小鹏汽车2023年Q4业绩公告.pdf

XPENG Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial ResultsMarch 19,2024Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB45.70 billion(US$6.44billion)as of December 31,2023Quarterly total revenues were RMB13.05 billion,a 53.0%increase quarter-over-quarterQuarterly gross margin was 6.2%,an increase of 8.9 percentage points quarter-over-quarterFull year vehicle deliveries reached 141,601,a 17.3%increase year-over-yearFull year revenues reached RMB30.68 billionFull year gross margin was 1.5%,a decrease of 10.0 percentage points year-overyearGUANGZHOU,China,March 19,2024(GLOBE NEWSWIRE)-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 and fiscal year endedDecember 31,2023.Operational and Financial Highlights for the Three Months Ended December 31,2023 2023Q42023Q32023Q22023Q12022Q42022Q3Total deliveries60,15840,00823,20518,23022,20429,570Total deliveries of vehicles were 60,158 for the fourth quarter of 2023,representing an increase of 170.9%from 22,204in the corresponding period of 2022.XPENGs physical sales network had a total of 500 stores,covering 181 cities as of December 31,2023.XPENG self-operated charging station network reached 1,108 stations,including 902 XPENG self-operatedsupercharging stations and 206 destination charging stations as of December 31,2023.Total revenues were RMB13.05 billion(US$1.84 billion)for the fourth quarter of 2023,representing an increase of 153.9%from the same period of 2022,and an increase of 53.0%from the third quarter of 2023.Revenues from vehicle sales were RMB12.23 billion(US$1.72 billion)for the fourth quarter of 2023,representing anincrease of 162.3%from the same period of 2022,and an increase of 55.9%from the third quarter of 2023.Gross margin was 6.2%for the fourth quarter of 2023,compared with 8.7%for the same period of 2022 and negative2.7%for the third quarter of 2023.Vehicle margin,which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue,was 4.1%for thefourth quarter of 2023,compared with 5.7%for the same period of 2022 and negative 6.1%for the third quarter of 2023.Fair value gain(loss)on derivative liability was gain of RMB0.56 billion(US$0.08 billion)for the fourth quarter of 2023,compared with loss of RMB0.97 billion for the third quarter of 2023.This non-cash gain(loss)resulted from the fluctuationin the fair value of the forward share purchase agreement,measured through profit or loss,related to the issuance ofshares by the Company for strategic minority investment by the Volkswagen Group(“Volkswagen”).Net loss was RMB1.35 billion(US$0.19 billion)for the fourth quarter of 2023,compared with RMB2.36 billion for the sameperiod of 2022 and RMB3.89 billion for the third quarter of 2023.Excluding share-based compensation expenses,fair valuegain(loss)on derivative liability and fair value gain on derivative liability relating to the contingent consideration,non-GAAP net loss was RMB1.77 billion(US$0.25 billion)for the fourth quarter of 2023,compared with RMB2.21 billionfor the same period of 2022 and RMB2.79 billion for the third quarter of 2023.Net loss attributable to ordinary shareholders of XPENG was RMB1.35 billion(US$0.19 billion)for the fourth quarter of2023,compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023.Excluding share-based compensation expenses,fair value gain(loss)on derivative liability and fair value gain on derivativeliability relating to the contingent consideration,non-GAAP net loss attributable to ordinary shareholders ofXPENG was RMB1.77 billion(US$0.25 billion)for the fourth quarter of 2023,compared with RMB2.21 billion for the sameperiod of 2022 and RMB2.79 billion for the third quarter of 2023.Basic and diluted net loss per American depositary share(ADS)were both RMB1.51(US$0.21)and basic anddiluted net loss per ordinary share were both RMB0.75(US$0.11)for the fourth quarter of 2023.Each ADS representstwo Class A ordinary shares.Non-GAAP basic and diluted net loss per ADS were both RMB1.98(US$0.28)and non-GAAP basic and diluted netloss per ordinary share were both RMB0.99(US$0.14)for the fourth quarter of 2023.Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB45.70 billion(US$6.44 billion)as of December 31,2023,compared with RMB36.48 billion as of September 30,2023.Time depositsinclude restricted short-term deposits,short-term deposits,restricted long-term deposits,current portion and non-currentportion of long-term deposits.Key Financial Results(in RMB billions,except for percentage)For the Three Months Ended%Changei December31,September30,December31,2023 2023 2022 YoY QoQ Vehicle sales12.23 7.84 4.66 162.3%55.9%Vehicle margin4.1%-6.1%5.7%-1.6pts10.2ptsTotal revenues13.05 8.53 5.14 153.9%53.0%Gross profit(loss)0.81(0.23)0.45 81.9%-455.1%Gross margin6.2%-2.7%8.7%-2.5pts8.9ptsNet loss1.35 3.89 2.36-42.9%-65.3%Non-GAAP net loss1.77 2.79 2.21-19.9%-36.5%Net loss attributable to ordinary shareholders1.35 3.89 2.36-42.9%-65.3%Non-GAAP net loss attributable to ordinary shareholders1.77 2.79 2.21-19.9%-36.5%Comprehensive loss attributable to ordinary shareholders1.57 4.01 2.68-41.4%-60.8%_i Except for vehicle margin and gross margin,where absolute changes instead of percentage changes are presentedManagement Commentary“In 2023,vehicle deliveries of XPENG increased quarter by quarter,exceeding 60,000 units in the fourth quarter,”said Mr.Xiaopeng He,Chairman andCEO of XPENG.