Core Insights - Xiaopeng Motors has officially launched the X9 Super Extended Range model starting at 309,800 yuan, which has quickly gained market traction, breaking the historical daily order record within one hour of its release [1] - In response to national policies, Xiaopeng Motors has introduced a "New Year Purchase Tax Subsidy" program, offering up to 15,000 yuan in tax rebates for users who place orders by December 31 [1] Sales Performance - Orders from northern regions have surpassed 50% for the first time, with the Ultra version accounting for 79% of total orders [1] - The delivery cycle for the Max version has extended to 3-5 weeks, while the Ultra's new color options have a delivery time of 4-6 weeks [1] Customer Incentives - Customers who place orders by December 31 can enjoy up to 60,000 yuan in configuration and points benefits, with additional exclusive benefits of up to 23,500 yuan for returning customers [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved a significant revenue increase of 101.8% year-on-year in Q3 2025, reaching 20.38 billion RMB, driven by higher vehicle deliveries and service income [5][6]. - The gross margin reached a record high of 20.1%, with automotive gross margin at 13.1%, reflecting ongoing cost reductions despite a slight decline due to product upgrades [6][7]. - The company is expanding its sales network with 690 stores across 242 cities and plans to deliver 125,000 to 132,000 vehicles in Q4 2025, indicating a year-on-year growth of 36.6% to 44.3% [7][8]. Financial Performance Summary - Q3 2025 revenue: 20.38 billion RMB, up 101.8% YoY; automotive revenue: 18.05 billion RMB, up 105.3% YoY [5][6]. - Q3 2025 net loss: 380 million RMB, narrowing by 78.9% YoY; Non-GAAP net loss: 150 million RMB, narrowing by 90.1% YoY [5][6]. - R&D expenses in Q3 2025 were 2.43 billion RMB, up 48.7% YoY, reflecting increased investment in product development [6][7]. Future Outlook - The company forecasts Q4 2025 revenue between 21.5 billion and 23 billion RMB, representing a year-on-year growth of 33.5% to 42.8% [7][8]. - Projected revenues for 2025-2027 are 77 billion, 121.5 billion, and 155.6 billion RMB, with expected growth rates of 88%, 58%, and 28% respectively [8][9]. - The company aims to transition into a "physical AI world" and has launched the X9 model with a comprehensive range of 1,602 km, marking the start of a new product cycle [7][8].

Core Insights - Xiaopeng Motors has officially launched the first mass production prototype of its land-based aircraft carrier, marking a significant step towards the mass production phase of its split-type flying car [1] Group 1 - The first mass production prototype of the land-based aircraft carrier has been completed at Xiaopeng Motors' manufacturing base [1] - This batch of prototypes will undertake both design validation and production validation missions [1] - The development signifies the imminent transition of the split-type flying car into mass production [1]

Group 1 - Multiple AI concept stocks declined in pre-market trading, with Nvidia's drop expanding to 3%, TSMC down 2.9%, and AMD and Oracle falling over 2% [1] - Major tech stocks also experienced declines, including Apple, Tesla, Google, and Microsoft, all trading lower in pre-market [2] - In the Chinese concept stock sector, Xpeng Motors fell over 3%, Alibaba dropped over 2%, and Baidu Group decreased by 1.35% [3]

Group 1 - Xiaopeng Motors celebrated the production of its 1 millionth vehicle, achieving this milestone in just 14 months after the 500,000 mark, compared to 82 months for the first 500,000 vehicles. The company also announced the upcoming launch of the Xiaopeng P7+ in overseas markets in January 2026 and plans to introduce three new models abroad that year [2] - Guangzhou state-owned enterprise has taken over Evergrande Auto, with the original shareholder exiting and Guangzhou Jule Modern Industry Development Co., Ltd. becoming the sole shareholder. The representative confirmed the intention to reclaim land previously held by Evergrande [2] - NIO's CEO Li Bin commented on the competitive landscape of the automotive industry, stating that competition is always fierce and that the smart electric vehicle sector is entering a "final stage" in 2024 and 2025. He emphasized the importance of persistence and steady development for survival in the industry [2] Group 2 - Xiaomi's automotive team has grown to over 1,800 members, including 108 PhDs, with research centers established in Beijing, Shanghai, and Wuhan. The company plans to invest over 7 billion in AI research in 2025 [4] - GAC Group and Magna have announced a partnership for vehicle assembly, aiming to enhance local production of electric vehicles in the European market. The GAC AION V electric SUV has already begun production at Magna's facility in Graz, Austria [5]

