小鹏：“东方特斯拉”故事登场，卖车还重要吗？

Core Viewpoint - Xiaopeng Motors reported a disappointing Q3 2025 financial performance, with lower-than-expected vehicle sales revenue and guidance for Q4, indicating ongoing challenges in the automotive market [1][5]. Revenue Performance - Total revenue for Q3 2025 was 20.38 billion, below market expectations of 20.47 billion, primarily due to weak vehicle sales [1][26]. - Vehicle sales revenue was 18.05 billion, significantly lower than the expected 18.82 billion, attributed to a decline in average selling price [1][27]. - Service and other business revenue reached 2.33 billion, exceeding expectations of 1.66 billion, driven by significant contributions from technology development services in collaboration with Volkswagen [1][26]. Profitability Metrics - Overall gross margin improved to 20.1%, up 2.8 percentage points from the previous quarter, surpassing market expectations of 17.8% [2][38]. - Vehicle gross margin declined to 13.1%, down 1.2 percentage points from the previous quarter and below the expected 14.4%, primarily due to falling vehicle prices [2][28]. Q4 Guidance - Q4 vehicle sales guidance is set at 125,000 to 132,000 units, lower than the market expectation of 136,000 units, indicating potential challenges in meeting sales targets [5][21]. - Q4 revenue guidance is projected at 21.5 to 23 billion, also below the market expectation of 25 billion, reflecting ongoing pressure on vehicle pricing [3][25]. Cost Structure - R&D expenses for the quarter were 2.43 billion, exceeding market expectations of 2.28 billion, reflecting increased investment in new product cycles and AI technology [32][36]. - Selling and administrative expenses reached 2.49 billion, higher than the expected 2.35 billion, driven by marketing costs associated with new model launches [36][38]. Future Outlook - The company plans to launch five new models in 2026, focusing on enhancing its product lineup and expanding into international markets [6][7]. - Xiaopeng is also advancing its AI capabilities, with plans to commercialize new technologies and expand its Robotaxi and humanoid robot initiatives [9][10].