国金证券发布研报称，车市10月运转进入负增长区间，由于地方补贴的持续退坡，叠加25年同期基数较 高，造成车市销量走弱；渗透率持续走高验证购置税减免退坡影响。预计Q4市场销量同比持平，渗透 率持续破新高；但更需要观望26年一季度需求。 智通财经APP获悉，汽车股跌幅居前，截至发稿，小鹏汽车-W(09868)跌10.47%，报85.95港元；长城汽 车(02333)跌4.35%，报14.95港元；理性汽车-W(02015)跌3.51%，报72.75港元；广汽集团(02238)跌 2.67%，报3.28港元。 消息面上，汽车消费热度有所下降。乘联会近期公布的10月最新销量数据。10月全国乘用车市场零售 224.2万辆，同比下降0.8%，环比下降0.1%。根据乘联会口径，11月1-9日乘用车零售同比下滑19%，批 发同比下滑22%。 ...

国金证券发布研报称，车市10月运转进入负增长区间，由于地方补贴的持续退坡，叠加25年同期基数较 高，造成车市销量走弱；渗透率持续走高验证购置税减免退坡影响。预计Q4市场销量同比持平，渗透 率持续破新高；但更需要观望26年一季度需求。 消息面上，汽车消费热度有所下降。乘联会近期公布的10月最新销量数据。10月全国乘用车市场零售 224.2万辆，同比下降0.8%，环比下降0.1%。根据乘联会口径，11月1-9日乘用车零售同比下滑19%，批 发同比下滑22%。 汽车股跌幅居前，截至发稿，小鹏汽车-W(09868)跌10.47%，报85.95港元；长城汽车（601633）(02333) 跌4.35%，报14.95港元；理性汽车-W(02015)跌3.51%，报72.75港元；广汽集团（601238）(02238)跌 2.67%，报3.28港元。 ...

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion, a year-on-year increase of 101.8%, with total deliveries of approximately 116,000 units, up 149.3% year-on-year, and a gross margin of 20.1%, an increase of 4.8 percentage points year-on-year [2] Group 1: Robotics Business - Xiaopeng plans to achieve sales of over 1 million units of its robots by 2030, with the CEO believing that the market potential for robots is greater than that of cars [2] - The current generation of Xiaopeng's robots is the seventh, with plans for true mass production of the eighth generation [2] - The BOM cost of robots is expected to approach that of cars, with software costs constituting 50% of the robot's BOM compared to only 10% for cars [3] Group 2: Robotaxi Business - Xiaopeng's Robotaxi will not use high-precision maps or LiDAR, with plans to launch three Robotaxi models by 2026 and begin trial operations in China [4] - The company aims to establish a technical operation and business model for Robotaxi before collaborating with partners like Amap [3][4] - Xiaopeng anticipates total deliveries of 125,000 to 132,000 units in Q4, a year-on-year increase of 36.6% to 44.3%, with expected revenue of 21.5 billion to 23 billion, a year-on-year increase of approximately 33.5% to 42.8% [4] Group 3: Future Product Plans - In Q1 of the following year, Xiaopeng will launch seven super extended-range models, including the first product in a key market segment [4] - The company aims to enhance its market share in the extended-range segment through longer pure electric range and ultra-fast charging capabilities [4]

Core Viewpoint - The new consumption concept stocks in Hong Kong continue to decline, with significant drops observed in several companies [1] Group 1: Stock Performance - Xiaopeng Motors (09868.HK) experienced a decline of over 10% [1] - Hou Shang A Yi (02589.HK) fell nearly 4% [1] - Other companies such as Leap Motor (09863.HK), Laopu Gold (06181.HK), Li Auto (02015.HK), and Pop Mart (09992.HK) all saw declines exceeding 3% [1]

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion, a year-on-year increase of 101.8%, with total deliveries of approximately 116,000 units, up 149.3% year-on-year, and a gross margin of 20.1%, an increase of 4.8 percentage points year-on-year [1] Group 1: Robotics Business - Xiaopeng plans to achieve sales of over 1 million units for its humanoid robots by 2030, with the CEO believing that the market potential for robots is greater than that for cars [1] - The current generation of Xiaopeng's robots is the seventh, with plans for true mass production of the eighth generation [1] - The company aims to leverage synergies between automotive and robotics sectors, with plans to test robots in commercial scenarios by 2026 [2] Group 2: Cost and Pricing Strategy - The BOM cost of robots is expected to approach that of cars, with software costs constituting 50% of the robot's BOM compared to only 10% for cars [2] - Xiaopeng aims to price its robots competitively to achieve the vision of widespread household adoption [2] Group 3: Robotaxi Business - Xiaopeng's Robotaxi will not use high-precision maps or LiDAR, with plans to launch three Robotaxi models by 2026 and initiate trial operations in China [3] - The company plans to collaborate with various service providers in the Robotaxi industry chain, with a focus on technology operations and business models [2] Group 4: Future Projections - For Q4, Xiaopeng anticipates total deliveries between 125,000 and 132,000 units, a year-on-year increase of 36.6% to 44.3%, with expected revenue between 21.5 billion and 23 billion [3] - In Q1 of the following year, Xiaopeng will launch seven super extended-range models to capture market share in key segments [3]

