Financial Performance - Total revenue for Q3 2023 was RMB 8.53 billion (USD 1.17 billion), up 25.0% year-over-year and 68.5% quarter-over-quarter [4] - Vehicle sales revenue in Q3 2023 was RMB 7.84 billion (USD 1.08 billion), a 25.7% increase year-over-year and 77.3% increase quarter-over-quarter [5] - Q3 2023 net loss was RMB 38.9 billion (USD 5.3 billion), compared to RMB 23.8 billion in Q3 2022 and RMB 28.0 billion in Q2 2023 [5] - Operating loss for Q3 2023 was RMB 3.16 billion (USD 0.43 billion), compared to RMB 2.18 billion in Q3 2022 and RMB 3.09 billion in Q2 2023 [12] - Net loss for Q3 2023 was RMB 3.89 billion (USD 0.53 billion), compared to RMB 2.38 billion in Q3 2022 and RMB 2.80 billion in Q2 2023 [13] - Gross loss for Q3 2023 was RMB 227,958, compared to a gross profit of RMB 923,238 in Q3 2022, reflecting a significant decline [26] - Operating expenses totaled RMB 2,998,062 in Q3 2023, slightly down from RMB 3,124,893 in Q3 2022 [27] - Non-GAAP net loss per ordinary share for Q3 2023 was RMB (1.61), compared to RMB (1.29) in Q3 2022, reflecting a decline of 24.8% [28] - Non-GAAP operating loss for Q3 2023 was RMB 3,036,537 thousand, compared to RMB 2,024,136 thousand in Q3 2022, an increase of 50.0% [28] Vehicle Deliveries - Total vehicle deliveries in Q3 2023 reached 40,008 units, a 72.4% increase from Q2 2023 [4] - In October 2023, total deliveries were 20,002 units, bringing the year-to-date total to 101,445 units [9] - The company expects Q4 2023 vehicle deliveries to be between 59,500 and 63,500 units, representing a year-over-year increase of approximately 101.2% to 114.7% [16] Cash and Assets - As of September 30, 2023, cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 36.48 billion (USD 5.0 billion) [6] - The company reported a total current assets of RMB 43,657,517 thousand as of September 30, 2023, compared to RMB 43,527,421 thousand as of December 31, 2022, reflecting a slight increase of 0.3% [24] - Cash and cash equivalents decreased to RMB 12,197,669 thousand from RMB 14,607,774 thousand, representing a decline of approximately 16.5% [24] - The company’s total assets amounted to RMB 70,542,524 thousand as of September 30, 2023, down from RMB 71,491,006 thousand at the end of 2022, indicating a decrease of about 1.3% [24] - The company has restricted cash of RMB 1,139,599 thousand as of September 30, 2023, a significant increase from RMB 106,272 thousand at the end of 2022 [24] - The company’s inventory increased to RMB 5,287,550 thousand as of September 30, 2023, up from RMB 4,521,373 thousand, marking a rise of approximately 17% [24] - The company’s net receivables decreased to RMB 3,244,400 thousand from RMB 3,872,846 thousand, reflecting a decline of about 16.3% [24] - The company’s non-current assets totaled RMB 26,885,007 thousand as of September 30, 2023, down from RMB 27,963,585 thousand, indicating a decrease of approximately 3.9% [24] - The company’s long-term deposits decreased to RMB 4,563,512 thousand from RMB 6,926,450 thousand, representing a decline of about 34% [24] Future Outlook - The company expects significant improvement in gross margin driven by new products and technology cost reductions, with a positive cash flow outlook for Q4 2023 [8] - Total revenue for Q4 2023 is projected to be between RMB 12.7 billion and RMB 13.6 billion, reflecting a year-over-year increase of approximately 86.1% to 99.3% [16] ESG and Corporate Governance - The company received an upgrade in its MSCI ESG rating from "AA" to "AAA," indicating industry-leading performance in managing environmental, social, and governance risks [10] Shareholder Information - Shareholders' equity decreased from RMB 36,910,665 on December 31, 2022, to RMB 28,793,938 on September 30, 2023, a decline of approximately 22% [25] - The total liabilities increased from RMB 34,580,341 as of December 31, 2022, to RMB 41,748,586 as of September 30, 2023, marking an increase of about 21% [25]
小鹏汽车(09868) - 2023 Q3 - 季度业绩