事件描述 小鹏汽车2025 年8 月15 日公告，公司与大众集团在2024 年7 月22 日签订的电子电气架构技术战略合作 联合开发协议的基础上，签订扩大电子电气架构技术战略合作的协议，未来双方联合开发的电子电气架 构不仅将应用在大众中国市场的纯电车型平台，也将扩展到大众在中国市场的燃油车和插电混动车型。 事件评论 机构：长江证券 强势新车周期下销量持续向好，后续新车密集上市有望持续增强销量。新款小鹏G6、G9上市即热销， 多次获得国内细分市场销量冠军，同时小鹏G6、G9 在多个海外市场长期位列细分市场第一名。7 月3 日小鹏G7 正式上市，9 分钟大定突破10000 台，8 月6 日全新一代P7 正式亮相，Q3 两款全新的重磅车 型开始交付，持续推升销量，Q4 小鹏鲲鹏超级电动车型逐步进入量产，实现"一车双能"。盈利层面， 预期公司Q4 实现单季度扭亏，实现全年规模自由现金流。 研究员：高伊楠/张扬 智能驾驶持续领先，随着渠道变革和营销体系加强，叠加强势新车周期，公司销量快速提升。MONA M03 和P7+开启公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利的商业模 式拓展以及出海持续增 ...

【#小鹏明确Robotaxi商业运营模式#】#小鹏支持L4车型将在2026年量产# 8月19日晚间，小鹏汽车举行 2025年第二季度业绩电话会议，资本市场对该公司新的关注点聚焦在Robotaxi（自动驾驶出租车）。 小鹏汽车CEO何小鹏表示："小鹏支持L4的车型将在2026年量产，并且会在拿到相关政策批准后，在部 分区域开始试点Robotaxi运营和服务。"他认为，尽管目前市场中有不少通过后装支持L4的车型，但是 仍没有真正在前装量产具备L4算力、软件和硬件能力的车型。小鹏Robotaxi跟其他Robotaxi公司的差异 在于，一方面，小鹏汽车的Robotaxi是前装车；另一方面，小鹏没有区域限制，因为采用的无地图模式 不需要为每个地方重新用激光雷达扫描以便做高清匹配。 在此次财报会上，何小鹏也进一步明确了小鹏汽车Robotaxi的商业运营模式，即在初步测试时，小鹏汽 车会自己运营Robotaxi，如果出现测试不通过等情况，小鹏汽车再去寻求合作方，一起探讨如何实现 Robotaxi商业化等。 ...

在新能源汽车市场竞争日益激烈的当下，小鹏汽车有限公司（以下简称"小鹏汽车"）凭借出色的表现脱 颖而出。8月19日晚间，小鹏汽车公布的第二季度财报显示，多项数据创下历史新高，同时对第三季度 的销量预期也十分乐观，有望超过11万辆。这一系列成绩的取得，彰显了小鹏汽车在技术创新、产品布 局以及市场拓展等方面的卓越成效。 小鹏汽车董事长及首席执行官何小鹏表示："2025年第二季度，小鹏汽车的各项核心业务和财务指标， 包括销量、收入、毛利率、在手现金，都达到了历史最佳水平。我们在2025年全面完成了智能化和电动 化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的产品周期产生更强势能，加 速规模增长。" 二季度业绩表现亮眼 小鹏汽车第二季度总收入达到182.7亿元，同比增长125.3%。收入的大幅增长，主要得益于汽车交付量 的显著提升。小鹏汽车当季汽车交付量达到10.32万辆，同比激增241.6%，创历史新高。汽车销售收入 为168.8亿元，同比上升147.6%，环比上升17.5%。 毛利率方面同样表现出色，公司第二季度毛利率为17.3%，较2024年同期上升3.3个百分点。其中，汽车 毛利率为14.3% ...

2025.08. 19 这次财报电话会，除了Robotaxi，小鹏汽车也提到了高阶智能驾驶和人形机器人的话题。小鹏汽车目标在未来的18个月，基于图灵芯片+VLA模型的能力 比行业主流的城市辅助驾驶能力提高数十倍，在安全性、全场景和用户体验上对标有人驾驶的L3。 基于小鹏的图灵芯片、VLA和VLM，小鹏机器人领域初阶L4能力的可量产版本计划在2026年下半年面世。 本文字数：1311，阅读时长大约2分钟 作者 | 第一财经 黄琳 8月19日晚间，小鹏汽车举行2025年第二季度业绩电话会议，资本市场对该公司新的关注点聚焦在Robotaxi（自动驾驶出租车）。 小鹏汽车CEO何小鹏表示："小鹏支持L4的车型将在2026年量产，并且会在拿到相关政策批准后，在部分区域开始试点Robotaxi运营和服务。"他认为， 尽管目前市场中有不少通过后装支持L4的车型，但是仍没有真正在前装量产具备L4算力、软件和硬件能力的车型。小鹏Robotaxi跟其他Robotaxi公司的 差异在于，一方面，小鹏汽车的Robotaxi是前装车；另一方面，小鹏没有区域限制，因为采用的无地图模式不需要为每个地方重新用激光雷达扫描以便 做高清匹配。 ...

