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]

Group 1 - The Hang Seng Index closed down by 1.47% [1] - The Hang Seng Tech Index decreased by 1.67% [1] - Hua Hong Semiconductor saw an increase of over 4% [1] Group 2 - Xpeng Motors experienced a decline of over 9% [1] - Lenovo Group fell by over 4% [1]

业绩公布后，花旗发表报告称，考虑到明年第一季的汽车销售淡季，下调小鹏汽车目标价，目标价下调3.4%至28.4美元，目标价下调3.7%至110.6港元。 格隆汇11月18日｜小鹏汽车(9868.HK)半日收跌9.69%报86.7港元。小鹏汽车昨晚公布业绩显示，第三季股东应占亏损收窄至3.81亿元，经调整亏损收窄至 1.5亿元。总收入203.81亿元，同比升1.02倍。公司预期今年第四季度总收入将介乎215亿至230亿元，增加约33.5%至42.8%，不及市场预期。汽车交付量 将介乎12.5万至13.2万辆，同比增加约36.6%至44.3%。 但仍看好公司在明年多元化增长的潜力。花旗指出，在分析师简报会后，小幅下调对公司2025年的销量预测，以符合公司的新指引。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任 何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

业绩公布后，花旗发表报告称，考虑到明年第一季的汽车销售淡季，下调小鹏汽车目标价，美股目标价 下调3.4%至28.4美元，港股目标价下调3.7%至110.6港元。但仍看好公司在明年多元化增长的潜力。花 旗指出，在分析师简报会后，小幅下调对公司2025年的销量预测，以符合公司的新指引。 小鹏汽车(9868.HK)半日收跌9.69%报86.7港元。小鹏汽车昨晚公布业绩显示，第三季股东应占亏损收窄 至3.81亿元，经调整亏损收窄至1.5亿元。总收入203.81亿元，同比升1.02倍。公司预期今年第四季度总 收入将介乎215亿至230亿元，增加约33.5%至42.8%，不及市场预期。汽车交付量将介乎12.5万至13.2万 辆，同比增加约36.6%至44.3%。 ...

Group 1 - Ctrip Group-S (09961) reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, a 16% increase year-on-year [1] - XPeng Motors-W (09868) experienced a decline of over 9% post-earnings, with Q3 revenue at 20.38 billion RMB, a 102% year-on-year growth, but slightly below market expectations of 20.45 billion RMB [1] - BeiGene (06160) saw a 2.32% increase following positive results from its Phase III HERIZON-GEA-01 study [1] - Kinko Service (09666) surged over 17% after resuming trading, with a revised offer price of 6.67 HKD per share contingent on shareholder approval for delisting [1] Group 2 - Gold stocks continued to decline, with Lingbao Gold (03330) down 6.91% and Tongguan Gold (00340) down 4.66%, as gold prices fell for the fourth consecutive day [2] - Joy City Property (00207) rose 1.67% after announcing plans to withdraw its listing status on November 27 [2] - Semiconductor stocks performed well, with Hua Hong Semiconductor (01347) up 4.45% and SMIC (00981) up 1.58%, indicating high demand with a 95.8% capacity utilization rate in Q3 [2] - Guangzheng Education (06068) fell nearly 10%, projecting a net profit of approximately 37.7 million RMB for the fiscal year ending August 31, 2025, down from 96.4 million RMB in the previous year [2] Group 3 - Coal stocks faced declines, with Yanzhou Coal Mining (01171) down 4.7% and China Shenhua Energy (01088) down 3.59%, despite a quarter-on-quarter recovery in coal prices [3] - Hong Kong Travel (00308) dropped over 17% following the announcement of a cash distribution plan related to its private company shares [4] Group 4 - Dell Technologies (DELL.US) fell 8.43% after Morgan Stanley downgraded its stock rating from "Overweight" to "Underweight," raising concerns about its earnings outlook [5] - XPeng Motors (XPEV.US) dropped 10.32% as its Q3 revenue fell short of market expectations [5] - Lithium stocks surged, with Sigma Lithium (SGML.US) up 32.34%, driven by strong demand rather than supply disruptions [5] - Sohu (SOHU.US) rose 7.26% with a Q3 revenue of 180 million USD, a 19% increase year-on-year [6] - Quantum Computing (QUBT.US) increased 8.49% after reporting better-than-expected earnings and outlining a roadmap for mass production [6] - Google (GOOGL.US) gained 3.11% following Berkshire Hathaway's new investment in Alphabet [6] - Alibaba (BABA.US) rose over 2.54% after announcing its entry into the AI to C market with the "Qianwen" project [6]

花旗将该公司美股目标价下调3.4%至28.4美元；港股目标价下调3.7%至110.6港元。 花旗发表报告称，考虑到明年第一季的汽车销售淡季，下调小鹏汽车美股和港股目标价逾3%，但仍看 好公司在明年多元化增长的潜力。花旗指出，在分析师简报会后，小幅下调对公司2025年的销量预测， 以符合公司的新指引。进入2026年，公司计划有7款新车型发布，并计划启动Robotaxi的试运行。 小鹏目标在2026年底开始人形机器人的大规模生产，管理层设想人形机器人的总目标市场将超过电动汽 车，到2030年小鹏机器人在全球的销量将超过100万台。 ...

XPeng Inc. (NYSE:XPEV) reported an earnings per share (EPS) of -$0.27, missing the estimated EPS of $0.06, with revenue significantly lower than expected.The company's stock price declined by 9.4%, indicating market reactions to its financial performance and the competitive pressure in the EV sector.Despite a negative price-to-earnings (P/E) ratio of approximately -35.43 and a challenging quarter, XPEV has shown a 91.8% increase in 2025, suggesting potential for future growth.XPeng Inc. (NYSE:XPEV) is a pro ...