Core Viewpoint - Xiaopeng Motors has experienced a significant decline of over 5%, with a cumulative drop of 25% over the past week, erasing previous gains and exhibiting a volatile trading pattern [1] Financial Performance - The company reported a fourth-quarter revenue forecast that fell short of market expectations, showing a substantial slowdown compared to the third quarter's growth rate of 101.8% [1] Market Reaction - The stock price reached 81.25 HKD, marking a near one-month low, with a total market capitalization of 155.1 billion HKD [1] - Citibank acknowledged the disappointing revenue forecast post-earnings report and slightly adjusted the target price for Xiaopeng Motors [1] Future Outlook - Despite the current challenges, Citibank remains optimistic about the company's diversified growth potential by 2026, including the trial operation of Robotaxi and mass production of humanoid robots [1]

Core Viewpoint - Xpeng Motors' stock has declined over 4%, currently trading at 81.95 HKD, with a trading volume of 1.097 billion HKD. The company has refuted market rumors regarding its production plans for autonomous taxis in 2026-2027, clarifying that the information originated from a predictive analysis report rather than official disclosures. [1] Group 1: Company Developments - Xpeng Motors plans to produce thousands of autonomous taxis annually starting in 2026-2027, but this information was confirmed to be inaccurate and not based on official data. [1] - The company has engaged with the source of the rumor, which clarified that the content was derived from a predictive analysis report. [1] Group 2: Market Analysis - According to a report from China Merchants Securities International, Xpeng Motors will implement a dual-energy strategy next year, expanding its range-extended vehicles into new markets and accelerating overseas expansion. [1] - The report projects sufficient growth momentum for 2026 but has adjusted sales forecasts for 2025-2027 down by 3%, 6%, and 11% respectively due to increasing industry competition. [1] - Profit forecasts have been revised to -1.4 billion, 1.2 billion, and 3.7 billion RMB for the same period, reflecting increased investment in AI-related research and development. [1] - The target price for Xpeng Motors remains at 115 HKD and 29 USD, with a maintained "Buy" rating. [1]

Group 1 - The core viewpoint is that Hong Kong automotive stocks are experiencing a decline, with notable drops in share prices for companies like Xiaopeng Motors and Xiaomi Group [1][2] - Xiaopeng Motors has seen a decline of over 4% in its stock price [1] - Xiaomi Group's stock has decreased by more than 3%, with other companies like NIO also following the downward trend [1]

消息面上，11月19日，市场消息称，小鹏汽车将于2026-2027年每年生产数千辆自动驾驶出租车。对 此，小鹏汽车相关部门负责人表示，公司留意到市场消息后进行了核实，发现并非源自官方披露的数 据。随后，公司与消息发布方取得联系，对方称相关内容源自一份预测分析报告，并非小鹏汽车实际生 产安排，公司因此判定上述传闻不实。 小鹏汽车-W(09868)再跌超4%，截至发稿，跌4.38%，报81.95港元，成交额10.97亿港元。 招商证券国际发布研报称，小鹏汽车明年推动一车双能策略，增程车拓展新市场空间，以及海外拓展加 快，2026年有充足增长动力，但考虑行业竞争加剧，下调2025-2027年销量3%/6%/11%。同时考虑AI相 关研发加大投入，同期利润预测调整为-14亿/12亿/37亿元人民币。维持小鹏汽车目标价115港元及29美 元，维持"增持"评级。 ...

Summary of XPeng Inc. Conference Call Company Overview - **Company**: XPeng Inc. (XPEV/9868.HK) - **Industry**: Electric Vehicles (EVs) Key Points 1. Financial Performance and Guidance - XPeng's share price declined by 10% following a 3Q25 result that was in line with expectations but provided below-expectation revenue guidance for 4Q25E, projecting a revenue growth slowdown from 149% year-over-year (YoY) in 3Q25 to 41% in 4Q25E due to increased competition in the market [1][2] - For the full year 2026E, XPeng anticipates a revenue growth of 40%, driven by the launch of 7 new models and collaboration with Volkswagen (VW) [2][6] - The company expects to achieve a GAAP net income of Rmb2.2 billion in 2026E, marking its first full-year break-even with a margin of 2.0% [2][6] 2. New Model Launches - XPeng plans to launch three EREV versions of existing models (G6/G7/P7+) and four new dual-energy models in 2026, including two MONA SUVs [6][9] - The X9 EREV model is set for an official launch on November 20, with pre-sales orders reportedly three times higher than the BEV version [6][9] 3. Collaboration with Volkswagen - XPeng's collaboration with VW is expanding, with technical R&D services expected to contribute to sustainable revenue levels [7][9] - The Turing AI SoC, which has significantly enhanced capabilities, has secured design wins from VW for two B-segment vehicles [7][9] 4. Gross Margin and Cost Management - XPeng reported a total gross margin of 20.1% in 3Q25, an increase of 4.9 percentage points YoY, attributed to higher service revenue from VW [7][9] - The vehicle gross margin was reported at 13.1%, with management expecting stable company-level gross profit margin around 20% in 4Q25E [7][9] 5. Research and Development (R&D) Investments - R&D expenses are projected to increase to Rmb11 billion in 2026E, reflecting ongoing investments in new technologies, including autonomous driving and humanoid robots [2][6] - Management maintains a 2025 full-year R&D expense guidance of Rmb9 billion [7][9] 6. Overseas Expansion - XPeng's overseas sales volume reached 11,000 units in 3Q25, a 54% YoY increase, with local production facilities established in Indonesia and Austria [6][9] - The company expects overseas volume growth to outpace domestic sales in 2026E [6][9] 7. Balance Sheet and Cash Flow - XPeng ended 3Q25 with Rmb29 billion in net cash, with improvements in working capital conditions noted [10][9] - The company has seen a reduction in receivable days from 22 days in 2024 to 10 days in 2025, which is expected to remain stable in 2026E [2][10] 8. Investment Thesis - XPeng is recognized as one of the fastest-growing pure EV makers in China, with a focus on intelligent vehicle features and a significant increase in new model launches [9][11] - The company is currently trading in line with its historical average forward price-to-sales multiple, which is considered attractive given its growth trajectory [11][12] 9. Price Target and Risks - The 12-month price target for XPeng is set at US$25 for ADR and HK$96 for H shares, with an upside potential of approximately 11% [8][12] - Risks include lower-than-expected sales volume, increased price competition, and weaker market demand [12][12] Conclusion XPeng Inc. is positioned for significant growth in the EV market with a robust pipeline of new models and strategic collaborations, particularly with Volkswagen. The company's focus on R&D and overseas expansion, coupled with improving financial metrics, supports a positive investment outlook despite potential market risks.

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short Selling Ratios - AIA Group (81299), Li Ning (82331), and JD Health (86618) have the highest short-selling ratios at 100.00% each [1][2]. - JD Group (89618) follows closely with a short-selling ratio of 98.73%, while Tencent Holdings (80700) has a ratio of 94.71% [2]. Short Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.524 billion, followed by Alibaba (09988) at 2.305 billion and Tencent Holdings (00700) at 1.140 billion [1][2]. - Other notable mentions include Pop Mart (09992) with 1.016 billion and Lenovo Group (00992) at 676 million [2]. Deviation Values - Zhongyuan Bank (01216) has the highest deviation value at 62.66%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - East Asia Bank (00023) and Autohome (02518) follow with deviation values of 38.85% and 38.65%, respectively [2].

Group 1: China Duty Free Group (601888.SH) - The company is positioned as a leading player in the duty-free market, benefiting from policy support for duty-free consumption, with growth potential in offshore, port, and city duty-free sales [2] - The company is enhancing its online, store, and supply chain capabilities, indicating a long-term strategic layout that is expected to yield benefits as domestic travel and consumption gradually recover [2] - Revenue projections for the company are estimated at 54.69 billion, 61.02 billion, and 65.67 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 3.72 billion, 4.65 billion, and 5.32 billion yuan, translating to EPS of 1.80, 2.25, and 2.57 yuan per share [2] Group 2: XPeng Motors (09868.HK) - The company is experiencing pressure on its main business profitability but has exceeded expectations in technical collaborations, with a strong product cycle and rapid growth overseas [3] - Sales forecasts for the company are approximately 440,000, 700,000, and 910,000 vehicles for 2025, 2026, and 2027, with total revenues projected at 77.3 billion, 124.3 billion, and 154.2 billion yuan, respectively [3] - The collaboration with Volkswagen is expected to deepen, with anticipated profits of around 2.7 billion yuan from this partnership in 2026, and the overall valuation of the company is estimated at 228.3 billion HKD [3]

Core Viewpoint - The majority of popular Chinese concept stocks closed lower, with the Nasdaq Golden Dragon China Index declining by 1.53% [1] Group 1: Stock Performance - Pinduoduo fell by over 1% [1] - NetEase dropped by over 4% [1] - JD.com and Baidu both decreased by over 1% [1] - Xpeng experienced a decline of over 6% [1] - Li Auto, NIO, and Bilibili each fell by over 3% [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 115 / USD 29, indicating a potential upside of 20% from the current price [3][7]. Core Insights - The company reported a narrower loss in Q3, which was better than expected, driven by high-margin revenue from collaboration with Volkswagen [1][3]. - The "dual-energy" strategy and international expansion are expected to support sales growth in 2026, with accelerated deployment of Robotaxi and humanoid robots [1][2]. - The earnings forecast has been revised downward due to increased competition in the industry, with expected sales reductions of 3% to 11% for 2025-2027 [3][6]. Financial Performance - In Q3, the company recorded a net loss of RMB 380 million, a year-on-year and quarter-on-quarter reduction of 78.9% and 20.3%, respectively, outperforming the market expectation of RMB 564 million by approximately 32.5% [1]. - Revenue for Q3 reached RMB 20.4 billion, representing a year-on-year increase of 102% and a quarter-on-quarter increase of 11.5% [1]. - The gross margin improved to 20.1%, up 4.9 percentage points year-on-year, attributed to high-margin income from the partnership with Volkswagen [1][3]. Sales and Production Outlook - The company aims to deliver between 125,000 and 132,000 vehicles in Q4, reflecting a year-on-year growth of 37% to 44% [1]. - The upcoming launch of the X9 super-range extender model is expected to significantly drive profitability, with pre-order volumes three times that of the previous generation [2]. - The company plans to introduce three different price models for Robotaxi in 2026, utilizing cost-effective technologies to enhance adaptability [2]. Profitability Forecast - The revised profit forecasts for 2025, 2026, and 2027 are projected at RMB -1.4 billion, RMB 1.2 billion, and RMB 3.7 billion, respectively, reflecting adjustments due to increased R&D investments in AI [3][24]. - The average selling price of vehicles is expected to decrease slightly, with a forecasted average of RMB 161,679 in 2025 [23]. Market Positioning - The company is positioned favorably in the market due to its advancements in humanoid robots and Robotaxi, which are expected to provide a competitive edge over peers [3][6]. - The report highlights the company's valuation at 1.9x FY26 P/S, which is below the historical average of 4.2x, indicating potential for growth [3][27].

Performance Review - The company reported 3Q25 revenue of 20.38 billion, with a Non-GAAP net loss of 1.5 billion, significantly narrowing both year-on-year and quarter-on-quarter, meeting market expectations [1] - The company delivered 116,007 vehicles in 3Q, with overall revenue increasing by 101.8% year-on-year to 20.38 billion [1] - The comprehensive gross margin reached a historical high of 20.1%, with automotive business gross margin at 13.1%, up 4.5 percentage points year-on-year [1] Development Trends - The company’s R&D expenses were 2.43 billion, up 48.7% year-on-year, while selling and administrative expenses were 2.49 billion, up 52.6% year-on-year [1] - The gross margin for other businesses was 74.6%, with revenue increasing by 0.94 billion quarter-on-quarter to 2.33 billion, mainly due to increased revenue from technology R&D services provided to partner car manufacturers [1] - The company expects to achieve positive earnings in 4Q [1] Product and Technology Strategy - The company recently launched pre-sales for the Xiaopeng X9 super-range model, with expected pricing between 350,000 to 370,000, likely lower than the pure electric version [2] - The company is initiating a product cycle for super-range electric vehicles, with expectations for strong order performance and the ability to create popular models [2] - The company showcased its comprehensive AI technology layout, planning to start mass production of robots, flying cars, and Robotaxis by 2026, aiming to transition from a smart electric vehicle company to a comprehensive mobility and technology platform [2] International Expansion and Market Outlook - The company expressed confidence in its export business, with overseas vehicle sales exceeding 5,000 units in September [2] - Current stock prices correspond to a 2.0x P/S ratio for 2025, maintaining an outperform rating and profit forecast, with target prices of 108 HKD and 28 USD, indicating an upside potential of 13% and 12% respectively [2]