苦尽甘来，小鹏要变展翅“大鹏”？

Core Viewpoint - Xiaopeng Motors' Q1 2025 financial performance met expectations, with marginal improvements in Q2 guidance, indicating a positive trend in sales and profitability [3][6]. Financial Performance - Q1 2025 total revenue reached 158.1 billion, aligning with market expectations, while overall gross margin was 15.6%, exceeding the anticipated 14.8% [5][29]. - The vehicle gross margin stood at 10.5%, slightly above the market expectation of 10%, despite a decline in average selling price due to increased sales of lower-priced models [15][29]. - Non-GAAP operating loss was -8 billion, better than the expected -18 billion, primarily due to a 5.4 billion contribution from other income, mainly government subsidies [38]. Sales Guidance - Q2 sales guidance is set at 102,000 to 108,000 units, indicating stable performance compared to April's actual sales of 35,000 units [6][24]. - The implied average monthly sales for May and June are projected to be between 33,500 and 36,500 units, reflecting a steady outlook [24]. Product Cycle and Innovation - Xiaopeng's product cycle is robust, with several new models expected to launch in Q3, including the Mona M03 and G7, which are anticipated to drive sales growth [7][13]. - The company is focusing on enhancing its supply chain efficiency and R&D capabilities, with a quarterly R&D expenditure of 19.8 billion, slightly above market expectations [34][35]. Market Position and Strategy - Xiaopeng is positioned as a strong player in the new energy vehicle sector, with a clear strategy to leverage its intelligent driving technology and product innovation to capture market share [7][10]. - The introduction of range-extended models is expected to address market demand for longer-range electric vehicles, potentially underestimating their sales potential [9][13]. Cost Management - The company has effectively controlled operational costs, with selling and administrative expenses at 19.5 billion, in line with expectations [34][37]. - The gross margin for service and other business segments reached 66.4%, driven by technology service fees from partnerships, indicating a strong revenue stream [30].