8A%E6%B9%8A%E5%9E%8BSUV%20B10%E3%80%81%E4%B8%AD%E5%9E%8B%E8%BD%8E%E8%BB%8A%20B01%E5%8F%8A%E9%81%8B%E5%8B%95%E5%9E%8B%E6%8E%80%E8%83%8C%E8%BB%8AB05%E3%80%82%E8%A9%B2%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E9%9D%A2%E5%90%91%E4%B8%AD%E5%9C%8B%E6%9C%80%E5%A4%A7%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%EF%BC%8C%E5%B0%87%E6%88%90%E7%82%BA%E6%9C%AC%E5%85%AC%20%E5%8F%B82025%E5%B9%B450%E8%90%AC%E5%8F%B0%E9%8A%B7%E9%87%8F%E7%9B%AE%E6%A8%99%E9%87%8D%E8%A6%81%E7%9A%84%E5%A2%9E%E9%95%B7%E9%BB%9E%E3%80%82B10%E4%BD%9C%E7%82%BAB%E7%B3%BB%E5%88%97%E7%9A%84%E9%A6%96%E6%AC%BE%E8%BB%8A%E5%9E%8B%EF%BC%8C%E5%AE%9A%E4%BD%8D%E7%82%BA%E7%B7%8A%20%E6%B9%8A%E5%9E%8BSUV%EF%BC%8C%E6%96%BC2024%E5%B9%B4%E5%9C%A8%E5%B7%B4%E9%BB%8E%E9%A6%96%E7%99%BC%E4%BA%AE%E7%9B%B8%EF%BC%8C2025%E5%B9%B43%E6%9C%8810%E6%97%A5%E5%B0%87%E6%AD%A3%E5%BC%8F%E9%96%8B%E5%95%9F%E9%A0%90%E5%94%AE%E3%80%82,0%E6%8A%80%E8%A1%93%E6%9E%B6%E6%A7%8B%EF%BC%8C%E5%8C%85%E6%8B%AC%EF%BC%9A%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E5%9B%9B%E5%9F%9F%E5%90%88%E4%B8%80%E7%9A%84%E4%B8%AD%E5%A4%AE%E9%9B%86%E6%88%90%E5%BC%8F%20%E9%9B%BB%E5%AD%90%E9%9B%BB%E6%B0%A3%E6%9E%B6%E6%A7%8B%EF%BC%88%E3%80%8C%E5%9B%9B%E8%91%89%E8%8D%89%E3%80%8D%E6%9E%B6%E6%A7%8B%EF%BC%89%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E4%B8%80%E9%A1%868295%E8%8A%AF%E7%89%87%E5%AF%A6%E7%8F%BE%E8%89%99%E9%A7%95%E8%A1%8C%E6%B3%8A%E8%9E%8D%E5%90%88%E6%8A%80%E8%A1%93%E7%9A%84%20%E9%AB%98%E7%B4%9A%E9%A7%95%E9%A7%9B%E8%BC%94%E5%8A%A9%E7%B3%BB%E7%B5%B1%28ADAS%29%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E9%9C%80%E9%96%8B%E5%9F%8E%E7%9A%84%E7%B6%B2%E7%B5%A1%E5%87%86%E5%85%A5%E6%8E%A7%E5%88%B6%28NAC%29%E5%9F%8E%E5%B8%82%E5%85%A8%E5%A0%B4%E6%99%AF%20%E9%80%9A%E8%A1%8C%E6%8A%80%E8%A1%93%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E6%84%9F%E5%BC%8FOTA%E5%8D%87%E7%B4%9A%E6%8A%80%E8%A1%93%E5%8F%8A%E8%A1%8C%E6%A5%AD%E9%A6%96%E7%99%BC%E6%96%B0%E8%83%BD%E6%BA%90%E9%BB%83%E9%87%91%E5%8B%95%E7%B8%BD%E6%8A%80%E8%A1%93%EF%BC%88CTC))。据最新消息，B10在发布后市场反响热烈，预售开启48小时即获得31,688张订单 (Leapmotor - Latest news and updates - CnEVPost)。