Group 1: Core Insights - The report highlights that XPeng Motors achieved a record high in overall gross margin, driven by an increase in service and technology revenue as well as economies of scale [1][2] - For Q3 2025, XPeng Motors reported revenue of 20.38 billion RMB, a quarter-on-quarter increase of 11.5%, which aligns with market expectations [1] - The company expects Q4 2025 delivery volume to be between 125,000 and 132,000 vehicles, representing a quarter-on-quarter growth of approximately 10.8% [1] Group 2: Financial Performance - XPeng Motors recorded a net loss of 380 million RMB in Q3 2025, with a non-GAAP net loss of 150 million RMB, indicating a further narrowing of losses compared to previous quarters [1] - The report maintains the earnings forecast and core logic judgment for the company, suggesting that with new vehicle upgrades and the mass production of the dual-energy platform, sales are expected to continue high growth [2] Group 3: Investment Rating - The report maintains a "Buy" rating for XPeng Motors with a target price of 134.69 HKD, indicating a potential upside of 40.3% from the current closing price of 96.00 HKD [1][2]