小鹏：毛利率创新高，能否展翅变 “大鹏”？

Core Viewpoint - Xiaopeng Motors (XPEV.US) reported strong Q2 2025 financial results, achieving a record high gross margin of 14.3% for vehicle sales, significantly exceeding market expectations of 11.4% [1][4][20]. Financial Performance - Total revenue for Q2 2025 was 18.3 billion yuan, slightly below market expectations of 18.6 billion yuan, primarily due to a decline in other income [1][4][20]. - Vehicle sales revenue remained in line with expectations, while adjusted operating loss was 840 million yuan, better than the anticipated loss of 910 million yuan [1][27]. Gross Margin and Cost Structure - The increase in vehicle gross margin was attributed to a higher proportion of high-priced models and continued cost reductions in the supply chain [5][10][14]. - The average selling price of vehicles rose to 164,000 yuan, up from 153,000 yuan in the previous quarter, driven by an improved model mix [10][11]. - The average cost per vehicle was 140,000 yuan, benefiting from economies of scale and effective cost control measures [13]. R&D and Operational Efficiency - R&D expenses reached 2.2 billion yuan, slightly above market expectations, reflecting ongoing investments in smart technology [24]. - Selling and administrative expenses were 2.17 billion yuan, in line with expectations, influenced by the launch of new models and increased commissions [25]. Sales Guidance and Market Outlook - For Q3 2025, Xiaopeng's sales guidance is set at 113,000 to 118,000 vehicles, slightly below market expectations of 119,000 vehicles [6][17]. - The anticipated launch of the new P7 model in August is a key factor for future sales performance, with pricing being a critical determinant of its success [7][17]. Future Product Launches - The new P7 is expected to be priced between 250,000 to 300,000 yuan, focusing on high-end positioning rather than volume sales [7][19]. - Upcoming models, including the G9 and X9 with extended range capabilities, are anticipated to enhance Xiaopeng's market presence and profitability [8][19].