小鹏汽车2023年Q1业绩公告.pdf

XPENG Reports First Quarter 2023 Unaudited Financial Results5月 24,2023Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB34.12 billion(US$4.97billion)as of March 31,2023Quarterly total revenues were RMB4.03 billion,a 21.5%decrease quarter-over-quarterQuarterly gross margin was 1.7%,a decrease of 7.0 percentage points quarter-over-quarterGUANGZHOU,China-(BUSINESS WIRE)-May 24,2023-XPeng Inc.(“XPENG”or the“Company,”NYSE:XPEV and HKEX:9868),a leadingChinese smart electric vehicle(“Smart EV”)company,today announced its unaudited financial results for the three months ended March 31,2023.Operational and Financial Highlights for the Three Months Ended March 31,2023 2023Q1 2022Q4 2022Q3 2022Q2 2022Q1 2021Q4Total deliveries18,230 22,204 29,570 34,422 34,561 41,751Total deliveries of vehicles were 18,230 in the first quarter of 2023,representing a decrease of 17.9%from 22,204 forthe fourth quarter of 2022.XPENGs physical sales network continued expansion with a total of 425 stores,covering 145 cities as of March 31,2023.XPENG self-operated charging station network reached 1,016 stations,including 816 XPENG self-operatedsupercharging stations and 200 destination charging stations as of March 31,2023.Total revenues were RMB4.03 billion(US$0.59 billion)for the first quarter of 2023,representing a decrease of 45.9%fromthe same period of 2022,and a decrease of 21.5%from the fourth quarter of 2022.Revenues from vehicle sales were RMB3.51 billion(US$0.51 billion)for the first quarter of 2023,representing adecrease of 49.8%from the same period of 2022,and a decrease of 24.6%from the fourth quarter of 2022.Gross margin was 1.7%for the first quarter of 2023,compared with 12.2%for the same period of 2022 and 8.7%for thefourth quarter of 2022.Vehicle margin,which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue,was negative 2.5%for the first quarter of 2023,compared with 10.4%for the same period of 2022 and 5.7%for the fourth quarter of 2022.Net loss was RMB2.34 billion(US$0.34 billion)for the first quarter of 2023,compared with RMB1.70 billion for the sameperiod of 2022 and RMB2.36 billion for the fourth quarter of 2022.Excluding share-based compensation expenses,non-GAAP net loss was RMB2.21 billion(US$0.32 billion)in the first quarter of 2023,compared with RMB1.53 billion forthe same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.Net loss attributable to ordinary shareholders of XPENG was RMB2.34 billion(US$0.34 billion)for the first quarter of2023,compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion in the fourth quarter of 2022.Excluding share-based compensation expenses,non-GAAP net loss attributable to ordinary shareholders of XPENGwas RMB2.21 billion(US$0.32 billion)for the first quarter of 2023,compared with RMB1.53 billion for the same period of2022 and RMB2.21 billion for the fourth quarter of 2022.Basic and diluted net loss per American depositary share(ADS)were both RMB2.71(US$0.40)and basic anddiluted net loss per ordinary share were both RMB1.36(US$0.20)for the first quarter of 2023.Non-GAAP basic and diluted net loss per ADS were both RMB2.57(US$0.37)and non-GAAP basic and diluted netloss per ordinary share were both RMB1.28(US$0.19)for the first quarter of 2023.Each ADS represents two Class Aordinary shares.Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB34.12 billion(US$4.97 billion)as of March 31,2023,compared with RMB41.71 billion as of March 31,2022 and RMB38.25 billion as ofDecember 31,2022.Time deposits include restricted short-term deposits,short-term deposits,restricted long-termdeposits,current portion and non-current portion of long-term deposits.Key Financial Results(in RMB billions,except for percentage)For the Three Months Ended%Changei March 31,December 31,March 31,2023 2022 2022 YoY QoQ Vehicle sales3.51 4.66 7.00 -49.8%-24.6%Vehicle margin-2.5%5.7%10.4%-12.9pts-8.2ptsTotal revenues4.03 5.14 7.45 -45.9%-21.5%Gross profit0.07 0.45 0.91 -92.6%-84.9%Gross margin1.7%8.7%12.2%-10.5pts-7.0ptsNet loss2.34 2.36 1.70 37.4%-1.0%Non-GAAP net loss2.21 2.21 1.53 44.8%0.0%Net loss attributable to ordinary shareholders 2.34 2.36 1.70 37.4%-1.0%Non-GAAP net loss attributable to ordinary shareholders2.21 2.21 1.53 44.8%0.0%Comprehensive loss attributable to ordinary shareholders 2.58 2.68 1.80 43.5%-3.7%i Except for vehicle margin and gross margin,where absolute changes instead of percentage changes are presentedManagement Commentary“During the first quarter of 2023,I took actions to make changes to our strategy,organizational structure and senior management team decisively.I amfully confident in taking our Company into a virtuous cycle driving product sales growth,team morale,customer satisfaction and brand reputation overthe next few quarters,”said Mr.He Xiaopeng,Chairman and CEO of XPENG.