B系列车型的推出，有望在2025年贡献相当可观的销量增量，官方制定的2025年销量目标为50万辆 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%A8%88%E5%8A%83%E6%96%BC2025%E5%B9%B4%E5%85%A7%E5%AE%8C%E6%88%90B%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E7%9A%84%E4%BD%88%E5%B1%80%EF%BC%8C%E5%8D%B3%E7%B7%8A%E6%B9%8A%E5%9E%8BSUV%20B10%E3%80%81%E4%B8%AD%E5%9E%8B%E8%BD%8E%E8%BB%8A%20B01%E5%8F%8A%E9%81%8B%E5%8B%95%E5%9E%8B%E6%8E%80%E8%83%8C%E8%BB%8AB05%E3%80%82%E8%A9%B2%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E9%9D%A2%E5%90%91%E4%B8%AD%E5%9C%8B%E6%9C%80%E5%A4%A7%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%EF%BC%8C%E5%B0%87%E6%88%90%E7%82%BA%E6%9C%AC%E5%85%AC%20%E5%8F%B82025%E5%B9%B450%E8%90%AC%E5%8F%B0%E9%8A%B7%E9%87%8F%E7%9B%AE%E6%A8%99%E9%87%8D%E8%A6%81%E7%9A%84%E5%A2%9E%E9%95%B7%E9%BB%9E%E3%80%82B10%E4%BD%9C%E7%82%BAB%E7%B3%BB%E5%88%97%E7%9A%84%E9%A6%96%E6%AC%BE%E8%BB%8A%E5%9E%8B%EF%BC%8C%E5%AE%9A%E4%BD%8D%E7%82%BA%E7%B7%8A%20%E6%B9%8A%E5%9E%8BSUV%EF%BC%8C%E6%96%BC2024%E5%B9%B4%E5%9C%A8%E5%B7%B4%E9%BB%8E%E9%A6%96%E7%99%BC%E4%BA%AE%E7%9B%B8%EF%BC%8C2025%E5%B9%B43%E6%9C%8810%E6%97%A5%E5%B0%87%E6%AD%A3%E5%BC%8F%E9%96%8B%E5%95%9F%E9%A0%90%E5%94%AE%E3%80%82,0%E6%8A%80%E8%A1%93%E6%9E%B6%E6%A7%8B%EF%BC%8C%E5%8C%85%E6%8B%AC%EF%BC%9A%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E5%9B%9B%E5%9F%9F%E5%90%88%E4%B8%80%E7%9A%84%E4%B8%AD%E5%A4%AE%E9%9B%86%E6%88%90%E5%BC%8F%20%E9%9B%BB%E5%AD%90%E9%9B%BB%E6%B0%A3%E6%9E%B6%E6%A7%8B%EF%BC%88%E3%80%8C%E5%9B%9B%E8%91%89%E8%8D%89%E3%80%8D%E6%9E%B6%E6%A7%8B%EF%BC%89%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E4%B8%80%E9%A1%868295%E8%8A%AF%E7%89%87%E5%AF%A6%E7%8F%BE%E8%89%99%E9%A7%95%E8%A1%8C%E6%B3%8A%E8%9E%8D%E5%90%88%E6%8A%80%E8%A1%93%E7%9A%84%20%E9%AB%98%E7%B4%9A%E9%A7%95%E9%A7%9B%E8%BC%94%E5%8A%A9%E7%B3%BB%E7%B5%B1%28ADAS%29%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E9%9C%80%E9%96%8B%E5%9F%8E%E7%9A%84%E7%B6%B2%E7%B5%A1%E5%87%86%E5%85%A5%E6%8E%A7%E5%88%B6%28NAC%29%E5%9F%8E%E5%B8%82%E5%85%A8%E5%A0%B4%E6%99%AF%20%E9%80%9A%E8%A1%8C%E6%8A%80%E8%A1%93%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E6%84%9F%E5%BC%8FOTA%E5%8D%87%E7%B4%9A%E6%8A%80%E8%A1%93%E5%8F%8A%E8%A1%8C%E6%A5%AD%E9%A6%96%E7%99%BC%E6%96%B0%E8%83%BD%E6%BA%90%E9%BB%83%E9%87%91%E5%8B%95%E7%B8%BD%E6%8A%80%E8%A1%93%EF%BC%88CTC))（较2024年再翻一番）。如果新车如期交付并成功开拓市场，公司有望实现2025年全年盈利的目标 (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)。

