关注增程平台对用户群体的扩容。MONA M03 及P7+将小鹏月销从1 万辆提升至3 万辆，G7 将小鹏智 驾能力推入L3 级别，开启智驾新时代，新P7 延续G7 智驾定位，销量有望显著改善。X9 增程版工信部 已公示，预计随后续四季度增程平台的推出将满足更多消费者需求，扩容各车型销量，成为公司新增长 点。 机构：申万宏源研究 研究员：樊夏沛/戴文杰/邵翼 投资要点：公司发布2025 半年报，2025H 实现销量19.7 万辆，同比+278%；总收入340.9亿元，同比 +133%；单车收入15.9 万元，同比-33%；毛利率16.5%，同比+3.0pct；净亏损11.4 亿元，同比减亏15.1 亿元。2025Q2 实现销量10.3 万辆，同/环比+242%/+10%；总收入182.7 亿元，同/环比+125/+16%；单车 收入16.4 万元，同/环比-27.5/+7.1%；毛利率17.3%，同/环比+3.3/+1.8pct；净亏损4.8 亿元，同/环比减 亏8.0/1.8 亿元。 销量结构+持续降本，毛利率显著提升。Q2 公司MONA 系列占总销量比重环比下滑，同时X9 及海外销 量占比环比分别提升。高定 ...

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (09868) [1] Core Insights - The company reported a significant improvement in sales structure and gross margin, with Q2 2025 sales reaching 103,000 units, a year-on-year increase of 242% [4][6] - The gross margin for Q2 2025 was 17.3%, up 3.3 percentage points from the previous year, indicating effective cost reduction strategies [4][6] - The net loss for Q2 2025 was 480 million yuan, a reduction of 800 million yuan compared to the previous year [4][6] Financial Performance and Forecast - For the first half of 2025, the company achieved total revenue of 34.09 billion yuan, a year-on-year increase of 133% [4][5] - The forecast for total revenue in 2025 is adjusted to 81.38 billion yuan, reflecting a 99% year-on-year growth [5][6] - The projected net profit for 2025 is expected to be a loss of 1.8 billion yuan, improving from a loss of 5.79 billion yuan in 2024 [5][6] Sales and Product Strategy - The MONA series' contribution to total sales decreased, while the share of higher-priced models like X9 and overseas sales increased, driving gross margin improvements [6] - The company aims to deliver between 113,000 to 118,000 vehicles in Q3 2025, indicating a strong growth trajectory [6] - The introduction of the G7 model is expected to enhance the company's autonomous driving capabilities, potentially increasing sales significantly [6] Non-Automotive Business Contributions - The partnership with Volkswagen Group to expand the electronic architecture platform is expected to enhance revenue from technology services [6] - The anticipated mass production of robots and flying cars in 2026 is highlighted as a significant growth opportunity [6] Valuation and Market Position - The report adjusts the revenue forecast for 2025 down to 81.4 billion yuan due to increased competition, while raising the 2026 and 2027 revenue forecasts to 129.2 billion yuan and 166 billion yuan respectively [6] - The target price-to-sales ratio for 2026 is set at 1.6 times, suggesting a 26% upside potential from current levels [6]

机构：长江证券 研究员：高伊楠/张扬 销量结构持续改善，带来单车收入和盈利能力提升，汽车业务毛利率超预期，达14.3%。 汽车业务，2025Q2 出海叠加G6、G9、X9 等高单价车型改款上市交付，销量结构持续优化。2025Q2 交 付量为10.3 万辆， 同比+241.6% ， 环比+9.8% ， 其中MONAM03/G6/P7+/G9/X9 分别交付 3.9/2.4/2.1/1.0/0.75 万辆， 占比分别达到38.0%/23.7%/20.1%/10.1%/7.2%，MONA M03 占比环比下降 12.1pct，G6/G9/X9 占比环比提升9.7pct/4.1pct/3.5pct。根据中汽协，小鹏2025 年Q2 出海销量1.1 万辆， 同比+150.2%，环比+45.6%。汽车业务收入168.8 亿元，同比+147.6%，环比+17.5%，单车收入17.7 万 元，环比+5.3%，销量结构优化提振单车收入。Q2 汽车业务毛利率为14.3%，同比+8.0pct，环比 +3.9pct，Q2 规模效应提升叠加成本下降，汽车毛利率持续提升。 服务收入，大众服务收入持续增厚公司毛利率。2025Q2 公司服务 ...

