Core Viewpoint - Xiaopeng Motors reported a total vehicle delivery of 37,508 units in December 2025, showing a year-on-year increase of 2.2% and a month-on-month increase of 2.1% [1] - The company achieved a total annual delivery of 429,000 units in 2025, representing a significant year-on-year growth of 125.9% [1] Delivery Performance - In December 2025, Xiaopeng delivered approximately 37,508 vehicles, with a slight increase both year-on-year and month-on-month [1] - The fourth quarter of 2025 saw a total delivery of 116,000 units, marking a year-on-year increase of 27.0% [1] - The newly launched Xiaopeng X9 extended-range model achieved a record monthly delivery of 5,424 units in December, with a month-on-month increase of 68% and a year-on-year increase of 289% [1] Future Outlook - Xiaopeng is set to hold its first new year press conference in 2026 to unveil the 2026 models of Xiaopeng P7+ and Xiaopeng G7, introducing the "one car, dual energy" concept [1] - The company expects to deliver between 125,000 and 132,000 vehicles in Q4 2025, which represents a year-on-year growth of 36.6% to 44.3% [2] - Revenue for Q4 2025 is projected to be between 21.5 billion and 23 billion yuan, reflecting a year-on-year increase of 33.5% to 42.8% [2] Strategic Developments - In 2025, Xiaopeng's overseas market deliveries reached 45,000 units, a year-on-year increase of 96%, with operations established in 60 countries and regions by the end of December 2025 [1] - The company is initiating a localization production project in Malaysia as of December 2025 [1] - The introduction of strong new vehicles and advancements in AI technology are expected to enhance sales cycles and profitability, with a projected revenue of approximately 75.1 billion yuan in 2025 and 112.1 billion yuan in 2026 [2]
小鹏汽车-W(09868.HK)：总交付3.75万辆 同环比增长 X9交付强势