【2025半年报点评/小鹏汽车-W】Q2业绩符合预期，毛利率水平持续亮眼

Core Viewpoint - Xiaopeng Motors reported its Q2 2025 results, which met expectations, showing significant revenue growth and a narrowing net loss [2][3]. Financial Performance - Q2 2025 revenue reached 18.27 billion yuan, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [2]. - Automotive sales revenue was 16.88 billion yuan, up 147.6% year-on-year and 17.5% quarter-on-quarter, primarily due to increased deliveries [2]. - Service and other income amounted to 1.39 billion yuan, reflecting a year-on-year growth of 7.6% [2]. - The net loss for Q2 2025 was 480 million yuan, down from a net loss of 660 million yuan in Q1 2025 [2]. Profitability and Cost Management - The overall gross margin for Q2 2025 was 17.3%, an increase of 3.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [3]. - The vehicle gross margin was 14.3%, with year-on-year increases of 8.0 percentage points and quarter-on-quarter increases of 3.9 percentage points, marking eight consecutive quarters of growth [3]. - R&D expense ratio for Q2 was 12.1%, down 6.0 percentage points year-on-year [3]. - The wholesale volume for Q2 was 103,000 units, a year-on-year increase of 241.6% [3]. Strategic Developments - The company plans to optimize its model lineup and advance its smart technology [4]. - Xiaopeng Motors will enter a major product cycle with the launch of the Kunpeng Super Electric X9 in Q4 2025 [5]. - The new Ultra version models will feature three self-developed Turing AI chips, with effective computing power reaching 2250 TOPS [5]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to 83 billion, 149.4 billion, and 222.9 billion yuan, respectively, reflecting year-on-year growth rates of 103%, 80%, and 49% [6]. - Net profit forecasts for the same period have been revised to -1.3 billion, 6.8 billion, and 10.3 billion yuan, respectively [6]. - EPS for 2025, 2026, and 2027 are projected to be -0.68, 3.55, and 5.41 yuan, with corresponding PE ratios of 21 and 14 for 2026 and 2027 [6].