格隆汇8月19日｜在今日举行的二季度业绩电话会上表示，小鹏汽车董事长何小鹏表示，预计从今年9月 开始，小鹏汽车月交付量将稳健超过4万台。据半年报，小鹏汽车今年上半年的交付量为19.7万辆。 ...

盘前市场动向 1. 8月19日(周二)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.05%，标普500指数期货跌0.07%，纳指期货 跌0.14%。 | = US 30 | 44,933.00 | 44,966.50 | 44,771.50 | +20.80 | +0.05% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6.444.40 | 6,457.50 | 6.434.10 | -4.80 | -0.07% | | 트 US Tech 100 | 23,681.50 | 23,752.80 | 23,646.90 | -32.30 | -0.14% | 2. 截至发稿，德国DAX指数涨0.25%，英国富时100指数涨0.36%，法国CAC40指数涨0.81%，欧洲斯托克50指数涨0.64%。 | 德国DAX30 | 24,363.82 | 24,428.07 | 24,281.87 | +61.55 | +0.25% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 9.19 ...

Q2总收入182.7亿元创新高，同比增长125.3%，市场预估为183.8亿元；净亏损4.8亿元，较去年同期12.8亿元收窄63%；预计Q3交付113,000- 118,000辆，同比增长142.8%-153.6%，不及市场预期的119,051辆，营收196亿元至210亿元，同比增长94%-107.9%，市场预估210.6亿元。 在价格战仍未退潮的背景下，小鹏汽车交出了一份"高增长+降亏损"的成绩单。公司二季度营收、交付量、毛利率及现金储备全部创下历史新高，净亏 损亦大幅收窄，显示其正加速驶向规模与盈利的双重拐点。 周二下午，小鹏汽车公布二季度财报，核心要点如下： 在财报声明中，小鹏汽车董事长兼CEO何小鹏表示： "我们在2025年完成了新一代智能化与电动化平台的全面升级，技术优势显著扩大，将为未来产品周期和规模增长提供强劲势能。" 副董事长顾宏地则指出，在价格战中小鹏坚持"行稳致远"，并强调公司将继续提升盈利能力，以支撑研发保持行业领先。 营收情况： Q2总收入182.7亿元创新高，同比增长125.3%，市场预估为183.8亿元； 亏损改善： 净亏损4.8亿元，较去年同期12.8亿元收窄63%；调整后每股亏 ...

Core Insights - Xiaopeng Motors reported a total delivery volume of 103,181 vehicles in Q2 2025, an increase from 94,008 vehicles in Q1 2025 and a significant growth compared to the same period in 2024 [1] - The company achieved total revenue of RMB 18.27 billion in Q2 2025, representing a year-on-year increase of 125.3% and a quarter-on-quarter growth of 15.6% [1] - Despite the revenue growth, Xiaopeng Motors faced a net loss of RMB 480 million (approximately USD 70 million), although this was a reduction from RMB 1.28 billion in the same period of 2024 [1] Financial Performance - Automotive sales revenue reached RMB 16.88 billion in Q2 2025, up 147.6% year-on-year and 17.5% quarter-on-quarter [1] - The automotive gross margin improved to 14.3%, up from 6.4% in 2024 and 10.5% in Q1 2025, marking the eighth consecutive quarter of gross margin improvement [1][2] Operational Highlights - As of June 30, 2025, Xiaopeng Motors had a total of 677 physical sales outlets across 224 cities [1] - The company's self-operated charging station network expanded to 2,348 stations, including 1,304 fast charging stations for the Xiaopeng S4 and S5 models [1]

汽车行业系列深度九： 大模型重塑战局 智能驾驶商业化奇点已至 2025 年 08 月 19 日 ➢ 智能驾驶已经从技术亮点演变为车企产品差异化的重要因素和出行服务商 业化落地的核心支点。智能驾驶能力逐渐成为车企塑造品牌溢价、赢得用户选择、 抢占市场份额的战场，其技术深度、迭代速度和落地规模将深刻影响未来竞争格 局的形成，决定车企在"软件定义汽车"的赛场中以何种方式构建持续护城河， 也影响着商业模式能否稳步落地成为新经济形式。因此，深入研判智能驾驶能力 的真实情况进而演进路径，是预判未来竞争形势和商业化模式走向的核心。 ➢ 大模型重构竞争格局，云车协同算力竞赛加剧。以 VLA 为代表的技术范式 借助大语言模型的多模态融合与思维链推理，整合感知、认知与行动为一体，在 决策可解释性与长尾场景泛化上取得突破。VLA 模型仍需通过世界模型构建动态 可推演的虚拟场景与强化学习的奖励机制闭环双轮驱动实现升维。AI 与物理世 界的交互能力仍待突破，进一步内化物理世界的因果机制与时空连续性是算法迭 代的长期方向。大模型的规模化部署正推动云车协同算力竞赛进入白热化阶段， 百亿参数量级的模型训练依赖云端超算集群支撑，车端芯片算力需 ...

