Core Viewpoint - Xiaopeng Motors has demonstrated outstanding performance in the increasingly competitive electric vehicle market, achieving record highs in multiple metrics in Q2 and optimistic sales forecasts for Q3, indicating strong technological innovation and market expansion capabilities [2][4]. Q2 Performance Highlights - Total revenue for Q2 reached 18.27 billion yuan, a year-on-year increase of 125.3%, driven by a significant rise in vehicle deliveries [2]. - Vehicle deliveries in Q2 amounted to 103,200 units, a staggering year-on-year increase of 241.6%, marking a historical high [2]. - Automotive sales revenue was 16.88 billion yuan, up 147.6% year-on-year and 17.5% quarter-on-quarter [2]. Profitability and R&D Investment - The gross margin for Q2 was 17.3%, an increase of 3.3 percentage points compared to the same period in 2024, with automotive gross margin at 14.3%, up 7.9 percentage points year-on-year [3]. - R&D expenditure reached 2.21 billion yuan, a year-on-year increase of 50.4%, reflecting the company's commitment to technological innovation [3]. - Sales and management expenses rose to 2.17 billion yuan [3]. Q3 Outlook - For Q3, Xiaopeng Motors expects vehicle deliveries to range between 113,000 and 118,000 units, representing a year-on-year growth of 142.8% to 153.6% [4]. - Revenue is projected to be between 19.6 billion and 21 billion yuan, a year-on-year increase of 94% to 107.9% [4]. Sales and Service Network Expansion - The sales network has expanded to cover 639 stores across 206 cities, with 1,557 self-operated charging stations, including 259 new stations in Q3 [5]. - The overseas market has seen a significant increase, with a 70% quarter-on-quarter growth in overseas sales, accounting for 15% of total sales, leading among new energy vehicle companies in export volume [5]. Strategic Focus - The company aims to focus on scale expansion, globalization, and strategic partnerships to accelerate profitability and maintain technological leadership for sustainable long-term growth [5].

Core Insights - Xiaopeng Motors reported a revenue of 34.09 billion RMB for the first half of 2025, a year-on-year increase of 132.5%, with a net loss of 1.14 billion RMB, narrowing from a loss of 2.65 billion RMB in the same period last year [1] - The company has been operating at a loss since its inception, with a cumulative loss of 42.74 billion RMB as of June 30, 2025 [1] - Vehicle deliveries reached 197,189 units in the first half of 2025, a 279% increase from 52,028 units in the same period last year [1] Financial Performance - In Q2 2025, Xiaopeng Motors achieved a revenue of 18.27 billion RMB, a year-on-year growth of 125.3%, with a net loss reduced to 480 million RMB [2] - The automotive gross margin for Q2 2025 was 14.3%, an increase of 3.8 percentage points from the previous quarter, while the overall company gross margin reached a historic high of 17.3% [2] - R&D expenses for the first half of 2025 were 4.19 billion RMB, up 48.6% from 2.82 billion RMB in the same period last year [2] Sales and Network Expansion - As of June 30, 2025, Xiaopeng Motors had 677 physical sales outlets covering 224 cities and a charging station network of 2,348 stations [3] - The company reported cash and cash equivalents of 47.57 billion RMB as of June 30, 2025, an increase from 41.96 billion RMB at the end of 2024 [3] Future Outlook - Xiaopeng Motors anticipates Q3 2025 vehicle deliveries to be between 113,000 and 118,000 units, representing a year-on-year growth of approximately 142.8% to 153.6% [3] - Total revenue for Q3 2025 is projected to be between 19.6 billion and 21 billion RMB, reflecting a year-on-year increase of approximately 94% to 107.9% [3]

小鹏汽车董事长及首席执行官何小鹏表示："2025年二季度，小鹏汽车的各项核心业务和财务指标，包 括销量、收入、毛利率、在手现金，都达到了历史最佳水平。我们在2025年全面完成了智能化和电动化 新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势能，加 速规模增长。" 智通财经APP获悉，周二，小鹏汽车(XPEV.US)涨逾4%，报20.76美元。消息面上，小鹏汽车发布2025 年中期业绩公告。报告期内，小鹏汽车汽车交付量为19.72万辆，同比增长279.0%；总收入为340.9亿 元，同比增长132.5%；毛利率为16.5%，上年同期为13.5%；净亏损为11.4亿元，较上年同期净亏损 26.53亿元，同比缩窄56.95%。 小鹏汽车预计第三季度营收196亿元至210亿元。 ...

