智通财经记者 | 张熹珑 编者按："十四五"收官在即、"十五五"征程再启，广州工业大区——广州开发区、黄埔区正加快构 建"12136"现代化产业体系、抢滩战略性新兴产业与未来产业，这也是中国产业抢占全球科技制高点、 赢得发展主动权的缩影。智通财经于12月12日起，推出黄埔区"12136"现代化产业体系系列报道，解锁 黄埔区从制造到"智造"的科技突围密码。 随着瑞士联邦公路局（FEDRO）面向文远知行发放了Robotaxi纯无人牌照，在广州开发区、黄埔区，诞 生了目前实现全球唯一"八国通行"的自动驾驶公司。 就在11月初，文远知行在香港挂牌上市，成为全球首家实现"美股+港股"双重主要上市的自动驾驶科技 企业。这是一个缩影：来自广州黄埔区的前沿科技，正在全球范围内提高声量。 文远知行在纳斯达克挂牌上市 广州国际生物岛上，文远知行自动驾驶小巴穿梭在地铁站和写字楼间，解决通勤"最后一公里"问题，马 路对面的无人环卫车正贴边清扫人行道上的落叶；广州科学城里，萝卜快跑Robotaxi行驶在最右侧车 道，乘客通过APP预约叫车。熟悉的街景和没有司机的车辆，成为黄埔区独具特色的风景线。 得益于天然的区位优势和极佳的政策支持， ...

人民财讯11月21日电，11月21日，小鹏汽车迎来第100万台整车下线。从1到第50万台整车下线，小鹏汽 车用了82个月；从50万到第100万台整车下线，小鹏汽车只用了14个月。2025年1—10月，小鹏汽车累计 交付达355209台，同比增长190%。 ...

智通财经APP获悉，美银证券发布研报称，下调对小鹏汽车-W(09868)的2025年销量预测1%，但将2026 及27年预测分别上调3%及5%; 将2025年非通用会计准则净亏损预测由10.94亿元下调至8.84亿元，同时 将2026及27年非通用会计准则净利润分别下调20%及9%。该行对小鹏港股目标价由105港元升至109港 元，美股(XPEV.US)目标价由27美元升至28美元，反映销量预测上调，重申"买入"评级，看好2026年强 劲的产品布局。 小鹏第三季收入达200亿元人民币(下同)，同比及按季分别增长102%及12%，大致符合该行预期。综合 毛利率为20.1%，同比及按季上升4.8及2.8个百分点，好过该行预期的17.7%。整车利润率为13.1%，同 比升4.5个百分点，按季跌1.2个百分点，主要因清库存而进行促销。期内非通用会计准则净亏损1.52亿 元，好过该行预期的净亏损3.98亿元。展望第四季，小鹏管理层预期交付量为12.5万至13.2万辆，同比 增长37%至44%，收入为215亿至230亿元，同比增长34%至43%。 ...

Core Viewpoint - The company has shown significant growth in vehicle deliveries and revenue, indicating strong operational performance and market demand [1][2]. Group 1: Delivery and Revenue Performance - In Q3, the company delivered 116,007 vehicles, representing a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1]. - Revenue reached 20.38 billion yuan, up 101.8% year-on-year, with automotive business revenue at 18.05 billion yuan, increasing by 105.3% year-on-year [1]. Group 2: Profitability Metrics - The gross margin was 20.1%, an increase of 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter, marking a historical high [2]. - The automotive business gross margin stood at 13.1%, up 4.5 percentage points year-on-year but down 1.2 percentage points quarter-on-quarter [2]. Group 3: Cost and Expenses - R&D expenses amounted to 2.43 billion yuan, a year-on-year increase of 48.7%, driven by the expansion of the product portfolio and costs related to new model and technology development [2]. - Selling, General and Administrative (SGA) expenses were 2.49 billion yuan, up 52.6% year-on-year, primarily due to increased commissions from franchise stores and higher marketing and advertising costs [2]. Group 4: Future Guidance - For Q4, the company expects delivery volumes between 125,000 and 132,000 vehicles, representing a year-on-year increase of 36.6% to 44.3% [2]. - Revenue guidance for Q4 is projected to be between 21.5 billion and 23 billion yuan, indicating a year-on-year increase of 33.5% to 42.8% [2]. Group 5: Unit Economics - The revenue per vehicle was 155,626 yuan, down 17.7% year-on-year and 4.9% quarter-on-quarter [5]. - The cost per vehicle was 135,222 yuan, up 21.7% year-on-year and 3.5% quarter-on-quarter [5]. - The Non-GAAP net loss per vehicle was 1,309 yuan [5].