11月28日，小鹏汽车法务部在社交平台发文： 我司注意到部分账号在社交媒体及私域渠道，恶意传播利用AI技术生成的、以小鹏汽车广州车展展台 为背景的，虚假的低俗色情视频并以此炒作负面话题、诋毁小鹏汽车品牌和产品。此类行为不仅严重违 背公序良俗，污染网络生态，更侵犯了小鹏汽车的合法权益，触碰了法律红线！ 小鹏汽车车展未邀请任何模特及演艺人员，也一贯坚决抵制、反对以不良内容展开宣传的行径。我们对 这种滥用 AI 技术、恶意抹黑公司形象的违法行为表示强烈谴责并会坚决追责到底！目前，公司已全面 固定相关证据并正式报警，公安机关已介入调查。我们坚信违法之人必将付出代价！ 图片来源：小鹏汽车法务部官方微博 在发布辟谣声明的同时，小鹏还公开了其对于此次事件的报警回执。 图片来源：小鹏汽车法务部官方微博 11月28日，话题#小鹏报警# 登上热搜，引发关注。 据媒体报道，11月28日下午，一段车模的不雅视频在网上迅速流传。视频中，该车模背后所停放的是小 鹏旗下的全新小鹏P7。 据小鹏汽车官网，11月3日，小鹏汽车公布最新交付成绩：2025年10月，小鹏汽车共交付新车42013台， 同比增长76%，环比增长1%，单月交付量创下历史 ...

Core Viewpoint - The company strongly condemns the malicious spread of AI-generated inappropriate videos that tarnish its brand image and asserts its commitment to legal action against such behavior [1] Group 1: Company Response - The company has officially stated that it did not invite any models or performers to its exhibition and opposes the use of inappropriate content for promotion [1] - The company has gathered evidence and reported the incident to law enforcement, which has initiated an investigation [1] - The company emphasizes that those who engage in such illegal activities will face consequences [1] Group 2: Public Reaction - Following the circulation of the inappropriate video, the company has been labeled as "vulgar" by consumers, leading to negative sentiments and calls for boycotts [1] - Consumers have expressed their disapproval online, stating they would refuse to purchase products from the company due to the incident [1]

Core Viewpoint - On November 28, the topic "Xpeng Reports to Police" gained significant attention on social media due to malicious activities targeting Xpeng Motors' brand image [1] Group 1: Company Response - Xpeng Motors' legal department issued a statement addressing the malicious dissemination of AI-generated, false, and vulgar videos using the backdrop of their exhibition booth at the Guangzhou Auto Show, aimed at creating negative publicity and defaming the brand [2] - The company emphasized that it did not invite any models or performers to the auto show and has consistently opposed the use of inappropriate content for promotional purposes [2] - Xpeng Motors has collected relevant evidence and officially reported the incident to the police, who have initiated an investigation into the matter [2]

Core Points - The company has reported malicious activities on social media involving the use of AI-generated fake explicit videos that defame the brand and its products [1] - The company emphasizes that it did not invite any models or performers to its exhibition and opposes the use of inappropriate content for promotion [1] - The company has collected evidence and reported the incidents to law enforcement, which has initiated an investigation [1]

广东各界捐款捐物驰援香港火灾救援 中新网广州11月28日电 (记者 蔡敏婕)香港大埔宏福苑26日发生火灾，灾情牵动社会各界的心。广东各 界捐款捐物驰援香港火灾救援。 梁冠军表示，希望通过这次捐赠行动，能够激发更多海内外华侨华人的善心与义举，汇聚成一股强大的 正能量，为香港受灾同胞送去实质性的帮助与温暖。(完) 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 连日来，广东多家企业及个人捐款捐物驰援火灾救援。广药白云山28日宣布，携旗下王老吉大健康公司 捐赠价值500万港元的现金及物资，紧急驰援香港大埔灾后救助。 喜茶宣布捐赠500万港元，支援受灾居民救助、后续安置保障和重建等系列工作。 小鹏汽车官方宣布，捐赠500万港元驰援香港大埔火灾救援，支持受灾家庭渡过难关。 长隆集团捐赠1000万元人民币，用于受灾人群的紧急救援与过渡安置，并助力灾后社区的恢复工作。 视源股份捐款200万元人民币，捐款将用于受灾家庭的紧急救援与过渡安置，并助力灾后社区的恢复工 作。 中华海外联谊会副会长、广州软件学院董事长梁冠军以个人名义捐款100万元人民币，专项用于此次大 埔火灾受灾 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company has shown a significant improvement in its financial performance, with a narrowing of losses and a strong outlook for future profitability, particularly with the upcoming product launches and collaborations [4][6]. - The company is transitioning towards becoming a leader in physical world AI, with plans to introduce multiple new vehicle models and advanced technologies in the coming years [6][7]. Financial Performance Summary - In Q3 2025, the company achieved a revenue of 20.38 billion yuan, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%. The gross margin was 20.1%, with a net loss of 380 million yuan, and an adjusted net loss of 150 million yuan, with expectations of profitability in Q4 2025 [4][5]. - The company expects Q4 2025 revenue to be between 21.5 billion and 23 billion yuan, a year-on-year increase of 33.5% to 42.8%, with vehicle deliveries projected between 125,000 and 132,000 units [6]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are as follows: 77.54 billion yuan in 2025, 129.36 billion yuan in 2026, and 161.17 billion yuan in 2027, with corresponding Non-GAAP net profits expected to be -394 million yuan, 2.51 billion yuan, and 5.11 billion yuan respectively [4][7]. - The company’s price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.9, 1.1, and 0.9 respectively, while the price-to-earnings (P/E) ratios for 2026 and 2027 are expected to be 57.4 and 28.2 respectively [4][7].

