Core Viewpoint - Xiaopeng Motors has officially launched the X9 Super Extended Range version, highlighting advancements in electric vehicle technology and safety features [1]. Pricing and Models - The Max version of the X9 is priced at 309,800 yuan, while the Ultra version is priced at 329,800 yuan [1]. Performance and Technology - The new vehicle boasts a comprehensive range of 1,602 km and an all-electric range of 452 km, showcasing significant improvements in battery technology [1]. - It is equipped with 800V and 5C ultra-fast charging technology, enhancing charging efficiency [1]. Safety Features - The X9 includes the AEB+AES active safety system, which provides capabilities for all-scenario tire blowout stability and features for ice, snow, and off-road conditions [1].

Core Viewpoint - Xiaopeng Motors has launched the Xiaopeng X9 Super Range Extender, showcasing advancements in electric vehicle technology and competitive pricing in the market [1] Group 1: Product Features - The Xiaopeng X9 Super Range Extender is equipped with a 60L fuel tank and a 63.3kWh battery, offering a pure electric range of 452 km and a comprehensive range of 1602 km [1] - The vehicle has a CLTC comprehensive energy consumption of 16.5 kWh/100 km and a WLTP combined fuel consumption as low as 2.53 L/100 km [1] - It features a 5C supercharging AI battery and an 800V high-voltage platform, allowing for a 70% state of charge (SOC) in just 11.7 minutes [1] Group 2: Pricing - The Xiaopeng X9 Super Range Extender is priced at 309,800 yuan for the 1602 Max version and 329,800 yuan for the 1602 Ultra version [1]

Core Insights - The Guangzhou Auto Show, themed "New Technology, New Life," will commence on November 21, featuring 93 global debut vehicles among 1,085 total exhibits, with 629 being new energy vehicles, marking a penetration rate of 57% [1] Group 1: New Vehicle Highlights - Xiaopeng X9 Super Extended Range: First extended range model from Xiaopeng, featuring a 60L fuel tank and 63.3 kWh battery, offering a pure electric range of 452 km and a comprehensive range of 1,602 km, with a combined energy consumption of 16.5 kWh/100 km and fuel consumption as low as 2.53 L/100 km [1] - Xiaopeng G01: A larger six-seat extended range model based on the G9, expected to have a pure electric range exceeding 400 km, equipped with 800V high-voltage architecture and 5C ultra-fast charging technology [2] - Leap Motor D19: The first model in Leap's flagship D series, targeting the 200,000-300,000 yuan market, offering both extended range and pure electric versions, with a battery capacity of 80.3 kWh and a pure electric range of 500 km [3] - Leap Motor A10: An entry-level small SUV with a starting price expected to be under 80,000 yuan, featuring laser radar for advanced driver assistance, competing with models like BYD Yuan UP [4] - Xiangjie S9: The annual flagship model from Hongmeng Zhixing, has received over 8,000 pre-orders in just 2 hours, featuring upgraded four-laser radar and enhanced cabin comfort options [5] - Lantu Taisan: The flagship model of Lantu, equipped with a 65 kWh battery, offering a pure electric range of 370 km and a comprehensive range of 1,400 km, featuring advanced suspension and driving assistance technologies [6] - Lantu Zhuiguang L: A mid-large plug-in hybrid sedan with a pure electric range of 410 km, featuring a 63 kWh battery and advanced suspension systems [7] - BMW iX3: Built on the new NCAR pure electric platform, featuring a redesigned front grille and enhanced local adaptations, including integration with Alibaba and Huawei technologies [8] Group 2: Market Trends - The upcoming Guangzhou Auto Show is set to showcase a competitive landscape among fuel, hybrid, and pure electric vehicles, highlighting the latest automotive technologies and indicating future directions for the Chinese automotive market [8][9]

Core Insights - Xiaopeng Motors announced the launch of the Xiaopeng X9 Super Extended Range vehicle during an event on November 20, with CEO He Xiaopeng providing key updates on the company's technological advancements and future models [2] Group 1: Product Development - The second-generation VLA (Vehicle Architecture) is progressing, with the Ultra model set for full rollout in Q1 2026 [2] - The Max model will also be fully compatible by 2026, supporting one Turing AI chip and two Orin-X chip configurations [2]

他介绍，小鹏X9超级增程行业首发三排电动三折叠，实现了"一车多用"的家庭空间解决方案。当四人 出行时，第三排可完全放平，变为1.8米×1.6米的瑜伽房；五人同行时，折叠两座即可容纳两辆全尺寸 山地车；对于养宠家庭，提供专属的宠物空间；七人满载依然能装下所有人的24寸行李箱。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪科技讯 11月20日晚间消息，在今日的小鹏X9超级增程上市发布会上，小鹏汽车董事长、CEO何小 鹏发表演讲。 在现场演示中，何小鹏展示了6座模式下为宠物狗狗打造的独立空间，既保护座椅材质又让宠物舒适自 在；切换至5座模式后，可容纳两台全尺寸自行车。 责任编辑：何俊熹 ...

