Core Viewpoint - Xiaopeng G7 officially launched on July 3, with three models priced between 195,800 to 225,800 RMB, reflecting a price reduction of 40,000 RMB from the pre-sale price, exceeding expectations [1][4] Pricing and Market Position - Xiaopeng G7 focuses on family use, comfort, and smart technology, showcasing competitive advantages in the mid-to-high-end pure electric SUV market [1] - Competing models in the 200,000 to 300,000 RMB range include Xiaomi YU7, Tesla Model Y, and others, with Xiaopeng G7 offering significant price advantages [1] - Xiaopeng G7's pricing is notably lower than that of Tesla Model Y (263,500 to 313,500 RMB) and Xiaomi YU7 (223,500 to 329,900 RMB) [1] Product Features and Technology - Xiaopeng G7 boasts superior space and intelligence compared to Tesla Model Y, with dimensions of 4892/1925/1655mm and a wheelbase of 2890mm [2] - The vehicle is equipped with three self-developed Turing AI chips, achieving a total computing power of over 2200 TOPS, enhancing driving intelligence and user experience [3] - G7 features a single motor rear-wheel drive layout with a maximum power of 218 kW, a top speed of 202 km/h, and a CLTC range of 702 km, supported by an 80.8 kWh lithium iron phosphate battery [3] Sales Performance and Future Outlook - Xiaopeng Motors achieved cumulative deliveries of over 197,000 units in the first half of 2025, a year-on-year increase of 279%, with a target achievement rate of 56% [4] - The launch of G7 is expected to sustain sales momentum in the second half of the year, alongside the upcoming release of new models and a hybrid vehicle [4] - The company maintains a buy rating and a target price of 134.69 HKD, anticipating growth in sales, average selling price (ASP), and gross margin [4]

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868 HK) with a target price of HKD 134.69, indicating a potential upside of 82.1% from the current price of HKD 73.95 [9][11]. Core Insights - The launch of the XPeng G7 on July 3, 2025, features three models with prices ranging from RMB 195,800 to RMB 225,800, showcasing a significant price reduction of RMB 40,000 from the pre-launch price [3]. - The XPeng G7 is positioned as a competitive option in the mid-to-high-end pure electric SUV market, emphasizing value for money, comfort, and advanced technology [3]. - The report highlights the G7's superior space and intelligent features compared to competitors like the Xiaomi YU7 and Tesla Model Y, with a focus on its AI capabilities and overall driving experience [3][4]. Summary by Sections Product Launch - The XPeng G7 was officially launched with three variants priced between RMB 195,800 and RMB 225,800, with the 702 km range version prioritized for delivery [3]. - The pricing strategy reflects a competitive edge against similar models in the market, particularly against the Xiaomi YU7 and Tesla Model Y [3]. Competitive Analysis - The G7's pricing is significantly lower than that of the Tesla Model Y (RMB 263,500 to RMB 313,500) and Xiaomi YU7 (RMB 223,500 to RMB 329,900), enhancing its attractiveness in the market [3][4]. - In terms of specifications, the G7 offers a larger body size and superior intelligent features, including three self-developed AI chips with a total computing power exceeding 2200 TOPS [3][4]. Performance and Technology - The G7 features a single rear motor with a maximum power of 218 kW, a top speed of 202 km/h, and a battery capacity of 80.8 kWh, achieving a CLTC range of 702 km [3]. - The vehicle supports 800V fast charging, allowing a charge from 10% to 80% in just 18 minutes, enhancing its long-distance travel convenience [3]. Market Outlook - XPeng Motors has delivered over 197,000 vehicles in the first half of 2025, representing a year-on-year growth of 279%, achieving 56% of its annual target [3]. - The report anticipates continued sales growth with the introduction of new models and the upcoming launch of the XPeng Kunpeng hybrid model in Q4 2025 [3].

