2025年第三季度汽车总交付量为116007辆，较2024年同期的46533辆增加149.3%。 来源：第一财经 11月17日晚间，小鹏汽车公布的最新业绩数据显示，2025年Q3公司营收203.8亿元，同比增长101.8%； 季度毛利率为20.1%，较2024年同期上升4.8个百分点；归属于上市公司股东的净亏损3.8亿元，上年同 期净亏损18.1亿元。 | | | 截至以下日期止三個月 | | 變動比率 | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2025年 | 2024年 | | | | | 9月30日 | 6月30日 | 9月30日 | 按年比 | 按季比 | | 汽車銷售收入 | 18.05 | 16.88 | 8.80 | 105.3% | 6.9% | | 汽車毛利率 | 13.1% | 14.3% | 8.6% | 4.5個百分點 | -1.2個百分點 | | 總收入 | 20.38 | 18.27 | 10.10 | 101.8% | 11.5% | | 毛利 | 4.10 | 3.17 | 1.54 | 166.3% | 29.6 ...

| | | 截至以下日期止三個月 | | 變動比率 | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2025年 | 2024年 | | | | | 9月30日 | 6月30日 | 9月30日 | 按年比 | 按季比 | | 汽車銷售收入 | 18.05 | 16.88 | 8.80 | 105.3% | 6.9% | | 汽車毛利率 | 13.1% | 14.3% | 8.6% | 4.5個自分點 | -1.2個自分點 | | 總收入 | 20.38 | 18.27 | 10.10 | 101.8% | 11.5% | | 毛利 | 4.10 | 3.17 | 1.54 | 166.3% | 29.6% | | 毛利率 | 20.1% | 17.3% | 15.3% | 4.8個自分點 | 2.8個百分點 | | 淨虧損 | 0.38 | 0 48 | 1.81 | -78.9% | -20.3% | | 非公認會計原則淨虧損 | 0.15 | 0.39 | 1.53 | -90.1% | -60.6% | | 普通股股東應佔淨虧損 | 0.38 | ...

Core Viewpoint - The company is in the early stages of rapid expansion in sales scale and market share, with a strong focus on becoming a global embodied intelligence company through advancements in Robotaxi and humanoid robots [1][7]. Financial Performance - Q3 total revenue reached 20.38 billion RMB, a year-on-year increase of 101.8% [4][5]. - Automotive sales revenue was 18.05 billion RMB, up 105.3% year-on-year [4][5]. - Comprehensive gross margin exceeded 20.1%, marking a year-on-year increase of 4.8 percentage points [4][5]. - Net loss narrowed significantly to 0.38 billion RMB, a reduction of 78.9% year-on-year [4][5]. - Cash reserves stood at 48.33 billion RMB, an increase of 0.76 billion RMB from the previous quarter [4]. Business Progress - Q3 delivery volume surged to 116,007 units, a year-on-year increase of 149.3% [6]. - Revenue from services and technology R&D reached 2.33 billion RMB, with a gross margin of 74.6%, contributing significantly to overall gross margin [6]. - The sales network expanded to 690 stores and 2,676 charging stations, including 1,623 supercharging stations [6]. - Q4 delivery guidance is set between 125,000 to 132,000 units, representing a year-on-year growth of 36.6% to 44.3% [6]. Strategic Transformation - The company is actively investing in physical AI, Robotaxi, and humanoid robots [7]. - R&D expenditure in Q3 was 2.43 billion RMB, a year-on-year increase of 48.7% [7]. - Sales and management expenses reached 2.49 billion RMB, up 52.6% year-on-year, indicating high expense levels [7][8].

Core Insights - The carmaker has maintained a strong sales performance despite the competitive landscape of the Chinese auto market, attributed to its advanced autonomous-driving technology and a robust product mix [1] Company Performance - The company continues to experience a strong sales streak, indicating resilience in its market position [1] - Advanced autonomous-driving technology is a key driver of sales, showcasing the company's innovation in the automotive sector [1] - A strong product mix contributes to the company's competitive advantage in the market [1] Industry Context - The Chinese auto market remains highly competitive, yet the company has successfully navigated these challenges [1] - The emphasis on autonomous-driving technology reflects broader industry trends towards innovation and technological advancement in automotive manufacturing [1]

Core Insights - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution across various downstream sectors, with a focus on high-end equipment and autonomous manufacturing [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential of humanoid robots, which are currently in a transformative phase, with significant commercial prospects anticipated in the near future [1][49] Group 3: Engineering Machinery - Domestic engineering machinery has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - The global layout of engineering machinery is expected to smooth domestic cyclical fluctuations and enhance profitability [7] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, which presents substantial growth potential [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and future growth potential in controlled nuclear fusion [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as key value directions within the machinery industry [7][10] - It recommends focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - The report suggests a combination of growth and forward-looking investment opportunities, highlighting specific companies across various segments [7][10] - Long-term investment recommendations include companies in detection services, engineering machinery, and renewable energy equipment [7][10]

