小鹏汽车2023年Q2业绩公告.pdf

XPENG Reports Second Quarter 2023 Unaudited Financial Results8月 18,2023Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB33.74 billion(US$4.65billion)as of June 30,2023Quarterly total revenues were RMB5.06 billion,a 25.5%increase quarter-over-quarterQuarterly gross margin was negative 3.9%,a decrease of 5.6 percentage points quarter-over-quarterGUANGZHOU,China-(BUSINESS WIRE)-Aug.18,2023-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 June 30,2023.Operational and Financial Highlights for the Three Months Ended June 30,20232023Q2 2023Q1 2022Q4 2022Q3 2022Q2 2022Q1Total deliveries23,205 18,230 22,204 29,570 34,422 34,561Total deliveries of vehicles were 23,205 for the second quarter of 2023,representing an increase of 27.3%from 18,230for the first quarter of 2023.XPENGs physical sales network had a total of 411 stores as of June 30,2023.XPENG self-operated charging station network reached 1,024 stations,including 824 XPENG self-operatedsupercharging stations and 200 destination charging stations as of June 30,2023.Total revenues were RMB5.06 billion(US$0.70 billion)for the second quarter of 2023,representing a decrease of 31.9%from the same period of 2022,and an increase of 25.5%from the first quarter of 2023.Revenues from vehicle sales were RMB4.42 billion(US$0.61 billion)for the second quarter of 2023,representing adecrease of 36.2%from the same period of 2022,and an increase of 25.9%from the first quarter of 2023.Gross margin was negative 3.9%for the second quarter of 2023,compared with 10.9%for the same period of 2022 and1.7%for the first quarter of 2023.Vehicle margin,which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue,was negative 8.6%for the second quarter of 2023,compared with 9.1%for the same period of 2022 and negative 2.5%for the first quarter of2023.Net loss was RMB2.80 billion(US$0.39 billion)for the second quarter of 2023,compared with RMB2.70 billion for thesame period of 2022 and RMB2.34 billion for the first quarter of 2023.Excluding share-based compensation expenses,non-GAAP net loss was RMB2.67 billion(US$0.37 billion)for the second quarter of 2023,compared with RMB2.46 billionfor the same period of 2022 and RMB2.21 billion for the first quarter of 2023.Net loss attributable to ordinary shareholders of XPENG was RMB2.80 billion(US$0.39 billion)for the second quarterof 2023,compared with RMB2.70 billion for the same period of 2022 and RMB2.34 billion for the first quarter of 2023.Excluding share-based compensation expenses,non-GAAP net loss attributable to ordinary shareholders ofXPENG was RMB2.67 billion(US$0.37 billion)for the second quarter of 2023,compared with RMB2.46 billion for the sameperiod of 2022 and RMB2.21 billion for the first quarter of 2023.Basic and diluted net loss per American depositary share(ADS)were both RMB3.25(US$0.45)and basic anddiluted net loss per ordinary share were both RMB1.63(US$0.22)for the second quarter of 2023.Each ADS representstwo Class A ordinary shares.Non-GAAP basic and diluted net loss per ADS were both RMB3.10(US$0.43)and non-GAAP basic and diluted netloss per ordinary share were both RMB1.55(US$0.21)for the second quarter of 2023.Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB33.74 billion(US$4.65 billion)as of June 30,2023,compared with RMB38.25 billion as of December 31,2022.Time deposits includerestricted short-term deposits,short-term deposits,restricted long-term deposits,current portion and non-current portion oflong-term deposits.Key Financial Results(in RMB billions,except for percentage)For the Three Months Ended%Changei June 30,March 31,June 30,202320232022YoYQoQ Vehicle sales4.423.516.94-36.2%25.9%Vehicle margin-8.6%-2.5%9.1%-17.7pts-6.1ptsTotal revenues5.064.037.44-31.9%25.5%Gross(loss)profit(0.20)0.070.81-124.4%-394.5%Gross margin-3.9%1.7%10.9%-14.8pts-5.6ptsNet loss2.802.342.703.8%20.0%Non-GAAP net loss2.672.212.468.3%20.7%Net loss attributable to ordinary shareholders 2.80 2.34 2.703.8%200%Non-GAAP net loss attributable to ordinary shareholders 2.67 2.21 2.46 8.3%20.7%Comprehensive loss attributable to ordinary shareholders 1.93 2.58 0.78 147.8%-25.3%i Except for vehicle margin and gross margin,where absolute changes instead of percentage changes are presentedManagement Commentary“XPENG G6,our first strategic model built on SEPA 2.0,has quickly become one of the best-selling models following its official launch in June,turbocharging our sales growth momentum.I believe the success of the G6 is just the beginning and moving forward,a wider range of SEPA2.0-enabled models will be brought to our customers,”said Mr.He Xiaopeng,Chairman and CEO of XPENG.