小鹏汽车-W2025年半年报业绩点评:车端毛利环比提升,Q4开启一车双能新周期

西部证券
Aug 27

事件:2025H1小鹏汽车营收340.9亿,同比132.5%;毛利率16.5%,同比13.5pct;净亏损11.4亿。其中,2025Q2营收182.7亿,同比125.3%;毛利率17.3%,净亏损4.8亿。Q2车端毛利同环比增长。Q2车端营收168.8亿,毛利率14.3%,相较2024年同期的6.4%和2025Q1的10.5%同环比均有提升,主要系成本降低及车型产品组合改善。2025Q2服务及其他...

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