Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The controlling shareholder, He Xiaopeng, increased his stake in the company, purchasing a total of 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share, resulting in an ownership of approximately 18.9% [2][4]. - The company is expected to see accelerated sales growth due to its leading smart driving capabilities, a strong new vehicle cycle, channel transformation, and enhanced marketing systems [2][8]. - The financial outlook is positive, with anticipated improvements driven by scale expansion, cost reductions from platform and technology, and the ongoing growth of software profitability and international sales [2][8]. Summary by Sections Event Description - On August 21, 2025, the company announced that He Xiaopeng purchased 3.1 million Class A ordinary shares through his wholly-owned company, Galaxy Dynasty Limited, at an average price of HKD 80.49 per share [4]. Sales and Financial Performance - The company reported a Q2 automotive gross margin of 14.3%, exceeding expectations, and anticipates Q3 delivery volumes of 113,000 to 118,000 vehicles, representing a year-on-year growth of 142.8% to 153.6% [8]. - Expected revenue for Q3 is projected to be between CNY 19.6 billion and CNY 21 billion, reflecting a year-on-year increase of 94.0% to 107.9% [8]. - The new models, including the P7 and G6, have received strong market responses, with pre-sales exceeding 10,000 units within minutes [8]. Strategic Partnerships and Market Expansion - The company is deepening its collaboration with Volkswagen, expanding the partnership to include traditional fuel and hybrid vehicles, which is expected to enhance service revenue [8]. - International sales have surged, with Q2 2025 overseas sales reaching 11,000 units, a year-on-year increase of 150.2% and a quarter-on-quarter increase of 45.6% [8].
小鹏汽车-W（09868）：何小鹏增持公司股份，彰显发展前景及信心