小鹏X9超级增程MAX版搭载一颗图灵芯片，有效算力750TOPS；小鹏X9超级增程Ultra版搭载三颗图灵 芯片，有效算力2250TOPS。 小鹏X9超级增程提供六款外观颜色，分别为：暗夜黑、星云白、新月银、极光青、哑光星舰灰、星云 紫，同时提供气宇灰、云间玫棕、月影咖三款内饰主题，可自由搭配组合。 小鹏X9超级增程搭载ENC和RNC双重主动降噪，通过麦克风采集噪音并产生反向声波抵消噪音，实现 物理降噪。还配备超6㎡双层隔音玻璃。同时小鹏X9超级增程首发三排电动三折叠，当四人出行时，第 三排可完全放平，五人同行时，折叠两座即可容纳两辆全尺寸山地车，无需拆卸前轮；七人满载状态 下，能装下七个24寸行李箱。 小鹏X9超级增程第三排座椅支持180°近乎纯平调节，二排标配双零重力座椅，提供180mm通道方便进 出，还集成14向电动调节、通风加热、10点按摩及50W无线快充。驾驶席升级电容方向盘与21英寸 HUD。 凤凰网科技讯（作者/李治钦）11月20日，小鹏汽车在广州举办发布会，宣布旗下首款增程车型——小 鹏X9超级增程正式上市，全系共推出Max、Ultra两种配置版本，均搭载63.3度磷酸铁锂电池和60升油 箱， ...

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]

每经记者｜孙磊 每经编辑｜程鹏 余婷婷 11月17日，小鹏汽车披露2025年第三季度财报。受益于汽车销量的显著提升，小鹏汽车的业绩同比与环比均实现增长。 具体而言，小鹏汽车第三季度共交付11.6万辆汽车，同比增长149.3%，环比增长12.4%；实现营业收入203.8亿元，同比增长101.8%，环比增长11.5%；净 亏损收窄至3.8亿元，上年同期净亏损18.1亿元，今年第二季度净亏损4.8亿元。截至2025年9月30日，现金及现金等价物、受限制现金、短期投资及定期存 款为483.3亿元。 "公司经营的持续改善，让我们更加笃定地投入物理AI（人工智能）研发，加速第二代VLA模型、Robotaxi和人形机器人在2026年实现规模量产。"小鹏汽 车董事长何小鹏表示。 欲在四季度实现盈亏平衡 尽管小鹏汽车在营收方面实现了增长，但仍不及市场预期。"本季度（三季度）总收入为203.8亿元，低于市场预期的204.7亿元，低于预期主要是被卖车业 务所拖累。"海豚投研表示，"但服务和其他业务收入本季度达到了23.3亿元，大幅高于市场预期的16.6亿元。" 此外，海豚投研还表示："本季度卖车收入为180.5亿元，大幅低于市场预 ...

公司预计25Q4交付12.5–13.2万辆、营收215–230亿元，指引体现订单与产能节奏保持稳健。同时，自研 图灵芯片将在Q3–Q4进一步放量，提升高阶智驾渗透率；而"鲲鹏超级电动体系"(一车双能：纯电/增程) 预计在25Q4进入量产节奏，对ASP、整车毛利及成本结构的改善均更具边际贡献。短期结构仍由中高 阶车型占比主导，中期毛利改善更依赖新平台规模化后摊薄成本与智驾功能渗透提升。新车规划方面， 明年计划推出7款增程车型，海外推出3款新车。 25Q3营收203.8亿元(人民币，下同)，环比增11.5%，基本符合市场和该行预期。汽车销量11.6万辆，环 比增12.4%。受车型结构影响，单车ASP 15.6万元，环比降0.8万元，基本符合预期。受益于服务及技术 收入占比提升与规模效应，公司综合毛利率20.1%，创历史新高；但受新平台爬坡及车型结构轻微变化 影响，汽车毛利率13.1%，较2Q25小幅回落。研发/销售费用仍保持在可控区间，研发/销售费用环比增 12.5%，占收比环比略增。25Q3公司净亏损3.8亿元/non-GAAP净亏损1.5亿元，按季进一步收窄。 公司预计4Q25营收为215亿-230亿元，按中 ...

ASP、综合毛利率仍具边际向上弹性，关注新平台(鲲鹏体系)与图灵芯片放量带来的结构改善 公司预计25Q4交付12.5–13.2万辆、营收215–230亿元，指引体现订单与产能节奏保持稳健。同时，自研 图灵芯片将在Q3–Q4进一步放量，提升高阶智驾渗透率；而"鲲鹏超级电动体系"(一车双能：纯电/增程) 预计在25Q4进入量产节奏，对ASP、整车毛利及成本结构的改善均更具边际贡献。短期结构仍由中高 阶车型占比主导，中期毛利改善更依赖新平台规模化后摊薄成本与智驾功能渗透提升。新车规划方面， 明年计划推出7款增程车型，海外推出3款新车。 交银国际主要观点如下： 小鹏汽车综合毛利率20.1%创历史新高 25Q3营收203.8亿元(人民币，下同)，环比增11.5%，基本符合市场和该行预期。汽车销量11.6万辆，环 比增12.4%。受车型结构影响，单车ASP 15.6万元，环比降0.8万元，基本符合预期。受益于服务及技术 收入占比提升与规模效应，公司综合毛利率20.1%，创历史新高；但受新平台爬坡及车型结构轻微变化 影响，汽车毛利率13.1%，较2Q25小幅回落。研发/销售费用仍保持在可控区间，研发/销售费用环比增 12. ...

