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1、2024 ANNUAL REPORT*For identification purposes onlyXPeng Inc.小鵬汽車有限公司*(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)NYSE:XPEVHKEX:9868XPeng Inc.小鵬汽車有限公司*2024 ANNUAL REPORTFive-Year Financial SummaryKey AchievementsForward-Looking S
2、tatementBusinessRisk FactorsManagement Discussion and AnalysisDirectors and Senior ManagementReport of the DirectorsCorporate Governance ReportIndependent Auditors ReportConsolidated Balance SheetsConsolidated Statements of Comprehensive LossConsolidated Statements of Changes in Shareholders EquityC
3、onsolidated Statements of Cash FlowsNotes to Consolidated Financial StatementsCorporate InformationDefinitions235641121146151183203210213215217220324326CONTENTSFive-Year Financial Summary2XPeng Inc.CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSYear ended December 31,20202021202220232024(RMB,in thousa
4、nds)Total revenues5,844,32120,988,13126,855,11930,676,06740,866,309 Total cost of sales(5,578,332)(18,365,576)(23,766,728)(30,224,912)(35,020,541)Gross profit265,9892,622,5553,088,391451,1555,845,768 Total operating expenses(4,646,555)(9,419,700)(11,903,082)(11,835,516)(13,327,378)Loss from operatio
5、ns(4,293,736)(6,579,405)(8,705,523)(10,889,434)(6,658,138)Loss before income tax(expenses)benefit and share of results of equity method investees(2,730,762)(4,837,106)(9,118,358)(10,393,705)(5,830,975)Net loss(2,731,985)(4,863,096)(9,138,972)(10,375,775)(5,790,264)Net loss attributable to ordinary s
6、hareholders of XPeng Inc.(4,889,729)(4,863,096)(9,138,972)(10,375,775)(5,790,264)Total comprehensive loss attributable to ordinary shareholders of XPeng Inc.(3,456,418)(5,781,264)(5,946,399)(10,089,161)(5,527,394)CONSOLIDATED BALANCE SHEETSAs of December 31,20202021202220232024(RMB,in thousands)ASSE
7、TSTotal current assets39,679,27848,830,73643,527,42154,521,62949,736,069Total non-current assets5,027,50116,820,56627,963,58529,640,91232,970,036Total assets44,706,77965,651,30271,491,00684,162,54182,706,105LIABILITIESTotal current liabilities7,837,26318,012,66424,114,853 36,111,56239,864,883Total n
8、on-current liabilities2,439,7075,492,06010,465,488 11,722,45211,566,434Total liabilities 10,276,97023,504,72434,580,341 47,834,01451,431,317SHAREHOLDERS EQUITYTotal shareholders equity34,429,80942,146,57836,910,665 36,328,52731,274,788Key Achievements32024 ANNUAL REPORTOPERATIONAL AND FINANCIAL HIGH
9、LIGHTS FOR THE YEAR ENDED DECEMBER 31,2024 Total deliveries of vehicles were 190,068 in 2024,representing an increase of 34.2%from 141,601 in 2023.XPENGs physical sales network had a total of 690 stores,covering 226 cities as of December 31,2024.XPENG self-operated charging station network reached 1
10、,920 stations,including 928 XPENG S4 and S5 ultra-fast charging stations as of December 31,2024.Total revenues were RMB40.87 billion for the year ended December 31,2024,representing an increase of 33.2%from RMB30.68 billion for the year ended December 31,2023.Revenues from vehicle sales were RMB35.8
11、3 billion for the year ended December 31,2024,representing an increase of 27.9%from RMB28.01 billion for the year ended December 31,2023.Gross margin was 14.3%for the year ended December 31,2024,compared with 1.5%for the year ended December 31,2023.Vehicle margin,which is gross profit of vehicle sal
12、es as a percentage of vehicle sales revenue,was 8.3%for the year ended December 31,2024,compared with negative 1.6%for the year ended December 31,2023.Net loss was RMB5.79 billion for the year ended December 31,2024,compared with RMB10.38 billion for the year ended December 31,2023.Excluding share-b
13、ased compensation expenses,fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration,non-GAAP net loss was RMB5.55 billion for the year ended December 31,2024,compared with RMB9.44 billion for the year ended December 31,2023.Net loss
14、 attributable to ordinary shareholders of XPENG was RMB5.79 billion for the year ended December 31,2024,compared with RMB10.38 billion for the year ended December 31,2023.Excluding share-based compensation expenses,fair value loss on derivative liability and fair value gain on derivative liability r
15、elating to the contingent consideration,non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB5.55 billion for the year ended December 31,2024,compared with RMB9.44 billion for the year ended December 31,2023.Basic and diluted net loss per American depositary share(ADS)were both RM
16、B6.12 for fiscal year 2024,compared with RMB11.92 for the prior year.Basic and diluted net loss per ordinary share were both RMB3.06 for fiscal year 2024,compared with RMB5.96 for the prior year.Each ADS represents two Class A ordinary shares.Non-GAAP basic and diluted net loss per ADS were both RMB
17、5.87 for fiscal year 2024,compared with RMB10.85 for the prior year.Non-GAAP basic and diluted net loss per ordinary share were both RMB2.93 for fiscal year 2024,compared with RMB5.42 for the prior year.Cash and cash equivalents,restricted cash,short-term investments and time deposits were RMB41.96
18、billion as of December 31,2024,compared with RMB45.70 billion as of December 31,2023.Time deposits include restricted short-term deposits,short-term deposits,restricted long-term deposits,current portion and non-current portion of long-term deposits.4XPeng Inc.Key AchievementsRECENT DEVELOPMENTDeliv
19、eries in January,February and March 2025 Total deliveries were 30,350 vehicles in January 2025.Total deliveries were 30,453 vehicles in February 2025.Total deliveries were 33,205 vehicles in March 2025.As of March 31,2025,year-to-date total deliveries were 94,008 vehicles.XPENG and Volkswagen Group
20、China to Jointly Build One of the Largest Super-Fast Charging Networks in China On January 6,2025,XPENG and the Volkswagen Group China announced the entry of a memorandum of understanding(the“MOU”)for strategic collaboration on super-fast charging networks in China.Under the MOU,XPENG and the Volksw
21、agen Group China will jointly build one of the largest super-fast charging networks in China.52024 ANNUAL REPORTThis annual report contains forward-looking statements.These statements are made under the“safe harbor”provisions of the United States Private Securities Litigation Reform Act of 1995.Thes
22、e forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates”and similar statements.Statements that are not historical facts,including statements about XPENGs beliefs and expectations,are forward-looking statemen
23、ts.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:XPENGs goal and strategies;XPENGs expansion plans;XPENGs future
24、business development,financial condition and results of operations;the trends in,and size of,Chinas EV market;XPENGs expectations regarding demand for,and market acceptance of,its products and services;XPENGs expectations regarding its relationships with customers,suppliers,third-party service provi
25、ders,strategic partners and other stakeholders;general economic and business conditions;and assumptions underlying or related to any of the foregoing.Further information regarding these and other risks is included in XPENGs filings with the United States Securities and Exchange Commission.All inform
26、ation provided in this report is as of the Latest Practicable Date unless otherwise indicated,and XPENG does not undertake any obligation to update any forward-looking statement,except as required under applicable law.Forward-Looking StatementBusiness6XPeng Inc.OVERVIEWWe are a leading Chinese Smart
27、 EV company that designs,develops,manufactures,and markets Smart EVs that primarily appeal to the large and growing base of middle-class consumers in China.Since inception,we have taken an innovative technology path to our envisioned future of mobility.We intend to empower consumers with our differe
28、ntiated Smart EVs that can offer disruptive mobility experiences.We believe this can be achieved by fast iteration of software and seamless integration with hardware,which enable us to lead the innovation of Smart EV technologies and provide differentiated Smart EV products to consumers.Since our in
29、ception in 2015,we have become one of the leading Smart EV companies in China,with leading software and hardware technology at our core and bringing innovation in advanced driver assistance,smart connectivity and core vehicle systems.We develop full stack advanced driver assistance systems,or ADAS,s
30、oftware in house and have deployed such software on mass-produced vehicles.We started to roll out our XNGP in March 2023 and have made XNGP available in cities without HD map coverage since November 2023.As a result,its geographical coverage has expanded swiftly in China.Our Smart EVs appeal to the
31、large growing base of middle-class consumers in China.We primarily target the mid-to high-end segment in Chinas passenger vehicle market,with prices ranging from RMB120,000 to RMB420,000.Consumers choose our products primarily because of attractive design,industry-leading electrification and smart t
32、echnologies,interactive smart mobility experience and long driving range.We are building a rapidly expanding,diversified portfolio of attractive Smart EV models to capture the growing demand for Smart EVs and appeal to the differentiated needs of a broad customer base.In December 2018,we started del
33、ivery of the G3,which is our first Smart EV and a compact SUV.In May 2020,we started delivery of the P7,which is our second Smart EV and a sports sedan.In March 2021,we started delivery of the P7 Wing,which is a limited edition designed to accentuate the sporty and dynamic styling of the sports seda
34、n with scissor-style front doors that are traditionally only available in luxury sports vehicles.In March 2021,we introduced newer versions of the G3 and the P7 that are equipped with lithium iron phosphate battery to provide our customers with a wider variety of options.In April 2021,we unveiled th
35、e P5,which is our third Smart EV and a family sedan,and started delivery in September 2021.In July 2021,we introduced the G3i,which is the mid-cycle facelift version of the G3,and started delivery in August 2021.72024 ANNUAL REPORTBusiness In September 2022,we launched the G9,which is our fourth Sma
36、rt EV and a mid-to large-sized SUV,and started mass delivery in October 2022.In March 2023,we upgraded the P7 to P7i,and started delivery during the same month.In June 2023,we launched the G6,which is our fifth Smart EV,and started delivery to customers in July 2023.In January 2024,we launched the X
37、9,which is our sixth Smart EV,and started delivery during the same month.In March 2024,we introduced a new version of P7i,being the first time we brought scissor-style front doors to two-wheel drive models,and started delivery during the same month.In August 2024,we launched the MONA M03,which is th
38、e first Smart EV of the MONA series and our seventh Smart EV,and started delivery of MONA M03 during the same month.In September 2024,we introduced a new version of the X9,as its latest version.In November 2024,we launched the P7+,which is our seventh Smart EV of XPENG series and our eighth Smart EV
39、,and started delivery during the same month.In March 2025,we upgraded the G6 and the G9 to their respective 2025 Edition and started delivery during the same month.We currently offer the following models:G9(mid-to large-sized SUV),with a wheelbase of 2,998 mm and CLTC range between 625 km and 725 km
40、.P7i(sports sedan),with a wheelbase of 2,998 mm and CLTC range of 702 km.G6(coupe SUV),with a wheelbase of 2,890 mm and CLTC range between 625 km and 725 km.X9(seven-seater MPV),with a wheelbase of 3,160 mm and CLTC range between 610 km and 702 km.MONA M03(sedan),with a wheelbase of 2,815 mm and CLT
41、C range between 515 km and 620 km.P7+(family sedan),with a wheelbase of 3,000 mm and an upgraded CLTC range between 615 km to 725 km enabled through OTA firmware updates.8XPeng Inc.BusinessOur ADAS and in-car intelligent operating system enable customers to enjoy a differentiated smart mobility expe
42、rience,and our Smart EVs can be upgraded through OTA firmware updates to introduce enhancements and new functionalities.Continuous innovation in software is one of the key factors that differentiate our Smart EVs and has become a critical value proposition appealing to customers.We seek to expand ou
43、r customer reach by extending our online and physical sales and service network.We had a total of 690 stores,covering 226 cities in China as of December 31,2024.These stores in our sales network include both stores directly operated by us and franchised stores.In addition,we also have entered 30 ove
44、rseas markets,establishing 150 stores in overseas countries or regions,owned by importers,dealer groups,or XPENG.In addition,we actively engage in online marketing through various channels to further enhance our brand recognition and customer acquisition.We aim to offer our customers a convenient ch
45、arging and driving experience by providing them with access to a vast,rapidly-growing charging network.Our customers can choose to charge their Smart EVs using home chargers,at XPENG self-operated charging station network or at third-party charging stations.In addition,we started to launch the 480kW
46、 S4 supercharging stations in China in 2022.As of December 31,2024,XPENG self-operated charging station network further expanded to 1,920 stations,including 1,506 XPENG self-operated supercharging stations and 414 destination charging stations.Our S4 and S5 supercharging stations have covered 165 ci
47、ties in China,including all of the tier-1 and the new tier-1 cities.Our manufacturing philosophy centers on quality,continuous improvement,flexibility and high operating efficiency.We currently manufacture our vehicles at our own Zhaoqing and Guangzhou plants.In addition,the construction of our new
48、manufacturing base in Wuhan has been completed,which is currently awaiting the inspection and acceptance procedures conducted by relevant government authorities.Our total revenues grew rapidly from RMB26,855.1 million in 2022 to RMB30,676.1 million in 2023,and further to RMB40,866.3 million in 2024.
