XPENG INC.(9868.HK)：NON-VEHICLE BUSINESS AND PROSPECTS COULD SUPPORT VALUATION PREMIUM BUT YET TO JUSTIFY VALUATION SWITCH TO SOTP
Ge Long Hui·2025-11-19 11:55
3Q25 vehicle margin missed, but blended gross margin beat driven by outsized contribution from technological service. In 3Q25, vehicle margin contracted by 0.8ppt QoQ to 13.1%, slightly missing our prior estimate on weaker fixed-cost absorption in early-stage deliveries of new models and softer demand for key launches like G7 and all-new P7, which somewhat limited scale efficiencies. On the other hand, services and other sales boasted an impressively-high 75% gross margin and accounted for 42% of 3Q25 gross ...