Core Viewpoint - The performance of XPeng Motors in Q2 2025 met expectations, showing significant revenue growth and improving gross margins, indicating a positive trend for the company moving forward [4][5]. Group 1: Financial Performance - In Q2 2025, XPeng Motors reported total revenue of 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [4]. - The gross margin improved to 17.3%, reflecting a year-on-year increase of 3.3 percentage points and a quarter-on-quarter increase of 1.7 percentage points [4]. - The Non-GAAP net loss narrowed by 68.4% year-on-year and 9.5% quarter-on-quarter to 390 million [4]. Group 2: Business Operations - XPeng's automotive business revenue reached 16.88 billion in Q2 2025, with a year-on-year increase of 147.6% and a quarter-on-quarter increase of 17.5% [5]. - The average selling price (ASP) decreased by 27.5% year-on-year but increased by 7.1% quarter-on-quarter to 164,000 [5]. - Vehicle deliveries surged by 241.6% year-on-year and 9.8% quarter-on-quarter to 103,000 units [5]. Group 3: Future Outlook - The management anticipates the delivery of new models G7 and P7 in Q3 2025, with P7 pre-orders breaking historical records [6]. - The first Kunpeng super electric vehicle model, X9, is expected to launch in Q4 2025 [6]. - The company is focusing on AI technology upgrades and plans to produce L4 level vehicles by 2026, enhancing its technological leadership in the industry [6].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 何小鹏说，从 9 月起，小鹏的月销量预计稳定在 4 万辆以上。 文 丨 赵宇 编辑 丨 龚方毅 去年下半年，小鹏接连推出 MONA M03、P7+ 两款车型，推动月销量从 8 月的约 1 万台快速增长至 12 月的近 3.5 万台。但这两款低价车型也拉低了小鹏的平均售价：今年一季度，MONA M03 和 P7+ 当季总体毛利达 31.7 亿元，较去年同期增长 1.8 倍； 其中，汽车业务贡献毛利 24.2 亿元，同比增长 4.6 倍； 销售与管理费用率为 11.9%，同比降低 7.5 个百分点。 合计销量占比达 81.7%，拖累小鹏单车收入（不含增值税）降至 15.3 万元。 "我们公开承诺在今年四季度实现首次季度盈利，会继续朝这个目标走。" 两周前，小鹏汽车董事长兼 CEO 何小鹏在一场媒体群访上说。 随着二季度多个改款车型的交付量爬坡，小鹏单车收入环比回升至 16.4 万元，MONA M03 和 P7+ 合 计销量占比也降至 65%。开售近一年后，MONA M03 已完成其阶 ...

Core Insights - The Chinese electric vehicle (EV) industry is experiencing increased differentiation among leading players, with varying strategic outcomes reflected in their financial results [1] Group 1: Company Performance - Xiaopeng Motors achieved the highest delivery volume among new forces with 94,000 units, projecting revenue between 15.19 billion to 15.7 billion yuan, a year-on-year increase of 132% to 139.8% [1] - Li Auto delivered 92,900 vehicles, a 15.5% year-on-year increase, but expects revenue to decline by 3.5% to 8.7%, totaling between 23.4 billion to 24.7 billion yuan [1][5] - Leap Motor reported a delivery volume of 87,552 units, a 162% increase, with revenue of 10.02 billion yuan, up 187.1%, and a gross margin of 14.9% [2] - NIO's main brand delivered only 27,300 units, with projected revenue between 12.367 billion to 12.859 billion yuan, reflecting a year-on-year growth of 24.8% to 29.8% [4] Group 2: Market Reactions - Xiaopeng's stock price surged by 66.2% since the beginning of 2025, reaching a market capitalization of 147.6 billion HKD [1] - Li Auto's stock increased by 18.1%, while NIO's stock fell by 12.2%, with its market capitalization dropping below 70 billion HKD [1] Group 3: Industry Trends - The EV industry is undergoing a transformation driven by capital and technology, leading to a restructured competitive landscape where leading companies are consolidating resources and innovating [6] - Traditional automakers are leveraging their advantages to incubate new forces, with companies like Zhiji and Zeekr focusing on advanced technologies and cost efficiencies [7] - The industry is shifting from scale expansion to efficiency competition, with a focus on resource concentration and capital flowing towards companies with technological depth and cost control capabilities [7]

