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Chinese EV maker selling affordable smart EVs, with Stellantis as a strategic partner and international distributor.
Chinese EV maker selling affordable smart EVs, with Stellantis as a strategic partner and international distributor.
Sells cars mostly in China through its own stores and online, with Leapmotor International, a Stellantis-controlled venture formed in 2024, selling and servicing them outside China through Stellantis dealers. Designing its own motors, battery packs and electronics lets it keep more of the margin per car. Stellantis is also a major shareholder.
In one line: A value-oriented Chinese EV maker with a global-automaker distribution partner.
Moat: narrow (cost advantage, distribution). Vertically integrated in-house parts (motors, chips) cut costs; Stellantis gives global distribution.
Headquarters: Hangzhou, China · Founded: 2015 · Employees: 28,785
Size Zhejiang Leapmotor Technology (9863.HK) is a Hong Kong Consumer Discretionary company (Motor Vehicles) with a market value of $6.34B, the 226th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$34.94 on 6 Nov 2026.
Performance Over six months the shares fell 25.4%, against -12.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 70.9% over the last twelve months (peer median +7.7%); the operating margin is -0.9% (peer median 2.6%).
Valuation It trades at 16.1× forward earnings against a peer median of 15.9× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +151%, so the hurdle is -165 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.4 points below its cost of capital (8.7% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$87.8B | HK$70.2B | HK$34.9B | HK$18.5B | HK$14.4B |
| Revenue growth | — | +101% | +88% | +28% | — |
| Gross profit | HK$11.3B | HK$9.98B | HK$2.72B | -HK$78.2M | -HK$2.37B |
| EBITDA | HK$887M | HK$730M | -HK$3.05B | -HK$4.30B | -HK$5.66B |
| Net income | HK$791M | HK$584M | -HK$3.06B | -HK$4.66B | -HK$5.94B |
| Free cash flow | HK$9.78B | HK$10.4B | HK$4.96B | HK$1.11B | -HK$3.88B |
| Capital expenditure | HK$5.42B | HK$5.20B | HK$2.33B | HK$1.54B | HK$1.65B |
| Total debt | n/a | HK$22.3B | HK$10.7B | HK$8.29B | HK$6.56B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zhejiang Leapmotor Technology 9863.HK | $6.34B | -25% | +71% | -1% | 16.1× | -14.5% |
| XPeng 9868.HK | $9.51B | -37% | +29% | -7% | n/a | n/a |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 15.8× | n/a |
| NIO 9866.HK | $7.60B | -46% | +70% | -4% | n/a | n/a |
| Xiaomi-w 1810.HK | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9863.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | +2.1% | 8th lowest of 21 |
| 6-month return | -25.4% | -12.9% | 6th lowest of 21 |
| Distance from 52-week high | -42.2% | -30.9% | 7th lowest of 21 |
| Revenue growth (TTM) | +70.9% | +7.7% | 2nd highest of 21 |
| Operating margin | -0.9% | 2.6% | 7th lowest of 21 |
| Forward P/E | 16.1× | 15.9× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -14.5% | 3.4% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +150.7% | +8.9% | highest of 10 |
| Hurdle (Req g minus delivered) | -165.2 pp | -4.1 pp | least demanding of 10 |
| ROIC minus cost of capital | -14.4 pp | -2.9 pp | 4th lowest of 18 |
| Net debt / EBITDA | -4.9× | 1.5× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Leapmotor Technology 9863.HK | Hong Kong | $6.34B | -25% | +71% | -1% | 16.1× | -14.5% | +150.7% |
| Guangzhou Automobile 2238.HK | Hong Kong | $6.28B | -27% | 0% | -17% | n/a | n/a | n/a |
| Nissan Motor 7201.T | Japan | $5.98B | -24% | -1% | 2% | 23.1× | n/a | n/a |
| Federal Signal FSS | United States | $6.92B | -4% | +24% | 17% | 20.1× | 11.8% | +14.0% |
| Zhejiang CFMoto Power 603129.SS | China | $7.23B | +16% | +40% | 11% | 19.9× | -3.9% | +34.5% |
| Iveco IVG.MI | Italy | $5.55B | +3% | -5% | 3% | 12.7× | n/a | n/a |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 8.2× | -7.8% | +8.9% |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| ARCHION 543A.T | Japan | $5.11B | -9% | +9% | 5% | 2.4× | 7.4% | +0.9% |
| Loncin Motor 603766.SS | China | $4.97B | +5% | +2% | 9% | 15.9× | -5.5% | +12.7% |
| Chongqing Afari Technology 601777.SS | China | $4.94B | -35% | +17% | -11% | 208.0× | n/a | n/a |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| Mazda Motor 7261.T | Japan | $4.52B | +12% | +4% | 3% | 6.9× | -14.8% | +11.3% |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| FAW Jiefang 000800.SZ | China | $4.11B | -17% | +22% | -1% | 29.5× | n/a | n/a |