2026.03. 21 回归汽车主营业务，小鹏2025年四季度首次实现季度盈利，净利润超过3.8亿元。2025年全年，小 鹏汽车实现交付42.85万辆，同比增长126%，其中海外销量接近翻倍增长至4.5万辆，海外收入占比 超过15%。该公司全年毛利率18.9%，同比提升4.6个百分点。 本文字数：1644，阅读时长大约3分钟 作者 | 第一财经 黄琳 当新能源汽车市场趋向成熟，资本市场对车企的增长潜力和想象空间聚焦在汽车延伸的业务，包括 Robotaxi、飞行汽车、机器人等领域，而这也是小鹏汽车2025年财报会上被投资人频繁问起的话 题。 "在2025年初，小鹏开始用汽车的方式正向研发进行机器人供应链的定点，准备生产制造。全新一代 IRON机器人将在2026年年底量产，月产量目标是上千台。"在3月20日晚间的财报沟通会上，小鹏 汽车CEO何小鹏表示，机器人的成本有三个方面，一是硬件成本、二是研发成本、三是运营成本。 与汽车业务相比，机器人的硬件成本与汽车接近，但机器人研发成本中与AI相关的部分将远高于汽 车。而运营成本方面，人形机器人有通用成本和专用成本。总结而言，尽管规模化的量产能够推动机 器人的硬件成本下 ...

"富士康"模式能否助力中国 车出海 出品|虎嗅汽车组 作者|杨杰 头图|视觉中国 当关税大棒砸碎旧世界的玻璃屋顶，曾经在汽车行业彼此竞争的对手，正在成为彼此活下去的选项之一。 本月初，彭博社一则报道引发行业关注：据知情人士透露，奔驰正与中国车企长城汽车商讨共享南非东伦 敦工厂的可能性，长城代表已向南非贸易、工业与竞争部提交提案。 不过，经虎嗅与双方核实，这一说法并未得到证实。长城汽车方面明确表示，并无相关合作洽谈；奔驰方 面同样予以否认。 抛开这起暂未得到证实的谈判传闻，彭博社报道所揭示的行业趋势却是真实的—— 那个"汽车品牌绝不与竞 争对手共享核心资产"的固有观念，正在被时代撬动。 这背后，站着两股正在重塑全球汽车业的力量：一是美国关税大棒挥舞下被迫重绘的贸易版图，二是中国 车企从"产品出海"到"产能整合"的范式跃迁。那么，面对全球市场的不稳定冲击，中国车企又将何去何 从，本期《车圈脉动》Vol.23带你解密。 导火索：关税制造出 的"畸形共生" 美国前总统特朗普去年8月对南非商品加征30%关税，直接击穿了奔驰东伦敦工厂的盈利逻辑。尽管美国最 高法院今年2月暂停了这一政策，但特朗普政府计划从本月起对全球输美 ...

Group 1 - The core viewpoint of the article highlights significant developments in various companies and industries, including IPO applications, acquisitions, and strategic shifts towards AI and automation [3][4][12][18]. Group 2 - YuTree Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 4.202 billion yuan, with projected revenues of 1.708 billion yuan in 2025, a 335.36% increase year-on-year, and a net profit of 600 million yuan, up 674.29% [3]. - ByteDance has agreed to sell Moonton Technology for over 6 billion USD, signaling a strategic focus on AI, as the company has made significant investments in this area [3]. - Tesla is reportedly seeking to procure 2.9 billion USD worth of photovoltaic manufacturing equipment from Chinese suppliers to meet its solar manufacturing goals in the U.S. [4]. - The international oil price surge is expected to impact the textile industry, particularly synthetic fibers like polyester, which have seen price increases from 7,000 yuan/ton to 9,600 yuan/ton [5]. - Xiaopeng Motors forecasts a total revenue of 76.72 billion yuan in 2025, representing an 87.7% increase, with a projected vehicle delivery of 429,400 units, a 125.9% increase from 2024 [5]. - The AI digital artist initiative has raised questions about potential copyright infringement, focusing on whether the public can recognize the likeness of real celebrities [20][21]. - The China Passenger Car Association predicts that retail sales of narrow passenger vehicles in March will reach approximately 1.7 million units, with new energy vehicles expected to account for around 900,000 units [23].