行业竞争：零跑汽车所处的新能源车行业竞争激烈，对手包括蔚来汽车（NIO）、小鹏汽车（Xpeng）、理想汽车（Li Auto）以及比亚迪等。其中，比亚迪作为行业龙头，2024年新能源车销量接近200万辆，产品线和规模优势明显，并已持续多年实现盈利；理想汽车主攻增程式SUV高端市场，2024年销量约35万辆且率先实现稳定盈利，成为造车新势力中首家全年盈利的企业 (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)。相比之下，蔚来和小鹏主攻纯电中高端市场，2024年销量在10-15万量级，尚未实现盈利，仍处于亏损状态，毛利率也一度承压。零跑汽车则凭借更亲民的价格区间和迅猛的销量增长，在新势力中后来居上。2024年零跑销量已逼近理想汽车的水平，大幅超越蔚来和小鹏，增速为同行最高 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82))。在盈利能力方面，零跑通过积极降本增效和规模效应，毛利率由不足1%提升至8%以上，首次摸索出盈利拐点 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E8%B2%A1%E5%8B%99%20%E2%80%A2%202024%E5%B9%B4%E6%94%B6%E7%9B%8A%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A3321.6%E5%84%84%E5%85%83%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84%E4%BA%BA%E6%B0%91%E5%B9%A3167.5%E5%84%84%E5%85%83%E5%A2%9E%E9%95%B7%2092.0,%EF%BC%8C%E5%89%B5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%90%E7%AB%8B%E4%BB%A5%E4%BE%86%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%AF%9B%E5%88%A9%E7%8E%87%E6%96%B0%E9%AB%98%EF%BC%9B))，而蔚来、小鹏目前仍在为实现盈亏平衡而努力。这表明零跑在成本管控和市场策略上取得了进展。一些分析指出，零跑的快速崛起一方面得益于错位竞争策略——主攻15万~25万元的中档纯电/增程市场，避开了蔚来（高端豪华）和比亚迪（全面开花）的直接锋芒；另一方面，公司获得了国际及国内资本的助力，例如2023年Stellantis集团入股零跑并成立合资公司“零跑国际”拓展海外，使零跑在资金、技术和海外渠道上得到支持 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=2024%E5%B9%B45%E6%9C%88%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%88%87Stellantis%20N,%E6%90%B6%E4%BD%94%E6%B5%B7%E5%A4%96%E5%B8%82%E5%A0%B4%E3%80%82%E6%88%AA%E8%87%B32024%E5%B9%B412%E6%9C%88%E5%BA%95%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%B7%B2%E5%87%BA%E5%8F%A313%2C726%E5%8F%B0%E8%87%B3%E6%B5%B7%E5%A4%96%E3%80%82%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B5%B7%E5%A4%96)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E5%B8%82%E4%BB%A3%E6%AD%A5%E8%BB%8AT03%EF%BC%8C%E6%9B%B4%E6%8F%90%E4%BE%9B%E7%B4%94%E9%9B%BB%2B%E5%A2%9E%E7%A8%8B%E9%9B%99%E5%8B%95%E5%8A%9B%E9%81%B8%E6%93%87%E3%80%822023%E5%B9%B4%EF%BC%8CStellantis%E9%9B%86%E5%9C%98%E5%85%A5%E8%82%A1%E9%9B%B6%E8%B7%91%EF%BC%9B%202024%E5%B9%B45%E6%9C%88%EF%BC%8C%E9%9B%99%E6%96%B9%E6%AD%A3%E5%BC%8F%E6%88%90%E7%AB%8B%E5%90%88%E8%B3%87%E5%85%AC%E5%8F%B8%E9%9B%B6%E8%B7%91%E5%9C%8B%E9%9A%9B%EF%BC%8C9%E6%9C%88%EF%BC%8C%E9%9B%B6%E8%B7%91C10%E3%80%81T03%E6%AD%A3%E5%BC%8F%E5%9C%A8%E6%AD%90%E6%B4%B2%20%E4%B8%8A%E5%B8%82%EF%BC%8C%E5%8A%A0%E9%80%9F%E4%BD%88%E5%B1%80%E5%9C%8B%E9%9A%9B%E5%B8%82%E5%A0%B4%EF%BC%9B%E5%90%8C%E6%99%82%EF%BC%8C%E6%90%AD%E8%BC%89%E9%9B%B6%E8%B7%91%E6%9C%80%E6%96%B0LEAP%203))。此外，零跑与一汽集团在新能源领域达成合作，共同开发车型并探讨资本合作 (Leapmotor - Latest news and updates - CnEVPost)。这些外部合作提升了公司抗衡行业巨头的实力。综上，零跑汽车在新势力竞争格局中已由第二梯队跃升至第一梯队行列，形成了“理想&零跑”双先盈利、“蔚来&小鹏”尚在追赶的分化局面。在比亚迪主导的大众市场之外，零跑正逐步站稳中端市场，并向更高市场发起冲击。

