小鹏汽车-W 2026年Q2业绩及机器人业务电话会

发布时间：2026-08-24 一、AI总结内容 一、核心要点 1. 汽车业务：2026年Q2交付103295台，环比增65%，毛利率超20%；G7X、Mona L03等车型表现优异，Q3新锁单环比增超50%，创历史新高；计划9月上市G9L，四季度上市Mona L05，目标Q4单月销量破6万；Q2海外销量首次破2万台，同比增81%，上半年海外营收占比超25%，单车均价超4万欧元，Mona L03预计Q4交付，带动海外季度销量破4万台，2027年将在海外推出增程等多款车型。 2. 自动驾驶业务：8月底将推出VLA 6.3版本，模型参数扩大3.5倍，感知灵敏度提升300%，首次实现VLA与VLM智驾智舱联合，下放部分Robotaxi L4级能力；国内主流路况与友商并驾齐驱，小路、停车场体验更优，2027年上半年计划获欧洲监管许可并交付海外；VLA已在广州完成超2000次内测订单，跑通载人示范运营全流程，目标2027年实现无人安全员载客运营，未来将与全球出行平台合作扩大Robotaxi业务。 3. 机器人业务：首轮融资超9亿美元，投后估值超63亿美元，破中国人形机器人行业私募融资纪录，IDG领投，高榕、腾讯、阿里参投；9月将展示Iron系列能力，年底进入规模量产，2027年上半年从自有场景启动商业部署，下半年扩大交付，2027年月产能目标达数千台，面向零售服务业场景，国内外交付；Iron全站自研，具76个自由度、21个单手自由度，搭载3颗图灵AI芯片，有效算力2250tops，端侧部署物理AI大模型，支持复杂任务自主完成，数据飞轮效应显著；供应链与小鹏汽车重合度超85%，成本竞争力领先，硬件毛利高于汽车业务，叠加AI模型升级等软件服务收入，整体盈利性优于汽车业务。二、关键财务数据（2026年Q2） 1. 总营收197.4亿元，同比增8%，环比增51.5%；汽车销售营收170.5亿元，同比增1%，环比增；服务及其他营收27亿元，同比增93.9%，环比增32.6%。 2. 毛利率20.7%，同比升3.4个百分点，环比基本持平；汽车毛利率12.1%，同比降2.2个百分点，环比持平，受生产切换影响。 3. 研发费用29.1亿元，同比增32.1%，环比微增；销售管理费用25亿元，同比增15.2%，环比增32.5%；运营亏损11.4亿元，同比收窄，环比收窄；净亏损13.4亿元，同比收窄，环比收窄。 4. 截至6月底现金储备404.8亿元。 三、Q3业绩指引 1. 交付量11.5-12.1万台，环比增11.3%-17.1%；营收21.7-23.4亿元？不对，原文是217-234亿元，环比增9.9%-18.5%。 四、风险与关注 1. 新能源汽车行业竞争激烈，价格战、技术迭代快，可能影响小鹏汽车销量及毛利率。2. 机器人、自动驾驶等业务处于研发及商业化早期，量产进度、技术落地、市场接受度存在不确定性。3. 海外业务面临监管政策、文化差异、竞争环境等挑战，可能影响业务扩张速度。 二、音频原文（转写） Hello ladies and gentlemen thank you for standing by for the second quarter twenty twenty six earnings conference call for expung ink.At this time all participants are in lesson only modeaftermanagement's remarks there will be a question and answer session.Today's conference call is being recordedi will now turn the call over to yourhost mr alexee head of capital markets of the company please go ahead alexthank you hello everyone and welcome to expose second quarter to sometwenty six a news conference call our financialand operating results were issued by a newsbioservices early today and available online we canalso build earning stress release by visiting the air section of our website as ing dot comparticipants on the date's call from our managementteam will include the cofounder chairman and ceomr heshapong live chairman and president dr brian grew vice president of finance and accountingjames hung and myself management will begin with prepared remarks and the call will conclude with secure recession.A work of the replay of thisconference call will be available on the ir section of our website.Before we continue please note that this today's discussion will contain forwardlooking statements made under the safe harbor provisions of the us private security litigation reform act of ninety ninety fiveall looking figments involve inherent risk and certainties.Assuch the company's results may be materially different from the views expressed day.But the information regarding read and other risks and certain case.Is included in the relevant public filings of the company as filed with the u s securities and exchange commissionthe company does notassume any obligation to update any full lookingstatements except as required under applicablelawthis also notes that expose earnial stress release and this conference call includes the disposial unoutested gap financial measures as well as unoutested non gap financial measures exposeearning stress release contains a reconciliationof the unobited non gap measures to the unautitive gap measuresi will now turn the call over toour co founder chairman and c e o mr he xiaoping please go ahead大家好，很高兴与各位股东投资人分享，我们在刚刚宣布了小鹏集团旗下的人型基层业务的首轮融资。 那么，小鹏基层的业务将会以超过63亿美元的投后估值，获得超过9亿美元的融资。这次刷新中国人民继承行业的私募的融资记录。本轮融资是由全球顶尖的投资机构主动发起，其中包括了idg领投高龙参投。同时我们获得了腾讯和阿里两家战略投资者的大力支持。 首轮的融资金额跟估值已经打破了行业的记录，所所以充分体现了资本市场对小鹏在物理ai领域的领先地位技术路线以及规模量产能力和长期商业价值的高度认同。我相信农资不仅仅为高阶通用能用汽车艾伦的量产和研发。提供充裕的资金支持，更让我们像物理ai的全gpp时刻加速前进，也会让基层业务的生态建设和应用场景的拓展，带来更多的战略和资源。我相信小鹏作为全球领先的物理，a公司不仅仅要引领无人驾驶在全球的规模应用，跟商业落地，还必将打造最具价值的人型集群公司。 我很开心的是，在今天，我们又向前迈出了重要的一步。Good evening everyone. I am pleased to share with our shareholders andinvestors that we have just announced the firstround of financing for exponent robotics business the business raised over u s dollars and ninehundred million at over u s six point two billion post money valuation this round was initiatedby leading groupinvestors led by i d g capital with participation from support from pencent in alibaba as strategic investors both the size andvaluation of the first ground of financing haveset a new private financing record in china's humanoid robotic industryunderscoring the capitalmarket's strong endorsement of exponse leadership in physical ai technology roadmap ability to manufacture at scale and long term commercial value the financing will provide ample capital to support the mass production and continued development of our advanced general purpose humanoid robotthe will accelerate our progress towards thechatgpt moment for physical ai whilst bringing additional strategic resources to strengthen therobotics ecosystem and expand real world applica tions as a global leader in physical ai expon will not only lead the larg