汇丰：小鹏汽车（XPEV.US）-美股公司研究：2Q25业绩环比改善4Q25e有望扭亏为盈-250822（英文版）（10页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ HSBC 1

2、2th Annual China Conference|1-2 September 2025Find outmore 2Q25 net loss narrowed further to RMB478m,on strong new car cycle,and is likely to continue to improve Expanded collaboration with VW should drive extra software service revenue Maintain Buy rating,raise TP to USD29.60(from USD27.40)2Q25 res

3、ults further improved.XPeng delivered a sequential improvement in 2Q25,with net loss narrowing to RMB478m(RMB664m in 1Q25)and vehicle gross margin expanding significantly to 14.3%(vs.10.5%in 1Q25),exceeding expectations.The margin uplift was driven by 1)improved product mix(62%of volume from vehicle

4、s priced above RMB150k vs.49%in 1Q25);2)higher economies of scale(2Q25 deliveries+10%q-o-q);and 3)ongoing supply chain cost optimization.The ADS price rose 4.2%on 19 August vs S&P 500 index,down slightly by 0.5%on the solid 2Q25 results and positive management outlook for following quarters.More new

5、 cars to unveil in 2H25 and 2026.The new P7 launch on 27 August will kick off a product cycle acceleration,followed by EREVs of existing products from 4Q25,and MONAs 2 global in 2026e.The multiple new car events,continuous volume ramping up and potential stronger 3Q/4Q results as likely to be the ke

6、y catalysts driving share prices.New collaboration with VW on ICE cars E/EA will bring more service revenue.On 14 August,XPeng and VW announced the expansion of their technical collaboration of E/EA(electronic and electric architecture)from EV to ICE and PHEV platforms in China,bringing XPeng extra