Summary of Xiaopeng Motors Conference Call Company Overview - Xiaopeng Motors delivered 197,000 vehicles in the first half of 2025, representing a year-on-year increase of 279% [2][4] - The company achieved a revenue of 18.27 billion yuan in Q2 2025, up 125.3% year-on-year [2][4] - Xiaopeng's gross margin improved significantly, rising from a negative margin in 2023 to 17.3% in Q2 2025, with automotive gross margin at 14.3% [2][5] Strategic Partnerships - Xiaopeng has a strategic partnership with Volkswagen, which includes the development of new vehicles based on the G9 platform and the licensing of the EA architecture [2][6] - The EA architecture licensing is expected to generate high-margin revenue starting in 2027, linked to Volkswagen's sales in China, potentially impacting over 2 million vehicles [6][11] Research and Development - The company maintains a high level of R&D investment, with approximately 4.2 billion yuan spent in the first half of 2025 [2][7] - Despite high R&D spending, the R&D expense ratio is decreasing due to faster revenue growth, which is expected to enhance profitability [7] Future Outlook - Xiaopeng aims to achieve positive net profit attributable to shareholders by Q4 2025, supported by the launch of new products and improved cost control [2][8] - The company plans to introduce five to six new models in 2025, indicating a strong product cycle [8] Product Matrix - Xiaopeng's product lineup includes sedans, MPVs, and SUVs, with models ranging from budget to high-end [9] - The G9 model is positioned in the MPV segment, with a monthly sales volume of approximately 2,000 units [9] Technological Innovations - The introduction of the "Fuyiao" architecture has reduced new vehicle development cycles by 20% and increased parts commonality to 80% [10] - Xiaopeng's self-developed Turing chip has a computing power of over 2000 TOPS, supporting advanced autonomous driving capabilities [12] International Expansion - Xiaopeng has begun sales in Australia, the UK, and Southeast Asia, with plans to introduce more models internationally [14] - The company is also developing humanoid robots and plans to launch an L4 level Robotaxi product by 2026 [13][14] Investment Perspective - Xiaopeng is currently in a strong product cycle with optimistic future sales performance and potential for valuation increase [15]

Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors (9868.HK) with a target price of HKD 80.45, indicating a strong potential for stock performance in the upcoming months [1][13]. Core Insights - Xiaopeng Motors reported a significant improvement in gross margins for its automotive business in Q2 2025, with a gross margin of 14.3%, an increase of nearly 4 percentage points quarter-over-quarter. The company also achieved a delivery volume of 103,181 units, reflecting a year-over-year growth of 241.6% [3][6]. - The company’s revenue for Q2 2025 reached CNY 18.27 billion, marking a year-over-year increase of 125.3% and a quarter-over-quarter increase of 15.6%. The net profit attributable to shareholders was a loss of CNY 480 million, which narrowed by 62.8% year-over-year [3][6]. Financial Performance Summary - **Revenue Projections**: Expected revenues for 2025 are projected at CNY 81.97 billion, with a year-over-year growth rate of 100.6% [5][11]. - **Net Profit Forecast**: The net profit forecast for 2025 is a loss of CNY 1.21 billion, improving to a profit of CNY 2.28 billion by 2026 and CNY 4.68 billion by 2027 [5][11]. - **Gross Margin Trends**: The gross margin is expected to improve from 14.3% in 2025 to 18.9% by 2027, indicating a positive trend in profitability [5][11]. - **Earnings Per Share (EPS)**: The EPS is projected to improve from -CNY 3.04 in 2024 to CNY 2.46 by 2027 [5][11]. Delivery and ASP Insights - The average selling price (ASP) of vehicles increased to CNY 164,000, attributed to a decrease in the proportion of lower-priced models and an increase in higher-priced models [6]. - The company has provided guidance for Q3 2025 deliveries between 113,000 to 118,000 units, with expected revenue between CNY 19.6 billion to CNY 21 billion [6]. Strategic Developments - Xiaopeng Motors is focusing on enhancing product design and has initiated pre-sales for the new generation P7, which has already surpassed previous models in pre-order numbers. The company plans to launch the X9 model, marking the start of a new product cycle [7][6]. - The collaboration with Volkswagen on electronic and electrical architecture is expected to boost service and other income, with Q2 2025 service revenue at CNY 1.39 billion [6]. Conclusion - The report indicates a strong outlook for Xiaopeng Motors, driven by improving margins, increasing ASP, and a robust product pipeline. The company is positioned to capitalize on its strategic initiatives and market trends in the automotive sector [6][7].