北京商报讯（记者 刘晓梦）8月19日，小鹏汽车发布财报数据显示，今年二季度营收182.7亿元，同比增 长125.3%；毛利率达17.3%，同比增长3.3个百分点；净亏损为4.8亿元，去年同期为12.8亿元；汽车毛利 率达14.3%，同比增长7.9个百分点。截至2025年6月30日，现金及现金等价物、受限制现金、短期投资 及定期存款为475.7亿元。 此外，小鹏汽车预计，今年三季度交付量为11.3万—11.8万辆，同比增长142.8%—153.6%，环比增加 9.5%—14.4%；营收196亿—210亿元，同比增加94%—107.9%，环比增加7.3%—14.9%。 ...

[Operational and Financial Highlights](index=1&type=section&id=Operational_and_Financial_Highlights) XPENG achieved record performance in the second quarter of 2025, with vehicle deliveries surging 241.6% year-over-year to 103,181 units, driving a 125.3% increase in total revenues to RMB 18.27 billion, while profitability significantly improved with gross margin reaching 17.3% and vehicle margin expanding to 14.3%, maintaining a strong liquidity position with RMB 47.57 billion in cash and equivalents Q2 2025 Key Financial Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Deliveries | 103,181 | +241.6% | +9.8% | | Total Revenues (RMB) | 18.27B | +125.3% | +15.6% | | Vehicle Sales Revenue (RMB) | 16.88B | +147.6% | +17.5% | | Gross Margin | 17.3% | +3.3 ppts | +1.7 ppts | | Vehicle Margin | 14.3% | +7.9 ppts | +3.8 ppts | | Net Loss (RMB) | 0.48B | -62.8% | -28.1% | - Cash reserves, including cash equivalents, restricted cash, short-term investments, and time deposits, stood at **RMB 47.57 billion (US$6.64 billion)** as of June 30, 2025[3](index=3&type=chunk)[4](index=4&type=chunk)[28](index=28&type=chunk) - The company's physical sales network expanded to **677 stores** across **224 cities**, and its self-operated charging network grew to **2,348 stations**, including **1,304 ultra-fast charging stations**[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management_Commentary) Management highlighted the record-breaking performance in Q2 2025 across all key metrics, with the CEO emphasizing strengthened technology leadership from next-generation platform upgrades expected to accelerate sales growth, and the Co-President noting significant margin improvement for eight consecutive quarters despite intense price competition, expressing confidence in achieving both scale growth and enhanced profitability - CEO Mr. Xiaopeng He stated that upgrades to next-generation smart and electrification technology platforms will strengthen the company's technology leadership and accelerate sales growth[7](index=7&type=chunk) - Co-President Dr. Hongdi Brian Gu highlighted that vehicle margin has improved for **eight consecutive quarters**, reaching a new high of **14.3%** in Q2, demonstrating improving operational quality amidst industry price competition[7](index=7&type=chunk) [Recent Developments](index=2&type=section&id=Recent_Developments) Subsequent to the quarter's end, XPENG reported strong delivery numbers for July 2025, launched its new G7 smart electric family SUV, and expanded its technical collaboration with the Volkswagen Group on Electrical/Electronic (E/E) architecture - XPENG delivered **36,717 vehicles** in July 2025, bringing the year-to-date total to **233,906 vehicles** as of July 31, 2025[14](index=14&type=chunk) - The G7, a smart electric family SUV, was officially launched on July 3, 2025, with deliveries starting in the same month[8](index=8&type=chunk) - On August 15, 2025, XPENG entered into an agreement with the Volkswagen Group to expand technical collaboration on E/E Architecture[9](index=9&type=chunk) [Detailed Financial Results Analysis](index=2&type=section&id=Detailed_Financial_Results_Analysis) The company's financial performance in Q2 2025 was marked by strong revenue growth driven by higher vehicle deliveries, with profitability significantly improving due to cost reductions and a better product mix, leading to higher gross and vehicle margins, and a considerable narrowing of net loss compared to prior periods despite increased operating expenses to support future growth [Revenue Analysis](index=2&type=section&id=Revenue_Analysis) Total revenues for Q2 2025 reached RMB 18.27 billion, a 125.3% YoY increase, primarily driven by a 147.6% YoY surge in vehicle sales revenue to RMB 16.88 billion due to higher deliveries, while revenues from services and others grew 7.6% YoY but saw a slight 3.5% QoQ decrease due to fluctuations in technical R&D services Q2 2025 Revenue Breakdown (RMB) | Revenue Stream | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Vehicle Sales | 16.88 Billion | +147.6% | +17.5% | | Services and Others | 1.39 Billion | +7.6% | -3.5% | | **Total Revenues** | **18.27 Billion** | **+125.3%** | **+15.6%** | [Profitability Analysis](index=2&type=section&id=Profitability_Analysis) Gross margin improved to 17.3% in Q2 2025 from 14.0% a year ago, with vehicle margin showing a more substantial increase