Zhejiang Leapmotor Technology (9863.HK): 2026 Technology & Investor Day takeaways: new platform launch with accelerated product pipeline

We attended Leapmotor's 2026 Technology & Investor Day in Hangzhou on Sep 16-17, with key focus on: 1) LEAP 5.0 architecture (planned to be featured on its second brand) and world model (to roll out on LiDAR models by 2027); 2) dual-brand strategy with second brand debut in 4Q27; 3) in-house capabilities of battery and drive motor (CTC3.0 and MM-i); and 4) near-term focus and long-term target. We believe these new initiatives demonstrate Leapmotor's full-stack in-house development & production approach as its core competitive strength, enabling rapid iteration of architecture with cost-efficiency. With an accelerated new product pipeline of 7 models in 2027 (vs. 3/4 in 2025/2026), we expect the company to continue to gain market share from a broader customer base and price segments. The new mobility space architecture increases cabin space by 19%+ and legroom by 37.5%;