告别极客浪漫，小鹏逼近季度盈利丨一分钟财报

Core Viewpoint - Xiaopeng Motors aims to achieve its first quarterly profit in Q4 of this year, supported by strong performance in Q2 with significant reductions in operating and net losses [5][12]. Financial Performance - In Q2, Xiaopeng reported an operating loss of 930 million yuan, a year-on-year decrease of 41.9%, and a net loss of 480 million yuan, down 62.8%, marking the best performance since its IPO [5]. - Total gross profit reached 3.17 billion yuan, a year-on-year increase of 1.8 times, with the automotive business contributing 2.42 billion yuan, up 4.6 times [6]. - The sales and management expense ratio improved to 11.9%, a decrease of 7.5 percentage points year-on-year [6]. Sales and Production - Xiaopeng's monthly sales are expected to stabilize at over 40,000 units starting in September, driven by new model deliveries [4][7]. - The average selling price per vehicle dropped to 153,000 yuan due to the introduction of lower-priced models, but it rebounded to 164,000 yuan in Q2 as new models were delivered [7]. Cash Flow and Financial Health - Xiaopeng's free cash flow exceeded 2 billion yuan in Q2, with cash reserves increasing by 2.29 billion yuan to a historical high of 47.57 billion yuan [12]. - The company expects Q3 new vehicle deliveries to range from 113,000 to 118,000 units, representing a year-on-year growth of 142.8% to 153.6% [12]. Strategic Initiatives - Starting in Q4, Xiaopeng will enter a new product cycle with the launch of the extended-range X9, aiming to enhance profitability through advanced AI-assisted driving capabilities [12]. - The collaboration with Volkswagen is seen as a key differentiator, allowing Xiaopeng to dilute initial high costs more effectively [12][13]. - The company is shifting focus from merely pursuing high-profile models to strengthening its operational efficiency and product quality [13].