何小鹏：5年内实现人形机器人年销100万台

Core Viewpoint - Xiaopeng Motors is shifting its focus towards humanoid robots, with CEO He Xiaopeng discussing this vision extensively during the Q3 earnings call, while the market response has been negative, leading to a significant drop in stock prices [2]. Financial Performance - Xiaopeng Motors reported a Q3 loss, with the CEO emphasizing the company's new ten-year vision to become a global embodiment intelligence company, dedicating nearly one-third of the earnings call to humanoid robots [2]. Product Development - The new generation humanoid robot, IRON, was officially launched on November 5, 2025, showcasing its ability to walk in a human-like manner [4]. - The company plans to achieve mass production of high-end humanoid robots by the end of 2026, targeting commercial applications in guiding and front desk services [2][5]. Market Reaction - Following the discussions around humanoid robots, Xiaopeng's stock fell over 10%, marking a four-day decline, with no significant market catalysts for the associated supply chain companies [2][11]. - Despite the launch of the IRON robot, market interest remained low, with criticisms regarding the lack of practical applications demonstrated [7]. Industry Context - The humanoid robot sector is seeing increased competition, with 15 major automotive companies entering the field, and Xiaopeng Motors positioned as a leading contender for early mass production [11]. - The overall market for humanoid robots has faced challenges, with recent reports from Goldman Sachs and Morgan Stanley indicating skepticism about the industry's growth potential [12]. Future Outlook - The company aims to sell over one million robots annually by 2030, with a focus on commercial applications [2]. - The humanoid robot sector is currently in a "good news vacuum," with limited catalysts for growth, although some supply chain companies are beginning to receive positive developments [12].