“Looking beyond short-term challenges,XPENG is about to embark on a major product cycle.We plan to launch more than 10 brandnew models over the next three years.We will continue to lead the innovation of autonomous driving technology,making it affordable and accessibleto a much broader customer base.We will also make market entry into more international markets.We will continue to expand our scale andstrengthen our technology leadership,as well as accelerate the commercialization of our industry leading technologies.”“Our plans on cost reduction through technology and engineering as well as operational improvement have begun to bear fruit.Our vehicle marginincreased by approximately 10 percentage points quarter-over-quarter in the fourth quarter,”said Dr.Hongdi Brian Gu,Honorary Vice Chairman andCo-President of XPENG.“By the end of 2023,our total cash on hand exceeded RMB45 billion.Robust capital base bolsters our confidence to achievehigh-quality and fast growth in a competitive environment.”Recent DevelopmentsDeliveries in January and February 2024Total deliveries were 8,250 vehicles in January 2024.Total deliveries were 4,545 vehicles in February 2024.As of February 29,2024,year-to-date total deliveries were 12,795 vehicles.Launch of XPENG X9On January 1,2024,XPENG launched XPENG X9 ultra smart large seven-seater MPV and commenced deliveries during the same month.Entry into Master Agreement on Strategic Technical Collaboration and Joint Sourcing Program with the Volkswagen GroupXPENG and the Volkswagen Group entered into a Master Agreement on Platform and Software strategic technical collaboration(“MasterAgreement”),marking a significant milestone in the strategic partnership of both parties.As part of the Master Agreement,both parties also enteredinto a Joint Sourcing Program,targeting to jointly reduce the cost of the platform.Unaudited Financial Results for the Three Months Ended December 31,2023Total revenues were RMB13.05 billion(US$1.84 billion)for the fourth quarter of 2023,representing an increase of 153.9%from RMB5.14 billion forthe same period of 2022 and an increase of 53.0%from RMB8.53 billion for the third quarter of 2023.Revenues from vehicle sales were RMB12.23 billion(US$1.72 billion)for the fourth quarter of 2023,representing an increase of 162.3%from thesame period of 2022,and an increase of 55.9%from the third quarter of 2023.The year-over-year and quarter-over-quarter increases were mainlyattributable to the accelerating sales growth of the G6 and the G9 in the fourth quarter of 2023.Revenues from services and others were RMB0.82 billion(US$0.12 billion)for the fourth quarter of 2023,representing an increase of 71.6%fromRMB0.48 billion for the same period of 2022 and an increase of 20.0%from RMB0.69 billion for the third quarter of 2023.The year-over-year increasewas mainly attributable to the increases of second-hand vehicle sales,maintenance and supercharging services sales,which were in line with higheraccumulated vehicle sales.The quarter-over-quarter increase was mainly attributable to the increase of maintenance and second-hand vehicle salesservices,which were in line with higher accumulated vehicle sales.Cost of sales was RMB12.24 billion(US$1.72 billion)for the fourth quarter of 2023,representing an increase of 160.7%from RMB4.70 billion for thesame period of 2022 and an increase of 39.8%from RMB8.76 billion for the third quarter of 2023.The year-over-year and quarter-over-quarterincreases were mainly in line with vehicle deliveries as described above.Gross margin was 6.2%for the fourth quarter of 2023,compared with 8.7%for the same period of 2022 and negative 2.7%for the third quarter of2023.Vehicle margin was 4.1%for the fourth quarter of 2023,compared with 5.7%for the same period of 2022 and negative 6.1%for the third quarter of2023.The year-over-year decrease was explained by(i)the inventory provision and losses on purchase commitment as a result of upgrades ofexisting models,with a negative impact of 1.9 percentage points on vehicle margin for the fourth quarter of 2023,and(ii)increased sales promotions,and the expiry of new energy vehicle subsidies,offset partially by cost reduction and improvement in product mix of models.The quarter-over-quarterincrease was primarily attributable to the cost reduction and the improvement in product