小鹏汽车11月17日发布的2025年第三季度财务报告显示，公司多项经营指标创下历史新高。其中，总营 收首次突破200亿元大关，达到203.8亿元，同比增长101.8%，环比增长11.5%。 第三季度，小鹏汽车的业绩增长体现在多个维度。除了营收和交付量创下历史新高外，汽车销售收入达 到180.5亿元，同比增长105.3%，环比增长6.9%；服务及其他利润率为74.6%，较2024年同期的60.1%大 幅提升，显示出公司在服务领域的盈利能力不断增强；非公认会计原则净亏损为人民币1.5亿元，相较 2024年同期的15.3亿元显著改善。 对于2025年第四季度，小鹏汽车给出了乐观的业绩指引。公司预计汽车交付量将介于125000辆至132000 辆，按年增加约36.6%至44.3%；总营收预计将达到人民币215亿元至230亿元，按年增加约33.5%至 42.8%。 何小鹏在财报中强调，公司的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 面向规模量产的目标加速前进。他坚信，小鹏汽车会成为面向全球的具身智能公司。 随着有效的成本控制和技术研发相关的收入释放出更大的潜力，小鹏汽车正朝着盈利目标稳步 ...

Core Viewpoint - The report from Credit Lyonnais indicates that XPeng Motors' third-quarter gross margin was 20.1%, and vehicle gross margin was 13.1%, which fell short of market expectations [1] Financial Performance - XPeng's revenue and profit situation continue to improve, with a net loss of 3,300 yuan per vehicle in Q3, down from a loss of 4,600 yuan in Q2 [1] - The company is expected to reach breakeven in Q4 of this year [1] Strategic Partnerships - The collaboration between XPeng and Volkswagen is showing strong strategic value, contributing to a 78% year-on-year increase in other revenue to 2.3 billion yuan, which accounts for 11.4% of total revenue [1] - XPeng's Turing AI chip has entered Volkswagen's supply chain, with contributions expected to start in Q4 [1] Price Target and Rating - Credit Lyonnais sets a target price of 106 HKD for XPeng's H-shares and 27 USD for its U.S. shares, maintaining an "outperform" rating [1]

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 26,172.27 points, down 212.01 points, a decline of 0.80% [1] - The Hang Seng Tech Index reported at 5,684.81 points, down 72.07 points, a decrease of 1.25% [2] Company Performance - XPeng Motors (09868.HK) saw a drop of over 7% in early trading. The company reported total revenue of RMB 20.38 billion for Q3, a year-on-year increase of 101.8%. The net loss attributable to ordinary shareholders was RMB 380 million (USD 50 million), compared to RMB 1.81 billion in the same period last year [4] - Leap Motor (09863.HK) experienced a decline of over 2%. The company announced a net profit of RMB 150 million for Q3 2025, with a total net profit of RMB 180 million for the first three quarters. The gross margin for Q3 was 14.5%, up 0.9 percentage points from Q2 2025, with total vehicle deliveries of 173,852 units and revenue of RMB 19.45 billion, a year-on-year growth of 97.3% [6] - Geely Automobile (00175.HK) reported Q3 2025 revenue of RMB 89.192 billion, a year-on-year increase of 27%. The net profit attributable to shareholders surged by 59% to RMB 3.82 billion [6] Sector Performance - The technology sector saw widespread declines, with Kuaishou, Tencent, NetEase, and Baidu all dropping over 1%. Alibaba opened down over 1% but quickly rebounded [7] - Insurance stocks opened lower, with AIA Group falling over 1%. Gold stocks also retreated, with Chifeng Jilong Gold Mining and Zijin Mining down over 2% [7] - The biopharmaceutical sector showed signs of recovery, with BeiGene and Zai Lab rising over 4%. The semiconductor sector strengthened, with Hua Hong Semiconductor and SMIC both up over 1% [7] Market Outlook - Morgan Stanley has set a mid-to-long-term target for the Hang Seng Index at 27,500 points, with a bullish scenario reaching 34,700 points and a bearish scenario potentially dropping to 18,700 points. This outlook considers potential liquidity improvements, such as the Federal Reserve possibly halting balance sheet reduction in December, along with the anticipated "spring rally" early next year. However, external factors like Federal Reserve policies and U.S. stock market volatility remain significant variables [8]