Core Viewpoint - The emergence of domestic electric vehicles (EVs) like Lantu Taisan and Zeekr 9X, which mimic the design language of luxury brands like Rolls-Royce, reflects a trend in the Chinese automotive market where mainstream brands adopt a "Lao Deng aesthetic" to appeal to consumers seeking status and authority [1][3][8]. Design Trends - The "Lao Deng aesthetic" is characterized by boxy designs, large dimensions (over 5200mm in length and 2000mm in width), and features like vertical chrome grilles and prominent C-pillars, which convey a sense of power and stability [9][20]. - This design approach is seen as a shortcut for EV brands to establish a luxury perception quickly, leveraging existing visual cues associated with high-end vehicles [7][8]. Market Dynamics - The sales performance of models like Lantu Taisan and Zeekr 9X, with over 5000 and 10000 orders respectively shortly after launch, indicates strong consumer demand for vehicles that project a luxurious image [14][16]. - The perception of vehicles as status symbols in China drives the appeal of designs that resemble luxury brands, as consumers seek to convey wealth and sophistication [16][17]. Technological Advancements - Advances in battery technology and electric vehicle architecture have enabled manufacturers to produce larger vehicles without compromising performance, allowing for the creation of full-size SUVs that can compete in the luxury segment [21]. - The shift from traditional fuel vehicles to electric platforms has simplified the cost structure, making it feasible to offer vehicles with a "million-level aura" at a price point of 400,000 to 500,000 yuan [21]. Future Outlook - The "Lao Deng aesthetic" is expected to remain popular in the short term as it meets the needs of China's new affluent class, but market differentiation will likely emerge over time [27]. - Long-term success for automotive brands will depend on developing unique design languages and technological advantages rather than relying on imitation of established luxury brands [27].

Core Points - The Hang Seng Index closed down by 2.38% and the Hang Seng Tech Index fell by 3.21% [1] - JD Health experienced a decline of over 8%, while SMIC and Hua Hong Semiconductor dropped by more than 6% [1] - Alibaba and Xpeng Motors both saw declines exceeding 4% [1]

11月20日，小鹏X9超级增程正式上市。新车共推出Max版和Ultra版两个版本，官方指导售价分别为30.98万元和32.98万元。 小鹏X9超级增程以"大油箱+大电池"领先组合，实现CLTC综合续航1602km、纯电续航452km的双重突破。 面对能耗难题，小鹏X9超级增程以16.5kWh/100km的综合电耗，每公里成本不足传统燃油MPV的1/3。新车搭载800V混合碳化硅同轴电驱，在体积减少 30%的同时，还实现了CLTC工况93.5%的超高效率，即便电量剩余8%仍动力无衰减。小鹏X9超级增程不止能耗低，而且补能快，其搭载63.3kwh超快充磷酸 铁锂增程大电池，支持5C+800V超充倍率，10分钟即可补能313km，满足5天日常通勤需求。更值得一提的是，小鹏X9超级增程还兼容92号汽油。 小鹏X9超级增程搭载大电池，能实现90%用车场景都是静谧无感的纯电体验。增程器启动噪声≤0.5dB，振动传递路径优化30%，配合ENC（增程器主动 降噪）与RNC（整车主动降噪），让车内环境始终如纯电般宁静。 小鹏X9超级增程拥有行业首发三排电动三折叠，支持三排座椅四六分折叠纯平收纳;第三排的超大空间，座椅可放倒至1 ...

Group 1 - The core point of the article is the launch of the Xiaopeng X9 Super Extended Range version, which is priced at 309,800 yuan, significantly lower than market expectations and previous pre-sale pricing [1] - The pre-sale orders for the X9 Super Extended Range version reached nearly four times that of the 2024 X9 pure electric version within the first hour, indicating strong market demand [1] - The vehicle's performance in terms of range is highlighted, with the X9 Super Extended Range version achieving a pure electric range of over 452 km and a comprehensive range of 1,602 km, making it the longest-range large seven-seat MPV globally [1] Group 2 - The exclusive battery supplier for the X9 Super Extended Range version is Zhongchuang Xinhang, which provides a 5C supercharging battery that is the first of its kind in the industry [2] - The battery can charge from 10% to 80% in just 11.5 minutes, showcasing advanced technology that balances fast charging efficiency with safety [2] - This collaboration marks a significant breakthrough for Zhongchuang Xinhang in the extended range market, potentially solidifying its leading position in the extended battery sector as the Xiaopeng X9 gains popularity [2]

本报讯 （记者刘钊）11月20日，全球续航最长大七座——小鹏X9超级增程正式上市！新车共推出Max版和Ultra版两个版 本，官方指导售价分别为30.98万元和32.98万元。 公司供图 在车身结构上，小鹏X9超级增程不分国家版本，不分销售区域，同步满足中国及欧洲五星安全设计标准。在高频碰撞的核 心部位，新车也以最高安全设计标准守护家人，A柱内嵌2000MPa热气胀工艺膨胀管，强度提升30%。同时车头拥有8892cm³超 大前端吸能盒，配合一体式激光拼焊门环与三层环形框架溃缩区，构建全方位碰撞防护体系，为家人留足安全缓冲。此外，全 车标配9个安全气囊，含前排双腔远端气囊与2.97米超长侧气帘，甚至连零重力座椅也配备专属安全气囊，真正实现"座座皆安 全"。 小鹏X9超级增程的主动安全同样成为行业标杆。新车具备全场景极限爆胎不失控能力，在160km/h积水路面、150km/h暴 雨天气等极端工况下即使爆胎依然能稳定行驶。在面对高速施工/抛锚车等特殊情况时，也能自动紧急避让。新车搭载的AEB 与AES系统最高支持130km/h刹停与避让。此外，面对北方用户最关心的冰雪行车，小鹏X9超级增程也能从容应对。 小鹏对豪华 ...