Core Insights - The company achieved a record high in vehicle deliveries in Q3 2025, with a revenue of 20.38 billion yuan, reflecting a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The gross margin improved to 20.1%, up 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter, indicating enhanced profitability [1] - The company reported a net loss of 3.8 billion yuan, with an adjusted net loss of 1.5 billion yuan, but is expected to turn profitable in Q4 2025 [1] Revenue and Profit Forecast - Based on the guidance for Q4 2025 and continuous improvement in profitability, the revenue forecast for 2025-2027 has been adjusted to 77.536 billion yuan (down 29.02%), 129.357 billion yuan (up 2.49%), and 161.166 billion yuan (up 180.37%) respectively [1] - The Non-GAAP net profit is projected to be -3.94 billion yuan (up 6.73%), 2.51 billion yuan (up 14.60%), and 5.105 billion yuan (up 14.26%) for the same period [1] - The price-to-sales ratio is expected to be 1.9, 1.1, and 0.9 for 2025, 2026, and 2027 respectively, while the price-to-earnings ratio for 2026 and 2027 is projected to be 57.4 and 28.2 [1] Business Performance - In the automotive segment, Q3 2025 revenue reached 18.05 billion yuan, with a year-on-year increase of 105.3% and a quarter-on-quarter increase of 6.9% [1] - The company delivered 116,000 vehicles in Q3 2025, marking a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1] - The average selling price per vehicle was 156,000 yuan, down 33,400 yuan year-on-year and 8,000 yuan quarter-on-quarter, primarily due to changes in the model mix [1] International Expansion - The company has delivered over 29,000 vehicles in overseas markets from Q1 to Q3 2025, representing a year-on-year increase of 125% [1] - Local production capacity is being established in Austria and Indonesia to support ongoing international business growth [1] Cost Management - The gross margin for automotive operations was 13.1%, with a year-on-year increase of 4.5 percentage points [1] - Research and development expenses and selling, general, and administrative expenses increased by 48.7% and 52.6% year-on-year, respectively, but the growth rate was significantly lower than revenue growth, indicating scale effects supporting profit enhancement [1] Future Product Launches - The company is set to enter the "dual-energy vehicle" cycle in 2026, planning to launch three super-range and four dual-energy new vehicles [2] - The Turing chip will generate revenue from the partnership with Volkswagen, with collaborative models expected to enter mass production in early 2026 [2] - The company aims to launch three Robotaxi models and initiate trial operations in 2026, alongside the introduction of humanoid robots and flying cars by the end of 2026 [2]

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 ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

Core Viewpoint - The legal department of Xpeng Motors has issued a statement condemning the malicious spread of fake, inappropriate videos generated by AI, which exploit the company's image and harm its brand reputation [1][3]. Group 1 - The company has noted that certain accounts on social media and private channels are spreading false content that misuses AI technology, with the intent to defame Xpeng Motors [1]. - Xpeng Motors has not invited any models or performers to its exhibition and firmly opposes the use of inappropriate content for promotional purposes [1]. - The company has collected evidence of these actions and has reported the matter to law enforcement, which is now investigating the situation [1][3].

Core Viewpoint - Xiaopeng Motors has condemned the malicious use of AI-generated explicit videos that falsely portray the company and its brand, emphasizing that it did not invite any models or performers to its exhibition and has a history of opposing inappropriate promotional content [1] Group 1 - The legal department of Xiaopeng Motors issued a statement on November 28, addressing the spread of fake explicit videos on social media and private channels [1] - The company has collected evidence and reported the matter to the police, who are now involved in the investigation [1] - Xiaopeng Motors strongly condemns the misuse of AI technology to tarnish its image and has vowed to pursue accountability for these actions [1]

11月28日，小鹏汽车法务部在微博发文辟谣： 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 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！ 下载财联社APP获取更多资讯 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！ ...

Group 1 - The core issue involves malicious dissemination of AI-generated fake explicit videos related to XPeng Motors, which the company condemns as harmful to its brand and legal rights [2][3][7] - XPeng Motors has not invited any models or performers to its exhibition and firmly opposes the use of inappropriate content for promotion [2][3] - The company has collected evidence and reported the incident to law enforcement, which is now investigating the matter [2][5] Group 2 - On November 21, the 2025 Guangzhou International Auto Show commenced, where XPeng Motors showcased multiple models including the new XPeng P7 and celebrated the production of its 1 millionth vehicle, the XPeng X9 [9] - XPeng Motors announced plans to launch seven new models with super-range capabilities by 2026, marking the beginning of a new product cycle [9] - In October 2025, XPeng Motors achieved a record monthly delivery of 42,013 vehicles, a 76% year-on-year increase, and a total of 355,209 vehicles delivered from January to October 2025, representing a 190% year-on-year growth [9]

Core Viewpoint - The article discusses the recent incident involving Xiaopeng Motors, where false and inappropriate content was generated using AI technology to tarnish the company's image and brand reputation [3]. Group 1: Incident Overview - Xiaopeng Motors' legal department issued a statement addressing the malicious spread of AI-generated false and vulgar videos that misused the backdrop of their exhibition booth at the Guangzhou Auto Show [3]. - The company emphasized that it did not invite any models or performers to the auto show and has consistently opposed the use of inappropriate content for promotional purposes [3]. Group 2: Legal Actions - Xiaopeng Motors condemned the misuse of AI technology to defame the company and announced that they have collected evidence and reported the matter to the police, who are now investigating [3]. - The company expressed confidence that those responsible for the illegal actions will face consequences [3].