to 14.3% from 6.4% YoY, attributed to ongoing cost reduction efforts and an improved product mix, while services and others margin decreased quarter-over-quarter to 53.6% due to fluctuations in technical R&D services Q2 2025 Margin Performance | Margin Type | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Gross Margin | 17.3% | 14.0% | 15.6% | | Vehicle Margin | 14.3% | 6.4% | 10.5% | | Services & Others Margin | 53.6% | 54.3% | 66.4% | - The year-over-year and quarter-over-quarter increases in vehicle margin were primarily due to ongoing cost reduction and an improved product mix of models[15](index=15&type=chunk) [Operating Expenses](index=3&type=section&id=Operating_Expenses) Operating expenses increased in Q2 2025, with R&D expenses rising 50.4% YoY to RMB 2.21 billion to support new vehicle and technology development, and Selling, General, and Administrative (SG&A) expenses growing 37.7% YoY to RMB 2.17 billion, mainly due to higher sales commissions from increased sales volume - R&D expenses increased to **RMB 2.21 billion** (**+50.4% YoY**) due to higher spending on new vehicle models and technologies[17](index=17&type=chunk) - SG&A expenses rose to **RMB 2.17 billion** (**+37.7% YoY**), primarily driven by higher commissions to franchised stores reflecting increased sales volume[18](index=18&type=chunk) [Net Loss and EPS](index=3&type=section&id=Net_Loss_and_EPS) The company significantly narrowed its net loss in Q2 2025, with GAAP net loss at RMB 0.48 billion, a substantial improvement from RMB 1.28 billion in Q2 2024, and non-GAAP net loss also improving to RMB 0.39 billion from RMB 1.22 billion in the prior-year period, consequently improving basic and diluted net loss per ADS to RMB 0.50 from RMB 1.36 year-over-year Net Loss Comparison (RMB) | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Net Loss | 0.48 Billion | 1.28 Billion | 0.66 Billion | | Non-GAAP Net Loss | 0.39 Billion | 1.22 Billion | 0.43 Billion | Net Loss Per ADS (RMB) | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Basic & Diluted Net Loss per ADS | 0.50 | 1.36 | 0.70 | | Non-GAAP Basic & Diluted Net Loss per ADS | 0.41 | 1.29 | 0.45 | [Balance Sheet and Cash Position](index=3&type=section&id=Balance_Sheet_and_Cash_Position) As of June 30, 2025, XPENG maintained a robust balance sheet with cash and cash equivalents, restricted cash, short-term investments, and time deposits totaling RMB 47.57 billion, representing an increase from RMB 45.28 billion at the end of the previous quarter - The company's total cash, cash equivalents, restricted cash, short-term investments, and time deposits amounted to **RMB 47.57 billion (US$6.64 billion)** as of June 30, 2025[28](index=28&type=chunk) - The cash position increased from **RMB 45.28 billion** as of March 31, 2025, and **RMB 41.96 billion** as of December 31, 2024[28](index=28&type=chunk) [Business Outlook (Q3 2025 Guidance)](index=3&type=section&id=Business_Outlook) For the third quarter of 2025, XPENG anticipates continued strong growth, projecting vehicle deliveries to be between 113,000 and 118,000 units, representing a significant year-over-year increase, with total revenues expected in the range of RMB 19.6 billion to RMB 21.0 billion Q3 2025 Guidance | Metric | Guidance Range | YoY Increase | | :--- | :--- | :--- | | Vehicle Deliveries | 113,000 - 118,000 | 142.8% - 153.6% | | Total Revenues (RMB) | 19.6B - 21.0B | 94.0% - 107.9% | [Unaudited Financial Statements](index=5&type=section&id=Unaudited_Financial_Statements) This section provides the detailed unaudited financial tables for the second quarter of 2025, including the Condensed Consolidated Balance Sheets, the Condensed Consolidated Statements of Comprehensive Loss, and the Reconciliations of GAAP to Non-GAAP financial measures, offering a comprehensive view of the company's financial position and performance [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed_Consolidated_Balance_Sheets) Presents the company's assets, liabilities, and shareholders' equity as of June 30, 2025, compared to March 31, 2025, and December 31, 2024 [Condensed Consolidated Statements of Comprehensive Loss](index=6&type=section&id=Condensed_Consolidated_Statements_of_Comprehensive_Loss) Details the company's revenues, cost of sales, operating expenses, and net loss for the three months ended June 30, 2025, with comparative figures for prior periods [Reconciliations of GAAP and Non-GAAP Results](index=7&type=section&id=Reconciliations_of_GAAP_and_Non-GAAP_Results) Provides a reconciliation of GAAP financial measures to non-GAAP measures, adjusting for items such as share-based compensation and fair value changes on derivative liability

