Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - On May 28, 2025, the company launched the MONA M03 MAX version, which includes two models: the 502 Long Range Max priced at 129,800 yuan and the 600 Ultra Long Range Max priced at 139,800 yuan. These models feature the full-version AI Tianji system and Turing driving assistance, achieving the strongest urban intelligent driving assistance capabilities in their class. The company is expected to accelerate sales due to a strong new vehicle cycle, channel transformation, and enhanced marketing systems. Financial performance is anticipated to improve continuously due to scale enhancement, cost reduction from platforms and technologies, and the expansion of software profitability models alongside ongoing international growth [2][4][9]. Summary by Sections Event Description - The MONA M03 MAX version was officially launched on May 28, 2025, featuring two models with prices of 129,800 yuan and 139,800 yuan, equipped with advanced AI systems and driving assistance technologies [4]. Sales and Financial Projections - The expected delivery volume for Q2 2025 is between 102,000 and 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Projected revenue for this period is between 17.5 billion and 18.7 billion yuan, reflecting a year-on-year increase of 115.7% to 130.5%. The company anticipates a strong new vehicle cycle with multiple new models set to launch, which is expected to enhance sales further [6][9]. Competitive Advantage - The MONA M03 Max is the first in its class to feature dual Orin-X chips, providing a computing power of 508 TOPS, significantly surpassing competitors. The intelligent driving capabilities are designed to adapt to driver styles, allowing for seamless control transfer between the driver and the vehicle [9]. Future Outlook - The company expects to achieve a single-quarter profit turnaround by Q4 2025, with an overall positive cash flow for the year. The anticipated revenue for 2025 is projected to reach 99.1 billion yuan, corresponding to a price-to-sales ratio of 1.3X, indicating a significant improvement in financial performance as the company enters a new vehicle cycle [9].

机构：民生证券 研究员：崔琰/乔木 事件：公司发布2025Q1 财报：2025Q1 实现单季营收158.1 亿元，同比/环比分别为+141.5%/-1.8%。 2025Q1 汽车业务毛利率为+10.5%，同比/环比分别为+5.0pts/+0.5pts。2025Q1non-GAAP 归母净利润 为-4.3 亿元，同环比减亏69.8%/69.4%。 毛利率超预期 经营质量持续优化 营收端：2025Q1 实现单季营收入158.1 亿元，同比/环比分别为+141.5%/-1.8%。其中2025Q1 汽车业务 收入为143.7 亿元，同比/环比分别为+159.2%/-2.1%，主要由于交付量的增加所致。2025Q1 单车ASP 由 2024Q4 的16.03 万元下降至15.29 万元。其他业务方面，2025Q1 营收达到14.4 亿元，同比/环比分别为 +43.6%/+0.5%；同比增加主要由于与大众汽车集团进行平台与软件战略以及电子电气架构技术战略合 作有关的技术研发服务收入增加所致。 利润端：毛利方面，2025Q1 汽车业务毛利为15.1 亿元；汽车业务毛利率为+10.5%，同比/环比分别为 +5.0pts/+0 ...

Core Viewpoint - Xiaopeng Motors has shown significant growth in Q1 2023, with a 330.8% year-on-year increase in delivery volume, leading to improved revenue and gross profit, positioning the company on the brink of profitability [2][3]. Financial Performance - In Q1 2023, Xiaopeng's total revenue reached 15.81 billion yuan, a 141.5% increase year-on-year, with automotive sales revenue accounting for 14.37 billion yuan, up 159.2% [3]. - The company delivered 94,000 vehicles in Q1, contributing to a gross margin of 15.6%, with automotive gross margin at 10.5% [3]. - The average cost per vehicle was 137,000 yuan, while the average selling price was 153,000 yuan, resulting in a vehicle gross profit of approximately 16,000 yuan [3]. Investment in R&D and Expenses - Xiaopeng increased its R&D expenditure to 1.98 billion yuan, a 46.7% rise, primarily for expanding its product lineup and developing new technologies [5]. - Selling, general, and administrative expenses rose to 1.95 billion yuan, a 40.2% increase, driven by higher commissions due to increased sales [5]. - The net loss for Q1 was 660 million yuan, but this represented a 51.5% reduction year-on-year due to rapid delivery growth [5]. Future Outlook - For Q2 2023, Xiaopeng expects vehicle deliveries between 102,000 and 108,000 units, a year-on-year increase of 237.7% to 257.5%, with total revenue projected between 17.5 billion and 18.7 billion yuan [5]. - The company aims for over double the sales volume for the full year 2025 and anticipates achieving positive free cash flow by the end of the year [5]. New Product Launches - Xiaopeng plans to upgrade five models in Q2 and introduce two new models in Q3, focusing on higher price segments with better gross margins [6]. - The MONA M03 Max will be launched on May 28, featuring advanced AI driving assistance, while the G7 SUV will be pre-released in June [7]. International Expansion - Xiaopeng aims to enter over 60 countries and regions by the end of the year, targeting 50% of sales from overseas markets in the next decade [9]. - In Q1, the company exported 7,615 vehicles, with overseas sales increasing by over 370% year-on-year, and opened more than 40 new stores internationally [9].

