$XPENG-W(09868.HK) is generally optimistic about Q3. If deliveries can stabilize at 35,000–40,000 units per month, with main models like P7+/MONA/G7 continuing to ramp up, and with sufficient credit support, revenue and gross margin are likely to remain on an upward trend, and it’s not impossible to approach breakeven in a single quarter.

However, the ongoing price war and uncertainties in overseas policy environments may still bring some volatility, which needs attention.