Summary of XPeng Inc. (XPEV/9868.HK) Conference Call Company Overview - **Company**: XPeng Inc. (XPEV/9868.HK) - **Industry**: Electric Vehicles (EVs) Key Points and Arguments Financial Performance - **2Q25 Results**: Total revenue met expectations, with vehicle gross profit and EBIT exceeding estimates by +17% and +12% respectively, indicating effective cost reduction efforts [1][2] - **Gross Margin Improvement**: Vehicle gross margin improved to 14.3% in 2Q25, up +8.0 percentage points year-over-year and +3.9 percentage points quarter-over-quarter, attributed to product mix changes and supply chain optimization [7] - **Future Margin Outlook**: Vehicle gross margin expected to increase to 15.5% in 3Q25 and 17.7% in 4Q25, with total gross margin projected to reach high-teens in 4Q25 [2][7] Sales Volume and Pricing - **Sales Volume Guidance**: Management expects to deliver 116,000 units in 3Q25 and 142,000 units in 4Q25, driven by new model launches [2][7] - **Average Selling Price (ASP)**: ASP is projected to decline by -2% in 3Q25 due to lower pricing of new models but is expected to improve by +12% in 4Q25 due to product mix optimization [2] - **Product Portfolio**: XPeng's current offerings span the Rmb100k-500k price range, with new models set to launch at Rmb300k and Rmb400k levels [7] New Model Launches - **Upcoming Models**: New P7 launching on August 27, expected to rank among the top 3 in its price segment. The X9 EREV model is set to launch in 4Q25 [4][7] - **Increased Launch Frequency**: XPeng plans to introduce 10 new and refreshed models annually from 2024 to 2026, significantly increasing from 1-2 models per year previously [10] Strategic Partnerships and Collaborations - **Volkswagen Cooperation**: XPeng reported Rmb1.4 billion in revenue from services in 2Q25, with expectations for sequential growth in 3Q/4Q. A new agreement with Volkswagen aims to expand technical collaboration into ICE/PHEV platforms [7] Research and Development - **R&D Investment**: Full-year R&D expenses for 2025 raised to Rmb9 billion, focusing on AI and technology advancements [7] Market Position and Future Outlook - **Market Growth**: XPeng's overseas sales volume increased by +150% year-over-year in 2Q25, with production starting at its Indonesia factory [9] - **Smart Driving Technology**: The Ultra version of the G7 accounts for 50% of its sales, featuring advanced AI capabilities. XPeng aims to lead in smart driving functions by 2026 [9] - **Robotaxi and Humanoid Robots**: Plans for mass production of L4 capable vehicles and humanoid robots are set for 2026, with trial operations for robotaxis expected to begin [9] Investment Thesis - **Buy Rating**: XPeng is rated as a "Buy" due to its growth trajectory, improved product competitiveness, and cost structure. The 12-month price target remains at US$24/HK$94, indicating an upside potential of +18% and +17% respectively [3][11] Risks - **Potential Risks**: Risks include lower-than-expected sales volume, increased price competition, and weaker market demand [11] Additional Important Information - **Market Capitalization**: Approximately $19.3 billion [8] - **Revenue Estimates**: Adjusted revenue estimates for 2025-2027 reflect a slight decrease in volume estimates but an increase in gross profit margin [3]

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of US$28.00, indicating a potential upside of 37% from the current stock price of US$20.37 [4][10]. Core Insights - The company's automotive sales gross margin significantly improved to a historical high of 14.3% in Q2 2025, driven by the launch of new models such as G6 and G9, leading to a substantial revenue increase of 147.6% year-on-year [1][4]. - The management anticipates that the new P7 and X9 models will further boost sales, with pre-sale orders for the new P7 reaching record levels [2][4]. - The company is focusing on solidifying its leadership in intelligent driving and plans to initiate Robotaxi operations in 2026, leveraging its advanced algorithms and effective computing power [3][4]. Financial Performance Summary - In Q2 2025, the company reported automotive sales revenue of RMB 168.8 billion, with a gross profit of RMB 31.7 billion, reflecting a year-on-year growth of 178.9% [1][4]. - The forecast for 2025 includes total revenue of RMB 79.623 billion, with an expected gross margin of 17.6% [12][14]. - The projected delivery volume for 2025 is approximately 451,123 vehicles, with a gradual increase expected in subsequent years [12][20]. Financial Data Overview - The company is expected to achieve a Non-GAAP net loss of RMB 813 million in 2025, improving to a profit of RMB 2.327 billion by 2026 [12][13]. - The earnings per share (EPS) forecast for 2025 is projected at RMB -0.85, with a turnaround to RMB 2.41 in 2026 [7][12]. - The financial outlook indicates a steady increase in revenue and profitability, with significant improvements in gross margins and operational efficiency anticipated [12][14].