Investment Rating - The investment rating for XPeng Motors (9868.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's new car cycle and financial improvements [2][3]. Core Viewpoints - The financial performance of XPeng Motors is showing continuous improvement, with a revenue of 40.87 billion yuan in 2024, representing a year-on-year increase of 33.2%, and a net loss of 5.79 billion yuan, which is an improvement of 44.2% year-on-year [2][3]. - The company has expanded its sales network to 690 stores across 226 cities, achieving a vehicle delivery volume of 190,000 units in 2024, a growth of 34.2% year-on-year [3]. - The launch of popular models is expected to drive rapid sales growth, with a significant increase in deliveries in Q1 2025, totaling 94,000 vehicles, a staggering 331% year-on-year increase [3]. - XPeng Motors is exploring long-term growth opportunities through advancements in smart driving technology, international expansion, flying cars, and robotics, indicating a broad potential for future development [3]. - Profit forecasts suggest that the company will achieve a net profit of -0.94 billion yuan in 2025, followed by positive profits of 2.51 billion yuan in 2026 and 6.91 billion yuan in 2027, with corresponding EPS of -0.49, 1.32, and 3.63 yuan [3][4]. Summary by Relevant Sections Financial Performance - In 2024, XPeng Motors reported total revenue of 40.87 billion yuan, with a year-on-year growth rate of 33% [4]. - The gross margin for 2024 was 14.3%, an increase of 12.8 percentage points year-on-year, while the net margin improved to -14.2%, narrowing by 19.7 percentage points [3][4]. - The company expects significant revenue growth in the coming years, with projected revenues of 92.49 billion yuan in 2025 and 143.48 billion yuan in 2026 [4]. Sales and Market Expansion - The company has successfully expanded its sales network and is set to increase its international presence, aiming to enter 60 countries by 2025 [3]. - The introduction of new models, such as the MONA M03 and P7+, is anticipated to enhance sales performance significantly [3]. Long-term Growth Potential - XPeng Motors is investing in smart driving technology and has plans for flying cars and robotics, indicating a commitment to innovation and diversification [3]. - The company is also building a production facility for flying vehicles, with an expected annual capacity of 10,000 units [3].

Investment Rating - The investment rating for XPeng Motors (9868.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's new car cycle and financial improvements [2][3]. Core Viewpoints - The report highlights that XPeng Motors has seen continuous improvement in its financials, with a revenue of 40.87 billion yuan in 2024, representing a year-on-year increase of 33.2%, and a net profit loss of 5.79 billion yuan, which is an improvement of 44.2% year-on-year [2][3]. - The company has expanded its sales network to 690 stores across 226 cities, achieving a delivery volume of 190,000 vehicles in 2024, a growth of 34.2% year-on-year [3]. - The introduction of popular models is expected to drive rapid sales growth, with a significant increase in deliveries in Q1 2025, totaling 94,000 vehicles, a year-on-year increase of 331% [3]. - The long-term growth potential of the company is emphasized, with advancements in smart driving technology, international expansion, flying cars, and robotics contributing to its future prospects [3]. Financial Summary - For 2024, the total revenue is projected at 40.87 billion yuan, with a year-on-year growth rate of 33% [4]. - The net profit attributable to the parent company is expected to be -5.79 billion yuan for 2024, with a year-on-year improvement of 44% [4]. - The gross margin for 2024 is reported at 14.3%, an increase of 12.8 percentage points year-on-year, while the net margin is -14.2%, narrowing by 19.7 percentage points [3]. - Forecasts for 2025-2027 indicate a gradual improvement in profitability, with net profits expected to be -0.94 billion yuan in 2025, 2.51 billion yuan in 2026, and 6.91 billion yuan in 2027 [4].

