小鹏汽车季报图解：营收183亿，经营亏损9.3亿

Core Viewpoint - Xiaopeng Motors reported significant revenue growth and reduced net losses in the first half of 2025, indicating a strong performance amidst competitive pressures in the electric vehicle market [1][3]. Financial Performance - Xiaopeng Motors' revenue for the first half of 2025 reached 34.09 billion yuan, a 132.5% increase from 14.66 billion yuan in the same period last year [1]. - The net loss for the first half of 2025 was 1.14 billion yuan, down from a net loss of 2.65 billion yuan in the previous year [1]. - Adjusted net loss for the first half of 2025 was 810 million yuan, compared to 2.63 billion yuan in the same period last year [1]. Quarterly Performance - In Q2 2025, total revenue was 18.27 billion yuan (2.55 billion USD), a 125.3% increase year-over-year and a 15.6% increase quarter-over-quarter [3]. - Automotive sales revenue in Q2 2025 was 16.88 billion yuan (2.36 billion USD), up 147.6% year-over-year and 17.5% quarter-over-quarter [3]. - Q2 2025 gross profit was 3.167 billion yuan, with a gross margin of 17.3%, compared to 14% in Q2 2024 and 15.6% in Q1 2025 [8]. Cost and Expenses - Q2 2025 cost of sales was 15.11 billion yuan, a 116.6% increase from 6.98 billion yuan in Q2 2024 [9]. - Total expenses for Q2 2025 were 4.1 billion yuan, a 35% increase from 3.04 billion yuan in the previous year [11]. - R&D expenses in Q2 2025 were 2.21 billion yuan, up 50.4% year-over-year, reflecting increased investment in product development [11]. Delivery and Market Expansion - Xiaopeng Motors delivered 103,181 vehicles in Q2 2025, a 241.6% increase from 30,207 vehicles in Q2 2024 [6]. - As of July 31, 2025, the cumulative delivery for the year reached 233,906 vehicles [6]. - The company expanded its sales network to 677 stores across 224 cities and established a charging station network of 2,348 stations [6]. Future Outlook - Xiaopeng Motors expects Q3 2025 vehicle deliveries to range between 113,000 and 118,000, representing a year-over-year increase of approximately 142.8% to 153.6% [17]. - The company anticipates total revenue for Q3 2025 to be between 19.6 billion and 21 billion yuan, reflecting a year-over-year increase of about 94.0% to 107.9% [17].