Core Insights - Xiaopeng Motors delivered a total of 36,728 smart electric vehicles in November 2025, representing a year-on-year growth of 19% [1] - Cumulative deliveries from January to November 2025 reached 391,937 vehicles, marking a significant year-on-year increase of 156% [1] - Overseas deliveries from January to November 2025 amounted to 39,773 vehicles, reflecting a year-on-year growth of 95% [1] Product and Technology Developments - On November 5, 2025, Xiaopeng Motors held the 2025 Xiaopeng Technology Day, unveiling a series of groundbreaking "physical AI" applications, including the second-generation visual language action model (XPENG VLA 2.0), autonomous taxi (Robotaxi), and the new generation IRON humanoid robot [1] - These AI applications are expected to enter mass production in 2026 [1] User Engagement and Adoption - The monthly active user penetration rate for Xiaopeng's intelligent navigation assisted driving (XNGP) in urban driving reached 84% in November 2025 [1] - In late December 2025, Xiaopeng Motors will invite Chinese users to participate in a pilot program for the second-generation visual language action model [1]

Core Insights - Xiaopeng Motors (09868.HK) delivered 36,728 smart electric vehicles in November 2025, representing a year-on-year growth of 19% [1] - Cumulative deliveries from January to November 2025 reached 391,937 units, marking a significant year-on-year increase of 156% [1] - Overseas deliveries during the same period totaled 39,773 units, reflecting a 95% year-on-year growth [1] Product and Technology Developments - On November 5, 2025, Xiaopeng Motors held the 2025 Xiaopeng Technology Day, unveiling a series of groundbreaking "physical AI" applications, including the second-generation visual language action model (XPENGVLA2.0), autonomous taxi (Robotaxi), and the new generation IRON humanoid robot [1] - These AI applications are expected to enter mass production in 2026 [1] - The monthly active user penetration rate for Xiaopeng's intelligent navigation assistance driving (XNGP) reached 84% in urban driving scenarios as of November 2025 [1] - In late December 2025, Xiaopeng Motors plans to invite Chinese users to participate in a pilot program for the second-generation visual language action model [1]

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公告之內容概不負責，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公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。 2025年11月，小鵬汽車智能導航輔助駕駛（XNGP）的城區智駕月度活躍用戶滲透率達 84%。2025年12月下旬，小鵬汽車將邀請中國用戶參與第二代視覺語言動作模型的試 點計劃。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 XPeng Inc. 董事長 何小鵬 香港，2025年12月1日（星期一） 自願公告 2025 年 11 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年11月車輛交付數 據。 2025年11月，小鵬汽車共交付智能電動汽車36,728輛，同比增長19%。自2025年1月至 11月，小鵬汽車的累計交付量達到391,937輛，同比增長156%。 2025年1月至11月，小鵬汽車的海外交付量達到39,773輛，同比增長95%。 2025年11月5日，小鵬汽車成功舉辦2025小鵬科技日活動，推出了一系列突破性的「物 理AI」 ...

人民财讯12月1日电，今日，小鹏汽车公布最新交付成绩：2025年11月，小鹏汽车交付新车36728台，同 比增长19%。2025年1—11月，小鹏汽车累计交付391937台，同比增长156%。 ...

（文章来源：第一财经） 小鹏汽车公布最新交付数据，2025年11月交付智能电动汽车36728辆，同比增长19%。1-11月累计交付 量达391937辆，同比增长156%。 ...

Core Insights - Domestic automakers such as Xiaopeng, Xiaomi, BYD, Seres, Changan, and Chery are intensifying their investments in humanoid robot technology, leveraging their technological expertise for efficient reuse [1][5] - The established supply chain systems and large-scale manufacturing capabilities of these companies are expected to reduce costs and facilitate rapid mass production [1][5] Company Summaries Xiaomi - Lei Jun stated that artificial intelligence will profoundly impact traditional industries, with all sectors worth re-evaluating through AI [2] - Xiaomi plans to deploy humanoid robots extensively in its factories over the next five years, with a significant market demand anticipated for household humanoid robots [2] - Lu Zeyu, a former member of Tesla's Optimus team, has joined Xiaomi as the head of the dexterous hand project, bringing expertise in key technologies [2] Changan - Changan established Changan Tian Shu Intelligent Robot Technology Co., Ltd. with a registered capital of 450 million yuan, aiming to develop humanoid robot technology [3] - The company plans to create a range of intelligent robot products and solutions, focusing on integrating automotive and robotics industries [3] - Prototypes are expected to be released starting next year, with the first vehicle-mounted robot component anticipated in Q1 of next year [3] BYD - BYD invested over 100 million yuan in Paksini Perception, becoming its largest external shareholder with a 13.3738% stake [3] - A collaboration framework was signed with Hong Kong University of Science and Technology to establish a joint laboratory focusing on robotics and intelligent manufacturing [3] Seres - Seres' subsidiary, Chongqing Phoenix Technology, signed a cooperation framework agreement with ByteDance's Volcano Engine to work on intelligent robot decision-making and control technologies [4] - The partnership aims to create a closed-loop mechanism for technology research and scene validation, enhancing the automotive industry's digital transformation [4]