49、Our Smart EV deliveries increased from 120,757 units in 2022 to 141,601 units in 2023,and further to 190,068 units in 2024,representing a year-on-year growth rate of 34.2%between 2023 and 2024.Along with strong revenue growth,our gross profit margin decreased from 11.5%in 2022 to 1.5%in 2023,and inc
50、reased to 14.3%in 2024.PRODUCTSOur products include Smart EVs and advanced ADAS software system.We design,develop,manufacture and market Smart EVs,and we develop full-stack ADAS software system in-house.We design our Smart EVs to satisfy the needs and preferences of middle-class consumers in China.P
51、rimarily priced in the mid-to high-end segment,our Smart EVs offer customers a great-to-drive and great-to-be-driven experience,as well as compelling value proposition.92024 ANNUAL REPORTBusinessP7 and P7iOur second mass-produced Smart EV,the P7,is a four-door sports sedan.We started the production
52、of the P7 and began delivery in May 2020.In November 2020,we unveiled the P7 Wing,a limited edition designed to maximize the sporty and dynamic style of the sports sedan with a pair of specifically-designed scissor-style front doors,which are traditionally only available in luxury sports vehicles.We
53、 started the delivery of the P7 Wing in March 2021.In March 2023,we upgraded the P7 to P7i,and started the delivery during the same month.In March 2024,we introduced a new version of P7i,being the first time we brought scissor-style front doors to two-wheel drive models,and started delivery during t
54、he same month.G9In September 2022,we launched the G9,which is our fourth Smart EV and a mid-to large-sized SUV,and started mass delivery in October 2022.Featuring our powertrain system using 800V high-voltage Silicon Carbide(SiC)platform,the G9 demonstrates greater energy consumption efficiency and
55、charging efficiency compared to other EVs built on a 400V platform.In September 2023 and March 2025,we upgraded the G9 to 2024 Edition and 2025 Edition,respectively.G6In June 2023,we launched the G6,which is our fifth Smart EV and a coupe SUV,and started delivery to customers in July 2023.Based on o
56、ur next-generation technology architecture,SEPA 2.0,the G6 is equipped with our powertrain system using 800V high-voltage SiC platform and features cutting-edge front and rear integrated aluminum body die-casting technology and Cell Integrated Body(CIB)battery-body integration technology.In March 20
57、25,we upgraded the G6 to 2025 Edition.X9In January 2024,we launched the X9,which is our sixth Smart EV and a large seven-seater MPV,and started delivery during the same month.In September 2024,we introduced a new version of X9,as its latest version.Based on our next-generation technology architectur
58、e,SEPA 2.0,the X9 is equipped with our powertrain system using 800V high-voltage SiC platform and features cutting-edge front and rear integrated aluminum body die-casting technology and CIB battery-body integration technology.The X9 is equipped with an active rear-wheel steering system and intellig
59、ent dual-chamber air suspension,providing customers with an enhanced driving experience.Also,the X9 features our smart in-car operating system,XOS Tianji.MONA M03 In August 2024,we launched the first model of the MONA series,MONA M03.Deliveries of MONA M03 started in August 2024.MONA M03,an all-elec
60、tric hatchback coupe,has a wheelbase of 2,815mm and CLTC range between 515 km to 620 km.MONA M03 demonstrated leading wind resistance among mass-produced pure electric hatchbacks.10XPeng Inc.BusinessP7+In November 2024,we launched the P7+,which is the seventh Smart EV of our XPeng series,and started
61、 delivery during the same month.With a 5,056 mm body length and a 3,000 mm wheelbase,the P7+allows rear passengers ample headroom and enough room for both rows to stretch out.Equipped with our in-house the Hawkeye Visual Solution,P7+features built-in advanced ADAS across the entire lineup.Plans to L
62、aunch New ModelsWe plan to continuously introduce new models and facelifts to expand our product portfolio and customer base.We have invested in multiple powerful EV vehicle platforms over the past few years.Our future models will be based on these platforms and our latest technology architecture ad
63、aptable and flexible with multiple vehicle platforms.Smart EV DeliveriesThe following table sets forth the number of our vehicles delivered to customers in the periods indicated:For the three months endedMarch 31,2022June 30,2022September 30,2022December 31,2022March 31,2023June 30,2023September 30,
64、2023December 31,2023March 31,2024June 30,2024September 30,2024December 31,2024Total34,56134,42229,57022,20418,23023,20540,00860,15821,82130,20746,53391,507OUR TECHNOLOGIESWe develop most of our key technologies in-house to achieve a rapid pace of innovation and tailor our product offerings for consu
65、mers.By developing our proprietary software and hardware technologies,we are able to retain better control over the performance and experience of our Smart EVs and have the flexibility to continuously upgrade them.Our ADASWe have dedicated significant research and development efforts in ADAS technol
66、ogy,which we believe is a key element for the Smart EV experience.Our research and development capabilities enable us to continuously improve our ADAS and achieve fast system iterations.In 2021,we rolled out NGP for highway driving and advanced automated parking,or the Valet Parking Assist,as part o
67、f our proprietary XPILOT 3.0,through OTA firmware updates.In 2022,we revealed XNGP,which was intended to enable driver assistance in the full spectrum of driving scenarios.When XNGP is activated with a set destination,the vehicle itself can perform a wide range of driving tasks such as cruising,chan
68、ging lanes,getting around stationary vehicles or obstacles,and navigate through intersections.We started to rollout our XNGP in March 2023,and have made XNGP available in cities without HD map coverage since November 2023.As a result,its geographic coverage has expanded swiftly in China.112024 ANNUA
69、L REPORTBusinessIn May 2024,we introduced end-to-end model to smart driving,and in July,we upgraded our ADAS to achieve nationwide full-scale availability with no restrictions on cities,routes,or road conditions.In August 2024,we revealed our Hawkeye Visual Solution and made the P7+launched in Novem
70、ber 2024 our first vehicle model equipped with Hawkeye Visual Solution,while our OTA updates in January 2025 empowered other eligible models with the updated ADAS.XOS TianjiXOS Tianji is our next-generation smart in-car operating system,which offers a comprehensive suite of smart in-car functionalit
71、y that aims to integrate our smart driving capabilities with next-generation smart cabin scenarios and advance the human-machine co-driving experience.It features multi-tasking on a single screen,a customizable XDock,real-time Surrounding Reality(SR)display,all-round safety warnings,and smart voice
72、assistant.We expect XOS Tianji to serve as a sophisticated in-car companion and automotive expert for our consumers daily use.In January 2024,we launched the X9,our first model equipped with XOS Tianji.On May 20,2024,we introduced an all-domain large language model for smart cockpits.In July 2024,we
73、 announced a full scale rollout of the updated in-car OS,to all eligible models globally which adds features such as remote voice control,gesture control,and versatile NFC touch control.In January 2025,we introduced several new features including a personalized operating system that supports multi-l
74、anguage voice controls such as English,French,and Thai.PowertrainPowertrain plays a critical role in our ability to deliver safe and high-performance EVs at competitive prices.Our Smart EVs powertrain consists of the battery system,electric drive system,high voltage system and vehicle control unit,o
75、r VCU.Leveraging our superior in-house research and development capabilities,we are able to differentiate our Smart EVs in key powertrain features,such as charging efficiency,battery safety,range,noise,drivability and digitization.The powertrains ECUs are amenable to OTA firmware updates,which enabl
76、e us to improve the powertrains functions and customer experience after delivery.Our Smart EVs battery system utilizes high-energy density battery cells.We utilize lithium nickel manganese cobalt oxide,or NCM,cells and LFP cells for our batteries.Through our research and development efforts,we seek
77、to enhance the energy density of the battery pack and reduce its cost,while also maintaining its safety,reliability and longevity.We rolled out our powertrain system using 800V high-voltage SiC platform on the debut of the G9 in September 2022.As a result,the G9 demonstrated greater energy consumpti
78、on efficiency and charging efficiency compared to other EVs built on a 400V platform.SEPA 2.0In April 2023,we unveiled our next-generation technology architecture SEPA 2.0(Smart Electric Platform Architecture).SEPA 2.0 brought a series of more advanced architectural solutions,from our in-house devel
79、opment autonomous driving software to vehicle engineering.SEPA 2.0 is expected to accelerate our R&D cycle and optimize R&D efficiency and enable us to meet the diverse customer needs at optimized costs.SEPA 2.0 is adaptable and flexible with multiple vehicle platforms for wheelbases between 1,800 m
80、m and 3,200 mm and scalable to support a variety of vehicle types.SEPA 2.0 integrates various features,including smart technology,powertrain,and advanced manufacturing(front and rear integrated aluminum body die-casting technology,Cell Integrated Body(CIB)technology).We started delivery of the G6,ou
81、r first new production model built on SEPA 2.0 in July 2023.12XPeng Inc.BusinessSALES AND MARKETINGWe seek to cost-efficiently expand our customer reach and grow sales.We had a total of 690 stores,covering 226 cities in China as of December 31,2024.These stores in our sales network include both stor
82、es directly operated by us and franchised stores.In addition,we also have entered 30 overseas markets,establishing 150 stores in overseas countries or regions,owned by importers,dealer groups,or XPENG.While currently we primarily sell products and services in Chinas market,we also made positive prog
83、ress in overseas markets.In December 2020,the first batch of the European version of the G3 was delivered to customers in Norway.In August 2021,we started the deliveries of the P7 to the European market.In 2022,we opened stores in the Netherlands,Sweden,Denmark and Norway.In February 2023,we launche
84、d the G9 mid-to large-sized SUV and the new P7 sports sedan for Europe and opened Delivery and Service Center in Norway.In the second quarter of 2023,we opened our Delivery and Service Centers consecutively in the Netherlands,Sweden,and Denmark.In 2024,we made significant progress in terms of our ov
85、erseas expansion.Our footprint currently extended across multiple continents,including multiple countries or regions in Europe,Asia and other continents.COMPREHENSIVE SERVICESWe offer our customers a comprehensive suite of charging solutions and after-sales services,as well as various value-added se
86、rvices.These services offer our customers a convenient experience and enable full lifecycle engagement with our customers,which in turn improves their loyalty.Charging SolutionsWe aim to offer our customers a convenient charging experience by giving them access to a wide and expanding charging netwo
87、rk in a cost-efficient manner.Our customers can choose to charge their EVs by home chargers,XPENG self-operated charging station network,or third-party charging stations.We will continue to expand the XPENG self-operated charging station network coverage,to provide greater accessibility and enhanced