小鹏汽车-W(09868)发布截至2025年6月30日止6个月的中期业绩，该集团取得总收入人民币340.85亿元 (单位下同)，同比增加132.51%;XPeng Inc.普通股股东应占净亏损11.42亿元，同比减少56.95%;每股基本 亏损0.60元。 "面对行业激烈的价格竞争，我们坚持行稳致远的长线思维，经营质量快速提高，汽车毛利率连续八个 季度改善。二季度汽车毛利率环比增加3.8个百分点，达到14.3%，公司毛利率上升至17.3%，创历史新 高。"小鹏汽车副董事长及联席总裁顾宏地博士表示。"我们有信心不仅加速规模增长，而且持续改善公 司的盈利，支撑我们的研发保持行业领先并且不断突破技术的上限。" 公告称，"2025年二季度，小鹏汽车的各项核心业务和财务指标，包括销量、收入、毛利率、在手现 金，都达到了历史最佳水平。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们在2025年全面完成 了智能化和电动化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期 产生更强势能，加速规模增长。" ...

"2025年二季度，小鹏汽车的各项核心业务和财务指标，包括销量、收入、毛利率、在手现金，都达到 了历史最佳水平。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们在2025年全面完成了智能化和 电动化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势 能，加速规模增长。" "面对行业激烈的价格竞争，我们坚持行稳致远的长线思维，经营质量快速提高，汽车毛利率连续八个 季度改善。二季度汽车毛利率环比增加3.8个百分点，达到14.3%，公司毛利率上升至17.3%，创历史新 高。"小鹏汽车副董事长及联席总裁顾宏地博士表示。"我们有信心不仅加速规模增长，而且持续改善公 司的盈利，支撑我们的研发保持行业领先并且不断突破技术的上限。" 格隆汇8月19日丨小鹏汽车-W(09868.HK)发布公告，截至2025年6月30日止六个月，总收入为人民币 340.9亿元，同比上升132.5%；汽车销售收入为人民币312.5亿元，同比上升152.8%。截至2025年6月30 日止六个月，净亏损为人民币11.4亿元，相较而言，截至2024年6月30日止六个月为人民币26.5亿元。除 以股份为基础的薪酬开支及 ...

2025年第二季度小鹏汽车普通股股东应占净亏损为人民币4.8亿元(0.7亿美元)，相较而言，2024年同期 为人民币12.8亿元，而2025年第一季度为人民币6.6亿元。除以股份为基础的薪酬开支及与或有对价有关 的衍生负债的公允价值(收益)亏损外，2025年第二季度非公认会计原则小鹏汽车普通股股东应占净亏损 为人民币3.9亿元(0.5亿美元)，相较而言，2024年同期为人民币12.2亿元，而2025年第一季度为人民币 4.3亿元。 "2025年二季度，小鹏汽车的各项核心业务和财务指标，包括销量、收入、毛利率、在手现金，都达到 了历史最佳水平。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们在2025年全面完成了智能化和 电动化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势 能，加速规模增长。""面对行业激烈的价格竞争，我们坚持行稳致远的长线思维，经营质量快速提高， 汽车毛利率连续八个季度改善。二季度汽车毛利率环比增加3.8个百分点，达到14.3%，公司毛利率上升 至17.3%，创历史新高。"小鹏汽车副董事长及联席总裁顾宏地博士表示。"我们有信心不仅加速规模增 长，而且持 ...

小鹏汽车-W(09868)公布2025年第二季度的未经审计财务业绩，汽车总交付量为103,181辆，同比增加 241.6%。汽车销售收入为人民币168.8亿元(23.6亿美元)，较2024年同期上升147.6%，环比上升17.5%。 总收入为人民币182.7亿元，按年增加125.3%，环比上升15.6%。毛利率为17.3%，较2024年同期上升3.3 个百分点。普通股股东应占净亏损4.8亿元，按年收窄62.8%，按季收窄28.1%。 "2025年二季度，小鹏汽车的各项核心业务和财务指标，包括销量、收入、毛利率、在手现金，都达到 了历史最佳水平。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们在2025年全面完成了智能化和 电动化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势 能，加速规模增长。" "面对行业激烈的价格竞争，我们坚持行稳致远的长线思维，经营质量快速提高，汽车毛利率连续八个 季度改善。二季度汽车毛利率环比增加3.8个百分点，达到14.3%，公司毛利率上升至17.3%，创历史新 高。"小鹏汽车副董事长及联席总裁顾宏地博士表示。"我们有信心不仅加速规模增长，而且 ...

