不犯错，是小鹏现在最正确的事丨一分钟财报

Core Viewpoint - Xiaopeng Motors has shown improvement in gross margin and a reduction in net loss, positioning itself for greater challenges in the second half of the year [1] Financial Performance - In Q1, Xiaopeng's net loss narrowed to 660 million yuan, a decrease of over 50% year-on-year and quarter-on-quarter, with free cash flow exceeding 3 billion yuan [2] - The overall gross margin reached 15.6%, an increase of 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter; the automotive gross margin was 10.5%, marking a continuous increase for seven consecutive quarters [2] - Despite a quarter-on-quarter revenue decline of 290 million yuan to 15.81 billion yuan, the new vehicle delivery volume increased by 2,500 units to 94,000 units, with the lower-priced MONA M03 accounting for 50.1% of deliveries [2] Revenue Composition - Service revenue, which has a gross margin exceeding 66%, accounted for less than 10% of Xiaopeng's total revenue but contributed nearly 40% of the gross margin, primarily from technology development services related to collaborations with Volkswagen Group [3] Future Outlook - Xiaopeng anticipates continued growth in Q2, with expected deliveries between 102,000 and 108,000 units and revenue projected to be between 17.5 billion and 18.7 billion yuan, representing a year-on-year growth of approximately 115.7% to 130.5% [4] - The company aims for over 100% growth in annual sales and plans to achieve profitability in Q4 while maintaining a scalable free cash flow [4] Competitive Landscape - Xiaopeng faces increasing competition from new entrants like Xiaomi and Li Auto, as well as traditional automakers such as Toyota, Honda, and Volkswagen, who are accelerating their new product launches [5] - The company is transitioning from full-stack self-research to a matrix-style integrated research and development approach to enhance its technological capabilities for long-term competitive success [5]