88、 charging experience to our customers.In September 2022,we launched seven 480kW S4 supercharging stations in five cities in China.Our S4 and S5 supercharging stations significantly shortened the charging time for our customers with the G9,the G6,the X9,and the P7+which are equipped with 800V high-vo
89、ltage platform.Moreover,the 2025 Editions of the G6 and the G9,both launched in March 2025,have been equipped with the 5C ultra-charging intelligent battery,which further reduces the charging time and enhances the overall safety performance.As of December 31,2024,XPENG self-operated charging station
90、 network further expanded to 1,920 stations,including 1,506 XPENG self-operated supercharging stations and 414 destination charging stations.Our S4 and S5 supercharging stations have covered 165 cities in China,including all of the tier-1 and the new tier-1 cities.132024 ANNUAL REPORTBusinessOn Janu
91、ary 5,2025,we and the Volkswagen Group China announced a Memorandum of Understanding(MOU)to jointly build charging networks in China.Over 20,000 charging piles operated by both parties across 420 cities in China will be accessible to customers of both us and Volkswagen Group China.Both parties will
92、also jointly explore the cooperation on co-branded super-fast charging stations,accelerating the expansion of charging networks and enhancing the charging experience for customers.Furthermore,on January 14,2025,we and BP Pulse announced the signing of a Memorandum of Understanding(MOU)to establish a
93、 strategic partnership.This collaboration enables reciprocal access to our respective charging networks and aims to offer customers access to over 30,000 charging piles across 420 cities in China.We are one of the EV companies that have established self-operated charging networks in China,and we wil
94、l continue to expand the network of our charging stations through XPENG self-operated charging stations and strategic partnerships to better serve our customers.After-Sales Services and WarrantyWe provide efficient after-sales services both offline and online.Offline services are available at our se
95、rvice centers and cover repairs and maintenance for our Smart EVs.We also provide online after-sales services,which are enabled by our cloud capabilities and high-speed connectivity of our Smart EVs.Our system is able to monitor vehicle performance status in real time,remotely diagnose certain vehic
96、le malfunctions and potential issues and recommend solutions to prevent problems.Certain software-related issues can be resolved remotely through OTA updates.In addition,we have developed an intelligent remote diagnosis system,which detects potential system error before it occurs to ensure vehicle s
97、afety.We also offer competitive warranty terms for our Smart EVs.Other ServicesWe also offer the following services.Insurance Technology Support.We provide technology support to our customers who purchased our Smart EVs so they may readily obtain automotive insurance from insurance companies.To offe
98、r a convenient experience,we leverage some intelligent functions with patented technology to help customers to quickly make insurance claims.In April 2023,GIIA,a Group VIE as an insurance intermediary with qualifications for nationwide sale of insurance products,collection of insurance premiums,inve
99、stigation and settlement of losses on an agency basis,started operating and entered into cooperation agreements with certain mainstream insurance companies.We also announced strategic cooperation relationships with leading insurance companies to explore insurance products and services in relation to
100、 ADAS.Automotive loan referral and auto financing.We cooperate with financial institutions and connect them with customers who seek automotive financing solutions.To complement services of these financial institutions,we also offer auto financing to our customers through a wholly-owned subsidiary.Su
101、ch auto financing program is treated as an installment payment program for accounting purposes and the Group records the relevant installment payment receivables on its balance sheets.14XPeng Inc.BusinessSTRATEGIC TRANSACTIONSOn July 26,2023,we and the Volkswagen Group entered into the VW Technical
102、Framework Agreement on strategic technical collaboration and the VW Share Purchase Agreement for strategic minority investment by the Volkswagen Group in us.Pursuant to the VW Technical Framework Agreement,we and the Volkswagen Group will cooperate on joint development of the two B-class battery ele
103、ctric vehicles models for sale in the Chinese market under Volkswagen brand,leveraging respective core competencies and our G9 platform and connectivity and ADAS software.Pursuant to the VW Share Purchase Agreement,on December 6,2023,we completed the issuance of an aggregate of 94,079,255 Class A or
104、dinary shares to Volkswagen Nominee for approximately US$705.6 million.Furthermore,on February 29,2024,we and the Volkswagen Group announced to have entered into a Master Agreement on Platform and Software Strategic Technical Collaboration(the“Master Agreement on Strategic Technical Collaboration”),
105、to jointly develop two B-class battery electric vehicles.As part of the Master Agreement,we and the Volkswagen Group have also entered into a joint sourcing program for the common parts of vehicles and platform that used by both parties.On April 17,2024,we and the Volkswagen Group have entered into
106、a framework agreement on technical collaboration with respect to Electrical/Electronic architecture.Under the E/E Architecture technical collaboration,we and the Volkswagen Group,will jointly develop and integrate our latest generation of E/E Architecture to Volkswagens China Main Platform(CMP)in Ch
107、ina.The jointly developed E/E Architecture is expected to equip Volkswagen brand electric vehicles produced in China from 2026.On July 22,2024,we and the Volkswagen Group announced to have entered into a Master Agreement on E/E Collaboration to jointly develop E/E Architecture for all locally produc
108、ed vehicles based on Volkswagens China Main Platform(CMP)and Modular Electric Drive Matrix(MEB)platform.On January 5,2025,we and the Volkswagen Group China announced a Memorandum of Understanding(MOU)to jointly build charging networks in China.Over 20,000 charging piles operated by both parties acro
109、ss 420 cities in China will be accessible to customers of both us and Volkswagen Group China.Both parties will also jointly explore the cooperation on co-branded super-fast charging stations,accelerating the expansion of charging networks and enhancing the charging experience for customers.On August
110、 27,2023,we entered into a share purchase agreement with DiDi and Da Vinci Auto Co.Limited,a wholly-owned subsidiary of DiDi,to acquire,in consideration for the Companys newly issued Class A ordinary shares,the entire issued share capital of Xiaoju Smart Auto Co.Limited,which,together with its subsi
111、diaries,is contemplated to be able to operate the smart auto development business previously conducted by DiDi.We and DiDi simultaneously entered into the DiDi Strategic Cooperation Agreement to embark on cooperation in various areas,including the research and development of the new Smart EV model,o
112、peration of the Companys Smart EV models on DiDis ride sharing platform,marketing,financial and insurance services,charging,Robotaxi and the joint development of international market.On November 13,2023,upon the initial closing of the DiDi Share Purchase Agreement,we issued 58,164,217 Class A ordina
113、ry shares to DiDi,and DiDis smart auto development business became wholly owned by us and its financial results have been consolidated into our consolidated financial statements.On August 13,2024,upon the SOP closing of the DiDi Share Purchase Agreement,we issued 4,636,447 Class A ordinary shares to
114、 DiDi,and started to deliver Mona M03 in the same month.We may issue additional Class A ordinary shares to DiDi under the DiDi Share Purchase Agreement upon satisfaction of certain milestones under such agreement.152024 ANNUAL REPORTBusinessMANUFACTURINGOur manufacturing philosophy centers on qualit
115、y,continuous improvement,flexibility and high operating efficiency.We take a lean production approach,with the aim of continuous optimization in operating efficiency and product quality.We currently manufacture our vehicles at our own Zhaoqing and Guangzhou plants.In addition,the construction of our
116、 new manufacturing base in Wuhan has been completed,which is currently pending inspection and acceptance procedures conducted by relevant government authorities.DATA PRIVACY AND SECURITYWe are committed to complying with applicable data protection laws and protecting the security of personal data.We
117、 mainly collect and store data relating to the usage of the ADAS system,infotainment system,as well as data collected through our sales and services channels.Such data primarily includes,among others,name,contact information and payment information.In addition,we also collect vehicle data of our Sma
118、rt EVs,including,among others,vehicle condition,location information,assisted driving information,charging status,maintenance status,as well as information of the in-car infotainment system,such as information relating to smart voice assistant,smart navigation,music,data traffic and third-party apps
119、.Such data is collected in accordance with applicable data protection laws and regulations.Our privacy policy,which is provided to every customer,describes our data processing activities.Specifically,we undertake to manage and use the data collected from customers in accordance with applicable laws
120、and make reasonable efforts to prevent unauthorized use,loss,or leakage of customer data and will not disclose sensitive customer data to any third party without appropriate and necessary business needs,except under legal requirement or certain circumstances specified in the customer consent.We impl
121、ement data security measures,for instance,access control and identity verification.We strictly limit and monitor employee access to customer personal data.We provide data privacy and information security training to these employees and require them to report any information security breach.Our busin
122、ess partners may have access to the data collected within the scope of their service.We take various measures,such as entering into separate confidentiality agreements or data protection agreements with our business partners,adopting necessary data security measures such as encryption,to protect suc
123、h data.We use a variety of technologies to protect the data with which we are entrusted.For example,we segregate our internal databases and operating systems from our external-facing services and intercept unauthorized access.We anonymize personal data by removing personally identifiable information
124、,when such information is not relevant to our business.We encrypt personal data in transit,using sophisticated security protocols to ensure the integrity and confidentiality.We back up our personal data and operating data on a regular basis in separate back-up systems to minimize the risk of custome
125、r data loss or leakage.Whenever an issue related to data privacy is discovered,we take prompt actions to upgrade our system and mitigate any potential problems that may undermine the security of our system.We also have a dedicated privacy and security team and a Data Protection Officer responsible f
126、or data protection.We believe our policies and practice with respect to data privacy and security are in compliance with applicable laws and prevalent industry practice in all material aspects.16XPeng Inc.BusinessCOMPETITIONWe have strategically focused on offering Smart EVs for the mid-to high-end
127、segment of Chinas passenger vehicle market.We directly compete with other pure-play EV companies,especially those targeting the mid-to high-end segment.To a lesser extent,our Smart EVs also compete with ICE vehicles in the mid-to high-end segment offered by traditional OEMs.Furthermore,traditional O