记者｜黎雨桐 见习记者林芊蔚 编辑｜张楠 北京时间3月21日，美股三大指数集体收跌。道指跌0.96%，本周累跌2.11%，连续四周下跌， 创下自2023年2月以来最长的周线连跌纪录；纳指跌2.01%；标普500指数跌1.51%。 欧洲主要股指收盘普跌。德国DAX 30指数跌2%，法国CAC40指数跌1.82%；意大利MIB指数 跌1.97%；英国富时100指数跌1.44%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 45577.47 | 21647.61 | 6506.48 | | -443.96 -0.96% -443.08 -2.01% -100.01 -1.51% | | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 59068.36 | 3623.68 | 6742.84 | | -1226.84 -2.03% -92.11 -2.48% -202.55 -2.92% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 46110 | 24217.25 | 6588.50 | | -231 -0.50% ...

Core Viewpoint - XPeng Inc achieved its first quarterly profit in Q4 2025, but shares declined due to weak guidance for Q1 2026 [1][2] Financial Performance - XPeng reported a net profit of RMB 0.38 billion (~$54–55 million USD) in Q4 2025, a significant turnaround from a loss in Q4 2024 [1] - Gross margin improved to 21.3%, driven by higher volumes, cost efficiencies, and a premium model mix [1] - Revenue for Q4 2025 grew substantially, aligning with or slightly exceeding the guidance range of RMB 21.5–23.0 billion [1] - Full-year 2025 vehicle deliveries reached approximately 429,445 units, showing strong year-over-year growth [2] Guidance and Outlook - For Q1 2026, XPeng guided for vehicle deliveries of 61,000–66,000 units, representing a sequential decline of approximately 29–35% from Q4 2025 [2] - Q1 2026 revenue is projected to fall 16–23% sequentially to around RMB 12.5–14 billion (~$1.77–1.92 billion USD) [2] - The company aims for full-year 2026 deliveries of 550,000–600,000 units amid aggressive expansion plans [2] Strategic Focus - XPeng is committed to long-term growth despite near-term challenges in China's competitive EV landscape, including price wars and demand fluctuations [3] - Key focuses include scaling robotaxi services, advancing autonomous driving technologies, international expansion, and improving profitability through operational leverage and recurring revenue from software/services [3] Valuation Metrics - The price-to-earnings (P/E) ratio is improving on a forward basis, though trailing remains negative due to past losses [4] - The price-to-sales (P/S) ratio is around 1.5–1.7, which is reasonable for a high-growth EV player [4] - The enterprise value-to-sales (EV/Sales) ratio is similar at approximately 1.9, indicating a valuation that balances growth potential against execution risks [4] - Cash position remains strong at approximately RMB 47.66 billion as of December 31, 2025 [4] Overall Assessment - XPeng's Q4 results indicate improving fundamentals and a path toward sustained profitability, but investor caution remains due to short-term delivery and revenue softness, as well as intense industry competition [5]

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事，看我们就够啦～ 今日新闻要点： 1、 新款沃尔沃EX30上市 限时售价15.98-20.98万元 3月20日，新款沃尔沃EX30上市。新车共推出3款车型，限时售价15.98-20.98万元。 新款沃尔沃EX30上市，限时售价15.98-20.98万元； 新款阿维塔12开启预售，预售价29.99-43.99万元； 日产NX8开启预售； 小鹏汽车2025年营收767.2亿元； 外观方面，新车和现款车型为相同设计，采用封闭式前脸搭配两侧T字形大灯，车标与沃尔沃标志性斜杠相组合，丰富了前脸细节，侧面采用传统机械式门把 手，尾部采用贯串式矩形边框尾灯，将沃尔沃标识框在中央。尺寸方面，新车长宽高分别为4223/1838/1555mm，轴距2650mm，定位小型SUV。 内饰方面，新车整体设计保留了现款沃尔沃的设计语言，采用三辐式多功能方向盘+竖向长方形中控屏，搭配多种主体的氛围灯，部分颜色的内饰改为更环保 的材质。配置方面，标配座椅记忆、电动尾门、座椅记忆等，提供领航辅 ...