Group 1 - The Hong Kong stock market opened lower on November 18, with the Hang Seng Index down 0.80% at 26,172.27 points, and the Hang Seng Tech Index falling 1.25% [1] - Xpeng Motors reported a total vehicle delivery of 116,007 units for Q3 2025, a year-on-year increase of 149.3%, with total revenue reaching RMB 20.38 billion, up 101.8% year-on-year [1] - The company's net loss narrowed to approximately RMB 380 million, a decrease of 78.9% year-on-year and 20.3% quarter-on-quarter [1] Group 2 - Xpeng Motors expects Q4 2025 vehicle deliveries to be between 125,000 and 132,000 units, representing a year-on-year increase of approximately 36.6% to 44.3% [1] - Total revenue for Q4 2025 is projected to be between RMB 21.5 billion and RMB 23 billion, an increase of approximately 33.5% to 42.8% year-on-year [1] - Citic Securities maintains a "Buy" rating for Xpeng Motors, forecasting revenue of RMB 77.8 billion, RMB 115.4 billion, and RMB 141.9 billion for 2025-2027, with corresponding price-to-sales ratios of 2.2, 1.5, and 1.2 [2] Group 3 - The Hong Kong Stock Connect Auto ETF (159323) focuses on the Hong Kong new energy vehicle sector, including emerging car manufacturers like Xpeng and Li Auto, and is expected to benefit from advancements in robotics technology [3] - The Hang Seng Tech Index ETF (513180) includes major Chinese tech assets such as Xiaomi, NetEase, Tencent, Alibaba, and Meituan, providing a way for investors to access Hong Kong tech leaders without a Stock Connect account [3]

编辑丨 11月18日，恒生指数低开0.8%，恒生科技指数跌1.25%。新能源车概念股走低，小鹏汽车跌逾7%，蔚来 跌超3%，理想汽车跌超2%；创新药概念股回调。 | 心一 | | --- | ...

Core Viewpoint - The Hong Kong automotive stocks are experiencing a continuous decline, with significant drops in shares of various companies following the earnings report of XPeng Motors, which reported a larger-than-expected loss and lower-than-expected revenue growth [1] Group 1: Company Performance - XPeng Motors reported Q3 revenue of 20.38 billion yuan, a year-on-year increase of 102%, but below the market estimate of 20.45 billion yuan; adjusted loss per share was 0.080 yuan [1] - The gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [1] - XPeng Motors expects Q4 revenue to be between 21.5 billion and 23 billion yuan, representing a year-on-year increase of approximately 33.5% to 42.8% [1] Group 2: Market Trends - In October, the total retail sales of consumer goods reached 46.291 billion yuan, a year-on-year increase of 2.9%; however, automotive consumption was 4.255 billion yuan, a year-on-year decline of 7% [1] - From January to October, automotive consumption totaled 40.009 billion yuan, showing a slight year-on-year decline of 0.2% [1] Group 3: Stock Performance - XPeng Motors shares fell by 8.28% to 88.050 yuan, making it the weakest performer among automotive stocks [2] - Other companies also saw declines, with Li Auto down 2.19%, NIO down 3.00%, and BYD down 1.69% [2]

Group 1 - The core viewpoint of the article indicates that XPeng Motors' revenue forecast for the fourth quarter fell short of expectations, leading to a significant drop of over 10% in its ADR [1] - Citigroup has lowered its target prices for XPeng Motors' US and Hong Kong stocks by over 3%, while still maintaining a positive outlook on the company's potential for diversified growth in the coming year [1] - Analysts have slightly reduced their sales forecasts for XPeng Motors for 2025 to align with the company's new guidance, which includes plans to launch seven new models and initiate Robotaxi pilot operations [1] Group 2 - XPeng Motors aims to start mass production of humanoid robots by the end of 2026, with a projected total market for humanoid robots exceeding that of electric vehicles [1] - The company envisions global sales of over 1 million humanoid robots by 2030 [1] - Citigroup has adjusted its target price for XPeng Motors' US stock down by 3.4% to $28.4 and its Hong Kong stock target price down by 3.7% to HKD 110.6 [1]

Core Viewpoint - Xpeng Motors reported a significant year-on-year revenue growth of 102% in Q3, but the stock price fell over 7% following the earnings announcement, indicating market disappointment with the results despite the growth [1] Financial Performance - Q3 revenue reached 20.38 billion yuan, slightly below market expectations of 20.45 billion yuan [1] - Adjusted loss per share for Q3 was 0.080 yuan [1] - Gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period last year [1] - Net loss attributable to shareholders was 380 million yuan, an improvement from a net loss of 1.81 billion yuan in the same quarter last year [1] Future Outlook - Xpeng Motors expects Q4 revenue to be between 21.5 billion yuan and 23 billion yuan, representing a year-on-year increase of approximately 33.5% to 42.8% [1] - The company anticipates vehicle deliveries in Q4 to range from 125,000 to 132,000 units, which is a year-on-year increase of about 36.6% to 44.3% [1] - Market estimates for Q4 deliveries stand at 135,984 units [1]

