SIASUN(SZ:300024) Xin Lang Cai Jing·2026-02-25 21:28Core Viewpoint - The incident involving the fall of the Xiaopeng IRON humanoid robot has raised concerns about the maturity of its technology, coinciding with a significant decline in Xiaopeng Motors' vehicle deliveries in January 2026 [1][2]. Stock Performance - Following the robot's fall on February 1, 2026, Xiaopeng Motors' stock dropped by 8.29% in the US market and 6.77% in the Hong Kong market [1]. - By February 25, 2026, Xiaopeng Motors' US stock closed at $18.15, down 3.10%, while the Hong Kong stock closed at HKD 71.10, up 0.64% [1]. - On the same day, the overall sentiment for Chinese stocks improved, with the Nasdaq Golden Dragon China Index rising by 1.37%, and Xiaopeng Motors saw a daily increase of 6.78% [1]. Company Fundamentals - Xiaopeng Motors has set a sales target of 550,000 to 600,000 vehicles for 2026, representing a growth of 28% to 40% compared to 2025 [1]. - The delivery volume in January 2026 was only 20,000 units, which is less than half of the monthly average target, raising concerns about technology implementation and resource allocation [1]. Strategic Focus - The company is shifting its strategic focus towards "physical AI" and aims to achieve mass production of humanoid robots by the end of 2026 [2]. - The public mishap with the robot may intensify investor scrutiny regarding the feasibility of the technology and the company's business focus [2]. - The robot incident and the decline in vehicle sales in January 2026 have created a feedback loop that pressures stock prices, although market reactions are also influenced by the overall sentiment towards Chinese stocks and the company's new product cycles [2].