“G6,the first production model built on XPENGs next-generationtechnology architecture SEPA2.0,will be officially launched in June 2023.I believe the G6 will emerge as one of the most popular,best-selling modelsin Chinas NEV SUV market segment with price range between RMB200,000 to RMB300,000.”“Going forward,our top priority remains to accelerate growth in sales and market share,”said Dr.Hongdi Brian Gu,Honorary Vice Chairman andCo-President of XPENG.“As the upcoming G6 launch and other new product launches fuel rapid sales growth,we expect our cash flow fromoperations to improve significantly.”Recent DevelopmentsDeliveries in April 2023Total deliveries were 7,079 vehicles in April 2023.As of April 30,2023,year-to-date total deliveries were 25,309 vehicles.XPENG Introduced Next-Gen Technology Architecture SEPA2.0On April 16,2023,XPENG unveiled its next-generation end-to-end integrated technology architecture SEPA2.0(Smart Electric Platform Architecture),which sets the foundation for future production models.SEPA2.0 optimizes R&D efficiency,lowers cost and enhances product experience.Unaudited Financial Results for the Three Months Ended March 31,2023Total revenues were RMB4.03 billion(US$0.59 billion)for the first quarter of 2023,representing a decrease of 45.9%from RMB7.45 billion for thesame period of 2022 and a decrease of 21.5%from RMB5.14 billion for the fourth quarter of 2022.Revenues from vehicle sales were RMB3.51 billion(US$0.51 billion)for the first quarter of 2023,representing a decrease of 49.8%from RMB7.00billion for the same period of 2022 and a decrease of 24.6%from RMB4.66 billion for the fourth quarter of 2022.The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries and discontinuation of new energy vehicle subsidy.Revenues from services and others were RMB0.52 billion(US$0.08 billion)for the first quarter of 2023,representing an increase of 13.9%fromRMB0.46 billion for the same period of 2022 and an increase of 8.4%from RMB0.48 billion for the fourth quarter of 2022.The year-over-year andquarter-over-quarter increases were mainly attributable to the increase of parts,supercharging service and other service sales,which is in line withhigher accumulated vehicle sales.Cost of sales was RMB3.97 billion(US$0.58 billion)for the first quarter of 2023,representing a decrease of 39.4%from RMB6.54 billion for the sameperiod of 2022 and a decrease of 15.5%from RMB4.70 billion for the fourth quarter of 2022.The year-over-year and quarter-over-quarter decreaseswere mainly in line with vehicle deliveries as described above.Gross margin was 1.7%for the first quarter of 2023,compared with 12.2%and 8.7%for the first quarter of 2022 and the fourth quarter of 2022,respectively.Vehicle margin was negative 2.5%for the first quarter of 2023,compared with 10.4%for the same period of 2022 and 5.7%for the fourth quarter of2022.The year-over-year and quarter-over-quarter decreases were explained by increased sales promotions and the expiry of new energy vehiclesubsidy mentioned above.Research and development expenses were RMB1.30 billion(US$0.19 billion)for the first quarter of 2023,representing an increase of 6.1%fromRMB1.22 billion for the same period of 2022 and an increase of 5.3%from RMB1.23 billion for the fourth quarter of 2022.The year-over-year andquarter-over-quarter increases were mainly due to higher expenses relating to the development of new vehicles models to support future growth.Selling,general and administrative expenses were RMB1.39 billion(US$0.20 billion)for the first quarter of 2023,representing a decrease of 15.5%from RMB1.64 billion for the same period of 2022 and a decrease of 21.0%from RMB1.76 billion for the fourth quarter of 2022.The year-over-yearand quarter-over-quarter decreases were mainly due to the decrease of commission to the franchised stores and lower marketing and advertisingexpenses.Loss from operations was RMB2.59 billion(US$0.38 billion)for the first quarter of 2023,compared with RMB1.92 billion for the same period of 2022and RMB2.52 billion for the fourth quarter of 2022.Non-GAAP loss from operations,which excludes share-based compensation expenses,was RMB2.46 billion(US$0.36 billion)for the first quarter of2023,compared with RMB1.75 billion for the same period of 2022 and RMB2.37 billion for the fourth quarter of 2022.Net loss was RMB2.34 billion(US$0.34 billion)for the first quarter of 2023,compared with RMB1.70 billion for the same period of 2022 and RMB2.36billion for the fourth quarter of 2022.Non-GAAP net loss,which excludes share-based compensation expenses,was RMB2.21 billion(US$0.32 billion)for the first quarter of 2023,compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.Net loss