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小鹏汽车累亏427亿后“转正”在即,上半年账期缩短62天、三个月内应付款242亿
Sou Hu Cai Jing·2025-08-20 10:32

Core Viewpoint - Xiaopeng Motors is approaching a profitability turning point, with significant revenue growth and reduced net losses in the first half of the year [3][4]. Financial Performance - Total revenue for the first half of the year reached 34.09 billion yuan, a year-on-year increase of 132% [3]. - Net loss for the first half was 1.14 billion yuan, down from a loss of 2.65 billion yuan in the same period last year [3][4]. - In Q2, net loss narrowed to 480 million yuan, a 62.8% year-on-year reduction and a 28% decrease from the previous quarter, marking the lowest loss since Q3 2020 [4][6]. Delivery and Growth Metrics - Vehicle deliveries in the first half totaled 197,189 units, a 279% year-on-year increase, surpassing the total deliveries for the previous year [5]. - In Q2 alone, Xiaopeng delivered 103,200 vehicles, a 241.6% year-on-year increase [6]. Profitability Indicators - Q2 revenue was 18.27 billion yuan, a 125% year-on-year increase, with a gross margin of 17.3%, up 3.3% year-on-year [7]. - Overall gross margin for the first half reached 16.5%, a 3% increase year-on-year, while automotive gross margin rose to 12.6%, a 6.6 percentage point increase [8]. Future Outlook - Xiaopeng expects Q3 deliveries to be between 113,000 and 118,000 units, representing a 9.5% to 14.4% increase quarter-on-quarter, with revenue projections of 19.6 billion to 21 billion yuan [9]. - The company aims for an overall profitability capability of 17% to 19% in Q4, maintaining its target [8]. Debt and Cash Flow Management - As of June 30, the asset-liability ratio was 67%, up from 62% at the end of 2024 [10]. - Current liabilities totaled 47.963 billion yuan, with cash reserves of 47.57 billion yuan, indicating a weak coverage ratio of 0.41 for operating cash flow against current liabilities [11]. - Xiaopeng's payment cycle has improved, with accounts payable turnover days reduced to 170 days, down from 232.79 days at the end of 2024 [14][16].