128、EMs that have strong brand recognition,substantial financial resources,sophisticated engineering capabilities and established sales channels may shift their focus towards the EV market in the future.We believe that our competitive advantage over existing and potential competitors lies in our innovat
129、ive product offerings localized for consumers in China,ability to offer a great-to-drive and great-to-be-driven experience,robust software and hardware technologies,scalable and efficient platforms and our winning Smart EV team.INTELLECTUAL PROPERTYWe have developed a number of proprietary systems a
130、nd technologies,and our success depends on our ability to protect our core technology and intellectual property.We utilize a combination of patents,trademarks,copyrights,trade secrets and confidentiality policies to protect our proprietary rights.EMPLOYEESAs of December 31,2022,2023,and 2024,we had
131、a total of 15,829,13,550 and 15,364 employees,respectively.The following table sets forth a breakdown of our employees categorized by function as of December 31,2024.FunctionNumber ofEmployeesPercentage toTotalResearch and development6,20040.4%Sales and marketing4,88831.8%Manufacturing3,70224.1%Gene
132、ral and administration830.5%Operation4913.2%Total15,364100%As of December 31,2024,15,050 of our employees were based in mainland China or Hong Kong,and 314 of our employees were based overseas.We believe we offer our employees competitive compensation packages and a dynamic work environment that enc
133、ourages initiative and is based on merit.As a result,we have been able to attract and retain talented personnel.172024 ANNUAL REPORTBusinessAs required by PRC regulations,we participate in various government statutory employee benefit plans,including social insurance,namely pension insurance,medical
134、 insurance,unemployment insurance,work-related injury insurance and maternity insurance,and housing funds.We are required under PRC law to make contributions to employee benefit plans at specified percentages of the salaries,bonuses and certain allowances of our employees,up to a maximum amount spec
135、ified by the local government regulations from time to time.In addition,we purchased additional commercial health insurance to increase insurance coverage of our employees.Historically,we have offered and sold our Smart EVs to our employees at discounts.We enter into standard labor,confidentiality a
136、nd non-compete agreements with our employees.The non-compete restricted period typically expires within two years after the termination of employment,and we agree to compensate the employee with a certain percentage of his or her pre-departure salary during the restricted period.We believe that we m
137、aintain a good working relationship with our employees,and we have not experienced any major labor disputes causing material negative publicity.FACILITIES We own land use rights with respect to a parcel of land of over 600,000 square meters in Zhaoqing,Guangdong Province,and such land use rights exp
138、ire in 2067.We have constructed our Zhaoqing plant on this parcel of land,and the plant has an approved construction area of over 440,000 square meters.We purchased land use rights with respect to an additional parcel of land of over 370,000 square meters in Zhaoqing,Guangdong Province with a constr
139、uction area of over 220,000 square meters,and such land use rights expire in 2070.In 2024,we acquired another parcel of land of 9,100 square meters in Zhaoqing.We also own land use rights with respect to a parcel of land of over 63,000 square meters in Guangzhou,Guangdong Province,and such land use
140、rights expire in 2070.We have constructed our manufacturing facility,which is used as our Intelligent Manufacturing Innovation Center on this parcel of land,and the plant has a construction area of over 117,000 square meters.We also own land use rights with respect to a parcel of land of over 68,000
141、 square meters with respect to our technology park in Guangzhou,Guangdong Province,and such land use rights expire in 2061.In addition,we own land use rights with respect to a parcel of land of over 1,000,000 square meters in Wuhan,Hubei Province,and such land use rights do not expire until 2072 or
142、at a later time.We have commenced the construction of a new manufacturing base on this parcel of land in July 2021.As of March 31,2025,the construction of our new manufacturing base in Wuhan has been completed,which is pending inspection and acceptance procedures conducted by relevant government aut
143、horities.Certain manufacturing buildings of Guangzhou and Zhaoqing plants and the land use right of the Wuhan base and Guangzhou Xiaopeng Technology Park and the equipment of Wuhan base were secured for the long-term bank loan with a total appraised value of RMB5.36 billion.We also maintain a number
144、 of leased properties.Our Guangzhou plant is located in Guangzhou,Guangdong Province,where we lease over 1,100,000 square meters of land with 830,000 square meters of construction area.Our corporate headquarters is located in Guangzhou,Guangdong Province,where we lease over 117,000 square meters of
145、properties primarily for corporate administration,research and development,trial production and testing.In addition,we lease a number of properties in Beijing,Shanghai and Shenzhen as well as in Silicon Valley and San Diego in the United States,primarily for research and development.We also lease a
146、number of facilities for our direct stores,self-operated charging stations and logistics centers across China and several flexible workspaces or co-working spaces in Hong Kong,Denmark,the Netherlands,Norway,Sweden,Germany and France.18XPeng Inc.BusinessWe intend to add new facilities or expand our e
147、xisting facilities as we scale up our business operation.We believe that suitable additional or alternative space will be available in the future on commercially reasonable terms to accommodate our foreseeable future expansion.INSURANCEWe maintain property insurance,public liability insurance and dr
148、ivers liability insurance.Pursuant to PRC regulations,we provide social insurance including pension insurance,unemployment insurance,work-related injury insurance and medical insurance for our employees based in China.We also purchase additional commercial health insurance to increase insurance cove
149、rage of our employees.We do not maintain business interruption insurance or key-man insurance.We believe that our insurance coverage is in line with the industry and adequate to cover our key assets,facilities and liabilities.LEGAL PROCEEDINGSWe are currently not a party to any material legal or adm
150、inistrative proceedings.We may from time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business.Litigation or any other legal or administrative proceeding,regardless of the outcome,is likely to result in substantial cost and diversio
151、n of our resources,including our managements time and attention.RAW MATERIALS AND SUPPLIERSWe incur significant costs related to procuring components and raw materials required to manufacture our Smart EVs.We use various components and raw materials in our business,such as steel and aluminum,as well
152、 as lithium battery cells,millimeter-wave radar,or mmWave radar,and semiconductors.The prices for these components and materials fluctuate,and their available supply may be unstable,depending on market conditions and global demand for these materials,and thus our business and operating results are s
153、ubject to variability in the cost and availability of these components and materials.See“Item 3.Key Information D.Risk Factors Risks Relating to Our Business and Industry Increases in costs,disruption of supply or shortage of components and materials could have a material adverse impact on our busin
154、ess.”and“Item 3.Key Information D.Risk Factors Risks Relating to Our Business and Industry We are dependent on our suppliers,some of which are single-source suppliers.Suppliers may fail to deliver necessary components of our Smart EVs according to our schedule and at prices,quality levels and volume
155、s acceptable to us.”We procure components from both domestic suppliers and global suppliers,and choose suppliers based on a variety of factors,such as technological expertise,product quality,manufacturing capacity,price and market reputation.To improve cost efficiency and control supply chain risk,a
156、 majority of our components are purchased in China.REGULATIONThis section sets forth a summary of the most significant rules and regulations that affect our business activities in China or the rights of our shareholders to receive dividends and other distributions from us.192024 ANNUAL REPORTBusines
157、sPRC Permissions and Approvals We have obtained all requisite permissions and approvals that are material to the Groups operations in China as of the date hereof,including Zhaoqing Xiaopeng New Energy Investment Co.,Ltd.,or Zhaoqing Xiaopeng New Energy,and our Smart EVs(the P7i,the G9,the G6,the X9,
158、the MONA M03 and the P7+)being listed in Announcement of the Vehicle Manufacturers and Products issued by the Ministry of Industry and Information Technology of PRC,or the MIIT,which is the entry approval for Zhaoqing Xiaopeng New Energy to become a qualified manufacturer for the manufacturing and s
159、ales of our Smart EVs.Given the significant amount of discretion held by local PRC authorities in interpreting,implementing and enforcing relevant rules and regulations,as well as other factors beyond our control,we cannot assure you that we have obtained or will be able to obtain and maintain all r
160、equisite licenses,permits,filings and registrations.See“Item 3.Key Information D.Risk Factors Risks Relating to Our Business and Industry Certain of our operating subsidiaries may be required to obtain additional licenses or permits or make additional filings or registrations.”Furthermore,the PRC au
161、thorities have promulgated new or proposed laws and regulations to further regulate securities offerings that are conducted overseas by China-based issuers.For more detailed information,see“Item 4.Information on the Company Business Overview Regulations Regulations on M&A Rules and Overseas Listings
162、”and“Item 4.Information on the Company Business Overview Regulations Regulation Related to Internet Security and Privacy Protection”.According to these new laws and regulations and the draft laws and regulations,if enacted in their current forms,in connection with our future offshore offering activi
163、ties,we may be required to fulfill filing,reporting procedures with or obtain approval from the CSRC,and may be required to go through cybersecurity review by the PRC authorities.However,we cannot assure you that we can obtain the required approval or accomplish the required filing or other regulato
164、ry procedures in a timely manner,or at all.See“Item 3.Key Information D.Risk Factors Risks Relating to Our Business and Industry Actual or alleged failure to comply with laws,regulations,rules,policies and other obligations regarding privacy,data protection,cybersecurity and information security cou
165、ld subject us to significant reputational,financial,legal and operational consequences,”“Item 3.Key Information D.Risk Factors Risks Relating to Our Business and Industry Changes and developments in the PRC legal system and the interpretation and enforcement of PRC laws,rules and regulations may sub
166、ject us to uncertainties.”and“Item 3.Key Information D.Risks Factors Risks Relating to Our Corporate Structure Uncertainties exist with respect to the interpretation and implementation of the Foreign Investment Law and its implementing rules and how they may impact our business,financial condition a