attributable to ordinary shareholders of XPENG was RMB2.34 billion(US$0.34 billion)for the first quarter of 2023,compared withRMB1.70 billion for the same period of 2022 and RMB2.36 billion for the fourth quarter of 2022.Non-GAAP net loss attributable to ordinary shareholders of XPENG,which excludes share-based compensation expenses,was RMB2.21 billion(US$0.32 billion)for the first quarter of 2023,compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of2022.Basic and diluted net loss per ADS were both RMB2.71(US$0.40)for the first quarter of 2023,compared with RMB2.00 for the first quarter of 2022and RMB2.74 for the fourth quarter of 2022.Non-GAAP basic and diluted net loss per ADS were both RMB2.57(US$0.37)for the first quarter of 2023,compared with RMB1.80 for the firstquarter of 2022 and RMB2.57 for the fourth quarter of 2022.Balance SheetsAs of March 31,2023,the Company had cash and cash equivalents,restricted cash,short-term investments and time deposits of RMB34.12 billion(US$4.97 billion),compared with RMB41.71 billion as of March 31,2022 and RMB38.25 billion as of December 31,2022.Business OutlookFor the second quarter of 2023,the Company expects:Deliveries of vehicles to be between 21,000 and 22,000,representing a year-over-year decrease of approximately 36.1%to 39.0%.Total revenues to be between RMB4.5 billion and RMB4.7 billion,representing a year-over-year decrease ofapproximately 36.8%to 39.5%.The above outlook is based on the current market conditions and reflects the Companys preliminary estimates of market and operating conditions,and customer demand,which are all subject to change.Conference CallThe Companys management will host an earnings conference call at 8:00 AM U.S.Eastern Time on May 24,2023(8:00 PM Beijing/Hong Kong Timeon May 24,2023).For participants who wish to join the call by phone,please access the link provided below to complete the pre-registration process and dial in 5minutes prior to the scheduled call start time.Upon registration,each participant will receive dial-in details to join the conference call.Event Title:XPENG First Quarter 2023 Earnings Conference CallPre-registration link:https:/s1.c- live and archived webcast of the conference call will be available on the Companys investor relations website at http:/.A replay of the conference call will be accessible approximately two hours after the conclusion of the call until May 31,2023,by dialing the followingtelephone numbers:United States:[phone]International:[phone]Hong Kong,China:800-930-639Mainland China:400-120-9216Replay Access Code:10030387About XPENGXPENG is a leading Chinese Smart EV company that designs,develops,manufactures,and markets Smart EVs that appeal to the large and growingbase of technology-savvy middle-class consumers.Its mission is to drive Smart EV transformation with technology,shaping the mobility experience ofthe future.In order to optimize its customers mobility experience,XPENG develops in-house its full-stack advanced driver-assistance systemtechnology and in-car intelligent operating system,as well as core vehicle systems including powertrain and the electrical/electronic architecture.XPENG is headquartered in Guangzhou,China,with main offices in Beijing,Shanghai,Silicon Valley,San Diego and Amsterdam.The CompanysSmart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou,Guangdong province.For more information,please visithttps:/heyXPENG.com.Use of Non-GAAP Financial MeasuresThe Company uses non-GAAP measures,such as non-GAAP loss from operations,non-GAAP net loss,non-GAAP net loss attributable to ordinaryshareholders,non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS,in evaluating its operatingresults and for financial and operational decision-making purposes.By excluding the impact of share-based compensation expenses,the Companybelieves that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of theCompanys past performance and future prospects.The Company also believes that the non-GAAP financial measures allow for greater visibility withrespect to key metrics used by the Companys management in its financial and operational decision-making.The non-GAAP financial measures arenot presented in accordance with U.S.GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies.The non-GAAP financial measures have limitations as analytical tools and when assessing the Companys operating performance,investors shouldnot consider them in isolation,or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance withU.S.GAAP.The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S.GAAP performancemeasures,all of which should be considered when evaluating the Companys performance.For more information on the non-GAAP financial measures,please see the table captioned“Unaudited