又开眼了，上市仅一周，理想 i8 紧急修改SKU。 7 月 29 日上周二，理想 i8 新车发布，共有三个版本，Pro 版售价 32.18 万元，Max 版 34.98 万元，Ultra 版 36.98 万元。 但仅仅一周后，8 月 5 日，理想汽车董事长、CEO 李想也在微博发话了：「听大家劝！咱们不纠结了，以后i8只有一个版本，标配即顶配，一口价33.98 万元」。 理想 i8 把中间的 Max 版变成了唯一的「顶配版」，直接砍掉了另外两个版本。 更尴尬的是，一些核心配置，i8 竟然还不如自家更便宜的车型理想 L6。这就让很多准备好钱包的消费者感觉「不划算」，心里犯了嘀咕： 花更多的钱，体验反而「降级」了？ 值得注意的是，理想做出这个决策时，正处于一场巨大的「舆论风暴」中。i8 上市后不久，一个关于它和乘龙卡车对撞的视频在网上疯传，引发了巨大 的争议和讨论，甚至还有关于「理想车主素质」的各种负面话题。 被认为有些执拗的李想，也开始听劝了 | 图片来源：李想微博 李想本人也大方承认，之前搞好几个版本是「惯性思维」犯了错，所以采用了当年理想 ONE 靠着「一个版本打天下」的策略。 消息发布后，截至发稿，理想港 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In July 2025, the company delivered 36,717 new vehicles, representing a year-on-year increase of 229.4% and a month-on-month increase of 6.1%. Cumulatively, from January to July 2025, the company delivered 234,000 vehicles, a year-on-year increase of 270.3% [2][4][8]. - The company is expected to see steady sales growth due to a strong new car cycle, with the MONA M03 and P7+ models contributing significantly. The company is also benefiting from cost reductions in platforms and technology, as well as an expanding software revenue model and continued growth in international markets [2][8]. Summary by Sections Sales Performance - July 2025 saw a record monthly delivery of 36,717 vehicles, with a year-on-year growth of 229.4% and a month-on-month growth of 6.1%. The total deliveries from January to July 2025 reached 234,000 vehicles, marking a year-on-year increase of 270.3% [2][4][8]. - The cumulative delivery of vehicles has surpassed 800,000 units as of July 2025. The MONA M03 model delivered over 15,000 units in July, maintaining strong sales momentum [8]. New Product Launches - The company is entering a strong new car cycle with the recent launches of the MONA M03 and P7+. The G7 model was launched on July 3, 2025, and has already seen significant pre-orders. Upcoming models, including the new generation P7 and the Kunpeng super electric vehicle, are expected to further enhance sales in the latter half of the year [8]. Financial Outlook - The company is projected to achieve a revenue of 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.2X. The software revenue is expected to show significant improvement, contributing to a positive financial outlook as the company enters a new car cycle [8].

