小鹏汽车2023年Q2业绩公告-9页_178kb

报告摘要

XPENG Q2 2023 Financial Summary

Core Content

XPENG Inc. ("XPENG") released its unaudited financial results for the three months ended June 30, 2023, showing mixed performance with growth in vehicle deliveries and revenue but continued negative gross margin and net loss.

Key Financial Highlights

Total Deliveries: 23,205 units in Q2 2023, up 27.3% from Q1 2023.
Cash and Cash Equivalents: RMB33.74 billion (US$4.65 billion) as of June 30, 2023, down from RMB38.25 billion as of December 31, 2022.
Total Revenues: RMB5.06 billion (US$0.70 billion), a 31.9% YoY decline from RMB7.44 billion in Q2 2022, but a 25.5% QoQ increase from RMB4.03 billion in Q1 2023.
Vehicle Sales Revenue: RMB4.42 billion (US$0.61 billion), down 36.2% YoY and up 25.9% QoQ.
Gross Margin: Negative 3.9% in Q2 2023, down 5.6 percentage points from Q1 2023 and 14.8 percentage points from Q2 2022.
Vehicle Margin: Negative 8.6% in Q2 2023, down 6.1 percentage points from Q1 2023 and 17.7 percentage points from Q2 2022.
Net Loss: RMB2.80 billion (US$0.39 billion), up 3.8% YoY and 20.0% QoQ.
Non-GAAP Net Loss: RMB2.67 billion (US$0.37 billion), up 8.3% YoY and 20.7% QoQ.
Net Loss per ADS/Ordinary Share: Basic and diluted net loss per ADS was RMB3.25 (US$0.45), and per ordinary share was RMB1.63 (US$0.22).
Non-GAAP Net Loss per ADS/Ordinary Share: Basic and diluted non-GAAP net loss per ADS was RMB3.10 (US$0.43), and per ordinary share was RMB1.55 (US$0.21).

Operational Performance

XPENG's G6 model, launched in June 2023, has driven sequential sales growth.
The Company reported 11,008 vehicle deliveries in July 2023, with year-to-date deliveries totaling 52,443 units.
XPENG expanded its physical sales network to 411 stores and its self-operated charging stations to 1,024, including 824 supercharging stations.
The Company's sales growth was supported by more efficient sales channels and the launch of new models.

Strategic Developments

Strategic Partnership with Volkswagen: XPENG and Volkswagen signed a framework agreement on technical collaboration and a share purchase agreement for a strategic minority investment, with an expected total consideration of approximately US$700 million in cash.
New Product Launches: The G6 Ultra Smart Coupe SUV, based on the next-generation SEPA 2.0 platform, began deliveries in July 2023.

Financial Outlook

For Q3 2023, XPENG expects:

Vehicle Deliveries: Between 39,000 and 41,000 units, a 31.9% to 38.7% YoY increase.
Total Revenues: Between RMB8.5 billion and RMB9.0 billion, a 24.6% to 31.9% YoY increase.

Management Commentary

CEO He Xiaopeng highlighted the success of the G6 and the potential for further growth with more SEPA 2.0-enabled models.
Dr. Hongdi Brian Gu emphasized the continued sequential growth in vehicle deliveries, driven by new products and efficient sales channels.

Non-GAAP Financial Measures

XPENG uses non-GAAP measures to evaluate performance and support decision-making, excluding share-based compensation expenses.
These measures help identify underlying trends and enhance understanding of the Company's performance, though they are not presented in accordance with U.S. GAAP.

Balance Sheet Summary

Total Assets: RMB71.49 billion (US$9.19 billion) as of June 30, 2023, down from RMB71.49 billion as of December 31, 2022.
Total Liabilities: RMB34.58 billion (US$4.69 billion) as of June 30, 2023, compared to RMB34.01 billion as of March 31, 2023.
Shareholders' Equity: RMB36.91 billion (US$4.51 billion) as of June 30, 2023, down from RMB32.67 billion as of March 31, 2023.

Conference Call

XPENG will host a conference call on August 18, 2023, at 8:00 AM U.S. Eastern Time.
A live and archived webcast will be available on the Company's investor relations website.
Replay details are provided for participants who wish to listen after the call.

Additional Information

The Company provides translations of RMB amounts to U.S. dollars using the exchange rate of RMB7.2513 to US$1.00.
The document includes a reconciliation of GAAP and non-GAAP financial measures for transparency.
Forward-looking statements are included, with the Company cautioning that actual results may differ due to various risks and uncertainties.

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