21 August 2025 | 11:52AM CST XPeng Inc. (XPEV/9868.HK) 2Q25 Earnings Review: Better margin outlook with 4Q25E break-even on track; Buy XPeng reported 2Q25 result with total revenue in line with expectation, but vehicle gross profit/EBIT beat GSe by +17%/+12% (First Take). We believe the gross margin beat shows better-than-expected impact from XPeng's cost reduction efforts (including organization and supply chain restructuring, technology cost-down, platformization) (see more in our upgrade note in Jun), re ...