Q1交付、毛利齐创新高，何小鹏自信：全年交付翻番、四季度盈利

Core Viewpoint - Xiaopeng Motors is confident in achieving over 100% sales growth this year and expects to turn profitable in Q4 2025, with a focus on generating free cash flow for the entire year [1][3]. Financial Performance - In Q1 2025, Xiaopeng Motors reported total revenue of 15.81 billion yuan, a year-on-year increase of 141.5% [3]. - The gross margin reached a historical high of 15.6%, up from -3.9% in Q2 2023, with automotive gross margin at 10.5%, reflecting a 5 percentage point increase [3]. - The net loss attributable to ordinary shareholders narrowed to 660 million yuan, compared to a loss of 1.37 billion yuan in the same period last year [3]. Market Performance - Xiaopeng Motors delivered over 94,008 vehicles in Q1 2025, a significant year-on-year increase of 330.8%, setting a new quarterly delivery record [5]. - The company maintained a delivery volume of over 30,000 vehicles for six consecutive months, with April 2025 deliveries reaching 35,045 vehicles, a 273% year-on-year increase [5]. - Exports surged by 370% to 7,615 vehicles in Q1 2025, with successful market entries in the UK, Poland, Switzerland, Czech Republic, Slovakia, and Indonesia [5]. Cash Flow and Investment - As of March 31, 2025, Xiaopeng Motors had cash and cash equivalents totaling 45.28 billion yuan, an increase of over 3.3 billion yuan from December 31, 2024 [8]. - R&D investment in Q1 2025 reached 1.98 billion yuan, a year-on-year increase of 46.7% [8]. Future Outlook - The company projects total vehicle deliveries for Q2 2025 to be between 102,000 and 108,000, representing a year-on-year increase of approximately 237.7% to 257.5% [12]. - Total revenue for Q2 2025 is expected to be between 17.5 billion and 18.7 billion yuan, an increase of approximately 115.7% to 130.5% [12]. Growth Strategies - Xiaopeng Motors aims to integrate AI with automotive technology, expand its global market presence, and develop humanoid robots for industrial and commercial applications by 2026 [13].