Financial Statements — XPEV
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Cash & Equivalents | 17.33 | 18.59 | 21.13 | 14.61 | 11.02 | 29.21 |
| Short-term Investments | 3.22 | 0.75 | 0.78 | 1.26 | 2.83 | 2.82 |
| Accounts Receivable | 2.00 | 2.45 | 2.72 | 3.87 | 2.67 | 0.17 |
| Inventory | 10.38 | 5.56 | 5.53 | 4.52 | 2.66 | 1.34 |
| Total Current Assets | 63.25 | 49.74 | 54.52 | 43.53 | 48.83 | 39.68 |
| Property, Plant & Equipment | 0.83 | 0.88 | 0.93 | 0.98 | 5.42 | 0.47 |
| Goodwill | 0.03 | 0.03 | 0.03 | -- | -- | -- |
| Intangible Assets | 3.44 | 3.80 | 3.53 | 0.24 | 0.10 | 0.08 |
| Total Non-current Assets | 39.91 | 32.97 | 29.64 | 27.96 | 16.82 | 0.77 |
| Total Assets | 103.16 | 82.71 | 84.16 | 71.49 | 65.65 | 44.71 |
| Accounts Payable | 18.00 | 23.08 | 22.21 | 14.22 | 12.36 | 5.11 |
| Short-term Debt | 6.12 | 6.47 | 5.25 | 3.18 | 0.00 | 0.17 |
| Total Current Liabilities | 58.11 | 39.86 | 36.11 | 24.11 | 18.01 | 7.84 |
| Long-term Debt | 6.59 | 5.66 | 5.65 | 4.61 | 1.68 | 0.15 |
| Total Non-current Liabilities | 14.68 | 11.57 | 11.72 | 10.47 | 5.49 | 2.44 |
| Total Liabilities | 72.79 | 51.43 | 47.83 | 34.58 | 23.50 | 1.58 |
| Retained Earnings | (42.77) | (41.59) | (35.76) | (25.33) | (16.19) | (11.32) |
| Total Stockholder Equity | 30.37 | 31.27 | 36.33 | 36.91 | 42.15 | 34.43 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Total Revenue | 76.72 | 40.87 | 30.68 | 26.86 | 20.99 | 5.84 |
| Cost of Revenue | 62.25 | 35.02 | 30.22 | 23.77 | 18.37 | 5.58 |
| Gross Profit | 14.47 | 5.85 | 0.45 | 3.09 | 2.62 | 0.27 |
| Research & Development | 9.49 | 6.46 | 5.28 | 5.21 | 4.11 | 0.26 |
| Selling, General & Admin | 2.01 | 1.34 | 1.55 | 1.66 | 1.03 | 1.18 |
| Total Operating Expenses | 17.24 | 13.33 | 11.84 | 11.90 | 9.42 | 4.65 |
| Operating Income | (2.77) | (6.66) | (10.89) | (8.71) | (6.58) | (4.29) |
| Interest Expense | 0.38 | 0.34 | 0.27 | 0.13 | 0.06 | 0.00 |
| Pretax Income | (1.16) | (5.83) | (10.39) | (9.12) | (4.84) | (0.42) |
| Tax Provision | 0.01 | (0.07) | 0.04 | 0.02 | 0.03 | 0.00 |
| Net Income | (1.14) | (5.79) | (10.38) | (9.14) | (4.86) | (0.42) |
| Basic EPS | (0.60) | (3.06) | (5.96) | (5.34) | -- | -- |
| Diluted EPS | (0.60) | (3.06) | (5.96) | (5.34) | -- | -- |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Operating Cash Flow | 8.26 | (2.01) | 0.96 | (8.23) | (1.09) | (0.02) |
| Capital Expenditures | 3.16 | 2.23 | 2.10 | 4.28 | 2.30 | 0.12 |
| Free Cash Flow* | 5.10 | (4.24) | (1.14) | (12.51) | (3.39) | (0.14) |
| Investing Cash Flow | (7.33) | (1.26) | 0.63 | 4.85 | (33.08) | (4.41) |
| Financing Cash Flow | 0.51 | 0.67 | 8.02 | 6.00 | 14.63 | 34.33 |
* Derived from reported values