Group 1 - Luo Yonghao revealed that the recording with Hua Shan contains no significant revelations, but highlights Hua's inconsistent behavior, leading to confusion about his dual nature [5][6] - The recording includes a lot of profanity, making it unsuitable for direct upload to social media, prompting Luo to consider alternative sharing methods [6] - The dispute originated from Hua Shan's support for a rival restaurant, which angered Luo, leading him to demand a public apology [6] Group 2 - Reports indicate that China FAW is set to acquire a stake in Leap Motor, with a preliminary shareholding of around 5% expected [8] - Leap Motor's chairman, Zhu Jiangming, emphasized the importance of maintaining control within the founding team, even with external investments [8][9] - Leap Motor's financial performance shows a significant project launch expected to contribute to future sales, with a strategic partnership already established with China FAW [9] Group 3 - Chery has seen a recent influx of former executives from Great Wall Motors, indicating a strategic shift in its management team [10] - The company reported a 13% year-on-year increase in sales, with a total of 2.289 million vehicles sold from January to October [10] Group 4 - Chang'an Automobile announced plans to invest 2.25 billion yuan to establish a robotics company, focusing on humanoid robot technology [12][13] - The new company aims to develop multiple robotics sectors, with the first vehicle-mounted robot expected to be unveiled in the first quarter of next year [12] Group 5 - The CEO of Meituan, Wang Xing, expressed strong opposition to "involutionary" competition in the food delivery market, asserting that price wars are unsustainable [18] - Meituan has seen a steady recovery in market share, particularly in higher-priced order segments, holding over 70% of orders above 30 yuan [18] Group 6 - The IPO counseling for Yushu Technology has been completed, indicating readiness for the IPO application process, which could be one of the largest tech listings in recent years [19] - Yushu Technology has undergone significant preparatory work, including a name change to align with national branding strategies [19] Group 7 - Former Tesla executives revealed that the company had dismantled several Chinese electric vehicles to learn from their designs, particularly in parts reuse [31][32] - This practice has influenced Tesla's own vehicle models, showcasing the competitive landscape in the electric vehicle sector [31] Group 8 - Coupang, a major South Korean e-commerce platform, experienced a significant data breach affecting approximately 33.7 million accounts, marking one of the largest cyber incidents in the country [46][47] - The company has taken steps to enhance security measures and is cooperating with authorities in the ongoing investigation [47]

Core Viewpoint - Huang Xin, former head of intelligent driving products and experience at NIO, expressed strong dissatisfaction with the concept of L3 autonomous driving, questioning the accountability and responsibility associated with it [3][4]. Group 1: Critique of L3 Autonomous Driving - Huang Xin does not agree with the concept of L3 autonomous driving, raising concerns about who is responsible for accidents that occur during its operation [3]. - He questioned whether the responsibility for accidents includes both civil and criminal liability, emphasizing the need for clarity in these matters [3]. - Huang criticized the marketing tactics that promote L3 without addressing the legal implications, describing such behavior as morally reprehensible [4]. Group 2: Background on Huang Xin - Huang Xin is a seasoned expert in China's intelligent driving sector, having held significant positions at both XPeng and NIO [6]. - He joined XPeng in 2018 as the director of autonomous driving products, overseeing key projects like navigation-assisted driving and memory parking [6]. - In March 2022, he became the head of intelligent driving products and experience at NIO, reporting directly to CEO Li Bin and leading the strategic development of NIO's intelligent driving features [6]. - Huang Xin has been reported to have left NIO since October [6].

Core Insights - The new energy vehicle (NEV) market is experiencing significant shifts, with XPeng surpassing NIO and Li Auto to become the largest NEV company by market capitalization as of Q3 2025, valued at 160.2 billion yuan [2] - Li Auto, which previously achieved profitability through its "range extender + family" strategy, is losing its competitive edge as other companies enter the range extender market [2] - NIO, once the highest valued NEV company, is now focusing on core automotive products due to financial burdens from its expansive business model [2] - XPeng's recovery from internal management issues and high supply chain costs has led to a resurgence in sales and a renewed focus on advanced technologies like autonomous driving and robotics [3][4] Company Performance - XPeng's Q3 report shows a gross margin exceeding 20% for the first time, with a year-on-year revenue growth of 100% [3] - The company has launched popular models such as the XPeng P7+ and Mona M03, contributing to its improved performance [2] - XPeng's strategic partnerships, particularly with Volkswagen for autonomous driving technology, are expected to enhance its market position [4] Technological Ambitions - XPeng is focusing on autonomous driving, Robotaxi services, and humanoid robots, with plans to launch three Robotaxi models by 2026 [4] - The company aims to start mass production of advanced humanoid robots by the end of 2026, targeting various service applications [4] - XPeng's self-developed Turing chip has received procurement certification from Volkswagen, marking a significant milestone in its technology development [4] Competitive Landscape - The NEV sector is entering a new phase of competition centered around AI technologies, with Li Auto and NIO also announcing their AI commercialization strategies [4] - Li Auto plans to launch its first AI glasses in December, while NIO's self-developed Dimensity chip will open for external collaboration in Q4 [4] - XPeng's technological focus positions it favorably in the ongoing AI competition, although it faces challenges in commercializing its Robotaxi and humanoid robot initiatives [5] Strategic Direction - XPeng's management emphasizes a strategy of "steady progress" to ensure long-term success, indicating that strong vehicle sales will support its technological explorations [6]

Core Viewpoint - The company positions itself not just as a Chinese automotive manufacturer but as a technology enterprise focused on cutting-edge intelligent driving technology, emphasizing the future potential of the transportation sector driven by AI and smart technologies [2] Group 1: Company Perspective - The Vice President of the company, Chen Han, highlighted the vision of integrating AI cars, flying cars, and embodied intelligence through a unified AI brain, transforming them into intelligent symbionts in users' lives rather than isolated tools [2] - The company believes that the current trend of "anti-involution" signifies the industry's gradual maturation and a necessary step towards high-quality development [2] Group 2: Industry Outlook - The rapid advancement of technology presents a broad development prospect for the future of the transportation sector [2]