“Along with our unwavering commitment toadvancing technology innovation over the past 9 years since our establishment,weve created meaningful breakthroughs in commercializing ourindustry-leading full-stack EV platform and smart technologies,both developed in-house.This is clearly evidenced by the increasing ADAS adoptionamong our customers and our strategic partnership with Volkswagen,a world-leading carmaker.”“Benefitting from the new products and supported by more efficient sales channels,our vehicle deliveries have posted sequential growth for sixconsecutive months,”said Dr.Hongdi Brian Gu,Honorary Vice Chairman and Co-President of XPENG.“With the G6 and other new productsaccelerating sales growth,we expect gross margin to gradually recover while operating efficiency continues to improve and free cash flow tosubstantially improve.”Recent DevelopmentsDeliveries in July 2023Total deliveries were 11,008 vehicles in July 2023.As of July 31,2023,year-to-date total deliveries were 52,443 vehicles.Appointment of Vice PresidentMr.Jiaming Wu(“Mr.Wu”)has been appointed as the vice president of finance and accounting of the Company.Prior to joining the Company,Mr.Wuserved as the vice president and chief financial officer of SAIC-GM-Wuling Automotive Co.,Ltd.from July 2022 to May 2023.Mr.Wu served as thevice president and chief financial officer of PT SGMW Motor Indonesia from July 2019 to June 2022.From April 2017 to June 2019,Mr.Wu worked asa finance manager at the US headquarters of General Motors Company.From July 2012 to March 2017,Mr.Wu worked as a regional financemanager at General Motors International Operations(GMIO).Mr.Wu received his masters degree in business administration from Yale University in2012,and his bachelors degree in economics from Shanghai University of International Business and Economics in 2006.Launch of the G6On June 29,2023,XPENG announced the official launch of its G6 Ultra Smart Coupe SUV,the Companys inaugural model based on itsnext-generation technology architecture,SEPA2.0,in China.Deliveries of the G6 commenced in July 2023 for customers in China.Forming Strategic Partnership with the Volkswagen GroupOn July 26,2023,XPENG and the Volkswagen Group(“Volkswagen”)entered into a framework agreement on strategic technical collaboration and ashare purchase agreement for a strategic minority investment by Volkswagen in the Company for an expected total consideration of approximatelyUS$700 million in cash.For details,please refer to the announcement of the Company dated July 26,2023.Unaudited Financial Results for the Three Months Ended June 30,2023Total revenues were RMB5.06 billion(US$0.70 billion)for the second quarter of 2023,representing a decrease of 31.9%from RMB7.44 billion for thesame period of 2022 and an increase of 25.5%from RMB4.03 billion for the first quarter of 2023.Revenues from vehicle sales were RMB4.42 billion(US$0.61 billion)for the second quarter of 2023,representing a decrease of 36.2%from the sameperiod of 2022,and an increase of 25.9%from the first quarter of 2023.The year-over-year decrease was mainly attributable to lower vehicledeliveries and discontinuation of new energy vehicle subsidy,while the quarter-over-quarter increase was mainly due to higher vehicle deliveries of theP7i.Revenues from services and others were RMB0.64 billion(US$0.09 billion)for the second quarter of 2023,representing an increase of 28.2%fromRMB0.50 billion for the same period of 2022 and an increase of 22.8%from RMB0.52 billion for the first quarter of 2023.The year-over-year andquarter-over-quarter increases were mainly attributable to the increase of parts and services sales,which was in line with higher accumulated vehiclesales.Cost of sales was RMB5.26 billion(US$0.73 billion)for the second quarter of 2023,representing a decrease of 20.6%from RMB6.63 billion for thesame period of 2022 and an increase of 32.6%from RMB3.97 billion for the first quarter of 2023.The year-over-year decrease and the quarter-over-quarter increase were mainly in line with vehicle deliveries as described above.Additionally,for the second quarter of 2023,the Companyrecorded the inventory write-downs and losses on inventory purchase commitments amounting to RMB0.20 billion related to the model G3i asmanagement lowered its forecasted sales due to stronger-than-expected market demands for newly launched vehicle models,resulting in the