Core Viewpoint - XPeng Inc. reported significant growth in key financial metrics for Q3 2025, including revenue, delivery volume, and gross margin, while narrowing its losses, moving closer to its profitability target [1][4][12]. Financial Performance - Total revenue for Q3 2025 reached RMB 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, marking a record high for a single quarter [1][10]. - The automotive sales revenue was RMB 18.05 billion, up 105.3% year-on-year [1][10]. - Gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [10][12]. Delivery Metrics - Total delivery volume for Q3 2025 was 116,007 vehicles, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%, setting a new record for single-quarter deliveries [1][5][9]. Loss Reduction - The net loss attributable to ordinary shareholders was RMB 380 million, a reduction of 79% year-on-year and a decrease from RMB 480 million in the previous quarter [12]. Future Outlook - XPeng anticipates Q4 2025 delivery volume to be between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3% [12]. - Total revenue for Q4 2025 is expected to be between RMB 21.5 billion and RMB 23 billion, reflecting an annual increase of approximately 33.5% to 42.8% [12]. Product Development - The company has recently launched several AI technology products, including the second-generation VLA physical world model, self-developed Robotaxi, flying car "A868," and the new generation IRON humanoid robot, which may drive future growth [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In Q3 2025, the company achieved revenue of 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%. The gross margin was 20.1%, up 2.8 percentage points from the previous quarter. The net loss was 380 million, narrowing by 1.43 billion year-on-year, while the Non-GAAP net loss was 150 million, narrowing by 1.38 billion year-on-year [2][4][8]. - The company is expected to see accelerated sales growth due to its leading smart driving capabilities, a strong new vehicle cycle, channel transformation, and enhanced marketing systems. Financial improvements are anticipated from scale increases, cost reductions from platforms and technology, and the expansion of software profitability and overseas growth [2][8]. Summary by Sections Revenue and Profitability - The company reported a total delivery volume of 116,000 vehicles in Q3 2025, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%. The automotive business revenue was 18.05 billion, up 105.3% year-on-year and 6.9% quarter-on-quarter, with a single vehicle revenue of 176,000, down 0.8% quarter-on-quarter. The automotive business gross margin was 13.1%, up 4.5 percentage points year-on-year [8]. - Service revenue reached 2.33 billion in Q3 2025, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%. The service business gross margin was 74.6%, up 14.5 percentage points year-on-year and 21.1 percentage points quarter-on-quarter [8]. Cost Management - The company’s R&D expenses were 2.43 billion, a year-on-year increase of 48.7% and a quarter-on-quarter increase of 10.1%, with an R&D expense ratio of 11.9%. Selling and general expenses were 2.49 billion, up 52.6% year-on-year and 15.0% quarter-on-quarter, with a selling and general expense ratio of 12.2% [8]. Future Outlook - For Q4 2025, the company expects delivery volumes between 125,000 and 132,000 vehicles, representing a year-on-year growth of 36.6% to 44.3%. Revenue is projected to be between 21.5 billion and 23 billion, a year-on-year increase of 33.5% to 42.8% [8]. - The company is positioned for a strong new vehicle cycle with multiple new models expected to enhance sales. The advancements in AI technology and smart driving capabilities are anticipated to create a significant competitive advantage, with revenue projections of 77.3 billion and 130.2 billion for 2025 and 2026, respectively [8].

