小鹏汽车系列十四-一季报点评：一季度销量同比增长331%，MONA M03新版本上市1小时大定破万台【国信汽车】

Core Viewpoint - Xiaopeng Motors has demonstrated significant growth in Q1 2025, with a notable increase in sales and revenue, indicating a strong market position and effective product strategy [3][4][10]. Financial Performance - In Q1 2025, Xiaopeng Motors achieved total revenue of 158.1 billion yuan, representing a year-on-year increase of 141.5% and a slight quarter-on-quarter decrease of 1.8% [4][11]. - The total sales volume reached 94,000 units, marking a year-on-year growth of 330.8% and a quarter-on-quarter increase of 2.7% [4][7]. - The net profit for Q1 2025 was -6.6 billion yuan, an improvement from -13.7 billion yuan in the same period last year [4][11]. Revenue Breakdown - The automotive sales revenue was 143.7 billion yuan, up 159.2% year-on-year, primarily driven by increased delivery volumes [4][11]. - Service and other revenues amounted to 14.4 billion yuan, reflecting a year-on-year growth of 43.6%, attributed to collaborations with Volkswagen Group and increased income from maintenance and financial services [4][11]. Profitability Metrics - The gross margin for Q1 2025 was 15.6%, with a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.1 percentage points [5][15]. - The automotive business gross margin was 10.5%, up 5.0 percentage points year-on-year, driven by cost reductions and economies of scale [6][15]. - The service and other profit margin was 66.4%, with a year-on-year increase of 12.5 percentage points, benefiting from high-margin technical service revenues [6][15]. Sales Guidance - For Q2 2025, Xiaopeng Motors expects to deliver between 102,000 and 108,000 vehicles, representing an annual increase of approximately 238% to 258% [7][29]. Product Launches - The new 2025 version of the Xiaopeng X9 was launched, featuring advanced AI driving capabilities and a price range of 359,800 to 419,800 yuan [8][33]. - The MONA M03 new version was launched on May 28, 2025, with a starting price of 119,800 yuan, achieving over 12,566 pre-orders within the first hour [9][36].