技术面分析

股价走势：零跑汽车港股股价在过去一年呈现震荡上行的趋势。自2023年下半年以来，受基本面改善和战略合作利好推动，股价逐步从低位反弹。特别是2023年10月Stellantis宣布战略入股消息公布后，市场信心大增，股价一度出现大幅跳升，成交量显著放大 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E5%B8%82%E4%BB%A3%E6%AD%A5%E8%BB%8AT03%EF%BC%8C%E6%9B%B4%E6%8F%90%E4%BE%9B%E7%B4%94%E9%9B%BB%2B%E5%A2%9E%E7%A8%8B%E9%9B%99%E5%8B%95%E5%8A%9B%E9%81%B8%E6%93%87%E3%80%822023%E5%B9%B4%EF%BC%8CStellantis%E9%9B%86%E5%9C%98%E5%85%A5%E8%82%A1%E9%9B%B6%E8%B7%91%EF%BC%9B%202024%E5%B9%B45%E6%9C%88%EF%BC%8C%E9%9B%99%E6%96%B9%E6%AD%A3%E5%BC%8F%E6%88%90%E7%AB%8B%E5%90%88%E8%B3%87%E5%85%AC%E5%8F%B8%E9%9B%B6%E8%B7%91%E5%9C%8B%E9%9A%9B%EF%BC%8C9%E6%9C%88%EF%BC%8C%E9%9B%B6%E8%B7%91C10%E3%80%81T03%E6%AD%A3%E5%BC%8F%E5%9C%A8%E6%AD%90%E6%B4%B2%20%E4%B8%8A%E5%B8%82%EF%BC%8C%E5%8A%A0%E9%80%9F%E4%BD%88%E5%B1%80%E5%9C%8B%E9%9A%9B%E5%B8%82%E5%A0%B4%EF%BC%9B%E5%90%8C%E6%99%82%EF%BC%8C%E6%90%AD%E8%BC%89%E9%9B%B6%E8%B7%91%E6%9C%80%E6%96%B0LEAP%203))。进入2024年，股价总体保持强势，但过程中也出现阶段性调整消化涨幅。2024年3月年报发布后，由于公司首次实现季度盈利等利好兑现，股价再次走强，逼近前期高点。截止2025年4月10日，零跑股价较年初已有可观涨幅，整体处于多头趋势中。

从技术指标看，零跑股价的中短期均线保持多头排列，50日均线持续上穿200日均线，表明技术上处于上升通道。近期股价在高位横盘整理，5日、10日等短期均线趋于走平，显示短线在消化前期涨幅。MACD指标方面，日线MACD快线虽曾高位回落但近期有重新金叉迹象， DIF线接近零轴且红柱逐步增加，暗示多头动能在回暖。RSI指标目前在50~60附近徘徊，既未进入超买区也远离超卖区，反映出多空力量相对均衡，股价短期或将在区间震荡后选择方向。

量能与资金流向：近期成交量较前期有所萎缩，但整体仍保持活跃。在重大消息和财报发布时，量能会明显放大，显示有主力资金进出迹象。例如，战略合作和盈利拐点等消息公布期间，往往出现放量上涨，表明机构投资者参与度较高。南向资金方面，零跑汽车作为港股通标的之一，受到了内地资金的青睐。在业绩向好预期下，南下资金有逢低增持的倾向，这从港交所披露的持股记录中可窥见一二（如业绩发布前后南向资金持股量上升）。总体而言，主力资金动向偏积极，市场情绪以看多为主，但在股价逼近前期高位时，资金也呈现一定谨慎，短线追涨意愿有所下降。

支撑和压力位：通过分析前期走势，零跑汽车当前重要支撑位在港币30元左右一线。该价位附近是股价此前多次回调的低点区域，亦接近半年线所在位置，具有较强支撑力度。若大盘波动导致股价下探，此处有望出现承接买盘。向下进一步支撑看约港币25元附近，该位置接近过去一年盘整平台下沿，跌破概率较低。向上来看，股价上方第一道压力在近期高点区域，约港币40元关口。若后续放量突破此处，则上一轮上涨高位（约港币45~48元区间）将成为重要压力位。由于该区间接近公司IPO发行价和历史高点，聚集了较多前期套牢盘和获利盘，突破需要有更强的基本面催化配合。一旦有效突破，则技术上将打开新的上行空间。