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]

1、营收：25Q2公司交付汽车103181辆，同/环比+241.6%/+9.8%，Q2营收182.7亿元，同/环比 +125.3%/+15.6%。其中汽车业务营收168.8亿元，同/环比+147.5%/+17.5%；服务业务营收13.9亿元，同/ 环比+7.8%/-3.5%。我们计算Q2单车ASP16.4万元，同/环比-27.5%/+7%。25年H1公司累计交付19.7万 辆，同比+279%营收340.8亿元，同比+132.5%，我们计算单车ASP15.8万元，同比-33.3% 2、费用：Q2研发/SGNA费用分别为22.1/21.7亿元，研发/SGNA费用率分别为12.1%/11.9%，环 比-0.4pct/-0.5pct。 业绩点评： 8月19日，小鹏汽车公布25Q2财报： 机构：国金证券 研究员：姚遥 3、利润：Q2毛利率17.3%，同/环比+3.3pct/-1.7pct：其中汽车业务毛利率14.3%，同/环比 +7.8pct/+3.8pct：其他及服务业务毛利率53.6%，同/环比-0.3pct/-12.9pct。Q2归母亏损4.8亿元，我们计 算公司Q2单车亏损0.5万元，同环比均大幅缩窄。25H1 ...

8月20日早盘，港股三大指数集体低开。盘面上，大型科网股普跌，加密货币概念大幅回调。近期 热度较高的港股通汽车ETF（159323）涨超1%，盘中价格触及近60日新高，持仓股中，福耀玻璃、舜 宇光学科技、小鹏汽车、金力永磁、长城汽车等涨幅居前，其中小鹏汽车绩后一度涨超5%。 消息面上，小鹏汽车8月19日披露财报数据：二季度收入182.7亿元，同比增长125.3%；净亏损4.8 亿元，同比收窄62.8%。二季度汽车总交付量为103181辆，同比增加241.6%，创历史新高；475.7亿元的 现金储备为历史新高，将对后续研发投入和扩张计划起到关键支撑作用。 国金证券点评称，小鹏汽车Q2盈利表现超预期。Q2公司改款G6/G9度过首个完整交付季度，改款 X9上市，经过改款后公司低成本路线得以全面落地，产品毛利率得到大幅改善。25Q3看，小鹏汽车车 型结构改善持续、经营将持续向上。Q3公司已上市新车G7，新一代P7将上市，两款产品售价均较高， 将刺激公司产品结构、盈利结构进一步优化。该机构认为，目前看小鹏汽车在定价上犯错概率较低，产 品爆款概率有保障，叠加25-26年正处新车周期，成长具有确定性，建议重点关注后续新车状 ...

（原标题：毛利率超过特斯拉，小鹏汽车迎来"小米时刻"） 21世纪经济报道记者 焦文娟 交出最新成绩单后，小鹏离"自我造血"只差临门一脚。 但要真正实现盈利，毛利率的提升只是第一步——小鹏的目标是在今年四季度迈过盈亏平衡线。何小鹏认为，未来小鹏的溢价来自于30万以上高 端车型布局、科技与颜值溢价。 小鹏的目标是今年四季度实现盈利，何小鹏认为，未来小鹏的溢价来自于30万以上高端车型布局、科技与颜值溢价。 与小鹏一贯强调的"降本"相比，现在更紧迫的任务是"赚钱"。眼下小鹏的研发开支仍在攀升，本季度达到22.1亿元，同比上涨50.4%，研发达到历 史新高；销售和一般行政费用也同比增加37.7%至21.7亿元，两者合计已经超过小鹏同期的毛利总额。 即便如此，小鹏依然握有充足的"弹药"。截至季末，小鹏汽车的现金储备475.7亿元。 从去年三季度小鹏Mona M03上市以来，小鹏的单车收入走低，从2024年四季度的16万元回落到今年一季度的15.3万元，但毛利率却一路上行，甚 至超越了平均售价更高的特斯拉。今年二季度是小鹏总体毛利率最高的一季，也是小鹏整车毛利率最高的一季。 8月19日，小鹏汽车披露了二季度及中期财报。二季 ...