【小鹏汽车（XPEV.N）】盈利拐点临近，“一车双能”全新周期即将开启——2025年二季度业绩点评报告（倪昱婧/邢萍）

Core Viewpoint - The performance of XPeng Motors in Q2 2025 met expectations, showing significant revenue growth and improving gross margins, indicating a positive trend for the company moving forward [4][5]. Group 1: Financial Performance - In Q2 2025, XPeng Motors reported total revenue of 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [4]. - The gross margin improved to 17.3%, reflecting a year-on-year increase of 3.3 percentage points and a quarter-on-quarter increase of 1.7 percentage points [4]. - The Non-GAAP net loss narrowed by 68.4% year-on-year and 9.5% quarter-on-quarter to 390 million [4]. Group 2: Business Operations - XPeng's automotive business revenue reached 16.88 billion in Q2 2025, with a year-on-year increase of 147.6% and a quarter-on-quarter increase of 17.5% [5]. - The average selling price (ASP) decreased by 27.5% year-on-year but increased by 7.1% quarter-on-quarter to 164,000 [5]. - Vehicle deliveries surged by 241.6% year-on-year and 9.8% quarter-on-quarter to 103,000 units [5]. Group 3: Future Outlook - The management anticipates the delivery of new models G7 and P7 in Q3 2025, with P7 pre-orders breaking historical records [6]. - The first Kunpeng super electric vehicle model, X9, is expected to launch in Q4 2025 [6]. - The company is focusing on AI technology upgrades and plans to produce L4 level vehicles by 2026, enhancing its technological leadership in the industry [6].