香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本通告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 電話會議結束後約一小時直至2026年3月27日為止，電話會議的重播可使用以下 號碼收聽： 董事會會議通告 XPeng Inc.（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 2026年3月20日（星期五）舉行，藉以（其中包括）考慮及批准 (i) 本公司及其 附屬公司截至2025年12月31日止三個月之第四季度業績及其發佈，以及 (ii) 本公 司及其附屬公司截至2025年12月31日止之全年業績及其發佈。 本公司的管理層將於美國東部時間2026年3月20日上午八時正（即北京╱香港時 間2026年3月20日的下午八時正）舉行業績電話會議。 有意以電話方式撥入會議的參加者，請進入下方鏈接完成預登記並請於預定開 始時間前五分鐘撥入。登記完成後，每位參加者將收到業績電話會議的電話撥 入詳情。 會議主題： XPENG 2025年第四季度及全年業績電話會 預登記鏈接： https://s1.c-conf.co ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 104.10 [1][9][15] Core Views - The report expresses optimism regarding the company's AI driving capabilities and its evolution, highlighting multiple growth avenues including "dual energy + AI + robotics + external cooperation" [5][7] - The company experienced a significant drop in February sales, down 50% year-on-year, attributed to the timing of the Spring Festival and changes in tax incentives for new energy vehicles. However, sales are expected to recover in March with new model launches [6][5] - The second-generation VLA model was launched, enhancing driving capabilities and efficiency, and is expected to support L4 level autonomous driving [7] - The new X9 electric version was introduced, featuring advanced technology and competitive pricing, which is anticipated to boost sales significantly [8] Financial Projections and Valuation - Revenue projections for 2024 are estimated at RMB 40.87 billion, with significant growth expected in subsequent years, reaching RMB 130.50 billion by 2027 [4] - The company is projected to achieve a net profit of RMB 2.41 billion in 2026, with a substantial increase to RMB 5.34 billion by 2027 [4] - The report maintains a price-to-sales (PS) ratio of 0.95x for the automotive sales business, reflecting a premium over comparable companies [9][12] - The overall valuation is estimated at approximately HKD 1,990 million, leading to the target price of HKD 104.10 [15][12]

Group 1: Pharmaceutical and Biotechnology Sector - Four Seasons Pharmaceutical (00460) saw a stock increase of 3.7% after receiving approval from the NMPA for its innovative drug, Pyrocilin Tablets, for treating HR+/HER2- advanced breast cancer [1] - Hengrui Medicine (01276) rose over 5% following the approval of a clinical trial for HRS-1780 Tablets aimed at treating primary hyperaldosteronism [3] - Mirxes-B (02629) experienced a stock surge of 10.86% after announcing a strategic partnership with Apollo Health to develop advanced cancer early detection solutions in India [3] - Cornerstone Pharmaceuticals-B (02616) increased by 12.37% after receiving FDA approval for its IND application for CS2009, a tri-specific antibody for advanced solid tumors [4] - Deciphera Pharmaceuticals-B (06996) rose 16.77% after signing an agreement with U.S. Biotech for the global development and commercialization of ATG-201, a dual-specific T-cell engager [5] Group 2: Automotive Sector - Automotive stocks showed a collective rebound, with XPeng Motors-W (09868) up 3.14% and NIO-SW (09866) up 3.43%, driven by news of BYD's upcoming launch of its second-generation blade battery and fast-charging technology [2] Group 3: Technology and Communication Sector - Optical communication stocks rallied, with Cambridge Technology (06166) up 8.7% after NVIDIA announced a $40 billion investment in optical technology through partnerships with Lumentum and Coherent [1] - Brain-computer interface stocks surged, with Nanjing Panda Electronics (00553) increasing by 24.64% following government reports emphasizing the development of future industries, including brain-computer interfaces [2] Group 4: Cryptocurrency Sector - Cryptocurrency-related stocks rebounded, with Okex Cloud Chain (01499) rising 15.89% as Bitcoin surpassed $72,000, driven by short-covering amid geopolitical concerns [5][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - In February 2026, the company delivered a total of 15,256 vehicles, representing a year-on-year decrease of 49.9% and a month-on-month decrease of 23.8%. The decline in sales is attributed to the impact of the Spring Festival holiday and seasonal factors. However, with the upcoming launch of the second-generation VLA and a recovery in the automotive market, sales are expected to rebound [2][6]. - The company is entering a new vehicle cycle with the launch of models such as MONA M03 and P7+. The combination of scale enhancement, cost reduction from platforms and technology, and the expansion of software profitability models, along with continued growth in overseas markets, suggests significant future earnings flexibility for the company [2][6]. Summary by Relevant Sections Sales Performance - February 2026 saw the delivery of 15,256 new vehicles, down 49.9% year-on-year and 23.8% month-on-month. Cumulatively, 35,000 vehicles were delivered in January and February 2026, reflecting a year-on-year decrease of 42.0% [2][6]. New Product Launches - The second-generation VLA is set to be launched in March 2026, which is expected to enhance sales as the market recovers. The new models, including the P7+ and the upcoming X9 electric version, are anticipated to drive sales growth [6]. Future Outlook - The company forecasts a delivery volume of 125,000 to 132,000 vehicles for 2025, representing a year-on-year growth of 36.6% to 44.3%. Expected revenue for the same period is projected to be between 21.5 billion to 23 billion yuan, indicating a year-on-year increase of 33.5% to 42.8% [6]. - The company is positioned for a significant year in 2026 with multiple new vehicle launches, which are expected to enhance the sales cycle. The advancements in AI technology and the introduction of new AI applications are likely to lead to a revaluation of the company's stock [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - In February 2026, the company delivered 15,256 new vehicles, representing a year-on-year decline of 49.9% and a month-on-month decline of 23.8%. The decline in sales is attributed to the impact of the Spring Festival holiday and seasonal factors. However, with the upcoming release of the second-generation VLA and a recovery in the automotive market, sales are expected to rebound [2][6]. - The company is entering a new vehicle cycle with the launch of models such as MONA M03 and P7+. The effects of scale enhancement, cost reduction from platforms and technologies, and the expansion of software profitability models, along with continued growth in international markets, suggest significant future earnings flexibility [2][6]. - The company anticipates delivering between 125,000 to 132,000 vehicles in Q4 2025, representing a year-on-year growth of 36.6% to 44.3%, with expected revenue between 21.5 billion to 23 billion CNY, a year-on-year increase of 33.5% to 42.8% [6]. Summary by Relevant Sections Sales Performance - February 2026 saw a total of 15,256 vehicles delivered, with a cumulative delivery of 35,000 vehicles in January and February, down 42.0% year-on-year. The sales performance is expected to improve in March as the market recovers from seasonal lows [4][6]. New Product Launches - The second-generation VLA is set to be released in March 2026, alongside the launch of the new X9 electric version. The company is also preparing for the mass production of the new generation IRON robot and the delivery of flying cars within the year [6]. Future Outlook - The company is positioned for a strong new vehicle year in 2026, with multiple new models expected to enhance sales cycles. The anticipated revenue for 2025-2026 is projected to be approximately 75.1 billion and 105 billion CNY, corresponding to price-to-sales ratios of 1.5 and 1.1 [6].