Group 1 - Hema's former CEO Hou Yi's pet food brand "Paitexiansheng" is closing many stores and will launch a new online brand "Chongtiantian" to recover [1] - Nokia has signed a three-year agreement with Telecom Italia to expand and upgrade its 5G network coverage and capacity [1] - Morgan Stanley predicts that the European Central Bank will lower interest rates further in the first half of next year, with German bond yields expected to be around 2.45% by the end of 2026 [1] Group 2 - Panasonic has signed a share transfer agreement with YKK to sell 80% of its residential division, PHS, while retaining a 20% stake [2] - Google has committed to invest $2.25 million to modernize public data systems in Africa to prepare for the AI era [2] - XPeng Motors expects fourth-quarter deliveries to be between 125,000 and 132,000 vehicles, with revenue projected to increase by approximately 33.5% to 42.8% year-on-year [2] Group 3 - Alibaba International Station is launching AI Mode to help global SMEs automate cross-border e-commerce procurement processes [3] - Meituan Health and SF Express have announced a strategic partnership to establish a pharmaceutical e-commerce air logistics center in Ezhou, Hubei [4] - Bawang Tea Ji has celebrated its 8th anniversary, with cumulative sales of its product "Boya Juexian" exceeding 1.25 billion cups [5] Group 4 - TotalEnergies has agreed to acquire a 50% stake in EPH's flexible power generation platform in Western Europe for €5.1 billion [6] - Momenta and BMW have announced a partnership to develop a new generation of intelligent driving assistance solutions for the Chinese market, set to be produced in 2026 [6] - "Good Friends Technology" has completed a strategic financing round of 100 million yuan from Meihua Venture Capital to accelerate the application of its photon technology in mining [6] Group 5 - Digua Robot has formed a deep strategic partnership with Fourier to promote embodied intelligent interaction using the new domestic high-performance platform RDK S600 [7] - LG Energy plans to start producing lithium iron phosphate (LFP) batteries in South Korea by 2027, with an initial production capacity of 1 GWh [8] - Mercedes-Benz CEO Ola Källenius stated that the strict deadline for phasing out new combustion engine vehicles in Europe by 2035 is no longer feasible [8] Group 6 - Zhiyuan Robotics has developed its own robot operating system "Lingqu OS," which is set to be open-sourced by the end of this year [9] - In October, China's banks settled 15,194 billion yuan and sold 13,940 billion yuan in foreign exchange [10] - Indonesia plans to impose an export tax of 7.5% to 15% on gold products starting next year to encourage domestic processing [10]

| | 2025年 | 2025年 | 2025年 | 2024年 | 2024年 | 2024年 | | --- | --- | --- | --- | --- | --- | --- | | | 第三季度 第二季度 第一季度 第四季度 第三季度 第二季度 | | | | | | | 總交付量 | 116.007 | 103,181 | 94.008 | 91,507 | 46,533 | 30,207 | 11月17日晚间，小鹏汽车公布的最新业绩数据显示，2025年Q3公司营收203.8亿元，同比增长101.8%；季度毛利率为20.1%，较2024年同期上升 4.8个百分点；归属于上市公司股东的净亏损3.8亿元，上年同期净亏损18.1亿元。 | | | 截至以下日期止三個月 | | 變動比率 | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2025年 | 2024年 | | | | | 9月30日 | 6月30日 | 9月30日 | 接年比 | 按季比 | | 汽車銷售收入 | 18.05 | 16.88 | 8.80 | 105.3% | 6. ...

小鹏汽车预计第四季度营收215亿元至230亿元，同比增加约33.5%至42.8%；预计交付量125000至132000辆，同比增加约36.6%至44.3%，市场预估 135984辆。 小鹏汽车公布第三季度营收为203.8亿元，同比增长102%，市场预估204.5亿元；第三季度调整后每股亏损0.080元。季度毛利率为20.1%，较2024年 同期上升4.8个百分点。 2025年第三季度汽车总交付量为116,007辆，较2024年同期的46,533辆增加149.3%。 2025年第三季度小鹏汽车普通股股东应占净亏损为人民币3.8亿元（0.5亿美元），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。 ...

小鹏汽车预计第四季度营收215亿元至230亿元，同比增加约33.5%至42.8%；预计交付量125000至 132000辆，同比增加约36.6%至44.3%，市场预估135984辆。 格隆汇11月17日｜小鹏汽车(XPEV.US)盘前跳水，一度跌超4%。消息面上，小鹏汽车刚刚公布业绩显 示，2025年Q3营收203.8亿元，同比增长102%，市场预估204.5亿元；调整后每股亏损0.080元。季度毛 利率为20.1%，较2024年同期上升4.8个百分点。 ...

小鹏汽车(XPEV.US)盘前跳水，一度跌超4%。消息面上，小鹏汽车刚刚公布业绩显示，2025年Q3营收 203.8亿元，同比增长102%，市场预估204.5亿元；调整后每股亏损0.080元。季度毛利率为20.1%，较 2024年同期上升4.8个百分点。 小鹏汽车预计第四季度营收215亿元至230亿元，同比增加约33.5%至42.8%；预计交付量125000至 132000辆，同比增加约36.6%至44.3%，市场预估135984辆。 ...