0 1 事 件 概 述 利润端： 毛利方面， 2025Q1 汽车业务毛利为 15.1 亿元；汽车业务毛利率为 +10.5% ，同比 / 环比分别为 +5.0pts/+0.5pts 。 2025Q1 总毛利为 24.6 亿元， 2025Q1 毛利率为 +15.6% ，同比 / 环比分别为 +2.7pts /+1.1pts 。 2025Q1 整体毛利率变化的主要原因为 1 ）销量增长带动整车成本的持续下降与规模经济效益所致 2 ）部分增 长被产品升级导致的存货减值准备和采购承诺亏损所抵消。 ► 费用稳健改善 业绩展望向好 费用端： 2025Q1 研发费用为 19.8 亿元，同比 / 环比为 +46.7%/-1.3% 。 205Q1 研发费用率为 12.5% ，同 比 -8.1pts ，环比持平。 2025Q1 销管费用为 19.5 亿元，同比 / 环比分别为 +40.2%/-14.5% ，同比增加的主 要由于销量增加导致加盟店佣金增加，环比下降主要由于营销和广告费用开支减少， 2025Q1 销管费率为 12.3% ，同比 / 环比为 -8.9pts/-1.8pts 。。 渠道端： 截至 2025Q1 ，公司拥有 ...

5月21日，小鹏交出2025年一季度的成绩单。当季小鹏亏损额缩小至6.6亿元，远低于市场预期的13.86亿元。 其他方面的财务指标也都有着相对不错的表现。数据显示，小鹏本季度的营收为158亿元，相比去年同期65.5亿元增长了141.5%；现金储备规模452.8亿 元，环比增长33.2亿元；在毛利率方面，小鹏连续七个季度提升，在今年一季度达到15.6%，创下历史新高。 作者 | 王小娟 编辑 | 柴旭晨 去年，奋力从坑里爬出来的小鹏，今年的关键词已经变成了盈利。 不过，小鹏畅的畅销离不开的一个关键词——降价。从一季度财报来看，小鹏的单车均价为15.3万元，环比下滑了0.7万元。这其实从报告期内主力车型的 价格就可以推测得知。 亮眼的财报叠加乐观的预期，资本市场也很快给出了积极的反馈。 美东时间5月21日开盘后，小鹏汽车美股股价一度涨超16%，截至美股收盘上涨13%，市值一晚上增加超170亿人民币，比一季度的营收还要多。 投资机构也都给出积极的预期。摩根士丹利认为，小鹏正在展现出"结构性修复"和"盈利路径清晰化"的信号。强劲的产品交付节奏、毛利率回升和充足的 现金流，共同增强了其在AI与智能驾驶方面持续投入的可行 ...

5月21日晚，小鹏汽车-W（09868.HK）召开业绩会。同日稍早，小鹏汽车刚刚发布了第一季度业绩，单 季销量同比增长3.3倍至9.4万台，取得新势力销量第一，营收同比增长1.4倍至158亿元，成绩相当亮 眼。 业绩会上，何小鹏认为，强劲的增长势能在2025年将会持续。他的依据是，今年第二季度，小鹏汽车将 完成5个车型的年款升级或者增配，在三季度会有两款全新的重磅车型开始交付和放量。 具体来看，今年6月，小鹏汽车将推出全新车型小鹏G7。何小鹏认为，G7会是25万级别SUV市场非常有 竞争力的新产品。此外，今年第三季度小鹏还将推出30万级别豪华运动轿跑、全新一代小鹏P7。 据了解，5月28日，小鹏汽车即将发布MONA M03 Max满血版本，将图灵AI辅助驾驶首次普及到15万级 产品。何小鹏指出，目前市面上15万级别的产品所搭载的智驾功能基本上都是高速或者城市记忆驾驶， 他认为都不是"满血版"，他期望满血版的智能辅助驾驶在15万级的用户比例"越高越好"。 关于MONA系列，何小鹏透露，在2026年会推出MONA系列更多车型，该系列针对年轻用户，会做到 高颜值、强智能化。"我相信明年大家会看到，MONA系列会成为 ...

金十数据5月21日讯，在今日的财报电话会上，小鹏汽车董事长何小鹏透露，全新车型G7将于6月亮 相，目标进军25万级SUV市场。三季度，小鹏还将推出30万级豪华运动轿跑，全新一代P7。四季度， 小鹏将有鲲鹏超级电动车型逐步进入量产，从而实现"一车双能"。 何小鹏：全新车型G7将于6月亮相，目标进军25万级SUV市场 ...