Core Insights - Xiaopeng Motors achieved a revenue of 20.4 billion RMB in Q3 2025, representing a year-on-year growth of 102% [1] - The company sold 116,000 vehicles in Q3 2025, marking a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [2] - The net profit for Q3 2025 was -3.8 billion RMB, an improvement from -18.1 billion RMB in the same period last year and -4.8 billion RMB in Q2 2025 [1] Revenue Breakdown - In Q3 2025, the automotive sales revenue was 18.05 billion RMB, up 105.3% year-on-year and 6.9% quarter-on-quarter, primarily due to increased delivery of new models [1] - Service and other revenues reached 2.33 billion RMB in Q3 2025, reflecting a year-on-year growth of 78.1% and a quarter-on-quarter growth of 67.3%, driven by increased after-sales service income and technology development services provided to automakers [1] Profitability Metrics - Xiaopeng Motors reported a gross margin of 20.1% and a net margin of -1.9% in Q3 2025, with year-on-year increases of 4.9 percentage points and 16.0 percentage points, respectively [2] - The automotive business gross margin was 13.1%, showing a year-on-year increase of 4.5 percentage points, while the service and other profit margin was 74.6%, up 14.5 percentage points year-on-year [2] Future Outlook - The company expects to deliver between 125,000 and 132,000 vehicles in Q4 2025, representing a year-on-year increase of approximately 36.6% to 44.3% [2] - On November 5, 2025, Xiaopeng Motors showcased its achievements in physical AI and production plans, positioning itself as a global leader in embodied intelligence [3] - The company maintains its revenue forecasts for 2025, 2026, and 2027 at 88.5 billion RMB, 128 billion RMB, and 147.2 billion RMB, respectively, while projecting net profits of -1.6 billion RMB, 2.7 billion RMB, and 4.7 billion RMB for the same years [3]
小鹏汽车-W(09868.HK)：单三季度销量同比增长149% 打造物理AI未来出行全新范式