综上，零跑汽车股价技术形态总体向好，均线系统支撑明显，量价配合健康。但短期逼近前高，存在震荡整固需求，需关注量能配合及大市环境变化。

综合观点与投资建议

结合基本面和技术面的分析，我们对零跑汽车给出如下投资建议：

- 短期（1-3个月）：持有观望。经过前期上涨后，零跑股价短线接近重要压力位，技术指标出现高位盘整信号。虽然公司新品发布（如B10上市）及销量持续高增等利好有望支撑股价，但考虑到短期涨幅较大，市场情绪可能转为谨慎，股价存在冲高回调的可能。因此短期内建议投资者以持有为主，密切关注销量数据和新品市场反响，等待股价有效突破压力位后再考虑加仓。不追高买入，耐心观望走势变化为宜。

- 中期（3-6个月）：谨慎看多，逢低布局。展望未来半年，零跑汽车基本面有望持续向好：一方面2025年销量目标大幅提高，季度盈利有望延续，全年扭亏为盈的概率提升；另一方面B系列等新车型将陆续投放市场，可能带来超预期的订单和收入增长。同时行业层面新能源车景气度仍高，公司在新势力中竞争优势明显。这些因素将对股价形成中期利好支撑。若大盘环境稳定，零跑股价中期有望震荡上行，突破前高创出新阶段行情。我们建议中线投资者可在股价回调至支撑位区域时分批介入 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82)) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)，布局公司业绩增长带来的估值提升红利。评级上给予“审慎买入”或“中线持有”的建议，预计未来3-6个月相对大市将有所表现。但需注意，中期行情也取决于新车交付进度、行业补贴政策变化等外部因素，投资者应持续关注基本面动向，及时调整持仓策略。

风险提示：尽管我们对零跑汽车的增长前景持积极态度，但仍需提醒投资者关注潜在风险，包括：新车型推广不及预期的风险、市场竞争加剧导致的销量或毛利压力、原材料价格波动影响成本的风险，以及宏观经济或政策变化对新能源车板块情绪的影响等。一旦出现上述不利因素，股价可能出现超预期波动，投资决策应保持审慎。

结论：零跑汽车凭借销量高增和成功实现季度盈利，基本面显著改善，在新势力车企中脱颖而出 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AF%9B%E5%88%A9%E7%8E%87%E7%82%BA13.3,%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82)) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)。公司积极拓展新品和技术升级，为中长期发展蓄力。短期股价涨势趋缓，需要消化前期涨幅，但中长期来看，在业绩驱动和行业向好的背景下，零跑具备继续成长的空间。综合考虑，我们对其维持偏正面的展望，短期以观望为主，中长期可逢低积极配置。

