小鹏汽车2023年Q3业绩公告.pdf
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1、XPENG Reports Third Quarter 2023 Unaudited Financial ResultsNovember 15,2023Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB36.48 billion(US$5.00billion)as of September 30,2023Quarterly total revenues were RMB8.53 billion,a 68.5%increase quarter-over-quarte
2、rQuarterly gross margin was negative 2.7%,an increase of 1.2 percentage points quarter-over-quarterGUANGZHOU,China,Nov.15,2023(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
3、 results for the three months ended September 30,2023.Operational and Financial Highlights for the Three Months Ended September 30,2023 2023Q32023Q22023Q12022Q42022Q32022Q2Total deliveries40,00823,20518,23022,20429,57034,422 Total deliveries of vehicles were 40,008 for the third quarter of 2023,repr
4、esenting an increase of 72.4%from 23,205 forthe second quarter of 2023.XPENGs physical sales network had a total of 395 stores as of September 30,2023.XPENG self-operated charging station network reached 1,057 stations,including 854 XPENG self-operatedsupercharging stations and 203 destination charg
5、ing stations as of September 30,2023.Total revenues were RMB8.53 billion(US$1.17 billion)for the third quarter of 2023,representing an increase of 25.0%from the same period of 2022,and an increase of 68.5%from the second quarter of 2023.Revenues from vehicle sales were RMB7.84 billion(US$1.08 billio
6、n)for the third quarter of 2023,representing anincrease of 25.7%from the same period of 2022,and an increase of 77.3%from the second quarter of 2023.Gross margin was negative 2.7%for the third quarter of 2023,compared with 13.5%for the same period of 2022 andnegative 3.9%for the second quarter of 20
7、23.Vehicle margin,which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue,was negative 6.1%for the third quarter of 2023,compared with 11.6%for the same period of 2022 and negative 8.6%for the second quarterof 2023.Fair value loss on derivative liability was RMB0.97 b
8、illion(US$0.13 billion)for the third quarter of 2023.This non-cashloss resulted from the fluctuation in the fair value of the forward share purchase agreement,measured through profit orloss,related to the issuance of shares by the Company for strategic minority investment by the Volkswagen Group(“Vo
9、lkswagen”).Net loss was RMB3.89 billion(US$0.53 billion)for the third quarter of 2023,compared with RMB2.38 billion for the sameperiod of 2022 and RMB2.80 billion for the second quarter of 2023.Excluding share-based compensation expenses andfair value loss on derivative liability,non-GAAP net loss w
10、as RMB2.79 billion(US$0.38 billion)for the third quarter of2023,compared with RMB2.22 billion for the same period of 2022 and RMB2.67 billion for the second quarter of 2023.Net loss attributable to ordinary shareholders of XPENG was RMB3.89 billion(US$0.53 billion)for the third quarter of2023,compar
11、ed with RMB2.38 billion for the same period of 2022 and RMB2.80 billion for the second quarter of 2023.Excluding share-based compensation expenses and fair value loss on derivative liability,non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB2.79 billion(US$0.38 billion)for the
12、thirdquarter of 2023,compared with RMB2.22 billion for the same period of 2022 and RMB2.67 billion for the second quarter of2023.Basic and diluted net loss per American depositary share (ADS)were both RMB4.49 (US$0.62)andbasic and diluted net loss per ordinary share were both RMB2.25(US$0.31)for the
13、 third quarter of 2023.Each ADSrepresents two Class A ordinary shares.Non-GAAP basic and diluted net loss per ADS were both RMB3.23(US$0.44)and non-GAAP basic and diluted netloss per ordinary share were both RMB1.61(US$0.22)for the third quarter of 2023.Cash and cash equivalents,restricted cash,shor
14、t-term investments and time deposits were RMB36.48 billion(US$5.00 billion)as of September 30,2023,compared with RMB33.74 billion as of June 30,2023.Time deposits includerestricted short-term deposits,short-term deposits,restricted long-term deposits,current portion and non-current portion oflong-te
15、rm deposits.Key Financial Results(in RMB billions,except for percentage)For the Three Months Ended%Changei September 30,June 30,September 30,2023 2023 2022 YoY QoQ Vehicle sales7.84 4.42 6.24 25.7%77.3%Vehicle margin-6.1%-8.6%11.6%-17.7pts 2.5pts Total revenues8.53 5.06 6.82 25.0%68.5%Gross(loss)pro
16、fit(0.23)(0.20)0.92 -124.7%15.5%Gross margin-2.7%-3.9%13.5%-16.2pts 1.2pts Net loss3.89 2.80 2.38 63.6%38.6%Non-GAAP net loss2.79 2.67 2.22 25.5%4.5%Net loss attributable to ordinary shareholders3.89 2.80 2.38 63.6%38.6%Non-GAAP net loss attributable to ordinary shareholders2.79 2.67 2.22 25.5%4.5%C
17、omprehensive loss attributable to ordinary shareholders4.01 1.93 0.69 481.1%107.9%i.Except for vehicle margin and gross margin,where absolute changes instead of percentage changes are presented Management Commentary“In 2023,XPENG was the first mover in reaching the inflection point for both the deve
18、lopment and mass adoption of ADAS technologies.I believe thatover the next five years,ADAS technologies will experience increasing and massive acceptance by consumers.As we lead the nationwide rollout ofXNGP,XPENG will become the go-to smart EV brand for customers,”said Mr.He Xiaopeng,Chairman and C
19、EO of XPENG.“In the third quarter of2023,our business stepped into the initial phase of a virtuous cycle.I am confident that the transformational adjustments we began to implement earlythis year will yield more positive results in 2024 and beyond,accelerating our virtuous cycle and rapid growth by t
20、he fourth quarter of 2024.”“XPENG vehicle deliveries have grown for nine consecutive months and our free cash flow has substantially improved,”said Dr.Hongdi Brian Gu,Honorary Vice Chairman and Co-President of XPENG.“Our new products and technology-driven cost controls are expected to result in nota
21、bleimprovements to our gross margin.Leveraging these strengths,we expect even stronger free cash flow in the fourth quarter,marking the starting pointof our journey towards long-term scalable profitability.”Recent DevelopmentsDeliveries in October 2023Total deliveries were 20,002 vehicles in October
22、 2023.As of October 31,2023,year-to-date total deliveries were 101,445 vehicles.XPENG 2023 Tech DayOn October 24,2023,XPENG hosted its fifth annual 1024 Tech Day in Guangzhou.The Company unveiled its cutting-edge technology roadmap forautonomous driving and mobility ecosystem,including its Smart EVs
23、 and robotics.ESG PerformanceOn October 11,2023,XPENG announced that Morgan Stanley Capital International(“MSCI”)has upgraded its MSCI ESG Rating for the Companyfrom“AA”to“AAA”,which is MSCIs highest rating and is given to companies that are leading their industries in managing ESG risks andopportun
24、ities.Launch of XPENG G9 2024 EditionOn September 19,2023,XPENG introduced XPENG G9 2024 Edition and commenced deliveries during the same month.Unaudited Financial Results for the Three Months Ended September 30,2023Total revenues were RMB8.53 billion(US$1.17 billion)for the third quarter of 2023,re
25、presenting an increase of 25.0%from RMB6.82 billion for thesame period of 2022 and an increase of 68.5%from RMB5.06 billion for the second quarter of 2023.Revenues from vehicle sales were RMB7.84 billion(US$1.08 billion)for the third quarter of 2023,representing an increase of 25.7%from the sameperi
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