Zero Run (09863) Ten Years: Transformation from Edge Player to Value Restructor

December 28, 2025, Hangzhou Olympic Sports Center Stadium. In front of the nearly 60-meter-long “Global Self-Development Scrolls”, Zhu Jiangming, founder of Zero Sports Auto (09863), reviewed the ten-year journey of this new force to build cars across borders in the electronics industry — from being ridiculed as a “miscellaneous vehicle” to delivering 597,000 vehicles throughout the year of 2025, an increase of 103% over the previous year, and steadily topping the sales list of new forces; from difficult financing and scarce stores, to now building ABCD's four major product series and Level 5 technology platforms to self-develop and manufacture 65% of the vehicle's core components.

The 10th anniversary press conference called “Leading the Way Forward” was not only a brand celebration, but also a redefinition of the NEV competition paradigm.

On the same night, the dual flagship of the Zero Run D series, the full-size technology luxury SUV D19 and the flagship MPV D99, made their world debut. The D19 is positioned in the 250,000-300,000 yuan price range, and is equipped with an 800V/1000V high voltage platform, a Qualcomm 8295 chip, semi-aniline leather seats, and “true zero gravity” seats; the D99 refers to the 300,000 MPV market, facing competitors such as the ideal MEGA and Xiaopeng X9 with a 5.2 meter long vehicle length, 3.1 meter wheelbase, 6/7 seat flexible layout, and a rare 80.3 kWh large battery in its class.

It is worth noting that both models are based on the new D platform. The platform achieved a high degree of sharing of the extended range and pure electric architecture, and introduced an integrated electric drive system jointly developed with NIO for the first time, combining the generator and drive motor into one, which is smaller in size and more efficient.

Behind this product strategy is the deepening of Zero Run's “equal technology” concept. In the past, Zero Run used models such as the C10 and C11 to play a “advanced configuration” combo punch in the 150,000-200,000 yuan range, relying on global self-development to reduce costs and achieve “good but not expensive.” Today, the launch of the D series marks its official impact on the high-end market, but it has not given up on its cost performance genes — on the D99, users can enjoy semi-aniline leather, CDC+ air suspension, dual vector electric drives, and even cockpit oxygen chamber systems for 300,000 yuan. This “decentralized luxury” style of play is reshaping the boundaries of consumers' perception of “technological luxury.”

Behind the product matrix upgrade is Zero Run's recent intensive strategic action layout. On the day of the press conference, China FAW officially signed a premium shareholding contract of 3,744 billion yuan. Through capital alliances and joint powertrain development, Zero Run completed the strategic binding of domestic central enterprise resources, and formed a “domestic+overseas” two-wheel drive pattern with previous overseas cooperation with Stellantis Group. The capital will focus on R&D and channel expansion, laying the foundation for it to hit its target of one million sales in 2026.

The global layout has also achieved remarkable results. Currently, Zero Run's overseas channels have covered 35 countries and regions, and more than 800 sales and service outlets have been launched. In 2025, the export volume has exceeded 60,000 vehicles, becoming the new force's overseas sales champion, and the overseas market has grown to the second growth curve.

The capital market responded positively to the fundamental improvements in Zero Run. As of the close of January 8, 2026, Zero Sports Auto's stock price closed at HK$48.78. Despite a slight decrease of 1.34% on the same day, it still achieved an increase of about 50% compared to the beginning of 2025. The volume remained high, with a turnover of HK$441 million on the day, and the total market value stabilized at HK$69.356 billion.

Several brokerage firms pointed out in the latest research reports that Zero Run has transformed from a “cost performance player” to a “technology integrator.” CITIC Securities commented: “Through vertical integration capabilities, Zero Run continues to improve product strength while guaranteeing gross margin. The modular and co-linear production capacity of its D platform is expected to significantly reduce R&D costs for high-end models and form a sustainable business model of 'high-end and not expensive'.” Huatai Securities emphasized, “In the context of the heated price war in the industry, Zero Run has stronger resilience to risks and pricing initiative with a cost advantage of over 65% of the self-development ratio.”

The deeper meaning is that Zero Run is verifying a new power growth path different from “Wei Xiaoli.” NIO relies on service and power exchange to build a moat. Xiaopeng is betting on intelligent driving, ideally deepening the family scene, and Zero Run chose a more “engineered” path — from battery cell BMS, electric drive systems, and smart cockpit chips (self-developed “Linkchip 01”) to lights, bumpers, and even seats, almost internalizing the entire supply chain.

This ambition to “turn an automaker into a parts manufacturer” will enable stable delivery and rapid iteration of technology in 2025, when the supply chain fluctuates drastically. As Zhu Jiangming said, “We are not building a car; we are building a replicable and expandable technological ecosystem.”

Of course, challenges remain. The D19 and D99 will be launched in April 2026. At that time, they will face the encirclement of Tense N9, Xiaomi SU7 Ultra derivative models supported by BYD's “Tenjin Eye” smart driving system, and the Huawei M9 facelift. How to make consumers accept its “technological luxury” position when the brand premium has not yet been fully established will be a key test. In addition, the 2026 sales target of 1 million vehicles also places higher demands on production capacity, channels and service systems.

But it's undeniable that Zero Run is at a new starting point. The 10th anniversary unveiled not only two new cars, but also a new paradigm of “inclusive high-end” — technology should not be the privilege of a few, and luxury is within reach. Amid 100 years of changes in the global automobile industry, China's new forces are shifting from “followers” to “rule-makers.” Zero Run, on the other hand, is using the persistence of engineers and the strength of entrepreneurs to take the lead.

At a time when Venezuela's geographical conflict is driving up oil prices and traditional energy security is once again under pressure, the electrified, intelligent, and localized manufacturing system represented by Zero Run is the best footnote on the resilience and innovation of Chinese manufacturing. The next ten years will probably no longer be “who is more expensive”, but “who can give cutting-edge technology fairly to the public” — on this track, zero runs have already started.