小鹏人性机器人、Robotaxi仍是资本市场关注的焦点。 11月17日晚间，小鹏汽车（09868.HK）发布2025年第三季度财报，总营收为203.8亿元，同比增长 101.8%；总交付量约11.6万辆，同比增长149.3%；毛利率达20.1%，同比提升4.8个百分点。在当晚举行 的财报业绩会上，资本市场关注点仍聚焦小鹏人形机器人业务和Robotaxi等 AI领域业务。 聚焦Robotaxi业务，在监管许可的前提下，小鹏将先跑通Robotaxi的技术运营以及商业模型，再跟高德 等合作方展开合作。区别于其他自动驾驶厂商，小鹏将跟Robotaix产业链中不同环节的服务供应商合 作，各自扮演好不同的角色。比如：高德将聚焦流量入口、支付、运营服务环节，小鹏负责做好工具 箱、开放接口能力，以此快速推行全球化。 根据规划，有别于行业目前主流的Robotaxi技术路线，小鹏Robotaxi不使用高精地图和激光雷达，并且 计划在2026年推出三款Robotaxi车型，还将在中国开启Robotaxi试运营。 在即将到来的第四季度，小鹏汽车将迎来关键的盈亏平衡点，小鹏汽车预期总交付量达12.5万辆～13.2 万辆，同比增加36. ...

11月17日，小鹏汽车发布的2025年第三季度业绩数据显示，小鹏汽车各项关键经营指标再创新高，交付 量达11.6万台，同比增长149.3%；营收达203.8亿元，同比增长101.8%；毛利率首次突破20%，达 20.1%。 在业绩持续向好的基础上，小鹏汽车正式启动"一车双能"大产品周期，并加速构建物理AI技术体系和商 业生态，以"AI+生态"的双轮驱动战略开拓汽车市场新蓝海。 "一车双能"战略 重构新能源汽车产品格局 小鹏汽车于11月6日正式推出全新一代增程技术解决方案鲲鹏超级增程，解决传统增程用户面临的纯电 续航短、充电速度慢、综合能耗高、亏电动力弱、增程噪音大5个问题。作为该技术的首发车型，小鹏 X9超级增程成为全球续航最长的大七座车型。 小鹏汽车董事长、CEO何小鹏对《证券日报》记者表示："超级增程将会显著加快大量燃油车用户过渡 到新能源汽车的进程。"事实证明了这一判断的准确性。小鹏X9超级增程启动预售后，在北方区域和更 多内陆城市获得了前所未有的用户关注，成功转化了一大批纯电在当下难以触达的客群，预售订单达到 上次预售同期数据的近4倍。 小鹏汽车的"一车双能"战略远不止于此。根据公司规划，2026年将 ...

该行目前预测小鹏第四季车辆平均售价及毛利率将按季提升，净利润约1.24亿元，对比第三季净亏损 3.81亿元。展望明年，该行预测新车型及增程电动车版本推出将带动销量达到约61万辆，毛利率预测提 升至18.7%。至于人形机器人等新业务发展，该行认为车企拥有自动驾驶技术优势下，因此小鹏或能拥 有先发优势，但目前尚未将相关预测纳入估值模型；维持"买入"评级，港股目标价由110港元升至113港 元，美股目标价从28美元升至29美元。 来源：格隆汇APP 招银国际发表研究报告指，小鹏汽车第三季业绩大致符合预期，收入较该行预测低2%，毛利率创新高 达到20.1%，较预测高2.4个百分点，主要受惠于研发服务收入高于预期。期内车辆毛利率按季跌1.2个 百分点至13.1%，较该行预测低0.7个百分点。管理层预期今年第四季研发服务收入与第三季相若，相信 可为第四季扭亏奠定基础。 ...

Core Viewpoint - XPeng's stock price fell over 10% on Monday, entering a bear market after a decline of over 20% from its peak this year, despite reporting strong financial results [1] Financial Performance - The company published strong financial results, indicating robust performance [1] Market Competition - XPeng warned about its growth prospects due to increasing competition in the Chinese market [1]

Group 1 - The core viewpoint of the article highlights that XPeng Motors reported a narrower loss in Q3, but its revenue guidance for Q4 fell short of market expectations, leading to a decline in stock price [1] - XPeng Motors' Q3 net loss attributable to shareholders narrowed to 381 million yuan, with adjusted losses at 150 million yuan, while total revenue reached 20.381 billion yuan, a year-on-year increase of 102% [1] - The company expects Q4 total revenue to be between 21.5 billion and 23 billion yuan, representing an increase of approximately 33.5% to 42.8% year-on-year, which is below market expectations [1] Group 2 - Vehicle delivery volume is projected to be between 125,000 and 132,000 units, reflecting a year-on-year increase of approximately 36.6% to 44.3% [1] - Following the earnings announcement, Citigroup downgraded XPeng Motors' target price, reducing it by 3.4% to $28.4 for US shares and by 3.7% to HK$110.6 for Hong Kong shares, while maintaining a positive outlook on the company's diversification growth potential for next year [1] - Citigroup also slightly lowered its sales forecast for the company in 2025 to align with the new guidance provided by XPeng Motors [1]