quarter-over-quarter increase.Gross margin was negative 3.9%for the second quarter of 2023,compared with 10.9%for the same period of 2022 and 1.7%for the first quarter of2023.Vehicle margin was negative 8.6%for the second quarter of 2023,compared with 9.1%for the same period of 2022 and negative 2.5%for the firstquarter of 2023.The year-over-year and quarter-over-quarter decreases were explained by(i)the inventory write-downs and losses on inventorypurchase commitments related to the G3i,with a negative impact of 4.5 percentage points on vehicle margin for the second quarter of 2023,and(ii)increased sales promotions,and the expiry of new energy vehicle subsidies mentioned above.Research and development expenses were RMB1.37 billion(US$0.19 billion)for the second quarter of 2023,representing an increase of 8.1%fromRMB1.26 billion for the same period of 2022 and an increase of 5.5%from RMB1.30 billion for the first quarter of 2023.The year-over-year andquarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models as the Company expanded itsproduct portfolio to support future growth.Selling,general and administrative expenses were RMB1.54 billionUS$0.21 billion)for the second quarter of 2023,representing a decrease of7.3%from RMB1.66 billion for the same period of 2022 and an increase of 11.3%from RMB1.39 billion for the first quarter of 2023.The year-over-yeardecrease was primarily attributable to the reduction in commission paid to the franchised stores and lower marketing and advertising expenses.Thequarter-over-quarter increase was mainly resulting from higher marketing and advertising expenses to support new product launches.Loss from operations was RMB3.09 billion(US$0.43 billion)for the second quarter of 2023,compared with RMB2.09 billion for the same period of2022 and RMB2.59 billion for the first quarter of 2023.Non-GAAP loss from operations,which excludes share-based compensation expenses,was RMB2.96 billion(US$0.41 billion)for the secondquarter of 2023,compared with RMB1.85 billion for the same period of 2022 and RMB2.46 billion for the first quarter of 2023.Net loss was RMB2.80 billion(US$0.39 billion)for the second quarter of 2023,compared with RMB2.70 billion for the same period of 2022 andRMB2.34 billion for the first quarter of 2023.Non-GAAP net loss,which excludes share-based compensation expenses,was RMB2.67 billion(US$0.37 billion)for the second quarter of 2023,compared with RMB2.46 billion for the same period of 2022 and RMB2.21 billion for the first quarter of 2023.Net loss attributable to ordinary shareholders of XPENG was RMB2.80 billion(US$0.39 billion)for the second quarter of 2023,compared withRMB2.70 billion for the same period of 2022 and RMB2.34 billion for the first quarter of 2023.Non-GAAP net loss attributable to ordinary shareholders of XPENG,which excludes share-based compensation expenses,was RMB2.67 billion(US$0.37 billion)for the second quarter of 2023,compared with RMB2.46 billion for the same period of 2022 and RMB2.21 billion for the first quarterof 2023.Basic and diluted net loss per ADS were both RMB3.25(US$0.45)for the second quarter of 2023,compared with RMB3.16 for the second quarterof 2022 and RMB2.71 for the first quarter of 2023.Non-GAAP basic and diluted net loss per ADS were both RMB3.10(US$0.43)for the second quarter of 2023,compared with RMB2.88 for thesecond quarter of 2022 and RMB2.57 for the first quarter of 2023.Balance SheetsAs of June 30,2023,the Company had cash and cash equivalents,restricted cash,short-term investments and time deposits of RMB33.74 billion(US$4.65 billion),compared with RMB38.25 billion as of December 31,2022 and RMB34.12 billion as of March 31,2023.Business OutlookFor the third quarter of 2023,the Company expects:Deliveries of vehicles to be between 39,000 and 41,000,representing a year-over-year increase of approximately 31.9%to 38.7%.Total revenues to be between RMB8.5 billion and RMB9.0 billion,representing a year-over-year increase of approximately24.6%to 31.9%.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 August 18,2023(8:00 PM Beijing/Hong KongTime on August 18,2023).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 Second 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 an hour after the conclusion of the call until August 25,2023,by dialing the followingtelephone numbers:United States:[phone]International:[phone]Hong Kong,China:800-930-639Mainland China:400-120-9216Replay Access Code:10032444About 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 opera