167、nd results of operations.”Regulation Related to Corporate Governance and Foreign Investment The establishment,operation and management of companies in China are mainly governed by the PRC Company Law,which was issued by the Standing Committee of the National Peoples Congress and was last amended in
168、December 2023.The revised PRC Company Law took into effect in July 2024.Among other things,the law stipulates that the subscribed capital contributions in a limited liability company must be fully paid by the shareholders within five years of the incorporation date of such company.The Provisions on
169、Implementing the Registered Capital Registration and Management System under the PRC Company Law promulgated by the State Council in July 2024 further set out some transitional arrangements for companies established prior to June 30,2024.The PRC Company Law applies to both PRC domestic companies and
170、 foreign-invested companies.On March 15,2019,the National Peoples Congress approved the Foreign Investment Law,and on December 26,2019,the State Council promulgated the Implementing Rules of the Foreign Investment Law,or the Implementing Rules,to further clarify and elaborate the relevant provisions
171、 of the Foreign 20XPeng Inc.BusinessInvestment Law.The Foreign Investment Law and the Implementing Rules both took effect on January 1,2020 and replaced three previous major laws on foreign investments in China,namely,the Sino-foreign Equity Joint Venture Law,the Sino-foreign Cooperative Joint Ventu
172、re Law and the Wholly Foreign-owned Enterprise Law,together with their respective implementing rules.Pursuant to the Foreign Investment Law,“foreign investments”refer to investment activities conducted by foreign investors(including foreign natural persons,foreign enterprises or other foreign organi
173、zations)directly or indirectly in the PRC,which include any of the following circumstances:(i)foreign investors setting up foreign-invested enterprises in the PRC solely or jointly with other investors,(ii)foreign investors obtaining shares,equity interests,property portions or other similar rights
174、and interests of enterprises within the PRC,(iii)foreign investors investing in new projects in the PRC solely or jointly with other investors,and(iv)investment in other methods as specified in laws,administrative regulations,or as stipulated by the State Council.The Implementing Rules introduce a s
175、ee-through principle and further provide that foreign-invested enterprises that invest in the PRC shall also be governed by the Foreign Investment Law and the Implementing Rules.The Foreign Investment Law and the Implementing Rules provide that a system of pre-entry national treatment and negative l
176、ist shall be applied for the administration of foreign investment,where“pre-entry national treatment”means that the treatment given to foreign investors and their investments at market entry stage is no less favorable than that given to domestic investors and their investments,and“negative list”mean
177、s the special administrative measures for foreign investments entry to specific fields or industries.Foreign investments beyond the negative list will be granted national treatment.Foreign investors shall not invest in the prohibited fields as specified in the negative list,and foreign investors who
178、 invest in the restricted fields shall comply with certain special requirements on shareholding and senior management personnel,etc.In the meantime,relevant competent government departments will formulate a catalogue of the specific industries,fields and regions in which foreign investors are encour
179、aged and guided to invest according to the national economic and social development needs.The current industry entry clearance requirements governing investment activities in the PRC by foreign investors are set out in two categories,namely The Special Management Measures for the Entry of Foreign In
180、vestment(Negative List)(2024 version),or the 2024 Foreign Investment Negative List,as promulgated on September 26,2024 by the National Development and Reform Commission,or the NDRC,and the Ministry of Commerce,or the MOFCOM,and taking effect from November 1,2024,and the Encouraged Industry Catalogue
181、 for Foreign Investment(2022 version),as promulgated by the NDRC and the MOFCOM on October 26,2022 and taking effect on January 1,2023.Industries not listed in these two catalogues are generally deemed“permitted”for foreign investment unless specifically restricted by other PRC laws.According to the
182、 Implementing Rules,the registration of foreign-invested enterprises shall be handled by the State Administration for Market Regulation,or the SAMR,or its authorized local counterparts.Where a foreign investor invests in an industry or field subject to licensing in accordance with laws,the relevant
183、competent government department responsible for granting such license shall review the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors unless it is stipulated otherwise by the laws and administrative regulations,a
184、nd the competent government department shall not impose discriminatory requirements on the foreign investor in terms of licensing conditions,application materials,reviewing steps and deadlines,etc.212024 ANNUAL REPORTBusinessPursuant to the Foreign Investment Law and the Implementing Rules,and the I
185、nformation Reporting Measures for Foreign Investment jointly promulgated by the MOFCOM and the SAMR,which took effect on January 1,2020,a foreign investment information reporting system has been established and foreign investors or foreign-invested enterprises shall report investment information to
186、competent commerce departments of the government through the enterprise registration system and the national enterprise credit information publicity system,and the administration for market regulation shall forward the above investment information to the competent commerce departments in a timely ma
187、nner.Regulation Related to Manufacturing New Energy Passenger Vehicles Under the PRC laws,a newly-established manufacturer of new energy passenger vehicles shall first complete the filings with the competent local counterpart of the NDRC,and thereafter obtain the entry approvals from the Ministry of
188、 Industry and Information Technology,or the MIIT,for itself and the new energy passenger vehicles to be manufactured by them.On June 2,2015,the NDRC and the MIIT promulgated the Administrative Measures for Newly-established Manufacturers of Pure Electric Passenger Vehicles,or Circular 27,which took
189、effect on July 10,2015.According to Circular 27,a newly-established manufacturer for pure electric passenger vehicles shall satisfy specific requirements including,among others,having complete vehicle research and development capabilities,power battery system and other necessary technologies,and sha
190、ll obtain the NDRC approval with respect to the project investments in manufacturing the pure electric passenger vehicles.According to the Administrative Measures for Investment in Automobile Industry,which was subsequently promulgated by the NDRC on December 10,2018 and took effect on January 10,20
191、19,the projects in relation to newly-established manufacturer for pure electric passenger vehicles shall be filed with the competent provincial counterpart of the NDRC,which supersedes the requirement of obtaining the approval from the NDRC under Circular 27.In addition,according to the Administrati
192、ve Measures for the Entry of Manufacturers of New Energy Vehicles and the Products promulgated by the MIIT on January 6,2017,which took effect on July 1,2017 and last amended on July 24,2020,or Circular 39,the MIIT is responsible for the national-wide administration of new energy vehicles and their
193、manufacturers.The manufacturers shall apply to the MIIT for the entry approval to become a qualified manufacturer in China and shall further apply to the MIIT for the entry approval for the new energy vehicle products before commencing the manufacturing and sale of the new energy vehicle products in
194、 China.Both of the new energy vehicle products and their manufacturers will be listed in the Announcement of the Vehicle Manufacturers and Products issued by the MIIT from time to time,or the Manufacturers and Products Announcement,if they have obtained the entry approval from the MIIT.Furthermore,t
195、o obtain the entry approvals from the MIIT,the manufacturers shall meet certain requirements,including,among others,having obtained the approvals or completed the filings with the NDRC in relation to the project investments in manufacturing the electric vehicles,having capabilities in the design,dev
196、elopment and manufacture of automotive products,ensuring product consistency,providing after-sales service and product safety assurance,and the new energy vehicles shall meet the technical criteria contained in Circular 39 and other safety and technical requirements specified by the MIIT and pass th
197、e inspections conducted by the relevant state-recognized testing institutions.Any manufacturer manufacturing the new energy vehicles without obtaining the entry approval or selling new energy vehicles not listed in the Manufacturers and Products Announcement may be subject to penalties including fin
198、es,forfeiture of illegally manufactured and sold vehicles and spare parts and revocation of its business licenses.22XPeng Inc.BusinessRegulation Related to Compulsory Product Certification According to the Administrative Regulations on Compulsory Product Certification as promulgated by the General A
199、dministration of Quality Supervision,Inspection and Quarantine,or the QSIQ,which was merged into the SAMR afterwards,on July 3,2009 and became effective on September 1,2009 and as most recently revised on September 29,2022 and implemented on November 1,2022,and according to the List of the First Bat
200、ch of Products Subject to Compulsory Product Certification as promulgated by the QSIQ in association with the State Certification and Accreditation Administration Committee,or the CAA on December 3,2001,and became effective on the same day,QSIQ are responsible for the quality certification of automo
201、biles.Automobiles and the relevant accessories must not be sold,exported or used in operating activities until they are certified by certification authorities designated by CAA as qualified products and granted certification marks.Regulation Related to Government Subsidies and Exemption of Vehicle P
202、urchase Tax for Purchasing New Energy Vehicles On April 22,2015,the MOF,the Ministry of Science and Technology,or the MOST,the MIIT and the NDRC jointly promulgated the Circular on Financial Subsidies on the Promotion and Application of New Energy Vehicles from 2016 to 2020,or the NEV Financial Subs
203、idies Circular,which took effect on the same day.The NEV Financial Subsidies Circular provides that those who purchase new energy vehicles specified in the Catalogue of Recommended New Energy Vehicle Models for Promotion and Application issued by the MIIT,or the Recommended NEV Catalogue,may enjoy g
204、overnment subsidies.A purchaser may purchase a new energy vehicle from a manufacturer by paying the price deducted by the subsidy amount,and the manufacturer may obtain the subsidy amount from the PRC central government after such new energy vehicle is sold to the purchaser.Our products,the G3 and t
205、he P7,are eligible for such subsidies.Furthermore,a preliminary phase-out schedule for the provision of subsidies during the period from 2016 to 2020 contained in NEV Financial Subsidies Circular specifies that the subsidy amount per vehicle,or subsidy criteria,for the year 2017 to 2018 will be redu
206、ced by 20%compared to that of the year 2016,and the subsidy criteria for the year 2019 to 2020 will be reduced by 40%compared to that of the year 2016.On December 29,2016,the MOF,the MOST,the MIIT and NDRC jointly promulgated the Circular on Adjusting the Subsidy Policies on Promotion and Applicatio