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The net loss for the quarter was 380 million yuan, down from 1.81 billion yuan in the same period last year and 480 million yuan in the previous quarter [1] - Adjusted net loss, excluding U.S. GAAP, was 150 million yuan, compared to 1.53 billion yuan a year ago and 390 million yuan in the last quarter [1] Financial Performance - Total revenue reached 20.38 billion yuan, marking a significant year-on-year growth of 101.8% and a quarter-on-quarter growth of 11.5% [1] - The net loss for the third quarter was 380 million yuan, a notable improvement from the previous year's loss of 1.81 billion yuan and a reduction from the last quarter's loss of 480 million yuan [1] - Adjusted net loss was reported at 150 million yuan, significantly lower than the 1.53 billion yuan loss in the same quarter last year and the 390 million yuan loss in the previous quarter [1] Strategic Developments - The company is focusing on "physical AI" research and development, aiming to redefine automotive technology through a combination of AI and physical integration [3][4] - Xiaopeng Motors is collaborating with Volkswagen, with revenue from this partnership expected to start reflecting in Q4 2025 [5][6] - The company anticipates that technology collaboration revenue will remain consistent with Q3 levels in Q4 and expects similar revenue for the entirety of 2026 [6] Robotics and Future Plans - Xiaopeng Motors aims to achieve a sales target of 1 million robots by 2030, with a focus on humanoid robots that integrate seamlessly into daily life [7][10] - The company is currently in the process of preparing for mass production of its IRON robot, with significant challenges still to be addressed [9][10] - Future applications for robots are expected to expand beyond current commercial uses, potentially entering household environments within five years [10] Vehicle Development - The company plans to launch four new models in 2026, including both pure electric and extended-range versions, targeting various market segments [14][16] - Xiaopeng Motors is also expanding its international market presence, with plans to introduce new models in overseas markets [14][19] - The company has initiated local production in Indonesia and Austria to support its international growth strategy [19]

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The net loss for the quarter was 380 million yuan, down from a net loss of 1.81 billion yuan in the same period last year and 480 million yuan in the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 150 million yuan, compared to 1.53 billion yuan in the same period last year and 390 million yuan in the previous quarter [1] Financial Performance - Total revenue for Q3 2025 reached 20.38 billion yuan, marking a significant growth of 101.8% year-on-year and 11.5% quarter-on-quarter [1] - The company reported a net loss of 380 million yuan, a notable improvement from the previous year's loss of 1.81 billion yuan and a reduction from the last quarter's loss of 480 million yuan [1] - Adjusted net loss was 150 million yuan, significantly lower than the 1.53 billion yuan loss in the same quarter last year and the 390 million yuan loss in the previous quarter [1] Strategic Developments - Xiaopeng Motors is focusing on "physical AI" research and development, aiming to redefine technological advancements in the automotive industry [2][3] - The company plans to enhance its competitive advantage in "physical AI" through a combination of full-stack self-research and cross-domain integration [3] - The partnership with Volkswagen for the Turing chip is expected to generate revenue starting in Q4 2025, with significant growth anticipated as joint vehicle development progresses [4][5][6] Robotics and Future Outlook - Xiaopeng Motors aims to achieve a sales target of 1 million robots by 2030, with a focus on humanoid robots that integrate seamlessly into daily life [7][8] - The company is working on overcoming challenges related to the mass production of its IRON robot, with expectations for a new generation of robots to enter production soon [9][10] - The anticipated commercialization of robots is expected to expand into various applications, including industrial and household settings within five years [10][11] Product Launches and Market Expansion - Xiaopeng Motors plans to launch four new models in 2026, including both pure electric and extended-range versions, targeting different market segments [13][14] - The company is expanding its international presence with local production facilities in Indonesia and Austria, aiming to increase production capacity and support overseas growth [16][17] - The introduction of super extended-range models is expected to significantly drive sales growth in the upcoming year [15]