Investment Recommendations - The current investment suggestion for the smart automotive sector is to maintain a strong outlook on the L4 RoboX theme for 2026, favoring B-end software over C-end hardware [2][6] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [2][6] Downstream Application Dimensions - Robotaxi perspective includes: 1. Integrated model: Tesla and Xpeng Motors 2. Technology providers + operational sharing model: Horizon, Baidu, Pony.ai, WeRide, and Qianli Technology 3. Transformation of ride-hailing/taxi services: Didi, Cao Cao Mobility, Ruqi Mobility, public transport, and Jinjiang Online [2][6] - Robovan perspective includes Desay SV and Jiushi Intelligent/New Stone Technology [2][6] - Other autonomous vehicle perspectives include mining trucks (e.g., HiDi Intelligent Driving), ports (e.g., Jingwei Hirain), sanitation vehicles (e.g., Yingfeng Environment), and buses (e.g., WeRide) [2][6] Upstream Supply Chain Dimensions - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co. - Key upstream suppliers include: 1. Testing services (China Automotive Research and China Automotive Industry Corporation) 2. Chips (Horizon Robotics and Black Sesame Intelligence) 3. Domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Huayang Group, and Coboda) 4. Sensors (Sunny Optical Technology, Hesai, and Suteng Juchuang) 5. Steer-by-wire chassis (Bertel and Nexperia) 6. Lighting (Xingyu Co.) 7. Glass (Fuyao Glass) [2][6] Mainstream Automakers' Autonomous Driving Strategies - A detailed comparison of major domestic automakers' autonomous driving strategies shows various approaches, including self-research and external supply partnerships, with notable collaborations with companies like Huawei, Momenta, and Horizon [4][5][20][21][30][32][39][40] - Chery's strategy includes a mixed model of multiple external algorithm suppliers and self-research platforms, with significant investments in partnerships [28][29] - Geely's integration of its autonomous driving team into Qianli Technology aims to streamline operations and enhance technological capabilities [20][22][23] BYD's Autonomous Driving Development - BYD's "Tianshen Eye" system has evolved to version 5.0, featuring advanced capabilities such as automatic emergency steering and braking, with a focus on enhancing user safety and efficiency [15][16] - The company emphasizes a dual approach of self-research and external collaboration, maintaining a significant investment in autonomous driving technology [10][14][47] Xiaomi's Strategic Investment in Autonomous Driving - Xiaomi has adopted a phased approach to its autonomous driving strategy, transitioning from strategic investments to full-scale self-research and development, with a significant increase in team size and R&D investment [47][48]

