陳先生，64 歲，自 2024 年 4 月起擔任福然德股份有限公司（於上海證券交易所上市，股票代 號 605050.SH）的獨立董事。陳先生自 2012 年 3 月至 2024 年 5 月擔任無錫威孚高科技集團股 份有限公司（於深圳證券交易所上市，股票代號 000581.SZ）的董事。陳先生於 2008 年 5 月 至 2023 年 12 月先後擔任博世（中國）投資有限公司的執行副總裁及總裁。陳先生曾於 2007 年 2 月至 2008 年 5 月擔任博世集團汽油機系統事業部副總裁。於 1998 年 12 月至 2006 年 1 月 期間擔任德爾福汽車零部件集團大中華區總工程師、商务總監及事業部中國區總經理。 陳先生於 1982 年 7 月於重慶大學獲得電機系學士學位。陳先生于 1987 年 8 月至 1991 年 6 月 就讀於密歇根大學，並獲得機械製造專業碩士及博士學位。陳先生亦於 1998 年 5 月獲得密歇 根州立大學工商管理碩士學位。陳先生曾獲得上海市優秀企業家榮譽稱號、中國汽車產業紀 念改革開放 40 周年傑出人物等多項殊榮。 除上文所披露外，陳先生於過去三年概無在其證券於香港或任何海外證券市場上 ...

Core Viewpoint - XPeng, a Chinese electric vehicle manufacturer, has forecasted fourth-quarter revenue that falls below market estimates due to a prolonged price war and increasing competition in the automotive sector in China, the largest auto market in the world [1] Company Summary - XPeng's revenue forecast for the fourth quarter is lower than expected, indicating potential challenges ahead [1] - The company is facing significant pressure from ongoing price wars, which are impacting its financial outlook [1] - Intensifying competition within the electric vehicle market in China is contributing to the company's cautious revenue projections [1] Industry Summary - The electric vehicle market in China is experiencing a price war, which is affecting multiple manufacturers and altering market dynamics [1] - Competition in the automotive sector is intensifying, posing risks to revenue growth for companies like XPeng [1] - The overall outlook for the automotive market in China remains uncertain due to these competitive pressures [1]

北京商报讯（记者 刘晓梦）11月17日，小鹏汽车发布财报显示，今年三季度营收达203.8亿元，同比增 长101.8%；毛利率达20.1%，同比提升4.8个百分点；汽车毛利率达13.1%，同比提升4.5个百分点；净亏 损为3.8亿元，去年同期为18.1亿元。 ...

Core Insights - On November 17, 2025, Alibaba-W (09988), the Tracker Fund of Hong Kong (02800), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 6.484 billion, 3.356 billion, and 2.080 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) led the trading volume, with amounts of 3.686 billion, 1.774 billion, and 1.599 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 6.484 billion, net buy of 868 million - Tracker Fund of Hong Kong (02800): 3.356 billion, net buy of 3.180 billion - SMIC (00981): 2.080 billion, net sell of 29.1529 million - Tencent Holdings (00700): 1.735 billion, net sell of 1.8 billion - Xiaomi Group-W (01810): 1.577 billion, net buy of 435 million - Huahong Semiconductor (01347): 1.571 billion, net buy of 85.3433 million - Ganfeng Lithium (01772): 1.209 billion, net sell of 88.1303 million - Horizon Robotics-W (09660): 842 million, net buy of 60.0033 million - Pop Mart (09992): 824 million, net buy of 219 million - Jingtaik Holdings (02228): 806 million, net buy of 60.6432 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 3.686 billion, net buy of 1.202 billion - SMIC (00981): 1.774 billion, net sell of 44.1418 million - Tencent Holdings (00700): 1.599 billion, net buy of 258 million - Xiaomi Group-W (01810): 1.372 billion, net sell of 15.5 million - Huahong Semiconductor (01347): 1.054 billion, net sell of 74.6878 million - Ganfeng Lithium (01772): 708 million, net buy of 4.5961 million - Meituan-W (03690): 612 million, net buy of 248 million - Tracker Fund of Hong Kong (02800): 547 million, net buy of 546 million - XPeng Motors-W (09868): 532 million, net sell of 52.5404 million - China Mobile (00941): 491 million, net sell of 18.3796 million [2]

Group 1 - The core viewpoint of the articles highlights Xiaopeng Motors' significant growth in revenue and vehicle deliveries in Q3, alongside a reduction in net losses [1][2] - In Q3, Xiaopeng Motors reported total revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, and a net loss attributable to ordinary shareholders of 380 million yuan, narrowing by 79% [1] - The total delivery volume for Q3 reached 116,000 vehicles, representing a year-on-year growth of 149.3%, with a gross margin of 20.1%, up 4.8 percentage points year-on-year [1] Group 2 - For Q4 2025, Xiaopeng Motors anticipates vehicle deliveries between 125,000 and 132,000 units, an annual increase of approximately 36.6% to 44.3%, with total revenue projected between 21 billion and 23 billion yuan, reflecting a year-on-year increase of about 33.5% to 42.8% [2] - The company has recently launched several key applications, including the second-generation VLA model, Robotaxi, the new generation of IRON humanoid robots, and the flying car [2] - As of September 30, 2025, Xiaopeng Motors had a physical sales network of 690 stores and a self-operated charging station network comprising 2,676 stations [2] Group 3 - As of November 17, Xiaopeng Motors' stock price closed at 96 HKD per share, with a market capitalization of 183.34 billion HKD, and its US stock was down 3.92% to 24 USD per share in pre-market trading [3]

