(本文来自第一财经) 小鹏汽车在港交所公告，公司联合创始人、执行董事、董事长、首席执行官兼控股股东何小鹏于2025年 8月20日至2025年8月21日通过全资拥有的Galaxy Dynasty Limited在公开市场购买了310万股A类普通 股，平均价为每股A类普通股80.49港元。此次增持后，何小鹏及其关联方合计拥有公司约18.9%的股 份。 ...

小鹏汽车8月21日公告，公司联合创始人、执行董事、董事长、首席执行官兼控股股东何小鹏于2025年8 月20日至2025年8月21日通过全资拥有的Galaxy Dynasty Limited在公开市场购买了310万股A类普通股， 平均价为每股A类普通股80.49港元。此次增持后，何小鹏及其关联方合计拥有公司约18.9%的股份。 ...

格隆汇8月21日丨小鹏汽车-W(09868.HK)公告，公司董事会获公司的联合创始人、执行董事、董事长、 首席执行官兼控股股东何小鹏先生通知，何先生于2025年8月20日至2025年8月21日已于公开市场通过由 其全资拥有的Galax y D ynast y Limited购买公司合共3,100,000股A类普通股，平均价为每股A类普通股 80.49港元。 紧接收购事项后，(i) Galax y D ynast y持有公司3,100,000股A类普通股及1,419,922股美国存托股，及(ii) 何先生于Simplicit y Holding Limited所持有的公司327,708,257股B类普通股及2,200,000股美国存托股、 Respect Holding Limited所持有的公司21,000,000股B类普通股、Galax y D ynast y所持有的3,100,000股A 类普通股及1,419,922股美国存托股以及其本人所直接持有的1,000,000股A类普通股中拥有权益，合共相 当于本公告日期公司已发行股本总额约18.9%。 董事会认为收购事项显示何先生对公司前景及增长潜力充满信心，以 ...

Core Viewpoint - Xiaopeng Motors' co-founder and CEO, He Xiaopeng, demonstrated confidence in the company's future by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share, indicating a strong commitment to the company's growth potential [1] Summary by Relevant Sections - **Share Purchase Details** - He Xiaopeng acquired a total of 3.1 million Class A ordinary shares through his wholly-owned Galaxy Dynasty Limited [1] - The average purchase price was HKD 80.49 per share [1] - **Management Confidence** - The board of directors views this acquisition as a sign of He Xiaopeng's confidence in the company's prospects and growth potential [1] - This action reflects his long-term commitment to the company [1]

智通财经APP讯，小鹏汽车-W(09868)公布，公司的联合创始人、执行董事、董事长、首席执行官兼控 股股东何小鹏先生于2025年8月20日至2025年8月21日已于公开市场通过由其全资拥有的Galax y D ynast y Limited购买公司合共310万股A类普通股，平均价为每股A类普通股 80.49港元。 董事会认为收购事项显示何小鹏先生对公司前景及增长潜力充满信心，以及其对公司的长期承诺。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表聲 明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 小鵬汽車有限公司* （於開曼群島註冊成立以不同投票權控制的有限公司） 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 XPeng Inc. 董事長 何小鵬 香港，2025年8月21日（星期四） 控股股 東增加持股 本公告乃由XPeng Inc. （「本公司」）自願作出。 本公司董事會（「董事會」）獲本公司的聯合創始人、執行董事、董事長、首席執行官 兼控股股東何小鵬先生（「何先生」）通知，何先生於2025年8月20日至2025年8月21 日已於公開市場通過由其全資擁有的Galax y D ynast y Limited（「Galaxy Dynasty」） 購買本公司合共3,100,000股A類普通股（「A類普通股」），平均價為每股A類普通股 80.49港元（「收購事項」）。 緊接收購事項後，(i) Galax y D ynast y持有本公司3,100,000股A類普通股及1,419,922 ...