207、n of New Energy Vehicles,or the Circular on Adjusting the NEV Subsidy Policies,which became effect on January 1,2017,to enhance the technical requirements and adjust the subsidy criteria of qualified new energy vehicles in the Recommended NEV Catalogue.The Circular on Adjusting the NEV Subsidy Polic
208、ies caps the subsidy amount from the local governments at 50%of the subsidy amount from the central government,and further specifies that national and local subsidies for purchasers purchasing new energy vehicles(except for fuel cell vehicles)from 2019 to 2020 will be reduced by 20%as compared to th
209、e then-existing subsidy standards.The MOF,the MOST,the MIIT and the NDRC promulgated a series of circulars in 2018 and 2019 to further adjust the technical requirements and subsidy criteria of new energy vehicles eligible for government subsidies.On April 23,2020,the MOF,the MOST,the MIIT and the ND
210、RC jointly issued the Circular on Improving Subsidy Policies on Promotion and Application of New Energy Vehicles,which took effect on the same day,or the 2020 NEV Financial Subsidies Circular,which extends the implementation period of financial subsidy policy for new energy vehicles to the end of 20
211、22.The 2020 NEV Financial Subsidies Circular further specifies that the subsidy criteria for new energy vehicles 232024 ANNUAL REPORTBusinessduring the period from year 2020 to 2022 will generally be reduced by 10%,20%and 30%compared to the subsidy standard of the previous year respectively,and the
212、number of vehicles eligible for the subsidies will not exceed approximately two million each year.Furthermore,on December 31,2020 and December 31,2021,the abovementioned authorities further promulgated another two similar circulars to reiterate the principles including among others,the subsidy crite
213、ria reduction rate as stipulated in the 2020 NEV Financial Subsidies Circular.On December 26,2017,the MOF,the State Administration of Taxation,or the SAT,the MIIT and the MOST jointly issued the Announcement on Exemption of Vehicle Purchase Tax for New Energy Vehicle,or the Announcement on Exemption
214、 of Vehicle Purchase Tax,pursuant to which,from January 1,2018 to December 31,2020,the vehicle purchase tax is not imposed on purchases of qualified new energy vehicles listed in the Catalogue of New Energy Vehicle Models Exempted from Vehicle Purchase Tax jointly issued by MIIT and the SAT.On April
215、 16,2020,the MOF,the SAT and the MIIT further promulgated the Announcement on Relevant Policies for the Exemption of Vehicle Purchase Tax for New Energy Vehicles,which took effect on January 1,2021,and further extended the exemption period for the vehicle purchase tax of new energy vehicles to Decem
216、ber 31,2022.Furthermore,on September 18,2022,the MOF,the SAT and the MIIT stipulated the Announcement on Continuation for the Exemption of Vehicle Purchase Tax for New Energy Vehicles,which continues to extend the exemption period for the vehicle purchase tax for new energy vehicles to December 31,2
217、023.On June 19,2023,the MOF and the MIIT issued the Announcement on Continuation and Optimization for the Exemption of Vehicle Purchase Tax for New Energy Vehicles,pursuant to which new energy vehicles purchased during the period from January 1,2024 to December 31,2025 shall be exempted from the veh
218、icle purchase tax and the exemption amount for each new energy passenger vehicle shall not exceed RMB30,000;new energy vehicles purchased during the period from January 1,2026 to December 31,2027 shall be subject to the vehicle purchase tax at a reduced rate by half and the exemption amount for each
219、 new energy passenger vehicle shall not exceed RMB15,000.Regulation Related to Electric Vehicle Charging Infrastructure Pursuant to the Guiding Opinions of the General Office of the State Council on Accelerating the Promotion and Application of the New Energy Vehicles which took effect on July 14,20
220、14,the Guiding Opinions of the General Office of the State Council on Accelerating the Construction of Charging Infrastructure of the Electric Vehicle which took effect on September 29,2015,the Guidance on the Development of Electric Vehicle Charging Infrastructure(2015-2020)which took effect on Oct
221、ober 9,2015 and the Development Plan for the New-energy Vehicle Industry(2021-2035)which took effect on October 20,2020,the PRC government encourages the construction and development of charging infrastructure for electric vehicles,such as charging stations and battery swap stations,and requires rel
222、evant local authorities to adopt simplified construction approval procedures and expedite the approval process.In particular,only newly-built centralized charging and battery replacement power stations with independent land occupation are required to obtain the construction approvals and permits fro
223、m the relevant authorities.Government guidance price should be implemented in managing the rate of the charging service fees before the year 2020.The Circular on Accelerating the Development of Electric Vehicle Charging Infrastructure in Residential Areas jointly promulgated by the NDRC,the National
224、 Energy Administration,the MIIT and the Ministry of Housing and Urban-Rural Development on July 25,2016 provides that charging infrastructures in residential areas should be covered by product liability insurance policies and charging safety liability insurance policies,and operators of electric veh
225、icle charging and battery swap infrastructure facilities are required to be covered under safety liability insurance policies.Furthermore,on January 10,2022,the NDRC,together with other competent government authorities,promulgated the Implementation Opinions on Further Improving the Service Guarante
226、e Capability of 24XPeng Inc.BusinessElectric Vehicle Charging Infrastructure,targeting to further strengthen the electric vehicle charging infrastructures capacity by optimizing the construction of urban public charging network and accelerating the effective coverage of the fast-charging facilities
227、on the highways.In addition,on July 20,2023,the NDRC and the MIIT,together with several other government authorities,promulgated the Several Measures for Promoting Automobile Consumption,which aims to strengthen the construction of supporting facilities for new energy automobiles by,among others,acc
228、elerating the construction of charging infrastructure in townships and countries,highways,residential areas and other locations.In addition,various local governmental authorities have implemented measures to encourage the construction and development of the electric vehicle charging infrastructure.F
229、or instance,on April 3,2020,the Municipal Bureau of Industry and Information Technology of Guangzhou promulgated the Circular on Measures of Promoting Automobile Production and Consumption of Guangzhou,which took effect on the same day and will remain effective until December 31,2020,aiming,among ot
230、her things,to promote the construction of ancillary facilities of the new energy vehicles,including the charging facilities in areas such as public carparks and industry parks.Regulations Relating to Parallel Credits Policy on Vehicle Manufacturers and Importers On September 27,2017,the MIIT,the MOF
231、,the MOFCOM,the General Administration of Customs and the QSIQ jointly promulgated the Measures for the Parallel Administration of the Corporate Average Fuel Consumption and New Energy Vehicle Credits of Passenger Vehicle Enterprise,which were last amended on June 29,2023 and took effect on August 1
232、,2023.Pursuant to the measures,the vehicle manufacturers and vehicle importers above a certain scale are required to maintain their new energy vehicles credits,or NEV credits,above zero.The NEV credits equal to the aggregate actual scores of a vehicle manufacturer or a vehicle importer minus its agg
233、regate targeted scores calculated in a manner as stipulated under the measures.Excess positive NEV credits are tradable and may be sold to other enterprises through a credit management system established by the MIIT.Negative NEV credits can be offset by purchasing excess positive NEV credits from ot
234、her manufacturers or importers.According to these measures,the requirements on the NEV credits shall be considered for the entry approval of passenger vehicle manufacturers and products by the regulators.If a passenger vehicle enterprise fails to offset its negative credits,its new products which fu
235、el consumption does not reach the target fuel consumption value for a certain vehicle models as specified in the Evaluation Methods and Indicators for the Fuel Consumption of Passenger Vehicles will not be listed in the Manufacturers and Products Announcement or will not be granted the compulsory pr
236、oduct certification,and the vehicle enterprises may be subject to penalties according to the relevant rules and regulations.Regulation Related to Automobile Sales and Consumer Rights Protection Pursuant to the Product Quality Law of the PRC promulgated on February 22,1993 and most recently amended o
237、n December 29,2018,a manufacturer is prohibited from producing or selling products that do not meet applicable standards and requirements for safeguarding human health and ensuring human and property safety.Products must be free from unreasonable dangers threatening human and property safety.Where a
238、 defective product causes physical injury to a person or property damage,the aggrieved party may make a claim for compensation from the producer or the seller of the product.Producers and sellers of non-compliant products may be ordered to cease the production or sale of the products and may be subj
239、ect to confiscation of the products and fines.Earnings from sales in contravention of such standards or requirements may also be confiscated,and in severe cases,the violators business license may be revoked.Pursuant to the Regulations 252024 ANNUAL REPORTBusinesson the Administration of Recall of De
240、fective Automobile Products,which was issued by the State Council on October 22,2012 and amended on March 2,2019,together with the relevant implementing measures as issued by the SAMR,or the Recall Regulations,manufacturers shall recall all defective automobiles in accordance with requirements conta
241、ined therein;otherwise,the product quality supervision department of the State Council shall order manufacturers to recall accordingly.On November 23,2020,the SAMR issued a Circular on Further Strengthening the Regulation of Recall of Automobile with Over-The-Air(OTA)Technology,or the OTA Recall Cir
242、cular,pursuant to which automobile manufacturers that provide technical services to sold automobiles through OTA technology are required to complete filings with the SAMR in accordance with the Recall Regulations,and for technical services through OTA implemented from January 1,2020 to the date of i
243、ssuance of the OTA Recall Circular,the automobile manufacturers shall make supplementary filings with the SAMR before December 31,2020.In addition,if an automobile manufacturer uses OTA technology to eliminate defects and recalls its defective products,it shall make a recall plan and complete a fili
244、ng with the SAMR in accordance with the Recall Regulations.According to the Administrative Measures on Automobile Sales promulgated by the MOFCOM on April 5,2017,which took effect on July 1,2017,automobile suppliers and dealers shall sell automobiles,spare parts and other related products that are i
245、n compliance with relevant provisions and standards of the state,and the dealers shall,in an appropriate manner,expressly indicate the prices of automobiles,spare parts and other related products as well as the rates of charges for various services on their business premises,and shall not sell produ