Core Viewpoint - Xiaopeng Motors has experienced a significant recovery, with a stock price increase of over 300% from its lowest point, and a market capitalization of HKD 168.95 billion, reflecting a surge of over HKD 120 billion from its low point [2] Financial Performance - In 2024, Xiaopeng Motors achieved a total revenue of RMB 40.87 billion, a year-on-year increase of 33.2%, while the net loss narrowed to RMB 5.79 billion from RMB 10.38 billion in 2023 [2][3] - For Q4 2024, total revenue reached RMB 16.11 billion, a quarter-on-quarter increase of 59.4% and a year-on-year increase of 23.4%, with a net loss of RMB 1.33 billion, significantly reduced compared to the previous year [3][4] - The gross margin improved to 10%, up 5.9% year-on-year, attributed to reduced vehicle costs [3][4] Delivery and Sales Growth - Xiaopeng Motors delivered 91,507 vehicles in Q4 2024, a year-on-year increase of 52.1%, marking a new quarterly delivery record [4] - Total annual deliveries for 2024 reached 190,068 units, a year-on-year increase of 34.2% [4] Cash Flow and Financial Health - As of December 31, 2024, Xiaopeng Motors had cash and cash equivalents totaling RMB 41.96 billion, reflecting a net increase of over RMB 6 billion [5] Strategic Changes and Product Pricing - Xiaopeng Motors has shifted its strategy to prioritize sales volume, launching the 2025 models G6 and G9 at significantly lower price points compared to previous models [7][8] - The company has streamlined its internal processes and management structure to improve efficiency and clarity in product positioning [7][8] Technological Advancements - The 2025 models feature the Turing AI driving system, which integrates advanced AI capabilities for enhanced driving experience [8] - Xiaopeng Motors plans to accelerate its AI and autonomous driving technology development, aiming for L3 level autonomous driving capabilities by the second half of the year [8][9] Future Outlook - Xiaopeng Motors anticipates a doubling of total sales in 2025 compared to 2024, with a comprehensive product lineup across various price segments by the end of 2026 [13] - Analysts predict that Xiaopeng Motors may achieve profitability by 2026, supported by a strong business cycle initiated by new model launches and cost reduction efforts [14]

Core Viewpoint - The company reported a strong financial performance for Q4 2024, with revenue exceeding expectations and continuous improvement in operational quality [1][2][3] Revenue Performance - Q4 2024 revenue reached 16.11 billion RMB, representing a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [1] - Automotive business revenue for Q4 2024 was 14.67 billion RMB, up 20.0% year-on-year and 66.8% quarter-on-quarter, driven by increased delivery volumes [1] - The average selling price (ASP) per vehicle decreased from 189,000 RMB in Q3 2024 to 160,300 RMB in Q4 2024 [1] - Other business revenue in Q4 2024 was 1.43 billion RMB, a year-on-year increase of 74.4%, attributed to increased revenue from technology development services related to partnerships with Volkswagen Group [1] Profitability - Q4 2024 automotive business gross profit was 1.47 billion RMB, with a gross margin of 10.0%, reflecting a year-on-year increase of 6.0 percentage points [2] - Total gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, showing a year-on-year increase of 8.2 percentage points [2] Cost Management - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year, with an R&D expense ratio of 12.5% [3] - Selling and administrative expenses for Q4 2024 were 2.28 billion RMB, a year-on-year increase of 17.5%, with a selling and administrative expense ratio of 14.1% [3] Distribution Network - As of Q4 2024, the company operated 690 sales centers across 226 cities, an increase of 51 centers from the previous quarter [4] Cash Position - The company had a total of 41.96 billion RMB in cash and cash equivalents, restricted cash, short-term investments, and cash deposits as of Q4 2024, reflecting a quarter-on-quarter increase of 6.27 billion RMB, indicating low short-term liquidity risk [5] Future Outlook - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, representing a year-on-year increase of 317.0% to 326.2%, with projected