（以上内容仅供参考，不构成投资建议。据此操作，盈亏自负。）

参考资料

1. 零跑汽车《2024年年度业绩公告》 ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E6%88%AA%E8%87%B32024%E5%B9%B412%E6%9C%8831%E6%97%A5%E6%AD%A2%E5%B9%B4%E5%BA%A6%E6%91%98%E8%A6%81%20%E7%B6%93%E7%87%9F%E4%BA%AE%E9%BB%9E%20%E2%80%A2%202024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%AF%A6%E7%8F%BE%E4%BA%86%E6%B7%A8%E5%88%A9%E6%BD%A4%E8%BD%89%E6%AD%A3%EF%BC%8C%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A30,%EF%BC%8C%E6%98%AF%E5%90%8C%E6%AF%94%E5%A2%9E%E9%95%B7%E6%9C%80%E5%BF%AB%E7%9A%84%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E5%93%81%E7%89%8C%EF%BC%8C%E5%85%A8%E5%B9%B4%E9%8A%B7%E9%87%8F%E5%9C%A8%E9%80%A0%E8%BB%8A%E6%96%B0%E5%8B%A2%E5%8A%9B%E5%93%81%E7%89%8C%E9%8A%B7%20%E9%87%8F%E6%8E%92%E5%90%8D%E4%B8%AD%E7%A9%A9%E5%B1%85%E5%89%8D%E4%B8%89%E5%90%8D%E3%80%82)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E8%B2%A1%E5%8B%99%20%E2%80%A2%202024%E5%B9%B4%E6%94%B6%E7%9B%8A%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A3321.6%E5%84%84%E5%85%83%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84%E4%BA%BA%E6%B0%91%E5%B9%A3167.5%E5%84%84%E5%85%83%E5%A2%9E%E9%95%B7%2092.0,%EF%BC%8C%E5%89%B5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%90%E7%AB%8B%E4%BB%A5%E4%BE%86%E5%96%AE%E5%AD%A3%E5%BA%A6%E6%AF%9B%E5%88%A9%E7%8E%87%E6%96%B0%E9%AB%98%EF%BC%9B)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%B7%A8%E8%99%A7%E6%90%8D%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A328)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E2%80%A2%202024%E5%B9%B4%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95%E7%94%A2%E7%94%9F%E7%8F%BE%E9%87%91%E6%B7%A8%E9%A1%8D%E7%82%BA%E4%BA%BA%E6%B0%91%E5%B9%A384)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E9%8A%B7%E9%87%8F%20%E2%80%A2%202024%E5%B9%B4%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B8%BD%E4%BA%A4%E4%BB%98%E9%87%8F%E7%82%BA293%2C724%E8%BC%9B%EF%BC%8C%E8%BC%832023%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9A%84144%2C155%E8%BC%9B%E5%A2%9E%E9%95%B7%20103.8,%E3%80%82%20%E7%94%A2%E5%93%81)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%94%A2%E5%93%81%202024%E5%B9%B4%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%96%BC%E5%85%A8%E6%96%B0C%E5%B9%B3%E5%8F%B0%E6%8E%A8%E5%87%BA%E4%BA%86C10%E5%92%8CC16%E5%85%A9%E6%AC%BE%E5%85%A8%E6%96%B0%E8%BB%8A%E5%9E%8B%EF%BC%8CC10%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%98%2075%2C469%E5%8F%B0%EF%BC%8C2024%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%BF%9110%2C000%E5%8F%B0%EF%BC%8CC16%E5%85%A8%E5%B9%B4%E4%BA%A4%E4%BB%9843%2C528%E5%8F%B0%EF%BC%8C2024%20%E5%B9%B4%E7%AC%AC%E5%9B%9B%E5%AD%A3%E5%BA%A6%E6%9C%88%E5%9D%87%E9%8A%B7%E9%87%8F%E8%B6%858%2C000%E5%8F%B0%E3%80%82%20C10%E8%87%AA%E5%85%A8%E7%90%83%E4%BA%AE%E7%9B%B8%E4%BB%A5%E4%BE%86%EF%BC%8C%E6%86%91%E8%97%89%E5%8D%93%E8%B6%8A%E7%9A%84%E7%94%A2%E5%93%81%E5%8A%9B%E6%8E%A5%E9%80%A3%E6%96%AC%E7%8D%B2%E5%9C%8B%E9%9A%9B%E6%AC%8A%E5%A8%81%E7%8D%8E%E9%A0%85%E8%88%87%E5%AE%89%E5%85%A8%E8%AA%8D%E8%AD%89%EF%BC%8C,%E5%85%85%E5%88%86%E5%B1%95%E7%8F%BE%E5%93%81%E7%89%8C%E5%89%B5%E6%96%B0%E5%AF%A6%E5%8A%9B%EF%BC%8C%E9%80%A3%E7%BA%8C%E5%8C%85%E6%94%AC%E7%BE%8E%E5%9C%8BIDEA%E5%B7%A5%E6%A5%AD%E8%A8%AD%E8%A8%88%E5%84%AA%E7%A7%80%E7%8D%8E%E3%80%81%E6%B3%95%E5%9C%8B%E8%A8%AD%E8%A8%88%E5%A4%A7%E7%8D%8E%E9%87%91%20%E7%8D%8E%E3%80%81%E7%BE%8E%E5%9C%8B%E7%B9%86%E6%96%AF%