Abstract: Considering the impact of battery leasing and battery swapping services on the operational models of the battery-swapping supply chain, this study constructs a supply chain consisting of battery manufacturers, vehicle manufacturers, and battery asset companies, and proposes three typical operational models: 1) the vehicle manufacturer provides both battery leasing and battery swapping services; 2) the vehicle manufacturer offers battery swapping services, while the battery asset company provides battery leasing services; and 3) the battery asset company undertakes both services. Based on a Stackelberg game model, the study analyzes how the vehicle-to-battery price ratio, the second-life utilization rate, and the battery leasing duration affect equilibrium decisions under different models, and further compares the equilibrium outcomes. The results show that: 1) to enhance product attractiveness, vehicle manufacturers should adopt a pricing strategy of "low vehicle body price, high battery price"; 2) when consumers lease batteries for a longer duration, recycling enterprises are more inclined to sell retired batteries to battery manufacturers for dismantling and regeneration, rather than utilizing them for second-life applications themselves; 3) when vehicle manufacturers self-operate both battery leasing and swapping services, the overall efficiency for both enterprises and consumers is optimal; the next best outcome is when battery asset companies undertake both services.