交银国际研报称，小鹏汽车2Q25汽车毛利率14.3%，环比大幅改善3.9个百分点，超市场和该机构的预 期。二季度公司净亏损4.8亿元/non-GAAP净亏损3.8亿元(人民币)，亏损按季进一步收窄。该机构维持盈 利预测，预计随着新车/改款车上市，特别是一车双能车型在4季度和明年上市，销量有望持续增长。受 益于智驾普及和新车上量，季度盈利有望转正，同时考虑小鹏在人工智能/低空经济/RoboTaxi/人形机器 人的布局，有望对股价产生正面影响，估值中枢上移。 智通财经APP获悉，周四，小鹏汽车(XPEV.US)大涨近9%，报22.19美元。消息面上，该公司创始人何 小鹏于2025年8月20日至2025年8月21日通过全资拥有的Galaxy Dynasty Limited增持310万股港股股份， 此次增持体现了管理层对公司未来发展的信心。 ...

周四，小鹏汽车(XPEV.US)大涨近9%，报22.19美元。消息面上，该公司创始人何小鹏于2025年8月20日 至2025年8月21日通过全资拥有的Galaxy Dynasty Limited增持310万股港股股份，此次增持体现了管理层 对公司未来发展的信心。 交银国际研报称，小鹏汽车2Q25汽车毛利率14.3%，环比大幅改善3.9个百分点，超市场和该机构的预 期。二季度公司净亏损4.8亿元/non-GAAP净亏损3.8亿元(人民币)，亏损按季进一步收窄。该机构维持盈 利预测，预计随着新车/改款车上市，特别是一车双能车型在4季度和明年上市，销量有望持续增长。受 益于智驾普及和新车上量，季度盈利有望转正，同时考虑小鹏在人工智能/低空经济/RoboTaxi/人形机器 人的布局，有望对股价产生正面影响，估值中枢上移。 ...

Core Viewpoint - Xiaopeng Motors reported better-than-expected automotive gross margins in Q2 2025, with revenue of 18.27 billion RMB, a 15.6% increase quarter-on-quarter, and vehicle sales of 103,000 units, a 9.8% increase quarter-on-quarter [1] Group 1: Financial Performance - Q2 2025 automotive gross margin reached 14.3%, a significant improvement of 3.9 percentage points quarter-on-quarter, exceeding market expectations [1] - R&D and sales expenses increased by 11.4% quarter-on-quarter, but were lower than revenue growth, leading to a slight decrease in expense ratio [1] - The company reported a net loss of 480 million RMB and a non-GAAP net loss of 380 million RMB, with losses narrowing further quarter-on-quarter [1] Group 2: Future Guidance - For Q3 2025, the company expects revenue between 19.6 billion and 21 billion RMB, indicating a quarter-on-quarter growth of approximately 11.9% [2] - Expected delivery volume for Q3 2025 is between 113,000 and 118,000 units, reflecting a quarter-on-quarter growth of about 11.1% [2] - The anticipated average selling price (ASP) for Q3 2025 is around 170,000 RMB, a slight increase of 6,000 RMB quarter-on-quarter, suggesting potential improvements in vehicle mix and gross margin [2] Group 3: Strategic Developments - The company maintains its guidance for profitability in Q4 2025, with expectations for continued upward trends in ASP and gross margin [2] - The new generation P7 has been unveiled and is set for delivery in Q3 2025 to Q4 2025, while the "Kunpeng Super Electric System" is expected to enter mass production in Q4 2025 [2] - The self-developed Turing chip is set to be deployed in Q3 2025, with plans to extend its application to robotics and other product lines by 2026 [2] Group 4: Investment Outlook - The company is viewed as a high-certainty investment among new energy vehicle manufacturers, with expectations for continued sales growth driven by new and updated models [3] - The potential for quarterly profitability is anticipated due to the proliferation of intelligent driving and new vehicle launches [3] - The company's strategic positioning in artificial intelligence, low-altitude economy, RoboTaxi, and humanoid robots is expected to positively impact stock prices and elevate valuation [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 134.69, indicating a potential upside of 74.8% from the current price of HKD 77.05 [3][11]. Core Insights - The automotive gross margin exceeded expectations, with Q2 2025 revenue reaching RMB 18.27 billion, a quarter-on-quarter increase of 15.6%. Vehicle sales were 103,181 units, up 9.8% quarter-on-quarter. The average selling price (ASP) was RMB 164,000, reflecting a slight increase of RMB 1,100 [2][8]. - The company expects Q3 2025 revenue to be between RMB 19.6 billion and RMB 21 billion, with a median quarter-on-quarter growth of approximately 11.9%. The expected delivery volume is between 113,000 and 118,000 units, indicating a median quarter-on-quarter growth of about 11.1% [2][8]. - The company maintains its guidance for profitability in Q4 2025, supported by the launch of new models and improvements in vehicle structure [2][8]. Financial Overview - Revenue projections for the company are as follows: RMB 30.68 billion in 2023, RMB 40.87 billion in 2024, RMB 86.17 billion in 2025, RMB 113.34 billion in 2026, and RMB 125.49 billion in 2027, with significant growth rates expected [7][13]. - The company anticipates a net loss of RMB 10.38 billion in 2023, narrowing to RMB 5.79 billion in 2024, and expects to achieve a profit of RMB 1.5 billion by 2026 [7][13]. - The gross margin is projected to improve significantly, with expectations of 14.3% in 2025 and further increases in subsequent years [15]. Market Position and Future Outlook - The company is optimistic about the upcoming "Kunpeng Super Electric System" and the first range-extended/pure electric platform, which are expected to enter mass production in Q4 2025, contributing positively to gross margins [2][8]. - The introduction of the new generation P7 and the gradual rollout of self-developed Turing chips are expected to support short-term ASP and gross margin improvements [2][8]. - The company is positioned as a high-certainty investment among new energy vehicle manufacturers, with anticipated sales growth driven by the introduction of new models and advancements in autonomous driving technology [2][8].

RT Amy (@_SFTahoe)TECH DEBT VS TECH LEADTesla has an overwhelming tech lead; Waymo has an overwhelming tech debt. But yet, most of WS thinks Waymo and Tesla’s FSD stacks will magically “converge”.SPOILER ALERT: They won’t. All the appendages (ie unnecessary extra sensors) on Waymo dramatically increase the complexity of training neural nets.IMO, TSLA won’t rerate until WS gets tech savvy-or (more likely) when RoboTaxi is in multiple cities. WS needs to see RoboTaxi in action because they don’t “get” AI. ...

Core Insights - Tesla's Model Y is set to be launched in June for a fully autonomous ride-hailing service (RoboTaxi) in Austin, Texas [1] - The launch will involve the establishment of a "localized parameter setting" in Austin, which is interpreted by Bloomberg reporters as a geofencing strategy [1]