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。 XPeng Inc. 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） （股份代號：9868） 截 至 2025 年 6 月 3 0 日止六個月之中期業績公告 中國領先的智能電動汽車（「智能電動汽車」）公司XPeng Inc.（「小鵬汽車」或「本公司」，香 港聯交所股份代號：9868及紐交所代號：XPEV）今天公佈本公司及其子公司及其併表聯 屬實體（「本集團」）截至2025年6月30日止六個月（「報告期」）的未經審計財務業績。 截至2025年6月30日止六個月的運營及財務摘要 1 ‧ 截至2025年6月30日止六個月汽車交付量為197,189輛，較截至2024年6月30日止六個 月的52,028輛增加279.0%。 ‧ 截至2025年6月30日，小鵬汽車的實體銷售網絡共有677間門店，覆蓋224個城市。 ‧ 截至2025年6月30日，小鵬汽車自營充電站網絡達2,348座充電站，包括1,30 ...

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。 XPeng Inc. 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） （股份代號：9868） 小鵬汽車發佈 2025 年第二季度的未經審計財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及根據證券及期貨條 例（香港法例第571章）第XIVA部而刊發。 中國廣州，2025年8月19日 — 中國領先的智能電動汽車（「智能電動汽車」）公司XPeng Inc. （「小鵬汽車」或「本公司」，紐交所代號：XPEV及聯交所代號：9868）今天公佈其截至2025 年6月30日止三個月的未經審計財務業績。 截至2025年6月30日止三個月的運營及財務摘要 2025年 第二季度 2025年 第一季度 2024年 第四季度 2024年 第三季度 2024年 第二季度 2024年 第一季度 總交付量 103,181 94,008 91,507 46,533 30,207 21,821 1 ...

证券研究报告 | 2025年08月19日 汽车行业周报（25 年第 29 周） 优于大市 持续关注板块中报业绩，新款坦克 500 预售火热 月度产销：根据中汽协数据，2025 年 7 月，汽车产销分别完成 259.1 万辆和 259.3 万辆，环比分别下降 7.3%和 10.7%，同比分别增长 13.3%和 14.7%。 周度数据：根据乘联会数据统计，8 月 1-10 日，全国乘用车市场零售 45.2 万辆，同比去年 8 月同期下降 4%，较上月同期增长 6%；全国乘用车厂商批 发 40.3 万辆，同比去年 8 月同期增长 16%，较上月同期下降 3%。根据上险 数据，8.4-8.10 国内乘用车上牌 38.20 万辆，同比-5.3%，环比-18.5%；其 中新能源乘用车上牌 21.84 万辆，同比+2.4%，环比-11.9%。 本周行情：本周（20250811-20250815）CS 汽车上涨 3.21%，CS 乘用车上涨 2.18%，CS 商用车上涨 0.98%，CS 汽车零部件上涨 4.12%，CS 汽车销售与服 务下跌 1.38%，CS 摩托车及其他上涨 6.6%，电动车上涨 5.41%，智能车上涨 ...