早晨快照

05 June 2026 What’s Hot Today: China EVs–Diverging paths for XPeng & Li Auto In1Q26,bothLiAutoandXPengsawrevenuedeclinesonQoQandYoYasNEVmarketgrowthslowedinChina.However,theirGPMdivergedasXPengsawimprovedASPthroughproductoptimization,whileLiAutoexperiencedsharpdropduetoproducttransition.InMay,bothcompanieslaunchedtheirnewlargesix-seaterSUVswithXPeng'sGXsawstrongordersfromaggressivepricing,while XPeng(9868HK,HK$66.45,HK$127bn):DemonstratingMarginResiliencewith XPeng's1Q26totalrevenuestoodatRMB13bn(-17.6%YoY/-41.4%QoQ),beatingconsensusofRMB12.8bn.AutomotiverevenuecameinatRMB11bn(-23.5%YoY/-42.3%QoQ),alsoaboveRMB10.8bnconsensus.Despitesalesofonly62kunits(-33.3%YoY/-46.1%QoQ),thehigher-pricedX9'sdeliverymixrose6pptsQoQto15%andcoupledwithoverseassalesatarecord18%of AutomotiveGPMfell1pptQoQto12.1%duetodiseconomiesofscale,highermaterialcostsandlargerdiscounts,yetimproved1.6pptsYoYonbetterproductmixoptimization.OtherincomewasRMB2.03bn(+41.2%YoY/-36%QoQ).ThesharpQoQdropreflectedahighbasefromVolkswagenmilestonepaymentsin4Q25andlackcarboncreditincomethisquarter,thussegmentGPMfell4ppts ContinuedR&DinAIandnewmodels(RMB2.91bn,+46.8%YoY)offsetSG&Asavings(RMB1.88bn,-3.2%YoY/-32.5%QoQ).Againstalowrevenuebase,OPEXratioroseto37%.CoreoperatinglosswidenedtoRMB1.87bn.Asaresult,1Q26recordedanetlossofRMB1.7bn,swingingfromaprofitofRMB0.51bnin 4Q25.NetcashinhanddeclinedbyRMB9.4bntoRMB25.5bnasoftheendofMarch2026. MorningSnapshot HongKong&ChinaMarketDaily 05 June 2026 LiAuto(2015HK,HK$57.25,HK$123bn)ProductTransitionStrugglesButCash-Rich LiAuto's1Q26totalrevenueamountedtoRMB23bn(-11%YoY/-19%QoQ),belowmarketexpectations.AutomotiverevenuecameinatRMB21.5bn(-13%YoY/-21%QoQ).Deliveriesremainedweakat95kunits(+2%YoY/-13%QoQ)andproductmixcontinuedtodeteriorate.Thelower-pricedi6surgedto60%oftotaldeliveries,whilehigh-end(L9andMEGA)slumpedtoonly5%combined.OngoingdiscountingonlegacyL-seriestoclearinventorydroveASPdowntoarecordlowofRMB226k.AutomotiveGPMfellsharplyto6%,stillabovemanagement'slow-endguidanceof5%,pressuredbylowerscaleefficiencyfromvolumedecline,higher DespiteongoingoperatingexpenseoptimizationatRMB4.8bn(-6%YoY/-16%QoQ),thewideninglossesprovedunstoppable.CoreoperatingprofitreversedfromaprofitofRMB0.27bnin1Q25toalossofRMB3bnthisquarter,andnetprofitflippedfromRMB0.65bntoalossofRMB2.3bn.AlthoughfreecashflowreversedbyRMB10bnQoQtoanoutflowofRMB7.4bn,netcashofRMB84.3bnremainsample. Ourviews:Intensifyingcompetitionisthedefiningthemeoftoday’sChina'sNEVmarket.AlthoughLiAutoachievedearlysuccessthroughproductdifferentiationandaccumulatedasubstantialcashpile,itiscurrentlynavigatingadifficultproducttransition.ThecompanyhasrespondedbystreamliningSKUs,addingfeatures Incontrast,XPenghasemergedfromitspasttrough.Itsnewlylaunchedlargesix-seaterSUV,“theGX”,has amassedover60korders,thehighestinitssegment.Thecompanyalsoaimstodoubleoverseassalesto90kunitsthisyear.Moreover,XPengismakingtangibleprogressinphysicalAIwithitsAIchipandVLA2.0modelremainontrack.Robotaxipilotshavestartedwiththirdpartysoftwarelicensing,andahumanoidrobotisscheduledfor year end mass productiontargetingover 1k units permonth.We believe that XPeng is Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research MorningSnapshot HongKong&ChinaMarketDaily 05 June 2026 Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research MorningSnapshot HongKong&ChinaMarketDaily 05 June 2026 Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research So urce: B lo o mberg Kingsway Research Team AnalystHoward WongAlan LiAmelia Deng Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbe ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantye