Core Viewpoint - Xiaopeng Motors expects fourth-quarter revenue to be between 21.5 billion and 23 billion yuan, with anticipated delivery volume ranging from 125,000 to 132,000 vehicles [2] Group 1 - Xiaopeng Motors projects fourth-quarter revenue of 21.5 billion to 23 billion yuan [2] - The company anticipates delivering between 125,000 and 132,000 vehicles in the fourth quarter [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] Financial 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 in Q3 [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]

"2025年第三季度，小鹏汽车的各项关键经营指标，包括销量、收入、毛利率、在手现金，再创新 高。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们的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。围绕物理AI应用，我们会打造一个强大的产品技术体系和商业生态，为全球的客户和股东 创造更大的价值。" 格隆汇11月17日丨小鹏汽车-W(09868.HK)发布公告，2025年第三季度总收入为人民币203.8亿元(28.6亿 美元)，较2024年同期上升101.8%，并较2025年第二季度上升11.5%。2025年第三季度汽车销售收入为人 民币180.5亿元(25.4亿美元)，较2024年同期上升105.3%，并较2025年第二季度上升6.9%。 2025年第三季度毛利率为20.1%，相较而言，2024年同期为15.3%，而2025年第二季度为17.3%。2025年 第三季度汽车毛利率(即汽车销售毛利润占汽车销售收入的百分比)为13.1%，相较而言，2024年同期为 8.6%，而2025年第二季度为14.3%。截至202 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 小鹏汽车：第三季度营收203.8亿元人民币，预计第四季度营收215亿元人民币至230亿元人民币，预计 第四季度交付量125000至132000辆。 ...

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。 XPeng Inc. 小鵬汽車有限公司* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9868） 小鵬汽車發佈 2025 年第三季度的未經審計財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及根據證券及期貨條例 （香港法例第571章）第XIVA部而刊發。 中國廣州，2025年11月17日—中國領先的智能電動汽車（「智能電動汽車」）公司XPeng Inc. （「小鵬汽車」或「本公司」，紐交所代號：XPEV及聯交所代號：9868）今天公佈其截至2025 年9月30日止三個月的未經審計財務業績。 截至2025年9月30日止三個月的運營及財務摘要 1 i 除汽車毛利率及毛利率外，該項均呈列絕對變動，而非百分比變動 管理層評語 「2025年第三季度，小鵬汽車的各項關鍵經營指標，包括銷量、收入、毛利率、在手現 金，再創新高。」小鵬汽車董事長及首席執行官何小鵬先生表示。「我們的銷量規 ...

Core Insights - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18 to 20 in Shenzhen, focusing on new opportunities and challenges in the lithium battery industry [1][2] - The conference will explore themes such as the comprehensive electrification battle, solid-state battery applications, AI-driven transformations, and innovations in battery materials [2][22] Event Overview - The conference will feature industry leaders discussing the new dynamics of the lithium battery supply chain and technological advancements [2][3] - A total of over 1400 participants are expected, with a structured sign-in process to manage attendance [4][5] Agenda Highlights - Keynote speeches will include topics like long-term strategies in battery production, energy transformation, and the global lithium battery equipment landscape [8] - Specialized sessions will cover solid-state battery applications, battery innovation, and AI's role in the industry [9][10] Networking Opportunities - The event will provide multiple networking opportunities, including a special dinner for CEOs and industry leaders [10][11] - Attendees will have the chance to engage in discussions on the future of the lithium battery ecosystem and collaborative opportunities [12][13] Industry Trends - The conference will address the latest trends in battery technology, including advancements in solid-state batteries and AI applications in battery lifecycle management [10][11] - Discussions will also focus on the challenges and innovations in battery manufacturing processes and supply chain dynamics [11][12]

Core Insights - The article provides an update on the motorcycle industry data for October 2025, highlighting sales trends and market share changes among key players in the sector [2][4]. Motorcycle Sales Data - In October 2025, sales of motorcycles with displacement over 250cc reached 61,000 units, showing a year-on-year decrease of 0.2% and a month-on-month decline of 29.7%. Cumulative sales from January to October totaled 822,000 units, reflecting a year-on-year increase of 29.7% [2]. - For motorcycles with displacement between 250ml and 400ml, October sales were 36,000 units, down 8.5% year-on-year and 31.5% month-on-month, with cumulative sales of 445,000 units, up 26.7% year-on-year [3]. - Motorcycles with displacement between 400ml and 500ml sold 10,000 units in October, a decrease of 7.2% year-on-year and 33.5% month-on-month, with cumulative sales of 196,000 units, down 2.2% year-on-year [3]. - Sales of motorcycles with displacement between 500ml and 800ml reached 13,000 units in October, an increase of 33.2% year-on-year but a decrease of 24.1% month-on-month, with cumulative sales of 161,000 units, up 128.7% year-on-year [3]. - For motorcycles with displacement over 800cc, October sales were 2,000 units, up 98.1% year-on-year and 12.2% month-on-month, with cumulative sales of 20,000 units, up 70.5% year-on-year [3]. Market Share Analysis - Chuanfeng Power achieved sales of 11,000 units in October for motorcycles over 250cc, a year-on-year increase of 27.8%, capturing a market share of 18.8%, up 4.1 percentage points month-on-month. The cumulative market share for January to October stands at 20.2%, an increase of 0.4 percentage points compared to the full year of 2024 [4]. - Longxin General sold 11,000 units in October, marking a year-on-year increase of 62.7% and a market share of 18.2%, up 7.0 percentage points month-on-month. The cumulative market share for January to October is 14.5%, an increase of 0.2 percentage points compared to the full year of 2024 [4]. - Qianjiang Motorcycle's sales in October were 4,000 units, down 47.9% year-on-year, with a market share of 6.7%, down 6.1 percentage points month-on-month. The cumulative market share for January to October is 12.8%, a decrease of 3.9 percentage points compared to the full year of 2024 [4]. Investment Recommendations - The article suggests focusing on key players in the motorcycle industry, specifically recommending Chuanfeng Power and Longxin General as leading companies in the mid-to-large displacement segment [8].