revenue of approximately 15 billion to 15.7 billion RMB [5] - The company plans to launch significant new models quarterly in 2025, including upgraded versions of the G6 and G9, which are expected to drive sales growth [6] - The company aims to double its overseas sales in 2025, targeting over 20,000 units, and expand its global sales and service network to over 300 locations [6] Investment Recommendation - The company is expected to experience dual improvements in performance and valuation driven by model cycles, organizational innovation, and advancements in intelligent technology, with projected revenues of 95.23 billion RMB in 2025 and a net profit of 6.42 billion RMB by 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company reported a revenue of 40.87 billion RMB for the year 2024, representing a year-on-year increase of 33.2%. The revenue for Q4 2024 was 16.11 billion RMB, with year-on-year and quarter-on-quarter growth of 23.4% and 59.4%, respectively [3][4]. - The automotive business gross margin for Q4 2024 was 10.0%, an increase of 6.0 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [4]. - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, with a year-on-year growth range of 317.0% to 326.2% [5]. Revenue and Profitability - The automotive business 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% [4]. - The total gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, reflecting an increase of 8.2 percentage points year-on-year [4]. - The company reported a non-GAAP net profit of -5.35 billion RMB for the year 2024, indicating a reduction in losses compared to the previous year [3]. Cost Management and Future Outlook - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year, with an R&D expense ratio of 12.5% [5]. - The company had cash and cash equivalents totaling 41.96 billion RMB as of Q4 2024, indicating a strong short-term liquidity position [5]. - The company anticipates significant revenue growth in the coming years, projecting revenues of 95.23 billion RMB in 2025, 148.09 billion RMB in 2026, and 162.90 billion RMB in 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a revenue of 40.87 billion RMB for the year 2024, representing a year-on-year increase of 33.2%. The Q4 revenue was 16.11 billion RMB, with year-on-year and quarter-on-quarter growth of 23.4% and 59.4%, respectively [3][4]. - The automotive business gross margin for Q4 2024 was 10.0%, an increase of 6.0 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [3][4]. - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, with a year-on-year growth range of 317.0% to 326.2% [5]. Revenue and Profitability - Q4 2024 automotive revenue was 14.67 billion RMB, with year-on-year and quarter-on-quarter increases of 20.0% and 66.8%, respectively, primarily due to increased delivery volumes [4]. - The overall gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, reflecting a year-on-year increase of 8.2 percentage points [4]. Cost Management - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year and 22.9% quarter-on-quarter, with an R&D expense ratio of 12.5% [5]. - Selling and administrative expenses for Q4 2024 were 2.28 billion RMB, with year-on-year and quarter-on-quarter increases of 17.5% and 39.3%, respectively [5]. Future Outlook - The company anticipates a strong product cycle in 2025, with significant new model launches and an expansion into overseas markets, aiming for a sales target of over 20,000 units in 2024 and doubling that in 2025 [7][8]. - Revenue projections for 2025, 2026, and 2027 are 95.23 billion RMB, 148.09 billion RMB, and 162.90 billion RMB, respectively, with expected net profits of -1.40 billion RMB, 6.43 billion RMB, and 9.14 billion RMB [9].

设 计 / 赵昊然 一切都在意料之中。 对于熟悉小鹏汽车的投资人来说，既没有超预期，也没有低于预期的信息。根据最近的销量数字和 发布会，投资人几乎能预估到全部的关键信息。 3月18日晚，小鹏汽车发布了号称史上最强的2024年财报，全年总收入达408.7亿元，毛利率达 14.3%，净亏损相较2023年的103.8亿元，收窄44.2%至57.9亿元。 小鹏汽车董事长、CEO何小鹏在财报发布后的电话会议上又一次强调了单季度盈利时间表：今年四 季度盈利，销量翻倍。 一边，是连续两月位居新势力销冠、月销量超过3万辆，却不敢轻言胜券在握，谨慎谦虚的何小 鹏。 "我们还在ICU门口"，"我没跟李斌对过，他如果在'复读'，我也在'复读'。已经'读大学'的兄弟们也 不一定，因为现在读大学很多也找不到合适的'工作'。我觉得再给我们三年，就像淘汰赛一样，也 许就知道谁能够'大学毕业'找到一个'工作'，然后再花3—5年就能看到'毕业工作'之后，谁能够在工 作中脱颖而出。"他说。 一边，何小鹏又对技术有着十足的底气。 撰 文 / 周 洲 "我们和特斯拉是全球唯二有能力不依赖高精地图、激光雷达，用一套软件在各个车型上实现'全球 都好用' ...