Core Viewpoint - XPeng Motors reported a significant increase in delivery volume and revenue for Q3, but the market reacted negatively due to lower-than-expected guidance for Q4 and concerns over declining vehicle prices and sales of higher-end models [1][4][12] Financial Performance - In Q3, XPeng Motors delivered 116,000 vehicles, a year-on-year increase of 149.3%, with revenue reaching 20.38 billion yuan, up 101.8% year-on-year [1] - The net loss for the quarter was 380 million yuan, a significant reduction from 1.81 billion yuan in the same period last year [4] - The company expects Q4 revenue to be between 21.5 billion and 23 billion yuan, representing a growth of approximately 33.5% to 42.8% [1] Market Reaction - Following the earnings report, XPeng's stock fell 6% in the US and 10.47% in Hong Kong, with continued declines over the next two days, indicating market disappointment [2][4] Sales Structure and Pricing - The MONA M03 model, positioned in the mid-to-low-end market, accounted for about 40% of sales, contributing to revenue growth but leading to a decline in average selling prices [2][4] - The average selling price of XPeng vehicles dropped from 205,700 yuan in 2022 to 188,500 yuan in 2024, with further declines noted in Q3 to 156,000 yuan [6][4] High-End Model Performance - Sales of higher-end models, such as the new P7, showed a decline after initial success, with October sales dropping over 30% from the previous month [9] - The G9 and X9 models also experienced significant sales drops, with monthly sales falling below 1,000 units [9][11] Strategic Diversification - Despite poor performance in the automotive sector, XPeng is expanding into new areas such as robotics and flying cars, which raises concerns about the focus on its core business [3][12] - The company aims to accelerate the development of AI and Robotaxi technologies, with plans for mass production by 2026 [11][12] Profitability and Margins - XPeng's gross margin reached 20.1% in Q3, but the automotive business gross margin fell to 13.1%, down from 14.3% in the previous quarter, raising further concerns about future profitability [12]

Group 1 - The Hang Seng Index increased by 0.02%, while the Hang Seng Tech Index decreased by 0.58% [1] - The banking and real estate sectors showed strength, while the semiconductor and automotive sectors weakened [1] - Individual stocks such as Kingsoft fell over 7%, XPeng dropped over 4%, and Huahong Semiconductor and NIO declined over 3% [1]

Core Insights - Chinese automotive companies are exploring new strategies for international expansion, particularly focusing on Indonesia for mining opportunities rather than just vehicle sales [1][38]. - The approach emphasizes long-term investment and establishing a solid foundation for future growth rather than immediate profits [2]. Group 1: Market Conditions in Indonesia - Indonesia is characterized by poor transportation infrastructure and low national income, with Java Island, which occupies only 6.6% of the country's area, housing 150 million people [5][11]. - Jakarta, the capital, has been identified as the most congested city globally, with drivers averaging 32,800 brake applications per year, significantly higher than the global average of 18,000 [6][8]. - The majority of the population relies on motorcycles for transportation due to inadequate public transport options, leading to a high prevalence of motorcycle ownership [6][10]. Group 2: Economic Landscape - A significant portion of the Indonesian population lives in poverty, with 8.47% classified as poor, spending less than 609,160 Indonesian Rupiah (approximately 200-300 RMB) per month [11][13]. - The economic structure is fragile, with 24.42% of the population unable to cover basic expenses and 49.29% classified as near-middle class, spending between 2.6 million to 6 million Indonesian Rupiah (approximately 1,200-2,800 RMB) [13]. - The wealth distribution is heavily skewed, with less than 1% of the population classified as wealthy, indicating a challenging market for high-end automotive products [13]. Group 3: Regulatory Environment - Chinese companies must establish local entities and meet specific capital requirements, including a minimum registration capital of 100 billion Indonesian Rupiah (approximately 4.5 million RMB) [16]. - The "localization rate" requirement mandates that foreign companies produce or source a significant portion of their components locally to benefit from policy incentives [16]. Group 4: Competitive Landscape - Japanese automotive brands dominate the Indonesian market, with Toyota leading sales figures, while Chinese brands like BYD and Wuling rank lower in market share [17][20]. - The long-standing presence of Japanese companies provides a reference point for Chinese firms entering the market [20]. Group 5: Strategic Collaborations - Chinese automotive companies are forming partnerships with local firms to enhance market entry, such as the CKD (Completely Knocked Down) assembly model adopted by several brands [32]. - Collaborations extend to local component sourcing and employment generation, which helps in meeting localization requirements and reducing operational costs [33][37]. Group 6: Resource Opportunities - Indonesia is rich in nickel resources, essential for stainless steel and battery production, making it a strategic location for Chinese companies focused on electric vehicles [41][44]. - The partnership with Indonesia in nickel mining is crucial for securing supply chains and supporting the growth of the Chinese electric vehicle industry [44][45]. Group 7: Future Prospects - The Indonesian government aims to produce 600,000 electric vehicles by 2030, indicating a growing market for electric vehicles [39]. - The collaboration between Chinese companies and Indonesia in the mining sector could enhance the international standing of the Chinese currency, the Renminbi, in global trade [46][47].