mix of models.Research and development expenses were RMB1.31 billion(US$0.18 billion)for the fourth quarter of 2023,representing an increase of 6.3%fromRMB1.23 billion for the same period of 2022 and an increase of 0.1%from RMB1.31 billion for the third quarter of 2023.The year-over-year increasewas mainly in line with timing and progress of new vehicle programs.Selling,general and administrative expenses were RMB1.94 billion(US$0.27 billion)for the fourth quarter of 2023,representing an increase of10.3%from RMB1.76 billion for the same period of 2022 and an increase of 14.4%from RMB1.69 billion for the third quarter of 2023.Theyear-over-year and quarter-over-quarter increases were primarily attributable to the higher commission to the franchised stores driven by higher salesvolume.Furthermore,the quarter-over-quarter increase was also due to higher marketing,promotional and advertising expenses to support vehiclesales.Other income,net was RMB0.35 billion(US$0.05 billion)for the fourth quarter of 2023,representing an increase of 1408.7%from RMB0.02 billion forthe same period of 2022 and an increase of 440.5%from RMB0.07 billion for the third quarter of 2023.The year-over-year and quarter-over-quarterincreases were primarily attributable to the increased government subsidies.Loss from operations was RMB2.05 billion(US$0.29 billion)for the fourth quarter of 2023,compared with RMB2.52 billion for the same period of2022 and RMB3.16 billion for the third quarter of 2023.Non-GAAP loss from operations,which excludes share-based compensation expenses and fair value gain on derivative liability relating to thecontingent consideration,was RMB1.92 billion(US$0.27 billion)for the fourth quarter of 2023,compared with RMB2.37 billion for the same period of2022 and RMB3.04 billion for the third quarter of 2023.Net loss was RMB1.35 billion(US$0.19 billion)for the fourth quarter of 2023,compared with RMB2.36 billion for the same period of 2022 andRMB3.89 billion for the third quarter of 2023.Fair value gain(loss)on derivative liability was gain of RMB0.56 billion(US$0.08 billion)for the fourth quarter of 2023,compared with loss ofRMB0.97 billion for the third quarter of 2023.This non-cash gain(loss)resulted from the fluctuation in the fair value of the forward share purchaseagreement,measured through profit or loss,related to the issuance of shares by the Company for strategic minority investment by the Volkswagen.Non-GAAP net loss,which excludes share-based compensation expenses,fair value gain(loss)on derivative liability and fair value gain onderivative liability relating to the contingent consideration,was RMB1.77 billion(US$0.25 billion)for the fourth quarter of 2023,compared withRMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023.Net loss attributable to ordinary shareholders of XPENG was RMB1.35 billion(US$0.19 billion)for the fourth quarter of 2023,compared withRMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023.Non-GAAP net loss attributable to ordinary shareholders of XPENG,which excludes share-based compensation expenses,fair value gain(loss)on derivative liability and fair value gain on derivative liability relating to the contingent consideration,was RMB1.77 billion(US$0.25 billion)for thefourth quarter of 2023,compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023.Basic and diluted net loss per ADS were both RMB1.51(US$0.21)for the fourth quarter of 2023,compared with RMB2.74 for the fourth quarter of2022 and RMB4.49 for the third quarter of 2023.Non-GAAP basic and diluted net loss per ADS were both RMB1.98(US$0.28)for the fourth quarter of 2023,compared with RMB2.57 for the fourthquarter of 2022 and RMB3.23 for the third quarter of 2023.Balance SheetsAs of December 31,2023,the Company had cash and cash equivalents,restricted cash,short-term investments and time deposits of RMB45.70billion(US$6.44 billion),compared with RMB38.25 billion as of December 31,2022 and RMB36.48 billion as of September 30,2023.Unaudited Financial Results for the Fiscal Year Ended December 31,2023Total revenues were RMB30.68 billion(US$4.32 billion)for fiscal year of 2023,representing an increase of 14.2%from RMB26.86 billion for the prioryear.Revenues from vehicle sales were RMB28.01 billion(US$3.95 billion)for fiscal year of 2023,representing an increase of 12.8%from RMB24.84billion for the prior year.The year-over-year increase was mainly attributable to the accelerating sales growth of the G6 and the G9 in the fiscal year.Revenues from services and others were RMB2.67 billion(US$0.38 billion)for fiscal year of 2023,representing an increase of 32.2%fromRMB2.02 billion for the prior year.The year-over-year increase was mainly attributable to the increases of second-hand vehicle sales,maintenanceand supercharging services sales,which were in line with higher accumulated vehicle sales.Co