关注 「电动车公社」 和我们一起重新思考汽车 最近的小鹏汽车，简直是好消息不断！ 11 月 5 日举办的 2025 小鹏科技日， 全新一代人形机器人 IRON "猫步"登场，凭借高度拟人的姿态带来破圈热度，让小鹏狠狠出了次风头。 两周时间不到，小鹏汽车又交出一份多项数据创历史新高的 三季度财报 ，一鼓作气，剑指四季度盈利。 紧接着，又是 小鹏 X9 超级增程 ，上市 1 小时打破历史全天大定数，北方地区订单占比更是首次超过 50% 。 新车、新技术、财报新高度，小鹏的未来图景似乎已被勾画的一片光明。 只是看起来，小鹏距离一家纯粹的车企已经越来越远。 事实上，小鹏确实正站在转型的关键"拐点"上。自动驾驶也好、成本将与汽车接近的人形机器人也罢，小鹏如今讲述的所有故事都在押注未来。 何小鹏对此满怀信心， "小鹏 AI 汽车的规模和市场份额正处在高速扩张的早期阶段， Robotaxi 和人形机器人正在加速规模量产，我坚信小鹏汽车会成为中 国甚至全球物理 AI 的引领者，为全球的客户和股东创造更大的价值。" 那么，事情是否按照这样的计划去发展？小鹏的胜算又有几分？ 今天，就让我们从小鹏的三季度财报中寻找答案。 如此迅猛 ...

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]

（文章来源：中国新闻网） "我们在发展之初，就不仅定义为一家中国汽车制造制造企业，而是以智能驾驶技术前沿技术为核心优 势的科技企业。"小鹏汽车副总裁陈涵近日在接受中新网专访时表示，当AI汽车、飞行汽车、具身智能 通过统一的AI大脑实现深度协同后，我们不再将其看成孤立的工具了，而是用户生活中的智能共生 体。她认为，在科技飞速发展的背景下，未来出行领域发展前景广阔。而当下的"反内卷"是行业逐步走 向成熟、迈向高质量发展的一个关键，也是必然的一步。 ...

【小鹏汽车捐赠500万港元，支援香港大埔火灾救援】 【喜茶捐赠500万港元，支援香港大埔火灾救援】 【蜜雪冰城捐赠2000万港元，支援香港大埔火灾救援】 【比亚迪捐赠1000万港元，支援香港大埔火灾救援】 【#近130家企业驰援香港大埔火灾#】11月26日下午，香港大埔宏福苑发生严重火灾，导致重大人员伤 亡及财产损失，灾情牵动社会各界。截止目前不完全统计，近130家企业纷纷驰援香港。 详细如下↓ 【腾讯追加2000万港元捐款，累计3000万港元支援香港大埔火灾救援】 | 1 | 行业 | 企业名称 | 捐助金额 | 备注 | | --- | --- | --- | --- | --- | | | | | (万港元) | | | 2 | 互联网 | 阿里巴巴 | 2000 | | | 3 | | 马云公益基金会 | 3000 | | | 4 | | 腾讯公益慈善基金会(香港) | 3000 | 首批捐款1000万+追加2000万 | | 5 | | 字节跳动(香港) | 1000 | | | 6 | | 目度 | 1000 | | | 7 | | 网易 | 1000 | | | 8 | | 微博 | 1000 ...

11月28日晚，小鹏汽车法务部就此事发布声明称，公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。 此前曝光于网络的视频显示，在一辆小鹏P7前面"站着一位穿着绿色裙子的车模"，由于模特衣着暴露且 做出不雅动作，视频迅速引发热议。有网友表示，"太低俗了，坚决不买。" （文章来源：南方都市报） 近日，一段车模的不雅视频在网上流传，视频中车模背后所停放的是小鹏汽车，消息引发热议。11月29 日，南都N视频记者从小鹏汽车法务部获悉，此视频系利用AI技术生成，小鹏汽车车展未邀请任何模特 及演艺人员。目前，小鹏汽车已全面固定相关证据并报警。 小鹏汽车表示，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。"小鹏汽车对这种滥用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。" ...

2025Q3 交付量持续创新高，大众合作持续推进增厚利润2025Q3 公司单季度实现收入203.8 亿元，同环 比+101.8%/+11.5%；毛利率20.1%，同环比+4.8pct/+2.8pct；净亏损3.8 亿元，调整后净亏损1.5 亿元， Q4 扭亏为盈可期。基于公司2025Q4 指引及前三季度盈利持续改善，我们下调2025 年收入预期并上调 利润预期，2026 年后公司多车型产品周期开启，上调公司收入和利润预期，预计公司2025-2027 年收入 775.36（-29.02）/1293.57（+2.49）/1611.66（+180.37）亿元，Non-GAAP 净利润-3.94（+6.73）/25.10 （+14.60）/51.05（+14.26）亿元，对应当前股价的PS 分别为1.9/1.1/0.9 倍，2026-2027 年PE 分别为 57.4/28.2倍，业绩表现优异且物理世界AI 全布局，三大具身产品齐发，维持"买入"评级。 新车交付创新高，海外拓展顺利，规模效应推动利润释放分业务来看，汽车业务端，2025Q3 单季度实 现营收180.5 亿元，同环比+105.3%/6.9%；季度交付11 ...

11月28日，话题"小鹏报警"登上热搜引发关注。当日，小鹏汽车法务部在官微发文辟谣，原文如下： 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！ 来源：小鹏汽车法务部官方微博 关注" 新华网财经 "视频号 更多财经资讯等你来看 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！ 398.24亿元！阿里重大发布 华为上新！带来四大首发黑科技 往期推荐 ...

Group 1 - The legal department of XPeng Motors issued a statement refuting rumors about the company being associated with maliciously generated explicit content using AI technology, which aimed to defame the brand and its products [2] - XPeng Motors emphasized that it did not invite any models or performers to its exhibition and condemned the use of inappropriate content for promotion, asserting that it would pursue legal action against those responsible [2] - The company has collected evidence and reported the matter to the police, who are now investigating the situation [2] Group 2 - In the third quarter, XPeng Motors reported total vehicle deliveries of 116,000 units, a 149.3% increase compared to the same period in 2024 [4] - The total revenue for the third quarter was RMB 20.38 billion, reflecting a 101.8% increase year-over-year and an 11.5% increase compared to the second quarter of 2025 [4] - The automotive sales revenue for the third quarter was RMB 18.05 billion, up 105.3% from the same quarter in 2024 and up 6.9% from the second quarter of 2025 [4] - The gross margin for automotive sales in the third quarter was 13.1%, compared to 8.6% in the same quarter of 2024 and 14.3% in the second quarter of 2025 [4] - XPeng Motors reported a net loss of RMB 380 million in the third quarter, significantly reduced from RMB 1.81 billion in the same quarter of 2024 and RMB 480 million in the second quarter of 2025 [4] - As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and time deposits totaling RMB 48.33 billion [4]

小鹏汽车法务部发文辟谣。 11月28日， 小鹏汽车法务部发文称， 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。 小鹏汽车法务部表示，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。小鹏汽车法务部强调，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！" 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 三季度，公司汽车毛利率（即汽车销售毛利润占汽车销售收入的百分比）为13.1%，2024年同期为8.6%，2025 年第二季度为14.3%。 三季度，小鹏汽车净亏损为人民币3.8亿元，2024年同期为人民币18.1亿元，而2025年第二季度为人民币4.8亿 元。 截至2025年9月30日，小鹏汽车现金及现金等价物、受限制现金 ...