Core Viewpoint - The current market has weak expectations for automotive stimulus policies and total production and sales for next year, leading to a diminished cyclical attribute of the automotive sector. The core focus is on technological attributes and emerging growth directions [1][2]. Automotive Sector - The automotive sector is experiencing a revaluation of its technological attributes, with a focus on structural growth. The strong performance of stocks like XPeng Motors and Weichai Power is noted, driven by XPeng's recent technology day showcasing advancements such as the second-generation VLA model, Robotaxi, and humanoid robot Iron, which have boosted market expectations [1][2]. - The automotive and robotics sectors are positioned as core applications of physical AI, with potential to catalyze a turning point in industry trends as technologies from Tesla, such as FSD V14 and Optimus, are set to be launched and mass-produced in 2026 [1][2]. Robotics Sector - The robotics sector has seen a continuous pullback since the fourth quarter, with some quality stocks entering a bottoming configuration. The industry is on the verge of significant advancements, and the current pullback is attributed to previous substantial gains and a temporary lack of catalysts [3]. - Market focus is on the upcoming Q1 2024 release of Tesla's third-generation Optimus prototype and the progress of the supply chain's fixed-point contracting [3]. Passenger Vehicle Sector - The passenger vehicle sector shows stable weekly insurance sales, with new models like XPeng's extended-range platform and the Xingtu ET5 demonstrating strong cost-performance ratios. However, market reactions are muted due to expectations of weaker total sales next year, with structural growth remaining in high-end and overseas markets [4]. - The lithium battery and materials segments are benefiting from a surge in demand for energy storage, leading to price increases in sectors like 6F, reinforcing a logic of rising volume and price [4]. Commercial Vehicle Sector - The commercial vehicle sector is performing well as a high-quality, undervalued asset, with expectations for steady growth in overseas markets, particularly in buses and motorcycles, which show higher growth elasticity [5]. - The heavy-duty engine supply chain is benefiting from the ramp-up of AIDC, with leading companies like Weichai Power expected to see a revaluation of their stock [5].

Group 1 - The Hong Kong stock market experienced a slight decline, with the Hang Seng Tech Index dropping over 0.5% on November 17, 2023 [1] - Major ETFs, particularly the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with leading stocks like Trip.com, Lenovo, Baidu, and BYD Electronics underperforming, while Hua Hong Semiconductor, SMIC, and Alibaba showed gains [1] - A number of technology companies, including Baidu, Xiaomi, Kuaishou, Netease, and Xpeng Motors, are set to release their latest financial results this week, with key earnings announcements scheduled for November 17 and 18 [1] Group 2 - According to Minsheng Securities, the recent earnings reports from leading internet companies like Tencent and Bilibili exceeded market expectations, and there is a recommendation to focus on the upcoming financial results from Xiaomi, Trip.com, Kuaishou, and Netease [1] - The report highlights a positive outlook on the revaluation of AI in China, suggesting attention to platform-based internet companies with synergistic advantages in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, Alibaba, Xiaomi, Baidu, and Meituan [1] - As of November 14, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 22.47 times, which is lower than other major global tech indices, indicating that the index remains in a historically undervalued range [2]

Group 1 - The People's Bank of China announced the November Loan Prime Rates (LPR) for one-year and five-year terms [2][3] - A total of 39 stocks will be unlocked this week, with a combined market value of approximately 951.97 billion yuan [2][3] - The highest market value of unlocked shares is from Ruijie Networks, amounting to 480.34 billion yuan, followed by Innovation New Materials at 105.42 billion yuan [4][5] Group 2 - The State Council held a meeting to enhance the adaptability of supply and demand for consumer goods, aiming to stimulate consumption and promote economic circulation [7] - The Ministry of Finance emphasized the importance of counter-cyclical and cross-cyclical adjustments to maintain economic support through various fiscal tools [8] - The China Securities Regulatory Commission is focusing on enhancing market resilience and attractiveness, aiming for higher quality and value in listed companies [9] Group 3 - The State Administration for Market Regulation released a draft for public consultation on antitrust compliance guidelines for internet platforms [10] - The Ministry of Commerce announced stricter management of second-hand car exports to prevent new cars from being exported under the guise of second-hand vehicles [11] - Yushun Technology has completed its IPO counseling, preparing for its public offering in China [12]