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2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 9 to 12.Analyst Certification on page 6.Price Objective Basis/Risk on page 6.12867729 XPeng Inc 2Q25 beat on GPM;to turn profitable in 4Q25;lift PO to USD26 Reiterate Rating:BUY|PO:26.00 USD|Price:20.92 USD 2Q25 bottom line beat on higher GPM XPeng repo

4、rted 2Q25 results and hosted a conference call:sales came in at RMB18bn,up 125%YoY/16%QoQ,largely in line with our estimate.Blended GPM was up 3.3ppt YoY/1.8ppt QoQ to 17.3%,ahead of our expectation at 16.4%.Vehicle margin came in at 14.3%,up 8.0ppt YoY/3.9ppt QoQ.The improvement in vehicle margin w

5、as helped by better product mix(more sales contribution from MONA M03 Max,new G6,new G9),supply chain optimization and better economies of scale.Opex to sales ratio was 23.9%,down 14ppt YoY/0.9ppt QoQ.2Q25 non-GAAP net loss was RMB385mn,better than our estimate at RMB559mn net loss.New P7 launch on

6、27th Aug;EREVs in 4Q25-1H26 XPengs new P7 is scheduled to launch on 27th August.XPeng expects new P7 to become top-3 BEV sedan seller in the price range of RMB200-300k in China.According to management,XPengs new P7s pre-sales orders exceeded expectation,which surpass all previous XPeng models during