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][11]. 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][11]. Product Development - The company plans to achieve mass production of advanced humanoid robots by the end of 2026, targeting commercial applications in areas such as guiding and front desk services [2][11]. - The new generation humanoid robot, IRON, was unveiled on November 5, 2025, showcasing human-like walking capabilities but lacking practical application demonstrations [4][5]. Market Reaction - Following the announcement of the IRON robot, market interest was limited, with the focus shifting to its humanoid features rather than practical use cases, resulting in a lack of significant market catalysts for Xiaopeng's supply chain [11][12]. - The stock of Xiaopeng Motors fell over 10% after the earnings call, marking a four-day decline, while related stocks in the humanoid robot supply chain saw mixed reactions [2][11]. Industry Context - The humanoid robot sector is becoming increasingly competitive, with 15 major automotive companies entering the field, and Xiaopeng Motors is positioned as a leading contender for early mass production [11][12]. - Despite some positive developments in the supply chain, the overall market for humanoid robots has faced challenges, with analysts from Goldman Sachs and Morgan Stanley expressing skepticism about the industry's growth potential [12][13].