8月19日晚间，小鹏汽车在美股开盘不久，涨幅一度逼近6%。截至发稿，小鹏汽车在美股的涨幅达5.73%，总市值超1430亿元人民币。 【导读】小鹏汽车二季度业绩创新高，预计月度交付量将破4万辆 | us 小鹏汽车 | 1 12 Q | | --- | --- | | XPEV | | | 21 040 今年 20:410 最高 21.080 登低 | 19.950 | | 5.73% 1.140 换手 0.90% 总量860.0万股 金额 1.75亿 | | | 昨收 19.900 总值⊙200.6亿 市盈™ -28.44 | 重义 | | H股报价: 77.050 -1.85% | 2 (ADR/H)比价=1.07 > | | 盘前 20.410 0.510 2.56% | 09:30 美东 ∨ | | CD 中报预披露: 于2025-08-19(美东)盘前披露2025... ○ × | | | 关时 2008年 園K 月K | 曲名▼ | | 均价: 20.382 最新: 21.040 1.140 5.73% | | | 21.040 5.73% 卖1 | 21.040 100 | | 不让人上车 | द् ...

新公布的今年二季报为实现这个目标提供了业绩支撑。得益于交付量和毛利率同时创季度新高，今年 4-6 月，小鹏经营亏损同比收窄 41.9%、至 9.3 亿元；净亏损同比收窄 62.8%、至 4.8 亿元，均为公司 上市以来最佳表现。其他核心数据方面： 当季总体毛利达 31.7 亿元，较去年同期增长 1.8 倍； 其中，汽车业务贡献毛利 24.2 亿元，同比增长 4.6 倍； 销售与管理费用率为 11.9%，同比降低 7.5 个百分点。 对于汽车毛利率如何能在价格竞争压力下环比大幅提升 3.8 个百分点、超市场预期达到 14.3%，小鹏 财务副总裁吴佳铭将其归因于技术改进、平台通用化水平提高（"扶摇" 架构成果显现）以及供应链谈 判带来的成本降低。他还说 2025 款 G6 和 G9 的毛利率非常健康，这主要得益于小鹏为客户提供了受 欢迎的版本配置。 去年下半年，小鹏接连推出 MONA M03、P7+ 两款车型，推动月销量从 8 月的约 1 万台快速增长至 12 月的近 3.5 万台。但这两款低价车型也拉低了小鹏的平均售价：今年一季度，MONA M03 和 P7+ 合计销量占比达 81.7%，拖累小鹏单车收入（不含 ...

其中，2025年第二季度，小鹏汽车共实现营收182.7亿元，同比增长125.3%；净亏损收窄至4.8亿元，二 季度汽车总交付量为10.32万辆，同比增长241.6%。 8月19日，小鹏汽车披露半年报显示，2025年1—6月，小鹏汽车共实现营收340.9亿元（人民币，下 同），同比增长132.5%，实现净亏损11.4亿元，上年同期亏损26.5亿元，亏幅收窄，毛利率为16.5%， 上年同期为13.5%。 值得一提的是，财报显示，小鹏汽车自成立以来，一直产生经营亏损。截至2025年6月30日，累计亏损 427.4亿元。 具体来看，2025年上半年，小鹏汽车汽车交付量为197189辆，较上年同期的52028辆增加279%，其间， 小鹏汽车共实现销售收入312.5亿元，相较2024年上半年的123.6亿元增长152.8%，汽车毛利率为 12.6%，上年同期为6%。 截至2025年6月30日，小鹏汽车的实体销售网络共有677间门店，覆盖224个城市。截至2025年6月30日， 小鹏汽车自营充电站网络达2348座充电站，包括1304座小鹏S4及S5超快充站。 截至2025年6月30日，小鹏汽车现金及现金等价物、受限制现金、 ...