Core Insights - Xiaopeng Motors reported Q3 2025 revenue of 20.38 billion yuan, a year-on-year increase of 101.8% [2] - The quarterly gross margin was 20.1%, up 4.8 percentage points from the same period in 2024 [2] - The net loss attributable to shareholders was 380 million yuan, significantly reduced from a net loss of 1.81 billion yuan in the previous year [2] Delivery and Forecast - Total vehicle deliveries in Q3 2025 reached 116,007 units, a 149.3% increase compared to 46,533 units in Q3 2024 [2] - For Q4 2025, Xiaopeng Motors expects revenue between 21.5 billion and 23 billion yuan, representing a year-on-year increase of approximately 33.5% to 42.8% [2] - The projected delivery volume for Q4 is between 125,000 and 132,000 units, indicating a year-on-year increase of approximately 36.6% to 44.3% [2] Market Reaction - Following the earnings report, Xiaopeng Motors' stock fell over 4% in pre-market trading [2]

Core Insights - Xiaopeng Motors reported a record high total revenue of 20.38 billion yuan for Q3 2025, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The company achieved a net loss of 380 million yuan, significantly reduced from 1.81 billion yuan in the same quarter of 2024 and 480 million yuan in the previous quarter [1] - The gross margin reached a historical high of 20.1%, up 4.8 percentage points year-on-year, indicating progress towards profitability [1] - Total vehicle deliveries for Q3 2025 were 116,007 units, marking a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1] - As of the end of Q3, the company's cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled 48.33 billion yuan, an increase of approximately 760 million yuan from the end of June, representing a historical high in cash reserves [1] Company Statements - The CEO of Xiaopeng Motors emphasized the rapid expansion of sales scale and market share, with a focus on achieving mass production of Robotaxi and humanoid robots [2] - The Vice Chairman highlighted the breakthrough in gross margin and the commitment to invest in physical AI research and development, aiming to create a strong product technology system and business ecosystem [2] - For Q4 2025, Xiaopeng Motors anticipates total vehicle deliveries between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3%, with total revenue expected to be between 21.5 billion and 23 billion yuan, an annual increase of approximately 33.5% to 42.8% [2]

Core Insights - Xiaopeng Motors reported a total vehicle delivery of 116,007 units in Q3 2025, representing a year-on-year increase of 149.3% [1] - The total revenue for the quarter reached RMB 20.38 billion, marking a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The gross margin for the quarter was 20.1%, up 4.8 percentage points from the same period in 2024, while the automotive gross margin was 13.1%, an increase of 4.5 percentage points year-on-year [1] - The net loss narrowed to approximately RMB 380 million, a reduction of 78.9% year-on-year and 20.3% quarter-on-quarter [1] Revenue and Sales Performance - Automotive sales revenue for Q3 2025 was RMB 18.05 billion (USD 2.54 billion), reflecting a year-on-year increase of 105.3% and a quarter-on-quarter increase of 6.9% [1] - The growth in sales and revenue was primarily driven by the increase in delivery volumes of newly launched models [1] Management Commentary - The CEO of Xiaopeng Motors highlighted that key operational metrics, including sales volume, revenue, gross margin, and cash on hand, reached new highs in Q3 2025 [1] - The company is in the early stages of rapid expansion in sales scale and market share, with a focus on scaling production of Robotaxi and humanoid robots [1] - The Vice Chairman emphasized effective cost control and the potential for revenue release from technology R&D, leading to a gross margin surpassing 20% for the first time [1] Future Outlook - For Q4 2025, the company anticipates vehicle deliveries between 125,000 and 132,000 units, representing a year-on-year increase of approximately 36.6% to 44.3% [1] - Total revenue is expected to be between RMB 21.5 billion and RMB 23 billion, indicating a year-on-year increase of approximately 33.5% to 42.8% [1]

编辑 岳彩周 校对 柳宝庆 展望第四季度，小鹏汽车预计营收215亿元至230亿元，预计交付量在12.5万辆至13.2万辆之间。 小鹏汽车董事长及首席执行官何小鹏表示，小鹏销量规模和市场份额正处在高速扩张的早期阶段， Robotaxi和人形机器人正面向规模量产的目标加速前进。"我坚信小鹏汽车会成为面向全球的具身智能 公司。" 新京报贝壳财经讯（记者张冰）11月17日，小鹏汽车发布公告，2025年第三季度，营收为203.8亿元， 同比增长101.8%；净亏损为3.8亿元。 ...

11月17日，小鹏汽车发布截至2025年9月30日止三个月的财务业绩。报告显示，公司核心经营指标全面向好，交付量、营收、毛利率均创佳绩，净亏损较上 年同期大幅收窄，整体业务呈现高速增长态势。 核心业绩指标表现亮眼 2025年第三季度，小鹏汽车总交付量达116,007辆，较2024年同期的46,533辆同比激增149.3%，交付规模实现跨越式增长。截至2025年10月31日，公司年内 累计总交付量已达355,209辆，市场拓展成效显著。 | | 2025年 | 2025年 | 2025年 | 2024年 | 2024年 | 2024年 | | --- | --- | --- | --- | --- | --- | --- | | | 第三季度 第二季度 第一季度 第四季度 第三季度 第二季度 | | | | | | | 總交付量 | 116.007 | 103,181 | 94.008 | 91,507 | 46,533 | 30,207 | 营收方面，第三季度总营收同比翻倍，达人民币203.8亿元（28.6亿美元），较2024年同期的101亿元增长101.8%，较2025年第二季度的182.7亿元环比增长 1 ...