Core Viewpoint - Xiaopeng Motors reported better-than-expected automotive gross margins in Q2 2025, with revenue of 18.27 billion RMB, a 15.6% increase quarter-on-quarter, and vehicle sales of 103,000 units, a 9.8% increase quarter-on-quarter [1] Group 1: Financial Performance - Q2 2025 automotive gross margin reached 14.3%, a significant improvement of 3.9 percentage points quarter-on-quarter, exceeding market expectations [1] - R&D and sales expenses increased by 11.4% quarter-on-quarter, but were lower than revenue growth, leading to a slight decrease in expense ratio [1] - The company reported a net loss of 480 million RMB and a non-GAAP net loss of 380 million RMB, with losses narrowing further quarter-on-quarter [1] Group 2: Future Guidance - For Q3 2025, the company expects revenue between 19.6 billion and 21 billion RMB, indicating a quarter-on-quarter growth of approximately 11.9% [2] - Expected delivery volume for Q3 2025 is between 113,000 and 118,000 units, reflecting a quarter-on-quarter growth of about 11.1% [2] - The anticipated average selling price (ASP) for Q3 2025 is around 170,000 RMB, a slight increase of 6,000 RMB quarter-on-quarter, suggesting potential improvements in vehicle mix and gross margin [2] Group 3: Strategic Developments - The company maintains its guidance for profitability in Q4 2025, with expectations for continued upward trends in ASP and gross margin [2] - The new generation P7 has been unveiled and is set for delivery in Q3 2025 to Q4 2025, while the "Kunpeng Super Electric System" is expected to enter mass production in Q4 2025 [2] - The self-developed Turing chip is set to be deployed in Q3 2025, with plans to extend its application to robotics and other product lines by 2026 [2] Group 4: Investment Outlook - The company is viewed as a high-certainty investment among new energy vehicle manufacturers, with expectations for continued sales growth driven by new and updated models [3] - The potential for quarterly profitability is anticipated due to the proliferation of intelligent driving and new vehicle launches [3] - The company's strategic positioning in artificial intelligence, low-altitude economy, RoboTaxi, and humanoid robots is expected to positively impact stock prices and elevate valuation [3]

Core Viewpoint - Xiaopeng Motors reported strong Q2 performance with significant year-on-year growth in vehicle deliveries and revenue, indicating a positive trend in operational efficiency and product profitability [1][2]. Financial Performance Summary - In Q2 2025, Xiaopeng Motors delivered 103,181 vehicles, representing a year-on-year increase of 241.6% and a quarter-on-quarter increase of 9.8%. Revenue reached 18.27 billion yuan, up 125.3% year-on-year and 15.6% quarter-on-quarter [1]. - The automotive business generated revenue of 16.88 billion yuan, with a year-on-year growth of 147.5% and a quarter-on-quarter growth of 17.5%. Service revenue was 1.39 billion yuan, showing a year-on-year increase of 7.8% but a quarter-on-quarter decline of 3.5% [1]. - The average selling price (ASP) per vehicle in Q2 was 164,000 yuan, reflecting a quarter-on-quarter decrease of 27.5% but an increase of 7% year-on-year [1]. - R&D and SG&A expenses for Q2 were 2.21 billion yuan and 2.17 billion yuan, respectively, with expense ratios of 12.1% and 11.9%, showing slight decreases from the previous quarter [1]. - The gross margin for Q2 was 17.3%, with a year-on-year increase of 3.3 percentage points and a quarter-on-quarter decrease of 1.7 percentage points. The automotive gross margin was 14.3%, up 7.8 percentage points year-on-year and 3.8 percentage points quarter-on-quarter [1]. Operational Analysis and Outlook - Q2 profitability exceeded expectations, driven by the successful launch of the revamped G6 and G9 models, as well as the introduction of the updated X9. The company's low-cost strategy has led to significant improvements in product gross margins [2]. - The sales proportion of the low-margin model MO3 decreased to 38% due to the impact of model upgrades and increased sales of other products, indicating a positive shift in product and profitability structure [2]. - For Q3 2025, the company anticipates continued improvement in vehicle model structure and operational performance, with new models G7 and the next-generation P7 expected to contribute to sales growth. The delivery guidance for Q3 is between 113,000 and 118,000 vehicles [2]. Profit Forecast and Valuation - Xiaopeng Motors is positioned as a leading player in the domestic smart driving sector, with significant improvements in fundamentals and a strong technological edge. Revenue forecasts for 2025, 2026, and 2027 are projected at 94.62 billion yuan, 153.27 billion yuan, and 175.7 billion yuan, respectively [3].