Group 1: Market Overview - The Hang Seng Index faced downward pressure due to the implementation of tariff measures by the Trump administration, resulting in a decline of over 200 points, closing at 24,507, down 265 points or 1.1% [2][3] - The index has experienced a continuous decline for four days, with a weekly drop of 880 points or 3.5%, while the technology index fell by 4.9% [2][3] Group 2: Economic Indicators - The S&P Global reported that China's manufacturing PMI fell to 49.5 in July, down from 50.4 in the previous month, indicating a contraction in manufacturing activity [5] - The decline in new business volumes has led manufacturers to reduce production for the second time in three months, with a notable decrease in new export orders [5] Group 3: Company News - JD.com has committed to eliminating unfair competition practices in the food delivery sector, emphasizing a transparent subsidy mechanism and resisting "zero-dollar purchase" promotions [9] - Xiaopeng Motors reported a record delivery of approximately 36,700 smart electric vehicles in July, marking a year-on-year increase of 2.29 times, with total deliveries exceeding 800,000 vehicles [10] - Xiaomi's automotive division achieved over 30,000 vehicle deliveries in July, reflecting a growth of approximately 20% compared to June [11]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a total of 34,611 vehicle deliveries in June 2025, representing a year-on-year increase of 224.4% and a month-on-month increase of 3.2% [2][4]. - Cumulative vehicle deliveries for Q2 2025 reached 103,000 units, marking a year-on-year increase of 241.6% [2][4]. - The company is expected to see steady sales growth due to a strong new vehicle cycle, with the launch of models like MONA M03 and P7+ [2][7]. - The company anticipates achieving a revenue of 99.1 billion yuan in 2025, corresponding to a price-to-sales ratio of 1.2X, with significant improvements in software revenue contributing to financial performance [7]. Summary by Sections Sales Performance - In June 2025, the company delivered 34,611 vehicles, with a year-on-year growth of 224.4% and a month-on-month growth of 3.2% [2][4]. - For Q2 2025, the total vehicle deliveries reached 103,000 units, achieving a new quarterly record with a year-on-year increase of 241.6% [2][7]. New Vehicle Cycle - The launch of new models such as G6, G9, and the upcoming G7 is expected to drive sales further, with G6 and G9 already performing well in domestic and international markets [7]. - The company has initiated a strong new vehicle cycle, with multiple new models set to be released in Q3 and Q4 2025 [7]. Profitability Outlook - The company is projected to achieve a turnaround in profitability by Q4 2025, with expectations of positive free cash flow for the year [7]. - The ongoing improvements in scale, platform, and technology cost reductions, along with the expansion of software revenue models, are expected to enhance future profitability [7].

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - The company is expected to experience rapid sales growth driven by its leading AI smart driving capabilities, enhanced marketing systems, and a strong new car cycle, with multiple new models anticipated to launch in 2025 [3][8]. - The company is positioned to benefit from significant earnings elasticity due to scale improvements, cost reductions from platform and technology advancements, and the expansion of software profitability models alongside international growth [3][8]. Summary by Sections Historical Review of New Energy Vehicles and Smart Driving Trends - The transition from policy-driven to consumer-driven demand for new energy vehicles has been marked by significant technological advancements and cost reductions, leading to a rapid increase in market penetration rates [5][16]. - The report outlines three phases of development: policy-driven (pre-2019), product introduction (2020-2021), and hybrid power advancements (post-2022) [16][17]. Smart Driving Advantages and Organizational Reforms - The company is embracing AI smart driving through self-developed Turing chips and a comprehensive software ecosystem, aiming to create a robust competitive moat [6]. - Organizational reforms are being implemented to enhance management efficiency, with a focus on optimizing marketing and supply chain strategies [6]. New Car Cycle and Sales Expectations - The company is entering a new car cycle with a strategic product rollout planned for the next three years, including several key models set to launch in 2024 and 2025 [7][8]. - The anticipated new models are expected to significantly boost sales, leveraging the company's advanced smart driving technology [7]. Investment Recommendations - The report forecasts the company's revenue to reach CNY 99.1 billion in 2025, corresponding to a price-to-sales ratio of 1.4x, supported by ongoing advancements in AI smart driving and a strong new car cycle [8][10].