"2025年二季度，小鹏汽车的各项核心业务和财务指标，包括销量、收入、毛利率、在手现金，都达到 了历史最佳水平。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们在2025年全面完成了智能化和 电动化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使我们的大产品周期产生更强势 能，加速规模增长。" "面对行业激烈的价格竞争，我们坚持行稳致远的长线思维，经营质量快速提高，汽车毛利率连续八个 季度改善。二季度汽车毛利率环比增加3.8个百分点，达到14.3%，公司毛利率上升至17.3%，创历史新 高。"小鹏汽车副董事长及联席总裁顾宏地博士表示。"我们有信心不仅加速规模增长，而且持续改善公 司的盈利，支撑我们的研发保持行业领先并且不断突破技术的上限。" 智通财经APP讯，小鹏汽车-W(09868)公布2025 年第二季度的未经审计财务业绩，汽车总交付量为 103,181辆，同比增加241.6%。汽车销售收入为人民币168.8亿元(23.6亿美元)，较2024年同期上升 147.6%，环比上升17.5%。总收入为人民币182.7亿元，按年增加125.3%，环比上升15.6%。毛利率为 17.3%，较2024年同 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6][7]. Core Views - The automotive industry is transitioning into a technological era, with significant advancements in electrification, intelligence, and connectivity. The core of electrification focuses on high-energy-density batteries and integrated electric drive systems, while intelligence emphasizes data flow applications and the rise of L2+ and L3 autonomous driving capabilities [14][15]. - The report highlights the long-term growth potential of domestic brands and the opportunities in incremental components driven by the trends of electrification and intelligence [14][26]. Monthly Production and Sales Data - In July 2025, automotive production and sales reached 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [2]. - For the first ten days of August 2025, retail sales of passenger cars were 452,000 units, a year-on-year decrease of 4%, while wholesale sales were 403,000 units, a year-on-year increase of 16% [2][3]. Market Performance - The automotive sector saw a weekly increase of 3.21%, outperforming the CSI 300 index by 0.84 percentage points. Year-to-date, the sector has risen by 17.23% [3][10]. - The inventory warning index for automotive dealers in July 2025 was 57.2%, showing a year-on-year decrease of 2.2 percentage points [3]. Investment Recommendations - The report recommends focusing on domestic brands and the opportunities in incremental components, particularly in electric and intelligent sectors. Specific recommendations include: - Vehicle manufacturers: Leap Motor, JAC Motors, and Geely [4][6]. - Intelligent component suppliers: Coboda, Huayang Group, and Junsheng Electronics [4]. - Robotics: Top Group and Sanhua Intelligent Control [4]. - Domestic alternatives: Xingyu, Fuyao Glass, and Jifeng [4][6]. Key Company Earnings Forecasts - Leap Motor, Geely, and JAC Motors are rated as "Outperform" with projected earnings per share (EPS) for 2025 and 2026 showing significant growth potential [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a strong performance in H1 2025, achieving revenue of 150.28 billion, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million units, up 47.4% year-on-year. The core net profit attributable to shareholders reached 6.66 billion, reflecting a significant year-on-year growth of 102% [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 77.79 billion, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. Total sales volume for Q2 was 705,000 units, with year-on-year growth of 46.9% [7]. - The company’s market share reached 10.4% in H1 2025, marking a 2.4 percentage point increase year-on-year [7]. - The gross profit margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but an increase of 1.3 percentage points quarter-on-quarter [7]. Brand and Product Strategy - The company is entering a new product era supported by the GEA architecture, with a successful transition to new energy vehicles across its brands, including Galaxy, Lynk & Co, and Zeekr [2][7]. - In 2025, the company plans to launch 10 new energy models, with significant new releases from its various brands throughout the year [7]. Market Position and Outlook - The company is expected to maintain strong profitability due to scale effects and a solid foundation in fuel vehicles, alongside innovative overseas expansion strategies [2][7]. - The forecast for the company's net profit attributable to shareholders for 2025 is 16.1 billion, with a corresponding price-to-earnings ratio of 11.3X [7].