Summary of XPeng's Conference Call Company Overview - **Company**: XPeng Motors - **Industry**: Electric Vehicles (EVs) and Robotics Key Financial and Operational Highlights - **Vehicle Deliveries**: Achieved a 149% year-over-year increase, totaling 116,007 units in Q3 2025, with monthly deliveries exceeding 40,000 units by September [2][3] - **Gross Margin**: Exceeded 20% for the first time in Q3 2025, compared to 15.3% in Q3 2024 [19] - **Net Loss**: Reduced to $0.38 billion in Q3 2025 from $1.81 billion year-over-year [22] - **Revenue**: Total revenues reached RMB 20.38 billion, a 101% year-over-year increase [16] Product Launches and Market Impact - **XPeng P7**: Became a top BEV sedan in its price range, significantly contributing to delivery growth [3] - **XPeng X9 Super Extended Range EV**: Launched presales with a range of up to 1,602 kilometers; pre-sale orders nearly four times higher than previous models [5][6] - **Future Products**: Plans to introduce three super extended range products and four new dual energy models in Q1 2026 [7][8] AI and Technology Advancements - **AI Integration**: XPeng is focusing on physical AI technologies, with plans to open-source its physical world model and launch Robot Taxi services [4][12] - **VLA 2.0 Model**: Features ten times more parameters than its predecessor, enhancing safety and user experience in intelligent driving scenarios [10] Global Expansion and Localization - **International Deliveries**: Exceeded 5,000 monthly overseas deliveries in September 2025, a 79% year-over-year increase [9] - **Localized Production**: Commenced production in Austria and Indonesia, with plans for further expansion [39] Humanoid Robots and Future Plans - **Humanoid Robots**: XPeng plans to mass-produce humanoid robots by the end of 2026, targeting commercial applications such as retail assistance and tour guiding [14][28] - **Market Potential**: Anticipates that the market for humanoid robots could exceed that of automobiles once they reach a critical inflection point [14] Financial Projections - **Q4 2025 Deliveries**: Expected to reach between 125,000 and 132,000 units, reflecting a year-over-year growth of 36% to 44% [15] - **Revenue Projections**: Anticipated revenue between RMB 21.5 billion and RMB 23 billion for Q4 2025, up approximately 33% to 42% from the previous year [15] Strategic Collaborations - **Volkswagen Partnership**: Revenue from collaboration expected to start in Q4 2025, contributing significantly to future revenues [23][24] - **Robot Taxi Ecosystem**: Plans to collaborate with various partners, including Gaode Map for traffic management and operational services [30][31] Conclusion XPeng Motors is positioned for significant growth in the EV and robotics sectors, with strong financial performance, innovative product launches, and strategic global expansion plans. The company's focus on AI and humanoid robots indicates a forward-looking approach to technology integration and market leadership.

Group 1: New Energy Vehicle Exports - In October 2025, China's new energy vehicle exports reached 256,000 units, marking a year-on-year increase of 99.9% and a month-on-month increase of 15.4% [1] - From January to October 2025, new energy vehicle exports totaled 2.014 million units, reflecting a year-on-year growth of 90.4% [1] Group 2: Automotive Investment Growth - Automotive investment growth is projected to reach 17.5% in 2025, significantly higher than other manufacturing sectors [2] - In October 2025, total vehicle production was 328,000 units, with new energy vehicle production at 171,000 units, representing a year-on-year increase of 19% and a penetration rate of 52% [2] Group 3: GAC Group Leadership Changes - GAC Group announced the appointment of He Xianqing as General Manager and Wang Dan as Chief Accountant, marking a significant leadership change aimed at reform [3] Group 4: Geely Automotive Financial Performance - Geely Automotive reported a third-quarter revenue of 89.19 billion yuan, a year-on-year increase of 27%, and a net profit of 3.82 billion yuan, up 59% year-on-year [4] Group 5: XPeng Motors Financial Results - XPeng Motors reported third-quarter revenue of 20.38 billion yuan, a year-on-year increase of 102%, with a net loss of 380 million yuan [6] - The total vehicle deliveries for the third quarter reached 116,007 units, a 149.3% increase compared to the same period in 2024 [6] Group 6: Leap Motor Financial Performance - Leap Motor achieved a net profit of 150 million yuan in the third quarter of 2025, marking consecutive quarters of profitability [8] - The company delivered 173,852 vehicles, a 101.8% increase year-on-year, with revenue of 19.45 billion yuan, up 97.3% [8] Group 7: Future Product Plans of XPeng Motors - XPeng Motors plans to launch seven new models in 2026, including three super electric range-extended products in the first quarter [11] Group 8: BMW iX3 Production Plans - BMW's new generation iX3 is set to be produced in 2026, featuring advanced driving assistance technologies, with extensive testing already underway [12]