246、cts at higher prices or charge other fees without express indication.Automobile suppliers and dealers are required to file the basic information through the information management system for the national automobile circulation operated by the competent commerce department of the State Council within
247、 90 days after the receipt of a business license.Where there is any change to the filed information,automobile suppliers and dealers must update such information within 30 days upon such change.The Guiding Opinions on Further Strengthening the Construction of Safety System for New Energy Vehicle Ent
248、erprises issued by the MIIT,together with certain other PRC governmental authorities,on March 29,2022,proposes to comprehensively enhance the safety capabilities of enterprises in safety management mechanism,product quality,operation monitoring,after-sales service,accident response and handling,as w
249、ell as enhance network security,improve the safety of new energy vehicles,and promote the high-quality development of the new energy vehicle industry.According to the Notice on the Filing of Online Upgrade of Automotive Software promulgated and implemented by the MIIT Equipment Industry Development
250、Center on April 15,2022,filing shall be made for a vehicle manufacturer that has obtained the manufacturing permission license for road vehicles,the vehicle products with OTA upgrade function produced by it and the OTA upgrade activities conducted,with tiered filing based on the impact assessment of
251、 specific upgrading activities.In particular,it can be divided into three categories:(i)for upgrading activities not involving changes in product safety,environmental protection,energy saving,anti-theft and other technical performance,enterprises may directly conduct such upgrading activities after
252、filing;(ii)for upgrading activities involving changes in product safety,environmental protection,energy saving,anti-theft and other technical performance,enterprises shall submit verification materials to ensure that the products comply with national laws and regulations,technical standards and spec
253、ifications as well as other relevant requirements.Among them,for upgrading activities involving the change of technical parameters in this Notice,enterprises shall apply for product change or extension with the MIIT in accordance with the management requirements of this Notice before filing such upg
254、rading activities,with such upgrade subject to the completion of product admission under this Notice according to the process so as to ensure the consistency of vehicle product production;and(iii)for upgrading activities involving vehicle autonomous driving functions(Level 3 and above of driving aut
255、omation classification),they should be approved by the MIIT.26XPeng Inc.BusinessAccording to the Circular on Further Strengthening the Administration of the Market Access,Recall and Online Software Upgrading of Intelligent Connected Automobiles promulgated and implemented by the MIIT and State Admin
256、istration for Market Regulation,or the SAMR,on February 25,2025,automobile manufacturers shall take the initiative to perform their principal responsibilities for product quality and safety.In particular,enterprises that implement OTA upgrading activities shall file for record with the MIIT and the
257、SAMR as required,and ensure that their automotive products after OTA upgrading comply with the relevant requirements of national laws and regulations,technical standards and technical specifications.the SAMR will conduct record-filing assessment and supervision and inspection in a timely manner,regu
258、late the methods for upgrading and application of OTAs,and prevent enterprises from concealing vehicle defects or evading liability through OTA upgrading.Furthermore,the Consumer Rights and Interests Protection Law,as promulgated on October 31,1993 and most recently amended in 2013 by the Standing C
259、ommittee of the National Peoples Congress of China,or the SCNPC,imposes stringent requirements and obligations on business operators.Failure to comply with the consumer protection requirements could subject the business operators to administrative penalties including warning,confiscation of illegal
260、income,imposition of fines,an order to cease business operations,revocation of business licenses,as well as potential civil or criminal liabilities.Regulations Relating to Autonomous DrivingThe MIIT,the Ministry of Public Security and the Ministry of Transport issued the Administrative Norms for Roa
261、d Testing and Demonstrative Application of Intelligent Connected Vehicles(Trial Implementation)on July 27,2021,which took effect from September 1,2021.The norms are the primary national level regulatory document on road testing of autonomous driving vehicles in the PRC,pursuant to which,any entity i
262、ntending to conduct a road testing and demonstrative application of intelligent connected vehicles must provide a self-statement on road testing safety and a temporary license plate for each tested vehicle.Demonstrative application refers to activities involving the pilot and trail effects of runnin
263、g intelligent connected vehicles with passengers and goods,which are carried out on designated sections of roads,urban roads,regions and other roads that are used for passage of public motor vehicles.An applicant entity must satisfy,among others,the following requirements to obtain the required lice
264、nses:(i)it must be an independent legal person registered under the PRC law with the capacity to conduct manufacturing,technological research or testing of vehicles and vehicle parts,which has established protocol to test and assess the performance of autonomous driving system and is capable of cond
265、ucting real-time remote monitor of the tested vehicles;(ii)the vehicle under road testing must be equipped with a driving system that can switch between autonomous pilot mode and human driving mode in a safe,quick and simple manner and allows human driver to take control of the vehicle any time imme
266、diately when necessary;(iii)the tested vehicle must be equipped with the functions of recording,storing and real-time monitoring the condition of the vehicle and is able to transmit real-time data of the vehicle,such as the driving mode,location and speed;(iv)the applicant entity must sign an employ
267、ment contract or a labor service contract with the driver of the tested vehicle,who must be a licensed driver with more than three years driving experience and a track record of safe driving and is familiar with the testing protocol for autonomous driving system and proficient in operating the syste
268、m;(v)the applicant entity must insure each tested vehicle for at least RMB5 million against car accidents or provide a letter of guarantee covering the same.During the testing,the testing entity should post a noticeable identification logo for autonomous driving test on each tested car and should no
269、t use autonomous driving mode unless in the permitted testing areas specified in the self-statement.If the testing entity intends to conduct road testing in the region beyond the administrative territory of the certificate issuing authority,it must again provide the former materials and supplementar
270、y materials(if any)to the authority supervising the road-testing of autonomous cars in that region.In addition,the testing entity is required to submit to the provincial authority a periodical testing report every six 272024 ANNUAL REPORTBusinessmonths and a final testing report within one month aft
271、er completion of the road testing.In the case of a car accident causing severe injury or death of personnel or vehicle damage,the testing entity must report the accident to the provincial authority within 24 hours and submit a comprehensive analysis report in writing covering cause analysis,final li
272、ability allocation results,etc.within five working days after the traffic enforcement agency determines the liability for the accident.On November 17,2023,the MIIT,the Ministry of Public Security,the Ministry of Housing and Urban-Rural Development and the Ministry of Transport issued,with effect fro
273、m the same day,the Notice of Implementing the Pilot Program of Access and On-road Traffic of Intelligent Connected Vehicles.This notice also included an annex setting out implementation guidelines for the pilot program.The notice and its implementation guidelines established a pilot program for the
274、on-road testing of intelligent connected vehicles.Pursuant to the notice,the authorities may select intelligent connected vehicles for on-road traffic pilot programs on the basis of road tests and product demonstrations.Eligible intelligent connected vehicles are those which are equipped with L3 or
275、L4 autonomous driving functions(as defined in the Taxonomy of Driving Automation for Vehicles)and are capable of being mass produced.To be considered for the pilot,manufacturers and users of these vehicles must jointly develop an application plan and apply for the pilot qualification.The users must
276、purchase vehicular insurance,apply for registration,monitor the operation of the vehicle,and ensure that the vehicle is used safely.If the intelligent connected vehicle will be used to provide transportation services as part of the pilot,the requisite operational licenses license must also be obtain
277、ed.The implementation guidelines provide that the users of the vehicles must(i)be an independent legal person registered under the PRC law that has fixed business premises in the city where the intelligent connected vehicles are to be operated and the capabilities to effectively support the developm
278、ent of safety and security work for the operation of the intelligent connected vehicles;(ii)establish a team that includes a team lead and management personnel,each with specified tasks and duties,to ensure the safe operation of the intelligent connected vehicles;(iii)establish a sound operational s
279、afety system,monitor the intelligent connected vehicles to ensure road safety,and respond in the event of emergencies,and(iv)obtain the appropriate operational licenses and qualifications if the user is engaged in the operation of transportation services.On July 26,2024,the Ministry of Natural Resou
280、rces promulgated the Notice on Strengthening the Administration of Surveying,Mapping and Geoinformation Security Relating to Intelligent Connected Vehicles.This notice provides that surveying and mapping activities related to intelligent connected vehicles must be conducted in accordance with the la
281、w,that confidential and sensitive geographic information data must be strictly managed,and that electronic navigation maps must be strictly reviewed.In addition,the notice implements requirements for the storage of geoinformation data and cross-border transfer of such data,strengthens the regulation
282、 of geoinformation security,and encourages the exploration of geographic information security applications.Regulation Related to Value-Added Telecommunications Services Among all of the applicable laws and regulations,the PRC Telecommunications Regulations,or the Telecom Regulations,promulgated by t
283、he PRC State Council on September 25,2000 and most recently amended on February 6,2016,is the primary governing law,and sets out the general framework for the provision of telecommunications services by domestic PRC companies.Under the Telecom Regulations,telecommunications service providers are req
284、uired to procure operating licenses prior to their commencement of operations.The Telecom Regulations distinguish“basic telecommunications services”from“value-added telecommunications services”,or“VATS”.VATS are defined as telecommunications and information services provided through public networks.