Core Viewpoint - The article discusses the current market dynamics in A-shares and H-shares, highlighting the differences in investor behavior and market performance between the two, driven by factors such as low interest rates, external economic conditions, and structural imbalances in capital supply and demand [1][6][20]. Market Performance - A-shares continue to show strong performance with nearly 60% of stocks rising, while the overall market capitalization remains above 2.5 trillion [1]. - The financing balance reached a net buy of 39.3 billion, marking the third highest single-day net buy since September 24, indicating strong market enthusiasm [2]. - The brokerage sector saw significant inflows, with the two largest securities ETFs net buying over 1.1 billion, leading to a rally in brokerage stocks [4]. A-shares vs H-shares - A-shares are characterized by a strong influx of capital, leading to bullish market sentiment, while H-shares are experiencing volatility with less decisive capital inflows [5][6]. - The net buying of southbound funds in H-shares was significantly lower at 1.4 billion compared to the previous record of 36 billion, indicating a retreat of short-term trading funds [4][6]. Main Investment Themes - The first main theme is the unprecedented low interest rate environment, which is driving capital into the stock market. Key interest rates, such as the one-year fixed deposit rate, have fallen below 1% [9][10]. - The second theme is the external economic environment, particularly the decline of the US dollar index, which has positively influenced global risk assets, including A-shares [12][14]. - The third theme is the structural imbalance in capital supply and demand, leading to overheating in certain sectors like small-cap stocks and convertible bonds [20][21]. Company Earnings - Several key companies in the Hong Kong market reported earnings that exceeded expectations, with Xiaomi's second-quarter operating profit reaching 13.4 billion, significantly above the forecast of 10.4 billion [27][28]. - The performance of major internet companies like Tencent and Xiaomi remains strong, contributing to the growth of related ETFs [28]. Investment Recommendations - The article suggests monitoring the trends related to the three main themes to gauge future market movements, particularly the low interest rate environment, external economic conditions, and regulatory attitudes towards capital markets [22].

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved total revenues of RMB 18.27 billion, representing a 125.3% increase year over year and a 15.6% increase quarter over quarter [21] - Vehicle sales revenues were RMB 16.88 billion, marking a 147.6% increase year over year and a 17.5% increase quarter over quarter [21] - Gross margin improved to 17.3% compared to 14% in the same period of 2024 [23] - Vehicle gross margin increased to 14.3%, up from 6.4% year over year [24] - Net loss narrowed to RMB 480 million from RMB 1.28 billion year over year [25] Business Line Data and Key Metrics Changes - Deliveries reached 103,181 units, a 242% increase year over year [6] - The Mona M03 MAX accounted for over 80% of total Mona M03 sales, indicating strong performance in the product line [6] - Free cash flow exceeded RMB 2 billion in Q2, with total cash on hand surpassing RMB 47.5 billion [7] Market Data and Key Metrics Changes - Overseas deliveries exceeded 18,000 units in the first half of the year, increasing over 200% year over year [18] - The company ranks as the best-selling Chinese NEV startup brand in 10 markets, including Norway and France [18] - Q3 delivery forecast is between 113,000 to 118,000 units, reflecting a year-over-year growth of 142.8% to 153.6% [19] Company Strategy and Development Direction - The company aims to strengthen core capabilities in technology leadership, organizational strength, commercialization, and globalization [9] - Upcoming launches include the G7 and the new P7, with expectations to surpass 40,000 units in monthly sales starting in September [12] - The company plans to introduce several super electric models with advanced features and capabilities [12] Management Comments on Operating Environment and Future Outlook - Management emphasized a focus on sustainable growth despite intense price competition [6] - The company is confident in leading the market at scale while advancing operational efficiency toward sustainable profitability [20] - The introduction of the one vehicle dual energy strong product cycle is expected to significantly strengthen the company's market position [20] Other Important Information - The company is committed to full-stack in-house development of core hardware and software technologies, which has enabled significant advancements in AI capabilities [12] - The Turing AI SoC is expected to provide a generational lead in computing power for mass-produced vehicles [13] Q&A Session Summary Question: Brand Position and Product Pricing - Management is focusing on product layout, leveraging technology, aesthetics, and brand to increase average selling price (ASP) and improve profitability [29][33] Question: Smart Driving Technology - The company believes its Turing chip provides a significant advantage in smart driving technology, with expectations for substantial differentiation from competitors [34][36] Question: Cooperation with Volkswagen - The expanded collaboration with Volkswagen includes electrical and electronic architecture, with potential revenue growth expected from this partnership [41][44] Question: Robotaxi Business - Future vehicles will include L4 capable models, with pilot programs planned for 2026, pending regulatory approvals [46][48] Question: P7 Strong Order Performance - The P7 has received high interest and presales orders, exceeding expectations, with a focus on aesthetics and performance [53][56] Question: Vehicle Gross Margin Improvement - The increase in vehicle gross margin is attributed to product mix changes, cost reductions, and scale [64][66] Question: R&D and Marketing Expenses - R&D expenses are expected to remain high due to ongoing investments in AI and technology, while marketing expenses will increase with new product launches [68][71] Question: Product Strategy Shift - The company is prioritizing design and aesthetics in its product strategy, reflecting a long-term transformation [75][78] Question: Response to Anti-Dilution Policy - The company is focused on innovation and quality, aligning with the new regulatory direction to improve competitiveness [79][82]

XPeng (XPEV) Q2 2025 Earnings Call August 19, 2025 08:00 AM ET Speaker0Hello, ladies and gentlemen. Thank you for standing by for the Second Quarter twenty twenty five Earnings Conference Call for Xpeng, Inc. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Zi, Head of Investor Relations and Capital Markets of the company.Please go ahead, Alex.Speaker1Thank you. Hello, everyone, and welcome to Xpeng's second quarter twenty twenty five earnings conference call. ...