小鹏汽车2023年Q3业绩公告-9页_75kb

XPENG Q3 2023 Unaudited Financial Summary

Core Financial Highlights

• Total Revenues: RMB8.53 billion (US$1.17 billion), up 25.0% YoY and 68.5% QoQ.
• Vehicle Sales Revenues: RMB7.84 billion (US$1.08 billion), up 25.7% YoY and 77.3% QoQ.
• Total Deliveries: 40,008 units in Q3 2023, up 72.4% from Q2 2023.
• Gross Margin: Negative 2.7%, an increase of 1.2 percentage points from Q2 2023, but still negative compared to Q3 2022 (13.5%).
• Vehicle Margin: Negative 6.1%, up 2.5 percentage points from Q2 2023, but down 17.7 percentage points from Q3 2022.
• Net Loss: RMB3.89 billion (US$0.53 billion), up 63.6% YoY and 38.6% QoQ.
• Non-GAAP Net Loss: RMB2.79 billion (US$0.38 billion), up 25.5% YoY and 4.5% QoQ.
• Cash and Cash Equivalents: RMB36.48 billion (US$5.00 billion) as of September 30, 2023, up from RMB33.74 billion as of June 30, 2023.
• Share-Based Compensation and Derivative Liability Loss: Both factors contributed to the net loss, with a fair value loss on derivative liability of RMB0.97 billion (US$0.13 billion).

Operational and Strategic Developments

• Sales Network: XPENG had 395 physical sales stores as of September 30, 2023.
• Charging Network: Reached 1,057 self-operated charging stations, including 854 supercharging stations and 203 destination charging stations.
• Product Launches: Launched the XPENG G9 2024 Edition in September 2023.
• Tech Day: Hosted its fifth annual Tech Day on October 24, 2023, showcasing autonomous driving and mobility ecosystem advancements.
• ESG Rating: Upgraded to "AAA" by MSCI, indicating leadership in ESG risk management.
• October Deliveries: Total vehicle deliveries reached 20,002 in October 2023, bringing year-to-date total deliveries to 101,445.

Business Outlook

• Q4 2023 Deliveries: Expected to be between 59,500 and 63,500 units, representing a 168.0% to 186.0% YoY increase.
• Q4 2023 Revenues: Expected to be between RMB12.7 billion and RMB13.6 billion, a 147.1% to 164.6% YoY increase.

Financial Statements Overview

Balance Sheet Highlights (As of September 30, 2023)

• Total Assets: RMB70.54 billion (US$9.67 billion), down from RMB71.49 billion as of December 31, 2022.
• Cash and Cash Equivalents: RMB12.197 billion (US$1.67 billion).
• Restricted Cash: RMB1.139 billion (US$0.16 billion).
• Short-Term Investments: RMB181 million (US$24.8 million).
• Total Liabilities: RMB41.75 billion (US$5.72 billion), up from RMB34.58 billion as of December 31, 2022.
• Shareholders' Equity: RMB28.79 billion (US$3.95 billion), down from RMB36.91 billion as of December 31, 2022.

Income Statement Highlights (For the Three Months Ended September 30, 2023)

• Cost of Sales: RMB8.76 billion (US$1.20 billion), up 48.4% YoY and 66.5% QoY.
• Gross Profit (Loss): RMB-230 million (US$31 million), a significant decline from RMB923 million in Q3 2022.
• Operating Expenses: RMB2.998 billion (US$410.9 million), including RMB1.306 billion (US$178.98 million) in R&D and RMB1.692 billion (US$231.93 million) in SG&A.
• Loss from Operations: RMB3.16 billion (US$433 million), up from RMB3.09 billion in Q2 2023.
• Non-GAAP Loss from Operations: RMB3.04 billion (US$423 million), up from RMB2.02 billion in Q3 2022.

Key Performance Drivers

• Vehicle Sales Growth: Driven by the G6 model's performance and continued market expansion.
• Cost Controls: Improved product mix and cost reduction contributed to the positive QoQ change in vehicle margin.
• Inventory Write-Downs: A RMB0.23 billion inventory write-down for the G3i model impacted the YoY vehicle margin.

Non-GAAP Financial Measures

• XPENG uses non-GAAP measures to evaluate performance, excluding share-based compensation and derivative liability losses.
• These measures provide insight into underlying business trends and performance, but are not in accordance with U.S. GAAP.

Conference Call Details

• Date: November 15, 2023 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time).
• Phone Numbers:
  • United States: +1-855-883-1031
  • International: +61-7-3107-6325
  • Hong Kong, China: 800-930-639
  • Mainland China: 400-120-9216
• Replay Access Code: 10034271
• Webcast: Available on the investor relations website at http://ir.xiaopeng.com

Investor Contact

• IR Department: ir@xiaopeng.com
• Jenny Cai: Piacente Financial Communications, Tel: +1-212-481-2050 or +86-10-6508-0677, E-mail: xpeng@tpg-ir.com

Disclaimer

• The document contains forward-looking statements subject to risks and uncertainties.
• All financial figures are presented in RMB, with US$ equivalents based on the exchange rate of RMB7.2960 to US$1.00 as of September 29, 2023.
• Non-GAAP measures are not presented in accordance with U.S. GAAP and may differ from other companies' methods. They should not be used in isolation.