Investment Rating - The report maintains a positive outlook on the smart automotive sector, particularly emphasizing the L4 RoboX theme for 2026 [4] Core Insights - The report suggests a preference for B-end software companies over C-end hardware companies, recommending specific stocks in both H-shares and A-shares [4] - It highlights various downstream application perspectives, including Robotaxi and Robovan, and identifies key players and their business models [4] - The report also discusses upstream supply chain opportunities, including core suppliers and manufacturing partners [4] Summary by Sections Mainstream Automotive Companies' Smart Driving Technology Solutions - The report provides a comprehensive overview of the smart driving strategies of major automotive companies, detailing their partnerships and technology approaches [5][6][7][15][22][24][30][33] - Companies like BYD, Geely, Chery, and Great Wall are noted for their mixed strategies of self-research and external collaboration, with specific technology and supplier partnerships outlined [7][15][22][24][30][33] BYD's Smart Driving Strategy - BYD has shifted its smart driving approach from standard configuration to a pay-per-use model, emphasizing self-research while maintaining partnerships with algorithm companies [7][8] - The company has launched the "Tianshen Eye 5.0" system, which features advanced capabilities such as emergency steering and obstacle avoidance [12][13] Geely's Smart Driving Team Integration - Geely has completed the integration of its smart driving team under the "Qianli Zhijia" brand, focusing on enhancing its autonomous driving capabilities [15][17][19] - The company has established a structured approach to its smart driving solutions, offering multiple versions with varying hardware and software capabilities [19] Chery's Smart Driving Development - Chery has introduced the "Falcon Smart Driving" strategy, which includes multiple versions of its smart driving system, aiming for comprehensive coverage across various scenarios [22][23] - The company has also consolidated its smart driving R&D teams to enhance efficiency and innovation [22][23] Great Wall's Smart Driving Solutions - Great Wall has adopted a dual approach of self-research and external collaboration, with a focus on enhancing its computing power and algorithm capabilities [26][29] - The company has developed a tiered computing platform to support various levels of autonomous driving features [26][29] Changan's Smart Driving Framework - Changan has implemented a strategy that combines procurement from Huawei with its own smart driving research, aiming for a comprehensive autonomous driving solution [32][33] Other Companies' Strategies - The report also covers the smart driving strategies of other companies such as SAIC, GAC, and Leap Motor, highlighting their partnerships and technological advancements [33][36][38]

Core Viewpoint - Pomerantz LLP is investigating claims on behalf of investors of XPeng Inc. regarding potential securities fraud or unlawful business practices by the company and its officers or directors [1]. Group 1: Company Performance - XPeng delivered 20,011 vehicles in January 2026, a significant decrease from 37,508 vehicles delivered in December 2025 [3]. - Following the announcement of the delivery results, XPeng's American Depositary Receipt (ADR) price fell by $1.49, or 8.29%, closing at $16.49 per ADR on February 2, 2026 [3]. Group 2: Legal Investigation - Pomerantz LLP is actively seeking to represent investors who may have been affected by the alleged securities fraud or unlawful practices related to XPeng [1]. - The firm has a long history in corporate, securities, and antitrust class litigation, having recovered numerous multimillion-dollar damages awards for victims of securities fraud [4].

Group 1 - XPeng Inc. reported a significant decline in February vehicle deliveries, with only 15,256 vehicles delivered, marking a 49.90% year-over-year decrease and a 23.76% drop from January [1] - Despite the weak delivery numbers, XPeng launched global deliveries for its new P7+ sedan in February, indicating some progress in product offerings [2] - The stock has experienced a 16.10% decline over the past year and is currently trading 9.2% below its 20-day simple moving average (SMA) and 21.8% below its 100-day SMA, reflecting a bearish trend [4] Group 2 - XPeng is scheduled to report earnings on March 17, which will provide further insights into the company's financial performance [5] - The stock carries a Buy Rating with an average price target of $21.78, although it was down 5.53% at $16.05 during premarket trading, reaching a new 52-week low [6] - Revenue estimates for the upcoming earnings report are projected at $3.32 billion, an increase from $2.21 billion year-over-year, while the EPS estimate indicates a loss of 20 cents, unchanged from the previous year [6]

Core Viewpoint - The technology industry is increasingly characterized by cross-industry collaboration, particularly in the robotics sector, where major players from various fields are entering the market, driven by advancements in AI and robotics technology [2][4]. Group 1: Robotics Market Trends - The robotics market is expected to see significant growth, with companies like Yushu Technology, ZhiYuan Robotics, and others becoming key players following their successful launches in 2025 [2]. - The 2026 Spring Festival Gala featured performances incorporating robots, further boosting interest and investment in the robotics market [2]. - Industry leaders from various sectors, including mobile, automotive, and internet, are predicted to join the robotics market, indicating a competitive landscape [2][4]. Group 2: Company Innovations - Honor launched its humanoid robot, marking its entry into the consumer humanoid robotics market, and aims to integrate smartphone technology with robotics for enhanced user experience [4][6]. - Xiaomi has begun deploying its humanoid robots in automotive manufacturing, showcasing practical applications of robotics in production environments [10][15]. - Xiaopeng Motors announced the upcoming release of its second-generation VLA model, aimed at achieving fully autonomous driving within the next 1-3 years, with plans for global testing and deployment [18][20]. Group 3: Upcoming Developments - BYD is set to unveil a "disruptive technology" on March 5, 2026, with expectations that it may involve advancements in battery technology or smart driving [21]. - Predictions suggest that BYD may also introduce new robotics products based on its electric vehicle technology [24].