285、A telecom catalogue was issued as an attachment to the Telecom Regulations to categorize telecommunications services as either basic or value-added,which was most recently updated in June 2019.28XPeng Inc.BusinessThe Administrative Measures on Telecommunications Business Operating Licenses promulgat
286、ed by the MIIT in 2009 and most recently amended in July 2017,set forth more specific provisions regarding the types of licenses required to operate VATS,the qualifications and procedures for obtaining such licenses and the administration and supervision of such licenses.Under these regulations,a co
287、mmercial operator of VATS must first obtain a VATS License from the MIIT or its provincial level counterparts,otherwise such operator might be subject to sanctions including corrective orders from the competent administration authority,fines and confiscation of illegal gains and,in the case of signi
288、ficant infringements,the websites may be ordered to close.In addition,pursuant to the Administrative Measures on Internet Information Services promulgated by the State Council in 2000 and amended in 2011,“internet information services”refers to the provision of information through the internet to on
289、line users and are divided into“commercial internet information services”and“non-commercial internet information services”.A provider of commercial internet information service must obtain the VATS License for internet information service.If the operator provides internet information on a non-commer
290、cial basis,it only needs to file the relevant information with the provincial Communication Administration.In 2006,the predecessor to the MIIT issued the Circular of the Ministry of Information Industry on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Busin
291、ess,according to which a foreign investor in the telecommunications service industry of China must establish a foreign-invested enterprise and apply for a telecommunications business operation license.This circular further requires that:(i)PRC domestic telecommunications business enterprises must no
292、t lease,transfer or sell a telecommunications business operation license to a foreign investor through any form of transaction or provide resources,offices and working places,facilities or other assistance to support the illegal telecommunications service operations of a foreign investor;(ii)value-a
293、dded telecommunications enterprises or their shareholders must directly own the domain names and trademarks used by such enterprises in their daily operations;(iii)each value-added telecommunications enterprise must have the necessary facilities for its approved business operations and maintain such
294、 facilities in the regions covered by its license;and(iv)value-added telecommunications enterprises are required to maintain network and internet security in accordance with the standards set forth in relevant PRC regulations.If a license holder fails to comply with the requirements in the circular
295、or cure such non-compliance,the MIIT or its local counterparts have the discretion to take measures against such license holder,including revoking its license for value-added telecommunications business.According to the 2024 Foreign Investment Negative List and the Administrative Regulations on Fore
296、ign-Invested Telecommunications Enterprises,which were most recently amended by the State Council on April 7,2022 and took effect on May 1,2022,as for the telecommunications businesses open for foreign investment according to Chinas WTO commitment,except as otherwise stipulated by the state,the equi
297、ty interest of foreign investors in the value-added telecommunications enterprises shall not exceed 50%.On April 8,2024,the MIIT issued the Notice on the Pilot Program for Expanding the Opening up of Value-added Telecommunications Services.The notice provides for the establishment of a number of pil
298、ot programs,which are to be initially carried out in designated districts in Beijing,Shanghai,Hainan and Shenzhen.In these districts,restrictions on foreign equity ratios will be removed for internet data centers,content delivery networks,internet service providers,online data processing and transac
299、tion processing service,information releasing platforms and delivery services included in information services(excluding the operation of internet news information,online publishing,online audio and video,and internet culture),as well as information protection and processing services.292024 ANNUAL R
300、EPORTBusinessRegulation Related to Financing Lease According to the Administrative Measures of Supervision on Financing Lease Enterprises formulated by the MOFCOM and effective on October 1,2013,financing lease enterprises shall use lease properties with clear ownership and capable of generating rev
301、enue to carry out the financing lease business and shall report the relevant data in a timely and truthful manner through the National Financing Lease Company Management Information System.Financing lease enterprises shall not engage in deposits,loans,entrusted loans or other financial services.With
302、out approval of the relevant government authorities,financing lease enterprises shall not engage in inter-bank borrowing or other businesses and must not carry out illegal fundraising activities under the disguise of a financing lease company.In addition,the measures also provide that financing leas
303、e enterprises shall give adequate consideration to and objectively evaluate the value of assets leased back,set purchasing prices for subject matter thereof with reference to reasonable pricing basis in compliance with accounting principles,and shall not purchase any subject matter at a price in exc
304、ess of the value thereof.Furthermore,the PRC Civil Code promulgated by the National Peoples Congress and effective on January 1,2021 sets forth general terms about financing lease contracts and further provides that the lessor and the lessee may agree on the ownership of the leased property upon exp
305、iry of the lease term.If the ownership of the leased property is not or is not clearly agreed between the parties and cannot be determined pursuant to the PRC Civil Code,the leased property shall be owned by the lessor.Our auto financing program is treated as an installment payment program for accou
306、nting purposes and the Group records the relevant installment payment receivables on its balance sheets.Regulation Related to Insurance AgencyAccording to the Provisions on the Supervision and Administration of Insurance Agents,or the Insurance Agents Provisions,issued on November 12,2020 and took e
307、ffect on January 1,2021 by the China Banking and Insurance Regulatory Commission,or the CBIRC,the predecessor of the National Financial Regulatory Administration,an insurance agent refers to an entity or an individual entrusted by insurance companies to handle insurance business by and within the au
308、thorization of,and which collects commissions from insurance companies,including the professional insurance agency,the ancillary-business insurance agency and the individual insurance sales agent.In order to engage in insurance agency business,a professional insurance agency shall obtain an insuranc
309、e agency business permit issued by the National Financial Regulatory Administration or its local counterpart.After obtaining the business license,the insurance agency company has to satisfy the requirements prescribed by Insurance Agents Provisions or other relevant regulations on the shareholder an
310、d management qualification,capital contribution,articles of association,corporate governance and internal control procedures with viable business model and sound business and financial information system.In addition,professional insurance agencies shall,within 5 days from the date of occurrence of a
311、ny of the following circumstances,report to the National Financial Regulatory Administration through the supervision information system and make public disclosure:(i)change of name,domicile or business address;(ii)change of shareholders,registered capital or the form of organization;(iii)change of n
312、ame or capital contribution of a shareholder;(iv)amendments to the articles of association;(v)equity investment in,or establishment of offshore insurance institutions or non-operating institutions;(vi)division,merger,dissolution,or termination of insurance agency business activities of branches;(vii
313、)change of the principal person-in-charge of a sub-branch;(viii)administrative penalties,civil punishment or pending investigation of suspected illegal crime;or(ix)other reportable events prescribed by the insurance regulatory body under the State Council.30XPeng Inc.BusinessRegulation Related to In
314、ternet Security and Privacy Protection PRC governmental authorities have enacted laws and regulations with respect to Internet information security and protection of personal information from any abuse or unauthorized disclosure.Internet information in China is regulated and restricted from a nation
315、al security standpoint.The Decision in Relation to Protection of Internet Security enacted by the SCNPC on December 28,2000 and amended on August 27,2009,provides that,among other things,the following activities conducted through the Internet are subject to criminal punishment:(i)gaining improper en
316、try into a computer or system of strategic importance;(ii)intentionally inventing and spreading destructive programs such as computer viruses to attack the computer system and the communications network,thus damaging the computer system and the communications networks;(iii)in violation of State regu
317、lations,discontinuing the computer network or the communications service without authorization;(iv)leaking state secrets;(v)spreading false commercial information;or(vi)infringing intellectual property rights through internet,etc.On July 1,2015,the Standing Committee of the National Peoples Congress
318、 issued the National Security Law,which came into effect on the same day.The National Security Law provides that the state shall safeguard the sovereignty,security and cyber security development interests of the state,and that the state shall establish a national security review and supervision syst
319、em to review,among other things,foreign investment,key technologies,internet and information technology products and services,and other important activities that are likely to impact the national security of the PRC.On November 7,2016,the SCNPC promulgated the Cybersecurity Law,which came into effec
320、t on June 1,2017 and applies to the construction,operation,maintenance and use of networks as well as the supervision and administration of cybersecurity in China.The Cybersecurity Law defines“networks”as systems that are composed of computers or other information terminals and relevant facilities u
321、sed for the purpose of collecting,storing,transmitting,exchanging and processing information in accordance with certain rules and procedures.“Network operators”,who are broadly defined as owners and administrators of networks and network service providers,are subject to various security protection-r
322、elated obligations,including:(i)complying with security protection obligations in accordance with tiered cybersecurity systems protection requirements,which include formulating internal security management rules and manual,appointing cybersecurity responsible personnel,adopting technical measures to
323、 prevent computer viruses and cybersecurity endangering activities,adopting technical measures to monitor and record network operation status and cybersecurity events,taking measures to classify,backup and encrypt important data;(ii)formulating cybersecurity emergency response plans,timely handling
324、security risks,initiating emergency response plans,taking appropriate remedial measures and reporting to regulatory authorities;and(iii)providing technical assistance and support for public security and national security authorities for protection of national security and criminal investigations in
325、accordance with the law.Network service providers who do not comply with the Cybersecurity Law may be subject to fines,suspension of their businesses,shutdown of their websites,and revocation of their business licenses.Furthermore,on September 12,2022,the CAC released the Draft Amendment to the Cybe
326、rsecurity Law,which increases the legal liability for violations under the current Cybersecurity Law,integrates and unifies the penalties for violation of network operation security protection obligations,violation of critical information infrastructure security protection obligations and violation
327、of personal information protection obligations.Since the Amendment was released only for soliciting public comments at this stage,uncertainties exist with respect to the enactment timetable,final content,interpretation and implementation.312024 ANNUAL REPORTBusinessOn June 10,2021,the Standing Commi
328、ttee of the National Peoples Congress of China promulgated the Data Security Law,which took effect in September 2021.The Data Security Law provides for data security and privacy obligations on entities and individuals carrying out data activities.The Data Security Law also introduces a data classifi
329、cation and hierarchical protection system based on the importance of data in economic and social development,as well as the degree of harm it will cause to national security,public interests,or legitimate rights and interests of individuals or organizations when such data is tampered with,destroyed,
330、leaked,or illegally acquired or used.The appropriate level of protection measures is required to be taken for each respective category of data.For example,a processor of important data shall designate the personnel and the management body responsible for data security,carry out risk assessments for
331、its data processing activities and file the risk assessment reports with the competent authorities.In addition,the Data Security Law provides a national security review procedure for those data activities which may affect national security and imposes export restrictions on certain data and informat
332、ion.We may be required to make further adjustments to our business practices to comply with this law.On July 30,2021,the State Council promulgated the Regulations on Security Protection of Critical Information Infrastructure,effective on September 1,2021.According to the Regulations on Security Prot
333、ection of Critical Information Infrastructure,a“critical information infrastructure”refers to an important network facility and information system in important industries such as,among others,public communications and information services,as well as other important network facilities and information systems that may seriously endanger national security,the national economy,the peoples livelihood,o
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