导读：长久以来专精纯电领域的小鹏汽车，将从明年开始发力"大电池增程"方案。 （文 / 观察者网 周盛明 编辑 / 高莘） 2025年9月12日，观察者网获悉，长久以来专精纯电领域的小鹏汽车，将从明年开始发力"大电池增 程"方案。 根据工信部最新发布的车辆新产品公示清单，小鹏汽车申报了小鹏X9增程版、小鹏G7增程版两款车 型。 在外观部分，小鹏G7增程版车长相较于纯电车型增加26mm，日间行车灯由分体式变更为贯穿式。 | 产品购标: 小熊腰 | | 产品型号: | NHQ6490SHEVMA 产品名称: | 插电式增程混合动力多用速乘用车 | ■ 企业申报车型公示详情 | | --- | --- | --- | --- | --- | --- | | 变变名称: | 健庆小肌新能源投资有限公司 | 注册地址: | | 广东省管实高新区北江大道18号富民大厦十五楼1507房自编48号 | | | 目景序号: 140 | | 生产地址: | 广东省广州市黄靖区中新广州知识城鹏行环街1号 | | | | 道看原图 | | | 宣看原图 | 道看原图 | | | | | | | 8000 100 1 | | | | | ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 105.74 HKD, indicating a potential upside of 44.2% from the current price of 73.35 HKD [7]. Core Insights - The company is expected to achieve significant revenue growth, with projections of 93.59 billion, 140.22 billion, and 169.58 billion CNY for the years 2025, 2026, and 2027 respectively [6]. - The management team has undergone significant restructuring to enhance operational efficiency and product delivery capabilities, which is anticipated to lead to improved performance in 2024 [3][30]. - The company is entering a strong product cycle with the launch of new models, including the MONA M03 and P7+, which have shown promising sales figures [4][49]. Summary by Sections Management Team and Performance Improvement - The management team is composed of experienced individuals from diverse backgrounds, contributing to the company's unique DNA [2][18]. - In 2024, the company achieved a revenue of 40.87 billion CNY, a year-on-year increase of 33.2%, while reducing net losses by 44.2% [21]. Organizational Reform - The company underwent a major organizational restructuring in October 2022, consolidating decision-making power and reorganizing its business structure into five major committees [3][30]. - Key personnel changes were made to enhance product planning and sales management, with a focus on improving delivery capabilities [31][34]. Product Cycle and Sales Performance - The company has launched several new models, including the G6, MONA M03, and P7+, which are expected to drive sales growth [4][38]. - The MONA M03 achieved over 10,000 units sold in its first month, while the P7+ also showed strong initial demand [50][49]. Technological Advancements - The SEPA 2.0 architecture was introduced to enhance the company's platform capabilities, allowing for a 20% reduction in new model development time and a parts commonality rate of up to 80% [5][60]. - The launch of the AIOS system aims to redefine the smart cabin experience, significantly enhancing AI and CPU capabilities [64]. Global Expansion - The company is accelerating its global expansion, with sales initiated in over 30 countries and plans to enter more than 60 markets by the end of 2025 [5][6].

Core Viewpoint - Xiaopeng Motors aims to derive half of its sales from overseas markets within the next decade, with a focus on localizing products and services in key regions such as Europe, Southeast Asia, the Middle East, and Latin America [1][2] Group 1: Global Expansion Strategy - Xiaopeng plans to enter 60 countries this year, doubling its presence from over 30 countries last year, with significant resource allocation to 10-12 key markets [1] - The company emphasizes a gradual and steady approach to global expansion, prioritizing local service capabilities such as maintenance, charging, and over-the-air updates [1] - Xiaopeng is exploring local assembly in Indonesia as part of its first overseas production capabilities [2] Group 2: Market Dynamics and Opportunities - The company views Europe as a critical market outside of China and is investigating various investment strategies in the region, including supply chain production [2] - Recent discussions between the EU and China regarding minimum pricing for Chinese electric vehicles could create a more favorable business environment for Chinese automakers in Europe [2] Group 3: Product Development and AI Integration - Xiaopeng's product strategy focuses on quality over quantity, with plans to launch the Kunpeng Super Electric System in China by Q4 2025 and globally by 2026 [3] - The company is investing heavily in AI, with a self-developed Turing AI chip expected to enter production in Q2 this year, featuring a 40-core processor with significant computational power [3][4] - Xiaopeng aims to achieve L3 autonomous driving capabilities in China by the end of 2025, with an investment of 4.5 billion yuan in AI this year [4] Group 4: Future Innovations - The company is developing flying cars, with the "land aircraft" model expected to receive certification by the end of this year, targeting deliveries in the following year [4] - Xiaopeng is also working on AI robots, with plans for industrial-scale production by 2026, indicating a commitment to advanced robotics technology [4]

Core Viewpoint - Xiaopeng Motors officially launched the 2025 model of the X9, priced between 359,800 and 419,800 yuan, maintaining the price level of the previous model while offering significant upgrades in technology and comfort [1][72]. Group 1: Product Launch and Features - The 2025 Xiaopeng X9 is the first global model launched by Xiaopeng Motors, emphasizing its international identity by choosing Hong Kong for the release [5][10]. - The vehicle features 496 upgraded components, including a new Turing intelligent driving system, although it will not include Xiaopeng's self-developed intelligent driving chip until the second quarter of this year [6][8]. - The X9 offers four variants with different specifications, including battery capacities of 94.8 kWh and 105 kWh, and electric ranges of 650 km, 740 km, and 702 km [64][67]. Group 2: Technological Advancements - The 2025 X9 is equipped with advanced AI capabilities, including a dual Orin-X chip for intelligent driving, and supports urban intelligent driving across all models [69]. - The vehicle's interior has been enhanced for comfort, featuring ventilated and heated seats, a new 220V power outlet, and upgraded soft-touch materials [53][59][64]. - Xiaopeng Motors plans to invest 4.5 billion yuan in AI development this year, with a goal to achieve L3 level autonomous driving capabilities by the end of 2025 [29][31]. Group 3: Strategic Goals and Market Position - Xiaopeng Motors aims to accelerate its global expansion, targeting to have half of its sales from international markets within the next decade [19][72]. - The company is focusing on high-end positioning and technological innovation, moving away from being perceived solely as a cost-effective brand [71][72]. - Xiaopeng Motors has entered over 30 countries and regions by 2024, establishing itself as a leading Chinese new energy vehicle brand in the global market [18][19].