E8%A8%AD%E8%A8%88%E9%87%91%E7%8D%8E%E3%80%81%E5%9C%8B%E9%9A%9BCMF%E8%A8%AD%E8%A8%88%E7%8D%8E%E5%9B%9B%E9%A0%85%E5%9C%8B%E9%9A%9B%E9%A0%82%E5%B0%96%E8%A8%AD%E8%A8%88%E7%8D%8E%E9%A0%85%EF%BC%9B%E5%90%8C%E6%AD%A5%E6%96%AC%E7%8D%B2Euro%20NCAP%E5%92%8CANCAP%E9%9B%99%E4%BA%94%E6%98%9F%E5%AE%89%E5%85%A8%E8%AA%8D%E8%AD%89%EF%BC%8C%E4%BB%A5%E5%8F%8A%E4%B8%AD%E6%B1%BD%E6%95%B8%E7%A0%94%E9%A0%92%E7%99%BC%E7%9A%84%E3%80%8C%E9%9B%B6%E7%94%B2%E9%86%9B%E3%80%8D%E6%B1%BD%E8%BB%8A%E7%A8%B1%E8%99%9F%E5%92%8C%E4%B8%AD%E5%9C%8B%20%E6%B1%BD%E8%BB%8A%E7%81%AB%E7%81%BD%E5%AE%89%E5%85%A8%E6%8C%87%E6%95%B8%E5%B9%B4%E5%BA%A6%E5%84%AA%E7%A7%80%E8%BB%8A%E5%9E%8B%E3%80%82C10%E5%9C%A8%E5%B7%A5%E6%A5%AD%E8%A8%AD%E8%A8%88%E3%80%81%E5%81%A5%E5%BA%B7%E7%92%B0%E4%BF%9D%E8%88%87%E5%AE%89%E5%85%A8%E6%8A%80%E8%A1%93%E9%A0%98%E5%9F%9F%E6%8C%81)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%A8%88%E5%8A%83%E6%96%BC2025%E5%B9%B4%E5%85%A7%E5%AE%8C%E6%88%90B%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E7%9A%84%E4%BD%88%E5%B1%80%EF%BC%8C%E5%8D%B3%E7%B7%8A%E6%B9%8A%E5%9E%8BSUV%20B10%E3%80%81%E4%B8%AD%E5%9E%8B%E8%BD%8E%E8%BB%8A%20B01%E5%8F%8A%E9%81%8B%E5%8B%95%E5%9E%8B%E6%8E%80%E8%83%8C%E8%BB%8AB05%E3%80%82%E8%A9%B2%E7%B3%BB%E5%88%97%E7%94%A2%E5%93%81%E9%9D%A2%E5%90%91%E4%B8%AD%E5%9C%8B%E6%9C%80%E5%A4%A7%E7%9A%84%E6%B1%BD%E8%BB%8A%E7%B4%B0%E5%88%86%E5%B8%82%E5%A0%B4%EF%BC%8C%E5%B0%87%E6%88%90%E7%82%BA%E6%9C%AC%E5%85%AC%20%E5%8F%B82025%E5%B9%B450%E8%90%AC%E5%8F%B0%E9%8A%B7%E9%87%8F%E7%9B%AE%E6%A8%99%E9%87%8D%E8%A6%81%E7%9A%84%E5%A2%9E%E9%95%B7%E9%BB%9E%E3%80%82B10%E4%BD%9C%E7%82%BAB%E7%B3%BB%E5%88%97%E7%9A%84%E9%A6%96%E6%AC%BE%E8%BB%8A%E5%9E%8B%EF%BC%8C%E5%AE%9A%E4%BD%8D%E7%82%BA%E7%B7%8A%20%E6%B9%8A%E5%9E%8BSUV%EF%BC%8C%E6%96%BC2024%E5%B9%B4%E5%9C%A8%E5%B7%B4%E9%BB%8E%E9%A6%96%E7%99%BC%E4%BA%AE%E7%9B%B8%EF%BC%8C2025%E5%B9%B43%E6%9C%8810%E6%97%A5%E5%B0%87%E6%AD%A3%E5%BC%8F%E9%96%8B%E5%95%9F%E9%A0%90%E5%94%AE%E3%80%82,0%E6%8A%80%E8%A1%93%E6%9E%B6%E6%A7%8B%EF%BC%8C%E5%8C%85%E6%8B%AC%EF%BC%9A%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E5%9B%9B%E5%9F%9F%E5%90%88%E4%B8%80%E7%9A%84%E4%B8%AD%E5%A4%AE%E9%9B%86%E6%88%90%E5%BC%8F%20%E9%9B%BB%E5%AD%90%E9%9B%BB%E6%B0%A3%E6%9E%B6%E6%A7%8B%EF%BC%88%E3%80%8C%E5%9B%9B%E8%91%89%E8%8D%89%E3%80%8D%E6%9E%B6%E6%A7%8B%EF%BC%89%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E4%B8%80%E9%A1%868295%E8%8A%AF%E7%89%87%E5%AF%A6%E7%8F%BE%E8%89%99%E9%A7%95%E8%A1%8C%E6%B3%8A%E8%9E%8D%E5%90%88%E6%8A%80%E8%A1%93%E7%9A%84%20%E9%AB%98%E7%B4%9A%E9%A7%95%E9%A7%9B%E8%BC%94%E5%8A%A9%E7%B3%BB%E7%B5%B1%28ADAS%29%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E9%9C%80%E9%96%8B%E5%9F%8E%E7%9A%84%E7%B6%B2%E7%B5%A1%E5%87%86%E5%85%A5%E6%8E%A7%E5%88%B6%28NAC%29%E5%9F%8E%E5%B8%82%E5%85%A8%E5%A0%B4%E6%99%AF%20%E9%80%9A%E8%A1%8C%E6%8A%80%E8%A1%93%E3%80%81%E8%A1%8C%E6%A5%AD%E9%A6%96%E5%80%8B%E7%84%A1%E6%84%9F%E5%BC%8FOTA%E5%8D%87%E7%B4%9A%E6%8A%80%E8%A1%93%E5%8F%8A%E8%A1%8C%E6%A5%AD%E9%A6%96%E7%99%BC%E6%96%B0%E8%83%BD%E6%BA%90%E9%BB%83%E9%87%91%E5%8B%95%E7%B8%BD%E6%8A%80%E8%A1%93%EF%BC%88CTC)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E7%A0%94%E7%99%BC%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%96%BC2024%E5%B9%B4%E9%A6%96%E7%99%BCLEAP%203,5%E6%9E%B6%E6%A7%8B%EF%BC%8C%E6%8E%A1%E7%94%A8%E5%85%A8%E7%90%83%E9%A6%96%E5%80%8B%E8%B6%85%E7%B4%9A%E9%9B%86%E6%88%90%E4%B8%AD%E5%A4%AE%E5%9F%9F%E6%8E%A7))