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Summary of XPeng Inc. (XPEV) Conference Call Company Overview - **Company**: XPeng Inc. (XPEV) - **Industry**: Electric Vehicles (EV) and Intelligent Driving Key Insights 1. **Strong Order Expectations**: XPeng anticipates strong orders to counter industry challenges in 2026, driven by the X9 EREV and new model launches in 1Q26 and 2Q26 and beyond [1][5][7] 2. **Volume Production Initiatives**: The company is set to begin volume production of new models, which is crucial for real-world applications and technology advancement [2][5] 3. **Revenue Growth Projections**: XPeng projects a 27% year-over-year revenue growth in 2026, fueled by new model launches including the X9 EREV and several other models [2][5] 4. **Operating Profit Break-even**: The company expects to achieve non-GAAP operating profit break-even by 4Q25E [2] 5. **Robotaxi Development**: XPeng aims to obtain a license for Robotaxi trial operations in 2H26, starting with an in-house fleet in Guangzhou [7] 6. **Humanoid Robots Production**: The company targets production of several hundred humanoid robots next year, leveraging synergies between vehicle and robotics technology [7] 7. **Overseas Expansion Plans**: XPeng plans to establish 300 stores in 60 countries by the end of 2025, with localized production in Indonesia and Austria [7] 8. **Collaboration with Volkswagen**: The partnership with Volkswagen has generated over RMB 1 billion in service revenue, with expectations for continued revenue growth in 2026 [7] Additional Important Points 1. **Competitive Advantages**: XPeng's strengths include large data sets from its NEV fleet, in-house design and production capabilities, and technology synergies across different business lines [2] 2. **Model Launch Timeline**: The company plans to launch four new models in 2Q26, including a large 6-seat SUV and two Mona SUVs [5][7] 3. **Technological Advancements**: XPeng is transitioning to AI model-driven autonomous driving, moving away from rule-based models, and has no reliance on HD maps [7] 4. **Financial Metrics**: XPeng's market cap is approximately $20.1 billion, with projected revenues of RMB 40.87 billion in 2025 and RMB 107.54 billion in 2026 [9] Risks and Considerations - **Price Target Risks**: Risks include lower-than-expected sales volume, increased price competition, and weaker market demand [8]

Core Insights - Xiaopeng Motors reported Q3 2025 revenue of 20.38 billion, a year-on-year increase of 101.8%, with a gross margin of 20.1%, up 4.8 percentage points, and a net loss of 380 million [1][2] - The company launched its second-generation VLA model on November 5, which introduces a "physical world model" for smart driving applications across multiple scenarios [1] - Xiaopeng aims to achieve mass production of advanced humanoid robots by the end of 2026, with significant progress in its global strategy, including local production in Europe [2] Financial Performance - Q3 vehicle revenue reached 18.05 billion, a year-on-year increase of 105%, with a gross margin of 13.1% [1] - The service and other profit margin was 74.6%, showing growth both year-on-year and quarter-on-quarter, primarily due to revenue from technology research and development services [1] - For Q4, the company projects delivery volumes of 125,000 to 132,000 units, a year-on-year increase of 37% to 44%, and total revenue of 21.5 to 23 billion, a year-on-year increase of 34% to 43% [2] Strategic Developments - The second-generation VLA model will be co-created with pioneer users by the end of December 2025 and will be fully pushed to the Xiaopeng Ultra model in Q1 2026 [1] - The new IRON humanoid robot was unveiled, featuring three Turing AI chips and solid-state batteries, targeting commercial applications such as guiding and shopping [1] - Xiaopeng's overseas deliveries exceeded 29,000 units from January to September 2025, a year-on-year increase of 125%, with local production projects initiated in Indonesia and Austria, and a research center established in Munich, Germany [2] Future Outlook - Revenue forecasts for 2025, 2026, and 2027 are projected at 79 billion, 133.6 billion, and 159.8 billion respectively, with year-on-year growth rates of 93%, 69%, and 20% [2] - The current stock price corresponds to price-to-sales ratios of 1.81, 1.07, and 0.89 for 2025, 2026, and 2027 [2]

Group 1 - Major tech companies including Alibaba, JD.com, Didi, Tencent, ByteDance, and Xiaomi have made significant donations to support disaster relief efforts in Hong Kong following a severe fire incident in Tai Po [2][3][4][5]. - The Ma Yun Public Welfare Foundation donated 30 million HKD to assist affected families and individuals, while Alibaba Group initiated a donation of 20 million HKD for rescue and recovery efforts [2]. - Didi contributed 10 million HKD for emergency rescue and humanitarian aid, and is actively coordinating with local authorities to ensure public safety during the crisis [2][5]. Group 2 - Tencent Charity Foundation announced an initial donation of 10 million HKD for urgent relief, transitional housing, and emotional support for affected residents [2][5]. - Lenovo Hong Kong also donated 10 million HKD to support emergency rescue, medical assistance, and subsequent recovery efforts for the affected community [4]. - Xiaomi Foundation pledged 10 million HKD for immediate disaster relief, alongside contributions from BYD and NetEase, each donating 10 million HKD, and Anta Group and 361° Group contributing a total of 30 million HKD and 15 million HKD respectively [5]. Group 3 - JD.com quickly mobilized resources, delivering essential supplies such as bottled water and instant noodles to the disaster site, with logistics support from its extensive supply chain network [5]. - Alibaba's logistics arm, Cainiao, is actively dispatching emergency supplies like food and bedding to the affected areas [6].