Investment Rating - The report maintains a "Recommended" rating for the automotive sector [2] Core Insights - The automotive sector outperformed the Shanghai Composite Index during the week of November 24 to November 28, 2025, with a sector index increase of 3.2% compared to the index's 1.4% rise [5][16] - The report highlights the submission of an IPO application by Avita Technology to the Hong Kong Stock Exchange, marking a significant step in its global strategy [12][30] - The report notes that the new energy vehicle sales reached 177.2 million units in October 2025, accounting for 51.6% of total new vehicle sales [34] Summary by Sections Recent Trends - The automotive sector index increased by 3.2% from November 24 to November 28, 2025, with passenger vehicles, commercial vehicles, parts, and services showing respective increases of 2.6%, 2.0%, 3.7%, and 3.9% [5][16] - The report indicates that major players like Li Auto, Xpeng, NIO, and Geely saw stock price increases of 4.8%, 6.9%, 1.3%, 12.2%, and 1.4% respectively during the same period [5][16] Company Performance - NIO reported a revenue of 21.79 billion yuan for Q3 2025, a year-on-year increase of 16.7%, while its net loss narrowed to 3.48 billion yuan [13][31] - Xpeng's Q3 revenue reached 20.38 billion yuan, showing a significant year-on-year growth of 101.8% [13][31] - Li Auto experienced a decline in deliveries by 39.0% year-on-year, with a revenue drop of 36.2% to 27.365 billion yuan, resulting in a net loss of 624 million yuan [13][31] Market Outlook - The report anticipates a potential decline in passenger vehicle year-on-year growth by the end of 2025 due to high base effects and the temporary withdrawal of certain subsidies [15] - It suggests that the high-end passenger vehicle market may perform better in 2026, particularly for domestic brands with offerings above 300,000 yuan [15] - Recommendations include companies like JAC Motors, Geely, Xpeng, Great Wall Motors, SAIC Motor, Li Auto, Seres, and BYD for passenger vehicles [15] Key Recommendations - For automotive parts, the report recommends companies benefiting from the penetration of high-level intelligence into lower-priced models, including Huayang Group, Desay SV, and Kobot [15][6] - In the commercial vehicle sector, it suggests companies like Weichai Power, Foton Motor, and China National Heavy Duty Truck Group as beneficiaries of the recovering demand for heavy trucks [15][6]

然而，"夹脚门"事件却暴露出小鹏在高速扩张中门店服务质量参差不齐的问题。有网友认为涉事员工大概率是"背锅"，背后可能存在店长或管理人员要求向 顾客索赔的情况。这也反映出小鹏在服务系统上可能存在漏洞，未来小鹏在这方面将如何改进，值得关注。 据网友爆料，其在导购引导下前往门口查看试驾车，转身准备返回店内时，感应门突然自动合拢，夹到脚的同时还致使玻璃门脱轨破损。该网友与导购加了 微信约定下次试驾，然而离开不到10分钟，便接到门店五六个电话，要求返回协商赔偿。从公开的录音中，门店工作人员竟称"你的脚夹到了门""你不来门 就不会坏"，此言论瞬间点燃网友怒火，大家纷纷指责4S店处置不当。 事件发酵后，小鹏汽车官方客服给出了回应。客服表示，经核实，客户在该门店参观过程中遭遇不良体验，涉事员工接待存在明显过错，后续沟通言辞不 当。目前，小鹏汽车已按规定对涉事员工严肃处置，对门店店长也进行了惩戒，同时会加强对全国门店销售的培训管理工作。 从小鹏汽车整体情况来看，今年其销售呈增长态势。三季报显示，9月单月交付量达4.2万辆，同比增长95%，环比增长10%，首次突破4万辆月度交付里程 碑；第三季度累计交付11.6万辆，同比激增14 ...

凤凰网科技讯 12月1日，小鹏汽车公布最新交付成绩：11月交付36,728辆汽车，同比增长19%。2025年 1-11月，小鹏汽车累计交付391,937台，同比增长156%。 2025年1-11月，小鹏汽车海外市场交付量达39,773台，同比增长95%。目前，小鹏汽车销售服务网络已 覆盖全球52个国家和地区，海外销售服务网点增至321个。 11月，小鹏X9交付量环比劲增161%。11月20日，小鹏X9超级增程上市1小时即打破X9历史全天大定纪 录，北方市场表现亮眼，订单占比首次突破50%。 ...

