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。 ...

Core Viewpoint - Xiaopeng Motors reported strong financial performance for the three months ending September 30, 2025, with significant improvements in key operational metrics, including delivery volume, revenue, and gross margin, while net losses narrowed substantially compared to the same period last year, indicating rapid business growth [2] Performance Metrics - In Q3 2025, Xiaopeng Motors achieved total deliveries of 116,007 vehicles, a remarkable increase of 149.3% compared to 46,533 vehicles in Q3 2024, demonstrating a leap in delivery scale [3][4] - Total revenue for Q3 2025 reached RMB 20.38 billion (approximately USD 2.86 billion), doubling from RMB 10.10 billion in Q3 2024, marking a year-on-year growth of 101.8% and a quarter-on-quarter increase of 11.5% [4][6] Profitability Improvement - The overall gross margin for Q3 2025 surpassed 20% for the first time, reaching 20.1%, an increase of 4.8 percentage points from 15.3% in Q3 2024; the automotive gross margin was 13.1%, up 4.5 percentage points from 8.6% in the same period [5][6] - Net loss for Q3 2025 was RMB 3.8 billion (approximately USD 0.5 billion), a significant reduction of 78.9% compared to RMB 18.1 billion in Q3 2024, and down 20.3% from RMB 4.8 billion in Q2 2025 [6] Financial Position - As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and time deposits totaling RMB 483.3 billion (approximately USD 67.9 billion), providing a solid financial foundation for future business development [7] Business Development and R&D - By September 30, 2025, Xiaopeng Motors had expanded its physical sales network to 690 stores across 242 cities, and its self-operated charging station network grew to 2,676 stations, enhancing user experience [8] - R&D expenditure in Q3 2025 was RMB 24.3 billion (approximately USD 3.4 billion), a 48.7% increase from RMB 16.3 billion in Q3 2024, primarily aimed at expanding product offerings and developing new models and technologies [8] Positive Outlook for Q4 - For Q4 2025, Xiaopeng Motors anticipates vehicle deliveries between 125,000 and 132,000 units, representing a year-on-year growth of approximately 36.6% to 44.3%; total revenue is expected to range from RMB 215 billion to 230 billion, indicating a year-on-year growth of about 33.5% to 42.8% [9]

2025年第三季度汽车总交付量为116007辆，较2024年同期的46533辆增加149.3%。 来源：第一财经 11月17日晚间，小鹏汽车公布的最新业绩数据显示，2025年Q3公司营收203.8亿元，同比增长101.8%； 季度毛利率为20.1%，较2024年同期上升4.8个百分点；归属于上市公司股东的净亏损3.8亿元，上年同 期净亏损18.1亿元。 | | | 截至以下日期止三個月 | | 變動比率 | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2025年 | 2024年 | | | | | 9月30日 | 6月30日 | 9月30日 | 按年比 | 按季比 | | 汽車銷售收入 | 18.05 | 16.88 | 8.80 | 105.3% | 6.9% | | 汽車毛利率 | 13.1% | 14.3% | 8.6% | 4.5個百分點 | -1.2個百分點 | | 總收入 | 20.38 | 18.27 | 10.10 | 101.8% | 11.5% | | 毛利 | 4.10 | 3.17 | 1.54 | 166.3% | 29.6 ...

| | | 截至以下日期止三個月 | | 變動比率 | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2025年 | 2024年 | | | | | 9月30日 | 6月30日 | 9月30日 | 按年比 | 按季比 | | 汽車銷售收入 | 18.05 | 16.88 | 8.80 | 105.3% | 6.9% | | 汽車毛利率 | 13.1% | 14.3% | 8.6% | 4.5個自分點 | -1.2個自分點 | | 總收入 | 20.38 | 18.27 | 10.10 | 101.8% | 11.5% | | 毛利 | 4.10 | 3.17 | 1.54 | 166.3% | 29.6% | | 毛利率 | 20.1% | 17.3% | 15.3% | 4.8個自分點 | 2.8個百分點 | | 淨虧損 | 0.38 | 0 48 | 1.81 | -78.9% | -20.3% | | 非公認會計原則淨虧損 | 0.15 | 0.39 | 1.53 | -90.1% | -60.6% | | 普通股股東應佔淨虧損 | 0.38 | ...

Core Insights - The carmaker has maintained a strong sales performance despite the competitive landscape of the Chinese auto market, attributed to its advanced autonomous-driving technology and a robust product mix [1] Company Performance - The company continues to experience a strong sales streak, indicating resilience in its market position [1] - Advanced autonomous-driving technology is a key driver of sales, showcasing the company's innovation in the automotive sector [1] - A strong product mix contributes to the company's competitive advantage in the market [1] Industry Context - The Chinese auto market remains highly competitive, yet the company has successfully navigated these challenges [1] - The emphasis on autonomous-driving technology reflects broader industry trends towards innovation and technological advancement in automotive manufacturing [1]

小鹏汽车预计第四季度营收215亿元至230亿元，同比增加约33.5%至42.8%；预计交付量125000至 132000辆，同比增加约36.6%至44.3%，市场预估135984辆。 格隆汇11月17日｜小鹏汽车(XPEV.US)盘前跳水，一度跌超4%。消息面上，小鹏汽车刚刚公布业绩显 示，2025年Q3营收203.8亿元，同比增长102%，市场预估204.5亿元；调整后每股亏损0.080元。季度毛 利率为20.1%，较2024年同期上升4.8个百分点。 ...