Core Viewpoint - Xiaopeng Motors reported its Q2 2025 results, showing strong revenue growth and a narrowing net loss, aligning with market expectations [1][2]. Financial Performance - Q2 2025 revenue reached 18.27 billion yuan, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [1] - Automotive sales revenue was 16.88 billion yuan, up 147.6% year-on-year and 17.5% quarter-on-quarter, driven by increased deliveries [1] - Net loss for Q2 2025 was 480 million yuan, an improvement from a net loss of 660 million yuan in Q1 2025 [1] - The comprehensive gross margin for Q2 2025 was 17.3%, up 3.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2] - The wholesale volume for Q2 2025 was 103,000 units, representing a year-on-year increase of 241.6% and a quarter-on-quarter increase of 9.8% [2] Product and Technology Development - Xiaopeng's new P7 model is set to launch on August 27, 2025, with a target of monthly deliveries exceeding 40,000 units starting September 2025 [3] - The company plans to enter a major product cycle with the launch of the Kunpeng Super Electric X9 in Q4 2025 [3] - The Ultra version of Xiaopeng's vehicles will feature three self-developed Turing AI chips, providing effective computing power of 2250 TOPS [3] Earnings Forecast and Investment Rating - Revenue forecasts for 2025-2027 have been adjusted to 83 billion, 149.4 billion, and 222.9 billion yuan, respectively, reflecting year-on-year growth of 103%, 80%, and 49% [4] - Net profit forecasts for 2025-2027 have been revised to -1.3 billion, 6.8 billion, and 10.3 billion yuan, respectively [4] - The EPS for 2025, 2026, and 2027 is projected to be -0.68, 3.55, and 5.41 yuan, with corresponding PE ratios of 21 and 14 for 2026 and 2027 [4]
小鹏汽车-W(09868.HK)2025年半年报点评：Q2业绩符合预期 毛利率水平持续亮眼