Core Insights - Xiaopeng Motors reported strong delivery figures for November 2025, with 36,728 vehicles delivered, marking a 19% year-on-year increase. Cumulative deliveries from January to November reached 391,937 units, a significant 156% increase compared to the previous year [1] - The company emphasized its commitment to sustainability, with an estimated carbon reduction of over 6.11 million tons from the delivered vehicles, equivalent to the carbon absorption of 100 million medium-sized trees over ten years [1] - Xiaopeng's X9 model saw a remarkable 161% increase in deliveries month-on-month, becoming a popular choice in the family seven-seater market. The X9 Super Range was launched on November 20, with a starting price of 309,800 yuan, breaking the daily order record within an hour of its release [1] Delivery Performance - Xiaopeng MONA M03 continues to lead the A-class pure electric sedan market, maintaining the top position for 15 consecutive months with over 210,000 units delivered since its launch [2] - The new Xiaopeng P7 has also gained attention, with over 88,000 units delivered in its first year, consistently ranking as the best-selling model in the 150,000-200,000 yuan mid-large pure electric sedan segment [2] - The Xiaopeng SUV family (G6/G7/G9) remains strong, ranking among the top three in the 150,000-250,000 yuan pure electric SUV market, with the G7 surpassing 20,000 units in cumulative deliveries [2] Milestones and Innovations - November marked several milestones for Xiaopeng Motors, including the completion of the one-millionth vehicle at its Guangzhou factory, achieved in just 14 months since the 500,000th vehicle [3] - The company showcased its technological advancements at the 2025 Guangzhou International Auto Show, featuring models like the X9 Super Range and the new P7, along with innovative technologies such as the second-generation VLA and Robotaxi [3] - Xiaopeng's Q3 2025 financial report highlighted record-breaking figures, with total revenue of 20.38 billion yuan, a 101.8% year-on-year increase, and a gross margin of 20.1%, up 4.8 percentage points from the previous year [3] International Expansion and Smart Driving - From January to November 2025, Xiaopeng delivered 39,773 vehicles in overseas markets, a 95% year-on-year increase, expanding its sales and service network to 52 countries and regions with 321 outlets [4] - In the smart driving sector, the monthly active user penetration rate for NGP urban intelligent driving reached 84% in November, with plans to invite pioneer users to co-create the second-generation VLA experience by the end of December [4] - Xiaopeng Motors has entered a new development phase with a dual technology strategy of "pure electric + super range," focusing on product matrix, technology research and development, and market expansion to enhance consumer travel options [4]

北京商报讯（记者 刘晓梦）12月1日，小鹏汽车发布的数据显示，今年11月共交付新车3.67万辆，同比 增长19%。 ...

Core Insights - Xpeng Motors delivered a total of 36,728 smart electric vehicles in November 2025, representing a year-on-year growth of 19% [1] - Cumulative deliveries from January to November 2025 reached 391,937 vehicles, marking a significant year-on-year increase of 156% [1] - Overseas deliveries during the same period amounted to 39,773 vehicles, reflecting a year-on-year growth of 95% [1] Product and Technology Developments - On November 5, 2025, Xpeng Motors successfully held the 2025 Xpeng Technology Day, unveiling a series of groundbreaking "physical AI" applications [1] - New AI applications include the second-generation visual language action model (XPENG VLA2.0), autonomous taxi (Robotaxi), and the next-generation IRON humanoid robot, which are expected to enter mass production in 2026 [1] - The monthly active user penetration rate for Xpeng's intelligent navigation assisted driving (XNGP) reached 84% in urban driving scenarios as of November 2025 [1] - In late December 2025, Xpeng Motors plans to invite Chinese users to participate in a pilot program for the second-generation visual language action model [1]

Core Insights - Xiaopeng Motors delivered a total of 36,728 smart electric vehicles in November 2025, representing a year-on-year growth of 19% [1] - Cumulative deliveries from January to November 2025 reached 391,937 vehicles, marking a significant year-on-year increase of 156% [1] - Overseas deliveries from January to November 2025 amounted to 39,773 vehicles, reflecting a year-on-year growth of 95% [1] Product and Technology Developments - On November 5, 2025, Xiaopeng Motors held the 2025 Xiaopeng Technology Day, unveiling a series of groundbreaking "physical AI" applications, including the second-generation visual language action model (XPENG VLA 2.0), autonomous taxi (Robotaxi), and the new generation IRON humanoid robot [1] - These AI applications are expected to enter mass production in 2026 [1] User Engagement and Adoption - The monthly active user penetration rate for Xiaopeng's intelligent navigation assisted driving (XNGP) in urban driving reached 84% in November 2025 [1] - In late December 2025, Xiaopeng Motors will invite Chinese users to participate in a pilot program for the second-generation visual language action model [1]

Core Insights - Xiaopeng Motors (09868.HK) delivered 36,728 smart electric vehicles in November 2025, representing a year-on-year growth of 19% [1] - Cumulative deliveries from January to November 2025 reached 391,937 units, marking a significant year-on-year increase of 156% [1] - Overseas deliveries during the same period totaled 39,773 units, reflecting a 95% year-on-year growth [1] Product and Technology Developments - On November 5, 2025, Xiaopeng Motors held the 2025 Xiaopeng Technology Day, unveiling a series of groundbreaking "physical AI" applications, including the second-generation visual language action model (XPENGVLA2.0), autonomous taxi (Robotaxi), and the new generation IRON humanoid robot [1] - These AI applications are expected to enter mass production in 2026 [1] - The monthly active user penetration rate for Xiaopeng's intelligent navigation assistance driving (XNGP) reached 84% in urban driving scenarios as of November 2025 [1] - In late December 2025, Xiaopeng Motors plans to invite Chinese users to participate in a pilot program for the second-generation visual language action model [1]

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。 2025年11月，小鵬汽車智能導航輔助駕駛（XNGP）的城區智駕月度活躍用戶滲透率達 84%。2025年12月下旬，小鵬汽車將邀請中國用戶參與第二代視覺語言動作模型的試 點計劃。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 XPeng Inc. 董事長 何小鵬 香港，2025年12月1日（星期一） 自願公告 2025 年 11 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年11月車輛交付數 據。 2025年11月，小鵬汽車共交付智能電動汽車36,728輛，同比增長19%。自2025年1月至 11月，小鵬汽車的累計交付量達到391,937輛，同比增長156%。 2025年1月至11月，小鵬汽車的海外交付量達到39,773輛，同比增長95%。 2025年11月5日，小鵬汽車成功舉辦2025小鵬科技日活動，推出了一系列突破性的「物 理AI」 ...

人民财讯12月1日电，今日，小鹏汽车公布最新交付成绩：2025年11月，小鹏汽车交付新车36728台，同 比增长19%。2025年1—11月，小鹏汽车累计交付391937台，同比增长156%。 ...