Core Insights - Xiaopeng Motors showcased multiple models at the 2025 Guangzhou International Auto Show, emphasizing its theme "AI Changes the World" and highlighting its technological innovations [1][3][30] - The company celebrated the production of its 1 millionth vehicle, achieving this milestone in just 14 months from the previous 500,000 units, marking a significant acceleration in production [1][19][30] Product Launch and Sales - The Xiaopeng X9 Super Range, the first mass-produced model of the Kunpeng Super Range, boasts a CLTC comprehensive range of 1602 kilometers and a pure electric range of 452 kilometers, making it the "world's longest-range large seven-seater" [3][5] - The X9 Super Range was launched with two versions priced at 309,800 yuan and 329,800 yuan, and it quickly broke the record for daily orders within an hour of its launch [3][5] - A "New Year Purchase Tax Subsidy" program was introduced for customers who place orders by December 31, 2025, offering up to 15,000 yuan in tax rebates [3][5] Technological Advancements - Xiaopeng Motors is set to launch seven models with Super Range configurations in 2026, addressing user pain points in the range-extender market with longer pure electric ranges and faster charging capabilities [5][7] - The company announced that its second-generation VLA model will be rolled out in the first quarter of 2026, aiming to transition from L2 to L4 level autonomous driving [8][10] Global Expansion and Market Performance - Xiaopeng Motors reported a significant increase in deliveries, with a total of 355,209 vehicles delivered from January to October 2025, representing a 190% year-on-year growth [14][16] - The company has expanded its global sales and service network to cover 52 countries and regions, with 690 stores in China and 321 overseas [16][30] Manufacturing and Sustainability - The Guangzhou smart manufacturing plant will open for public tours in December 2025, showcasing advanced manufacturing capabilities and adherence to Industry 4.0 standards [28][30] - The plant integrates AI technology throughout the production process, achieving zero emissions and earning the highest MSCI ESG "AAA" rating for two consecutive years [28][30] Future Outlook - Xiaopeng Motors aims to focus on safety, quality, service, and operational systems while promoting the integration of physical and AI technologies to enhance user experience [21][30] - The company is committed to establishing a comprehensive global presence in sales, research, production, and service, reinforcing its long-term competitive advantage [21][30]

具体来看，第三季度，小鹏实现营收203.8亿元，同比增长101.8%，其中汽车销售收入为180.5亿元，同比增长105.3%，占总收入的88.57%；服务及其他收 入为23.3亿元，同比增长78.1%。 低价车削弱盈利 凭借着MONA系列以及新车的表现，小鹏汽车（下称"小鹏"）交出了一份相对亮眼的三季报。 11月17日晚间，小鹏发布2025年三季报，单季营收实现翻倍增长，净亏损进一步收窄。董事长何小鹏明确表示，第四季度目标为实现公司盈亏平衡。 小鹏的营收增长主要靠销量拉动。 第三季度，小鹏累计交付11.6万辆，同比增长149.3%。其中，MONA M03作为交付主力，累计交付4.54万辆，占总交付量的39.14%；SUV车型G家族累计 交付3.09万辆，P系列达2.47万辆，小鹏X9为3391辆。此外，小鹏与大众的合作也持续为服务及其他收入增长提供助力。 吴迪/摄 不过，低价车型小鹏M03的销量快速提高，导致营收增速略慢于销量增速，也对整车毛利率产生一定影响。小鹏MONA M03起售价11.98万元，上市后月 销量占比常达四成，第三季度该占比为39.14%。 相较低价车型的快速走量，售价较高的SUV以及MPV ...

Core Viewpoint - Xiaopeng Motors has officially launched its Kunpeng Super Extended Range strategy, marking its entry into a dual-power era of pure electric and extended range vehicles [1] Group 1: Product Strategy - The Kunpeng Super Extended Range utilizes a 5C lithium iron phosphate large battery combined with a large fuel tank, allowing it to operate as a pure electric vehicle under normal conditions [1] - The strategy addresses five major issues currently faced by extended range vehicles, achieving longer pure electric range, faster charging speed, sufficient power when depleted, lower overall energy consumption, and reduced noise during the starting of the extended range system [1] Group 2: Market Performance - The pre-sale performance of the Xiaopeng X9 Super Extended Range has significantly exceeded that of the initial launch of the X9 [1] - The company has conducted extensive road testing, accumulating approximately 20 million kilometers globally, with positive feedback from test drives in both China and Germany, indicating that the vehicle feels like an electric car [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Insights - The company achieved a record gross margin of 17.3% in Q2 2025, with a year-on-year increase of 3.3 percentage points and a quarter-on-quarter increase of 1.8 percentage points [4][9]. - The net loss for Q2 2025 narrowed to 0.48 billion RMB, showing improvement compared to previous periods [4][9]. - The company is experiencing a strong product cycle with significant upgrades and new model launches, which are expected to drive sales growth [4][9]. - The partnership with Volkswagen has been expanded, which is anticipated to enhance service revenue [4][9]. Financial Summary - Revenue for Q2 2025 reached 18.27 billion RMB, representing a 125% increase year-on-year and a 16% increase quarter-on-quarter [4][9]. - The projected revenues for 2025, 2026, and 2027 are 90.90 billion RMB, 130.30 billion RMB, and 152.70 billion RMB, respectively [4][9]. - The net profit attributable to shareholders is projected to be -1.00 billion RMB in 2025, 3.30 billion RMB in 2026, and 6.80 billion RMB in 2027 [4][9]. - The company expects Q3 2025 deliveries to be between 113,000 and 118,000 units, a year-on-year increase of 143% to 154% [4][9].