Key Points - The article discusses various companies and industry developments, highlighting significant events and trends in the tech and automotive sectors. Group 1: Company Developments - Romoss has reportedly notified employees of a complete shutdown and stated that salaries will only be paid until June, but the company denied rumors of bankruptcy [4][5] - ByteDance has produced over 1,000 robots in two and a half years, with a long-term goal of achieving embodied intelligence [8][9] - Gree's marketing director claimed that the best air conditioner in the world is made by Gree, emphasizing the company's commitment to quality [10] - ByteDance's multi-dimensional table AI product head Wang Xuan has left the company to pursue a new venture in AI hardware [12] - Honor's product line president expressed excitement about competing with Apple in the foldable phone market, indicating that Honor's technology is advanced [13] Group 2: Industry Trends - The new player "Starry Sky Plan" is set to complete its factory by 2026 and aims to launch its first high-end electric SUV in 2027 [14][15] - Microsoft has faced internal dissatisfaction following layoffs in its Xbox division, despite reporting strong profits [32] - TikTok has initiated another round of layoffs in its U.S. e-commerce department, citing the need for operational adjustments [33][34] - JD.com has entered the autonomous vehicle market with its self-developed unmanned light truck, targeting the traditional 4.2-meter truck replacement market [20][21] - Changan Automobile plans to establish a factory in Europe to support its sales strategy, with a focus on local production [25][26]

Industry - Multiple automotive companies have collectively committed to reducing supplier payment terms to within 60 days, which is seen as a significant change in the competitive logic of the automotive supply chain [9] - The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission have initiated measures to stabilize the supply chain and promote high-quality development in the automotive industry [9] - The IPO process for new energy vehicle companies is slowing down, with some companies halting their listings due to stricter scrutiny and changing market conditions [10] Company - BYD has announced a unified payment term of 60 days for its suppliers, following the trend set by other automotive companies [10] - Insta360, known as "the global leader in smart imaging," debuted on the STAR Market with a stock price increase of 274.44%, reaching a market capitalization of approximately 70.977 billion [13] - Ying Tong Holdings is aiming to become "China's first fragrance stock" and is heavily reliant on brand licensing agreements with international luxury brands [18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The global first L3 level AI car, the Xiaopeng G7, was officially launched on June 11, 2025, with a starting pre-sale price of 235,800 RMB. The G7 will feature three self-developed Turing AI chips, achieving a computing power exceeding 2200 Tops, making it the first L3 level computing vehicle in the industry. The intelligent driving capabilities are expected to lead the market, and with the new vehicle cycle and enhanced marketing strategies, the company's sales are anticipated to accelerate [2][6]. Summary by Sections Company Overview - Xiaopeng G7 is positioned as an AI smart family SUV, with dimensions of 4892mm in length, 1925mm in width, and 1655mm in height, and a wheelbase of 2890mm. The vehicle features a family design style, a trunk capacity of 819 liters, and includes a dry-wet separated front trunk. It is equipped with advanced technology such as a collaboration with Huawei for an AR-HUD and a 9-inch streaming rearview mirror [9]. Sales and Financial Projections - The expected delivery volume for Q2 2025 is between 102,000 to 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Projected revenue for the same period is estimated to be between 17.5 billion to 18.7 billion RMB, reflecting a year-on-year increase of 115.7% to 130.5%. The company is entering a strong new vehicle cycle, with multiple new models expected to launch and enhance sales [9]. Competitive Positioning - The Xiaopeng G7 is expected to compete with models such as Tesla Model Y, Leado L60, and Xiaomi YU7. Its advantages in intelligence, space, and power are anticipated to make it a popular choice in the 250,000 RMB electric SUV segment [9]. Future Outlook - The company is expected to achieve a revenue of 99.1 billion RMB in 2025, with a price-to-sales ratio of 1.4X. The software revenue is projected to significantly improve financial performance, and the company is entering a new vehicle cycle, justifying the "Buy" rating [9].