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现金储备475亿元！小鹏半年销量已超去年全年，毛利率超特斯拉，何小鹏放话：明年量产支持L4自动驾驶的车型！公司股价大涨
Mei Ri Jing Ji Xin Wen·2025-08-20 07:27

Core Viewpoint - Xiaopeng Motors reported significant growth in its Q2 2025 financial results, achieving record revenue and vehicle deliveries, indicating strong performance and market positioning in the electric vehicle sector [1][2][6]. Financial Performance - Total revenue for Q2 2025 reached RMB 18.27 billion, a 125.3% increase year-over-year and a 15.6% increase from Q1 2025, marking a historical quarterly high [1]. - Revenue from vehicle sales rose to RMB 16.88 billion, reflecting a year-over-year growth of 147.6% and a quarter-over-quarter increase of 17.5% [1]. - For the first half of 2025, total revenue amounted to RMB 34.08 billion, a 132% increase from RMB 14.66 billion in the same period last year [6]. Vehicle Deliveries - Xiaopeng Motors delivered 103,000 vehicles in Q2 2025, a 241.6% increase compared to the same quarter last year [2]. - In the first half of 2025, over 197,000 vehicles were delivered, representing a 279% increase year-over-year, surpassing the total deliveries for the entire year of 2024 [2]. Cash Position - As of mid-2025, the company held cash and cash equivalents, restricted cash, short-term investments, and time deposits totaling RMB 47.57 billion, up from RMB 45.28 billion in Q1 2025 [3]. Profitability Metrics - The gross margin for Q2 2025 was 17.3%, surpassing Tesla's 17.2% for the same period, with a year-over-year improvement of 3.3 percentage points [8]. - The automotive gross margin increased by 3.8 percentage points quarter-over-quarter to 14.3% [8]. Research and Development - R&D expenses for Q2 2025 were RMB 2.21 billion, a 50.4% increase year-over-year and an 11.4% increase from the previous quarter [9]. Loss Reduction - Xiaopeng Motors reported a net loss of RMB 480 million in Q2 2025, a reduction of 62.8% year-over-year and a 28.1% decrease from Q1 2025 [9]. Future Outlook - For Q3 2025, the company anticipates vehicle deliveries between 113,000 and 118,000, representing a year-over-year growth of 142.8% to 153.6% [10]. - Total revenue for Q3 is projected to be between RMB 19.6 billion and RMB 21 billion, a year-over-year increase of 94% to 107.9% [10]. - Xiaopeng Motors plans to launch its first L4 autonomous vehicle by 2026 and initiate Robotaxi pilot operations in select regions [12].