Core Viewpoint - Xiaopeng Motors achieved a record high gross margin in Q2 2025, with a narrowed net loss compared to previous periods, driven by accelerated product iterations and enhanced intelligent features, maintaining a "Buy" rating [1][2]. Financial Performance - In Q2 2025, the company reported revenue of 18.27 billion yuan, a year-on-year increase of 125% and a quarter-on-quarter increase of 16% [1]. - The net loss for Q2 2025 was 480 million yuan, showing a reduction compared to previous quarters [1][2]. - The delivery volume reached 103,000 units, marking a historical high with a year-on-year increase of 242% and a quarter-on-quarter increase of 10% [1]. Product and Market Development - The product mix improved, with the G6 and G9 models selling 24,000 and 10,000 units respectively, accounting for 24% and 10% of total sales, with quarter-on-quarter increases of 9.7 percentage points and 4.1 percentage points [1][2]. - The company plans to launch the Kunpeng super electric vehicle in Q4 2025 and aims to support L4 models for mass production by 2026, along with trials for Robotaxi operations [2]. Strategic Partnerships - The company announced an expanded collaboration with Volkswagen, extending their partnership from pure electric vehicle platforms to include fuel and plug-in hybrid vehicle platforms, which is expected to enhance service revenue [2]. Future Outlook - For Q3 2025, the company anticipates vehicle deliveries between 113,000 and 118,000 units, representing a year-on-year increase of 143% to 154%, with total revenue projected to reach between 19.6 billion and 21 billion yuan, a year-on-year increase of 94% to 108% [2].

Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors (09868) [1] Core Views - Xiaopeng Motors reported Q2 2025 revenue of 18.27 billion yuan, a year-on-year increase of 125.3%, with a Q2 gross margin of 17.3%, up 3.3 percentage points from the same period in 2024 [4][6] - The company’s gross margin reached a historical high, driven by the launch of high-priced models G6 and G9, while the sales proportion of the lower-priced Mona M03 decreased from 50% in Q1 2025 to 38% in Q2 2025 [6] - The Q3 delivery guidance is conservative, with expected deliveries between 113,000 and 118,000 units, reflecting a year-on-year growth of approximately 142.8% to 153.6% [6] - The potential of Xiaopeng's extended-range vehicles is still to be fully realized, with the upcoming X9 model expected to alleviate range anxiety and enhance gross margins [6] - The report emphasizes the importance of the new P7 pricing and the performance of extended-range vehicles in shaping the company's growth trajectory [6] Financial Summary - Projected revenues for 2025-2027 are 76.99 billion, 116.42 billion, and 142.15 billion yuan, respectively, with significant growth rates of 88.4%, 51.2%, and 22.1% [8] - The net profit forecast shows a turnaround from a loss of 1.61 billion yuan in 2025 to a profit of 3.95 billion yuan in 2027, indicating a growth rate of 222% [8] - The report anticipates a price-to-sales ratio of 1.6 for 2026, suggesting a market capitalization of approximately 200.4 billion HKD and a target share price of 106 HKD [6][8]

Core Viewpoint - The performance of XPeng Motors in Q2 2025 met expectations, showing significant revenue growth and improving gross margins, indicating a positive trend for the company moving forward [4][5]. Group 1: Financial Performance - In Q2 2025, XPeng Motors reported total revenue of 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [4]. - The gross margin improved to 17.3%, reflecting a year-on-year increase of 3.3 percentage points and a quarter-on-quarter increase of 1.7 percentage points [4]. - The Non-GAAP net loss narrowed by 68.4% year-on-year and 9.5% quarter-on-quarter to 390 million [4]. Group 2: Business Operations - XPeng's automotive business revenue reached 16.88 billion in Q2 2025, with a year-on-year increase of 147.6% and a quarter-on-quarter increase of 17.5% [5]. - The average selling price (ASP) decreased by 27.5% year-on-year but increased by 7.1% quarter-on-quarter to 164,000 [5]. - Vehicle deliveries surged by 241.6% year-on-year and 9.8% quarter-on-quarter to 103,000 units [5]. Group 3: Future Outlook - The management anticipates the delivery of new models G7 and P7 in Q3 2025, with P7 pre-orders breaking historical records [6]. - The first Kunpeng super electric vehicle model, X9, is expected to launch in Q4 2025 [6]. - The company is focusing on AI technology upgrades and plans to produce L4 level vehicles by 2026, enhancing its technological leadership in the industry [6].