小鹏汽车系列十五-中报点评：单二季度销量同比增长242%，小鹏G7、全新P7搭载图灵芯片上市【国信汽车】

Core Viewpoints - Xiaopeng Motors aims to establish itself in the mid-to-high-end market by leveraging intelligent technology and innovative product offerings [3] Financial Performance - In Q2 2025, Xiaopeng Motors achieved revenue of 183 billion yuan, a year-on-year increase of 125% [4] - The total sales volume for Q2 2025 reached 103,000 units, representing a year-on-year growth of 241.6% [8] - For the first half of 2025, the company reported a total sales volume of 197,000 units, up 279% year-on-year, with total revenue of 340.9 billion yuan, a 132.5% increase [12] Profitability Metrics - In Q2 2025, the gross margin and net margin were 17.3% and -2.6%, respectively, showing improvements of 3.3 and 13.2 percentage points year-on-year [6] - The automotive gross margin for Q2 2025 was 14.3%, reflecting a year-on-year increase of 7.9 percentage points [21] Product Launches and Innovations - The Xiaopeng G7 was officially launched on July 3, 2025, featuring advanced technologies such as the Turing chip and AR-HUD [10][32] - The all-new Xiaopeng P7 was launched on August 27, 2025, with a focus on AI luxury and equipped with three self-developed Turing AI chips [40] Strategic Partnerships - On August 15, 2025, Xiaopeng Motors signed an expanded strategic cooperation agreement with Volkswagen Group to enhance their electronic and electrical architecture technology [36]