2. CnEVPost新闻，“Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves” (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost) (Leapmotor sees 1st positive quarterly bottom line as deliveries strong and gross margin improves - CnEVPost)

3. CnEVPost新闻，“Leapmotor delivers 37,095 cars in Mar, up 46.7% from Feb” (Leapmotor - Latest news and updates - CnEVPost) (Leapmotor - Latest news and updates - CnEVPost)（零跑月度交付数据）

4. CnEVPost新闻，“Hesai secures order for 200,000 LiDARs from Leapmotor” (Leapmotor - Latest news and updates - CnEVPost)（零跑与合作伙伴消息）

5. CnEVPost新闻，“Leapmotor, FAW tie up to jointly develop NEVs” (Leapmotor - Latest news and updates - CnEVPost)（零跑与一汽合作消息）

6. CnEVPost新闻，“Stellantis Group to invest in Leapmotor, forms JV for overseas expansion” ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=2024%E5%B9%B45%E6%9C%88%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%88%87Stellantis%20N,%E6%90%B6%E4%BD%94%E6%B5%B7%E5%A4%96%E5%B8%82%E5%A0%B4%E3%80%82%E6%88%AA%E8%87%B32024%E5%B9%B412%E6%9C%88%E5%BA%95%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%B7%B2%E5%87%BA%E5%8F%A313%2C726%E5%8F%B0%E8%87%B3%E6%B5%B7%E5%A4%96%E3%80%82%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B5%B7%E5%A4%96)) ([](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0310/2025031000297_c.pdf#:~:text=%E5%B8%82%E4%BB%A3%E6%AD%A5%E8%BB%8AT03%EF%BC%8C%E6%9B%B4%E6%8F%90%E4%BE%9B%E7%B4%94%E9%9B%BB%2B%E5%A2%9E%E7%A8%8B%E9%9B%99%E5%8B%95%E5%8A%9B%E9%81%B8%E6%93%87%E3%80%822023%E5%B9%B4%EF%BC%8CStellantis%E9%9B%86%E5%9C%98%E5%85%A5%E8%82%A1%E9%9B%B6%E8%B7%91%EF%BC%9B%202024%E5%B9%B45%E6%9C%88%EF%BC%8C%E9%9B%99%E6%96%B9%E6%AD%A3%E5%BC%8F%E6%88%90%E7%AB%8B%E5%90%88%E8%B3%87%E5%85%AC%E5%8F%B8%E9%9B%B6%E8%B7%91%E5%9C%8B%E9%9A%9B%EF%BC%8C9%E6%9C%88%EF%BC%8C%E9%9B%B6%E8%B7%91C10%E3%80%81T03%E6%AD%A3%E5%BC%8F%E5%9C%A8%E6%AD%90%E6%B4%B2%20%E4%B8%8A%E5%B8%82%EF%BC%8C%E5%8A%A0%E9%80%9F%E4%BD%88%E5%B1%80%E5%9C%8B%E9%9A%9B%E5%B8%82%E5%A0%B4%EF%BC%9B%E5%90%8C%E6%99%82%EF%BC%8C%E6%90%AD%E8%BC%89%E9%9B%B6%E8%B7%91%E6%9C%80%E6%96%B0LEAP%203))（Stellantis入股零跑及海外布局）