Core Viewpoint - Xiaopeng Motors has shown improvement in gross margin and a reduction in net loss, positioning itself to face greater challenges in the second half of the year [2][3]. Financial Performance - In Q1, Xiaopeng's net loss narrowed to 660 million yuan, a decrease of over 50% year-on-year and quarter-on-quarter, with free cash flow exceeding 3 billion yuan [3][4]. - The overall gross margin reached 15.6%, an increase of 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter; the automotive gross margin was 10.5%, marking a continuous increase for seven consecutive quarters [4]. - Despite a quarter-on-quarter revenue decline of 290 million yuan to 15.81 billion yuan, new vehicle deliveries increased by 2,500 units to 94,000 units, with the lower-priced MONA M03 accounting for 50.1% of deliveries [4]. Revenue Composition - Service revenue, which has a gross margin exceeding 66%, accounted for less than 10% of Xiaopeng's total revenue but contributed nearly 40% of the gross margin, primarily from technology development services related to collaborations with Volkswagen Group [4]. Future Outlook - For Q2, Xiaopeng expects delivery volumes to continue growing, reaching between 102,000 and 108,000 units, with revenue projected between 17.5 billion and 18.7 billion yuan, representing a year-on-year growth of approximately 115.7% to 130.5% [5]. - The company aims for over 100% growth in annual sales and plans to achieve profitable operations in Q4, maintaining a positive cash flow [5]. Competitive Landscape - Xiaopeng faces increasing competition from new entrants like Xiaomi and established brands such as Toyota and Volkswagen, which are accelerating their new product launches [6]. - The company is transitioning from full-stack self-research to a matrix-style integrated research and development approach to enhance its technological capabilities and long-term competitiveness [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The report highlights that the company is experiencing positive financial performance driven by a new vehicle cycle, accelerated intelligent driving technology, and overseas expansion [1][8] - In March 2025, the company delivered 33,205 vehicles, representing a year-on-year increase of 268%, and a total of 94,008 vehicles in Q1 2025, up 331% year-on-year [1][2] Financial Performance - For Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year growth of 23.4% and a quarter-on-quarter growth of 59.4% [5] - Vehicle revenue for Q4 2024 was 14.67 billion RMB, showing a year-on-year increase of 20.0% and a quarter-on-quarter increase of 66.8% [5] - The company reported a gross margin of 14.4% for Q4 2024, with an automotive gross margin of 10.0% [5][9] Sales and Delivery Outlook - The company expects to deliver between 91,000 to 93,000 vehicles in Q1 2025, representing a year-on-year growth of 317.0% to 326.2% [6] - Projected total revenue for Q1 2025 is estimated to be between 15 billion to 15.7 billion RMB, reflecting a year-on-year growth of 129.1% to 139.8% [6] Strategic Developments - The company has expanded its overseas market presence, entering Poland, Switzerland, Czech Republic, and Slovakia, with plans to sell models P7, G9, and G6 in Q2 2025 [8] - The company has established partnerships with leading distribution companies in Europe to enhance its market penetration [8] Future Projections - Revenue projections for 2025 to 2027 are 89 billion, 129.4 billion, and 153.8 billion RMB, with growth rates of 118%, 45%, and 19% respectively [7][9] - The company is expected to achieve a net profit of -1.316 billion RMB in 2025, turning positive with a profit of 2.408 billion RMB by 2026 [7][9]

中国新能源汽车市场的淘汰赛在 2025 年进入白热化。 据中汽协数据，2025 年一季度行业平均利润率已跌破 2%，比亚迪、吉利等传统车企凭借 10 万 - 15 万元价格带的密集产品矩阵加速收割市场，华为、理 想则以自动驾驶和人工智能抬高竞争门槛。 在这场生死竞速中，小鹏与蔚来这对曾经的「新势力双雄」，以截然不同的战略路径寻找各自的生存空间——前者撕掉了互联网标签，向制造业的规模铁 律俯身；后者高举技术大旗，在巨额亏损中坚守长期主义。 尽管战略选择迥异，两家企业却共同将「降本」推至生存核心。 小鹏的觉醒始于 2022 年 G9 的定价灾难，这款旗舰 SUV 因配置混乱引发用户不满，出现了大量退订，让小鹏汽车迎来了它的至暗时刻；蔚来则深陷重资 产泥潭，2024 年净亏损进一步扩大，达到了 224.02 亿元，近 7 年来的累计归母净利润亏损更是惊人地突破了千亿大关。 无论是小鹏还是蔚来，唯有将理想主义装进现实主义的套子，才能在这场残酷竞速中赢得喘息之机。 新势力「生存战」的两种答案 小鹏汽车 CEO 何小鹏将 2024 年定义为「成本革命年」，亲自挂帅供应链部门。他将改款 P7 + 的研发费用从 P7 的 2 ...