Core Viewpoint - Xiaopeng Motors has exceeded expectations with its quarterly performance, showcasing significant growth in revenue and vehicle deliveries despite being in a traditionally slow season for the automotive market [1][2]. Financial Performance - The company reported a revenue of 15.81 billion yuan for Q1 2025, representing a year-on-year increase of 141.5% but a slight decrease of 1.8% compared to Q4 2024 [1]. - Total vehicle deliveries reached 94,000 units in Q1, marking a year-on-year growth of 330.8% and an increase from 91,500 units in Q4 2024 [1]. - Automotive sales revenue was 14.37 billion yuan, up 159.2% year-on-year, but down 2.1% quarter-on-quarter [2]. Profitability Metrics - The gross margin for Q1 was 15.6%, an increase of 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter [2]. - The net loss attributable to shareholders was 660 million yuan, a reduction from a loss of 1.37 billion yuan in the same period last year and a loss of 1.33 billion yuan in Q4 2024 [2]. - Non-GAAP net loss for Q1 was 430 million yuan, compared to a loss of 1.41 billion yuan in the previous year and a loss of 1.39 billion yuan in Q4 2024 [2]. Expenditure and Investment - R&D expenses totaled 1.98 billion yuan, a 46.7% increase from 1.35 billion yuan in the same period last year, driven by product expansion and new technology development [3]. - Selling, general, and administrative expenses were 1.95 billion yuan, up 40.2% year-on-year, primarily due to increased commissions paid to franchise stores as sales rose [3]. Market Expansion and Future Outlook - As of March 2025, the company had 690 physical sales outlets across 223 cities and a self-operated charging station network of 2,115 stations [3]. - In April 2025, the company delivered 35,000 vehicles and projected Q2 deliveries between 102,000 and 108,000 units, representing a year-on-year growth of 237.7% to 257.5% [3]. - Revenue expectations for Q2 are between 17.5 billion and 18.7 billion yuan, indicating a year-on-year growth of 115.7% to 130.5% [3]. - The CEO expressed confidence in the company's growth potential, citing new vehicle launches and international expansion as key drivers for sustainable growth [3]. Stock Market Reaction - Following the earnings report, Xiaopeng Motors' stock price surged by 7.29%, reaching 83.20 HKD per share [4].
小鹏汽车首季营收158亿元增长141.5％ 销售门店690间自营充电站2115座