Core Viewpoint - Xiaopeng Motors reported a disappointing Q3 2025 financial performance, with lower-than-expected vehicle sales revenue and guidance for Q4, indicating ongoing challenges in the automotive market [1][5]. Revenue Performance - Total revenue for Q3 2025 was 20.38 billion, below market expectations of 20.47 billion, primarily due to weak vehicle sales [1][26]. - Vehicle sales revenue was 18.05 billion, significantly lower than the expected 18.82 billion, attributed to a decline in average selling price [1][27]. - Service and other business revenue reached 2.33 billion, exceeding expectations of 1.66 billion, driven by significant contributions from technology development services in collaboration with Volkswagen [1][26]. Profitability Metrics - Overall gross margin improved to 20.1%, up 2.8 percentage points from the previous quarter, surpassing market expectations of 17.8% [2][38]. - Vehicle gross margin declined to 13.1%, down 1.2 percentage points from the previous quarter and below the expected 14.4%, primarily due to falling vehicle prices [2][28]. Q4 Guidance - Q4 vehicle sales guidance is set at 125,000 to 132,000 units, lower than the market expectation of 136,000 units, indicating potential challenges in meeting sales targets [5][21]. - Q4 revenue guidance is projected at 21.5 to 23 billion, also below the market expectation of 25 billion, reflecting ongoing pressure on vehicle pricing [3][25]. Cost Structure - R&D expenses for the quarter were 2.43 billion, exceeding market expectations of 2.28 billion, reflecting increased investment in new product cycles and AI technology [32][36]. - Selling and administrative expenses reached 2.49 billion, higher than the expected 2.35 billion, driven by marketing costs associated with new model launches [36][38]. Future Outlook - The company plans to launch five new models in 2026, focusing on enhancing its product lineup and expanding into international markets [6][7]. - Xiaopeng is also advancing its AI capabilities, with plans to commercialize new technologies and expand its Robotaxi and humanoid robot initiatives [9][10].

Investment Rating - The report recommends a positive outlook on Xiaopeng Motors, shifting from a turnaround narrative to a focus on technological leadership [4][5]. Core Insights - Xiaopeng's second-generation VLA model supports end-to-end output and features such as navigation-free assisted driving, indicating a strong technological advancement [4][5]. - The company is expected to achieve a quarterly profit in Q4 of this year, with sales projected to reach nearly one million units driven by extended-range models [4][5]. - Collaborations with major companies like Volkswagen and Baowu Group are helping to monetize its technological advancements [4][5]. - In the Robotaxi sector, Xiaopeng's self-developed Turing chip, providing 3000 TOPS of computing power, addresses high computing demands at a lower cost, potentially improving profitability [4][5]. - The robotics division is expected to enter mass production by the end of 2026, leveraging technology from the automotive sector for efficiency [4][5]. Summary by Sections Xiaopeng Motors - The core logic for recommending Xiaopeng has evolved to emphasize its technological leadership rather than merely a turnaround from difficulties [4][5]. - The VLA model is designed to enhance performance by reducing precision loss and increasing potential through direct processing [6]. - The Turing chip's architecture supports advanced AI applications and autonomous driving, aligning with current technological trends [7]. Tianzhun Technology - The company demonstrates a strong capability to innovate and expand its AI visual detection technology across multiple production lines [8][9]. - The management's commitment to the embodied intelligence sector is a long-term strategy, focusing on market expansion rather than immediate profitability [8][9]. Industry Recommendations - The report suggests focusing on domestic leading manufacturers like BYD, Geely, and Xiaopeng, as well as companies involved in intelligent trends and state-owned enterprise reforms [4]. - It highlights the importance of performance growth and robotics layout in component manufacturers, recommending companies like Fuyao Glass and New Spring [4].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][15]. Core Insights - The recommendation for Xiaopeng has shifted from a turnaround narrative to a focus on technological leadership, with the second-generation VLA model achieving end-to-end output and supporting features like navigation-free assisted driving [3][4]. - Financially, Xiaopeng is projected to achieve a quarterly profit in Q4 of this year, with sales expected to reach nearly one million units driven by extended-range models [3][4]. - In the Robotaxi sector, Xiaopeng's self-developed Turing chip, providing 3000 TOPS of computing power, addresses high computing demands at a lower cost, potentially alleviating profitability challenges [3][4]. - The company is expected to enter mass production of its robots by the end of 2026, leveraging technology from its automotive division to keep development costs low [3][4]. Summary by Sections Xiaopeng AI+ Update - The core logic for recommending Xiaopeng has evolved to emphasize its technological advancements, particularly the VLA model and its applications in robotics [4]. - The company is expected to leverage partnerships with major firms like Volkswagen and Baowu Group to monetize its technological edge [3][4]. Tianzhun Technology Update - The company demonstrates a strong capability to innovate and expand its AI visual detection technology across multiple production lines, supported by a management team with a strong research background [7][8]. - The chairman's donation of shares to an educational fund reflects the company's commitment to academic values and long-term planning in the field of embodied intelligence [7][8]. Valuation Table Insights - The valuation table highlights key automotive companies, with significant projected growth rates and profit margins for firms like BYD and Xiaopeng, indicating a robust outlook for the sector [9][10].