小鹏汽车(9868.HK)2025年6月销量点评：销量同环比提升 销量结构持续改善

Core Viewpoint - Xiaopeng Motors reported significant growth in vehicle deliveries, with June 2025 deliveries reaching 34,611 units, a year-on-year increase of 224.4% and a month-on-month increase of 3.2% [1]. Group 1: Sales Performance - In June 2025, the company delivered 34,611 vehicles, marking a year-on-year increase of 224.4% and a month-on-month increase of 3.2% [1]. - Cumulative deliveries for Q2 2025 reached 103,000 units, representing a year-on-year increase of 241.6%, setting a new record for quarterly deliveries [1]. - The delivery structure improved, with the Xiaopeng X9 delivering 7,451 units in Q2, reflecting a 112% increase from the previous quarter and a 41% increase year-on-year [1]. Group 2: New Product Launches - The new models Xiaopeng G6 and G9 have been well-received, achieving sales leadership in their respective segments domestically and internationally [2]. - The Xiaopeng G7 was officially launched on July 3, 2025, with expectations for two new significant models to be delivered in Q3, including a new generation P7 [2]. - The Xiaopeng Kunpeng super electric vehicle is expected to enter mass production in Q4 2025, enhancing the product lineup [2]. Group 3: International Expansion - On June 19, 2025, Xiaopeng Motors launched its flagship model, the Xiaopeng X9, in Indonesia, marking a key step in global localized production [1]. - The right-hand drive version of the X9 is set to begin production in Indonesia in July 2025 [1]. Group 4: Financial Outlook - The company is expected to achieve a quarterly profit turnaround in Q4 2025 and generate positive free cash flow for the entire year [2]. - Projected revenue for 2025 is estimated at 99.1 billion yuan, corresponding to a price-to-sales ratio of 1.2X, indicating a significant improvement in financial performance [2]. - The expansion of software revenue and continued international growth are expected to provide substantial earnings flexibility for the company in the future [2].