Core Viewpoint - The company reported its Q2 2025 earnings, showing significant revenue growth and a narrowing of losses, indicating improvements in its automotive business and gross margins [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 18.27 billion yuan, with year-on-year and quarter-on-quarter increases of 125.3% and 15.6% respectively [1]. - The net profit attributable to shareholders was -480 million yuan, with year-on-year and quarter-on-quarter reductions of 62.8% and 28.1% respectively [1]. - The overall gross margin for Q2 reached 17.3%, showing significant improvement primarily due to enhancements in automotive gross margins [2]. Group 2: Automotive Business Insights - The company delivered 103,181 vehicles in Q2, representing year-on-year and quarter-on-quarter growth of 241.6% and 9.8% respectively [1]. - Automotive revenue reached 16.88 billion yuan, with year-on-year and quarter-on-quarter growth of 147.6% and 17.5% respectively [1]. - The average selling price (ASP) per vehicle was 164,000 yuan, an increase of 11,000 yuan from the previous quarter, attributed to a decrease in low-priced model M03 deliveries and an increase in high-priced models G6, G9, and X9 [1]. Group 3: Future Guidance and Strategic Developments - The company provided Q3 delivery guidance of 113,000 to 118,000 vehicles, corresponding to revenue guidance of 19.6 billion to 21 billion yuan [1]. - In August, the company expanded its collaboration with Volkswagen on electronic and electrical architecture, which is expected to enhance future revenue from R&D services [1]. - The new generation P7 has begun pre-sales, with initial order data exceeding previous models, indicating strong market interest [2]. Group 4: Cost Management and Product Strategy - R&D and sales management expenses for Q2 were 2.21 billion and 2.17 billion yuan respectively, both increasing by 11.4% quarter-on-quarter [2]. - The overall expense ratio (R&D + sales and management expenses) was 23.9%, a decrease of 0.9 percentage points from the previous quarter [2]. - The company plans to focus more on exterior design and has introduced a new product cycle with the upcoming launch of the X9 model, aiming to enhance product structure, ASP, and gross margins [2].
小鹏汽车-W(9868.HK)：二季度汽车毛利率改善 后续新车周期依旧较强