北京时间8月19日，H股市场以微跌收盘后，小鹏汽车（小鹏汽车-W：09868.HK）发布了二季度以及上 半年业绩。其中，二季度持续稳定发挥，"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。"该司董事长、CEO何小鹏表示。 小鹏汽车二季度表现基本符合此前预期，率先开盘的美股市场即刻反应。当地时间8月19日，小鹏汽车 美股（XPEV.N）开盘大涨，截至收盘涨4.3%，报收20.755美元/股，总市值197.54亿美元。 产品结构改善，汽车毛利率大幅提升 将从四个方面提升单车均价 2025年第二季度，小鹏汽车总交付量达103181辆，同比增长241.6%。总营收随交付提升而水涨船高， 录得182.7亿元（约25.5亿美元），同比上升125.3%，环比2025年第一季度增长15.6%。 其中，汽车销售收入为168.8亿元（约23.6亿美元），同比增幅达147.6%，环比增长17.5%。其他业务 中，第二季度服务及其他收入为13.9亿元（约1.9亿美元），同比增长7.6%，环比下降3.5%。 盈利方面，第二季度小鹏汽车毛利率提升至17.3%，而去年同期为14.0%，今年第一 ...

Core Insights - The recent financial reports from major automakers, particularly the new energy vehicle companies Li Auto, Xpeng, and NIO, reveal a clear divergence in their performance, with Li Auto achieving profitability for ten consecutive quarters, Xpeng leading in delivery volume for the first time, and NIO focusing on differentiation in a competitive high-end market [1][8]. Financial Performance - Li Auto reported a revenue of 25.9 billion yuan in Q1 2025, a year-on-year increase of 1.1%, but a quarter-on-quarter decline of 41.4%. The net profit was 647 million yuan, up 9.4% year-on-year but down 81.7% quarter-on-quarter. The gross margin remained stable at 20.5% [3]. - Xpeng's Q1 revenue reached 15.81 billion yuan, a significant year-on-year increase of 141.5%. The net loss was 660 million yuan, a substantial reduction from 1.33 billion yuan in the previous quarter, marking the lowest loss in nearly five quarters. The gross margin improved to 15.6% [5]. - NIO's Q1 revenue exceeded 12 billion yuan, a year-on-year growth of over 21%. However, the net loss widened to 6.75 billion yuan from 5.185 billion yuan in the same period last year. The gross margin was 7.6%, showing a year-on-year increase of 2.7 percentage points but a decline of 4.1 percentage points from the previous quarter [7]. Delivery Performance - In Q1 2025, the delivery volumes for Li Auto, Xpeng, and NIO were 92,864, 94,008, and 42,094 units respectively, with Xpeng surpassing Li Auto to take the top spot for the first time [8][10]. Strategic Developments - Xpeng's success in surpassing Li Auto is attributed to its popular models, product lineup refresh, and pricing strategies. The company has effectively covered a price range from 150,000 to 420,000 yuan, combining low-cost volume sales with high-end market exploration [10]. - Li Auto's delivery volume grew by 15.5% year-on-year but saw a 41.5% decline quarter-on-quarter, facing challenges from increased competition in the extended-range vehicle market. The company plans to launch two pure electric SUVs, i8 and i6, to transition smoothly from its extended-range technology [12]. - NIO, with the most brands among the three, has launched two new brands, Ladao and Firefly, to drive volume and profitability. Despite a 40.1% year-on-year growth in combined deliveries, the actual performance indicates a decline when considering single-brand metrics [14]. Future Outlook - 2025 is a critical year for Li Auto, Xpeng, and NIO, with each company pursuing different strategic paths to navigate the competitive landscape. Xpeng aims to validate its scale-first strategy, Li Auto seeks to replicate its success in the pure electric market, and NIO focuses on leveraging its multi-brand strategy to overcome sales challenges [14].