Group 1 - XPeng Inc. has partnered with Volkswagen AG to begin mass production of the ID. UNYX 08, a full-size electric SUV that incorporates autonomous driving technologies and Turing AI chips [1][2] - The ID. UNYX 08 is set to launch in the first half of 2026, as part of Volkswagen's strategy to introduce over 20 new models this year and 50 new energy vehicles in China by 2030 [2] - The manufacturing of the ID. UNYX 08 and another jointly developed electric vehicle will take place at Volkswagen's Hefei facility, which has an annual production capacity of 350,000 vehicles [2] Group 2 - In February, XPeng Inc. delivered a total of 15,256 automobiles and initiated global deliveries of the new XPENG P7+, with shipments planned for eighteen countries [5] - XPeng Inc. specializes in the design, development, manufacture, and marketing of smart electric vehicles, including the G3 SUV and the P7 sports sedan [6]

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 1% on Friday.The Dow traded down 0.56% to 45,765.84 while the NASDAQ fell 1.18% to 21,829.08. The S&P 500 also fell, dropping, 0.80% to 6,553.81.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsEnergy shares climbed by 1% on Friday.In trading on Friday, consumer discretionary stocks fell by 1.3%.Top HeadlineXpeng Inc – ADR (NYSE:XPEV) shares fell around ...

大会现场 2026年3月19-20日，由DT新材料主办，小鹏汽车支持的 "2026 先进尼龙产业创新与应用开发大会" 在羊城广州成功举办。大会汇聚200 余名国内外尼 龙产业链领军企业代表、权威专家及终端用户，以 "大材料、大市场、大变局" 为主题，围绕生物基聚酰胺、特种尼龙创新、新兴场景应用等核心议 题，通过 20 余场主题报告、终端用户小鹏汽车企业参观等活动，共探尼龙产业高质量发展之路。 大会报告：新趋势·新树脂·新材料 会议还要特别鸣谢： 鞍山七彩化学股份有限公司 、 享斯迈功能产品事业部(华南地区代理商:广州惠盛) 、 丰汇新材料科技(湖州)有限公司 、 北京安耐吉 能源工程技术有限公司 、 山东广垠新材料有限公司 、 上海世壮格功能材料科技有限公司 、 无锡华辰机电工业有限公司 、 肇庆市俊昇新材料有限公司 、 重庆合才化工科技有限公司 、 上海弘月贸易有限公司 、 南京新化原化学有限公司 、 宁波凯米特新材料有限公司 、 上海松耐智能设备有限公司 、 广东海川智能机器股份有限公司 、 深圳市瑞世兴科技有限公司 、 广东宏拓仪器科技有限公司 、 湘潭科达机械设备有限公司 、 威海化工机械有限公司 的 ...

每经记者｜杜波 每经编辑｜段炼 记者|杜波 编辑|段炼 易启江 校对|张益铭 当地时间3月20日，美股全线低开，截至发稿，道指跌1.13%，纳指跌0.53%，标普500指数跌0.8%。全市超4100股下跌。 科技股普跌，英伟达跌1.64%，特斯拉跌2.1%，谷歌跌1.69%，苹果跌0.69%，超微电脑跌27.87%。存储股也跳水，闪迪跌超5%，美光科技跌2.56%。 中概股普跌，纳斯达克中国金龙指数跌超1.6%。小鹏汽车、蔚来跌超5%，搜狐、哔哩哔哩跌超2%，金山云跌超10%。 国际金银价格再次跳水，截至发稿，现货黄金再次跌破4600美元，日内跌超1.5%。现货白银再次跌破70美元大关，日内跌超4.5%。 根据花旗集团可追溯至1996年的数据，当地时间3月20日，将有大约5.7万亿美元名义价值、与美国个股、指数和交易所交易基金挂钩的期权到期，这也将 是历年来规模最庞大的3月到期价值，这一季度性事件长期以来被交易员们称为"四巫日"。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） 封面图片：视觉中国（图文无关） | 1 | | 英伟达 | 175.635 | -1.64 ...