Core Viewpoint - The company's Q2 2025 performance exceeded market expectations, driven by scale effects and improved gross margins [1][2] Financial Performance - Q2 revenue reached 18.274 billion yuan, with a Non-GAAP loss of 385 million yuan, showing significant improvement compared to Q2 2024's loss of 1.22 billion yuan [1] - The gross margin for Q2 was 17.3%, an increase of 3.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter, with the automotive business gross margin at 14.3% [1] - The company delivered 103,181 vehicles in Q2, marking a new quarterly sales record [1] Development Trends - The company anticipates Q3 deliveries between 113,000 and 118,000 vehicles, representing a year-on-year increase of 142.8% to 153.6% [1] - The launch of the new P7 Next model, equipped with self-developed AI chips and advanced charging technology, has received positive market feedback [1] - The company is entering a new super electric product cycle, with plans to start mass production of the Kunpeng super extended-range electric series in Q4 [1] Strategic Initiatives - The company aims to support L4 vehicle planning for mass production by 2026 and plans to pilot Robotaxi operations in select regions [2] - The overseas delivery volume exceeded 18,000 units in the first half of the year, with a year-on-year growth of over 200% [2] - The company has initiated local production in Indonesia with the delivery of the first locally produced Xiaopeng X9 model [2] Profitability Outlook - The pricing of new models like P7 Next is expected to be above 200,000 yuan, which may lead to sustained improvement in profitability [2] - Current stock prices correspond to a 2025 P/S ratio of 1.6x, with target prices set at 108 HKD and 28 USD, indicating potential upside of 40% and 35% respectively [2]

Group 1 - BYD has completely canceled its "limited-time fixed price" promotional policy starting July 1, ending subsidies of over 50,000 yuan, signaling the end of a two-year price war in the Chinese automotive industry [1] - The Chinese automotive industry has seen over 60 models with price reductions in the first quarter of this year, increasing to over 100 models by May, with price cuts ranging from thousands to 50,000 yuan [1] - Despite the call for "anti-involution," there are still hidden price reductions through tactics like limited-time pricing for new models and added features without price increases [1] Group 2 - The first-generation IM LS6 was launched in October 2023 with a starting price of 214,900 yuan, while the updated version, IM LS6 Theater Edition, added features valued at over 40,000 yuan but only increased the price by 3,000 yuan [2] - The pre-sale starting price for the next-generation IM LS6 has been reduced to 209,900 yuan, with expectations that the official price will drop below 200,000 yuan [4] - Li Auto's i8 model underwent a rapid series of changes, including a price adjustment and configuration updates, reflecting a trend of simplifying model versions and enhancing standard configurations [5] Group 3 - The strategy of "adding features without increasing prices" is seen as a form of price reduction, although it does not reflect in the visible price changes [7] - The penetration rate of new energy vehicles (NEVs) in China reached 51.1% in July, with NEVs experiencing a faster and larger price drop compared to traditional fuel vehicles [8] - The average price drop for new NEVs was 18,000 yuan, while fuel vehicles saw an average drop of 13,000 yuan, indicating a shift in market dynamics [8] Group 4 - Despite the price war, the average retail price of passenger cars in China has been steadily increasing, with the average expected to exceed 185,000 yuan by 2024 [10] - Most NEV companies remain unprofitable, with only BYD and Li Auto achieving profitability, while Leap Motor is the third to reach profitability but has not achieved annual profitability [10] - The automotive industry saw a revenue increase of 7% to 32.55 billion yuan in the first four months of the year, but costs rose faster at 8%, leading to a 5.1% decline in profits [13]