新汽车生态合作，报名中国版CES！ 撰文 | 温 莎 编辑 | 黄 大 路 设计 | 甄 尤 美 2025 年 11 月 24 日，极氪宣布了一项针对老款车型的智能驾驶系统升级众筹计划。 具体而言，就是 2024 款极氪 001 和 009 能够从 Mobileye EyeQ5H 系统升级至自研 G-Pilot H7 系统，升级之后系统算力从 48 TOPS 提升至 700 TOPS 。 这还要从极氪上一代拉胯的智驾表现开始说起，由于算力和"黑盒"模式， 2024 款 001 和 009 的智驾功能体验不佳。 这不由得让人想起一年多前的 2024 年 8 月 14 日，一群愤怒的车主拉着横幅冲进了杭州极氪大厦。 原因是前一天晚上，极氪发布的 2025 款极氪 001 和 2025 款极氪 007 背刺老车主：前者采用全新智驾软硬件并升级了座舱，同时维持原价；后者 升级了智舱智驾，除顶配四驱版外，却还普遍降价 2 万— 3 万元。 有哲学家说，苦难是人生的老师，挫折是智慧的保姆。也许去年的教训太惨痛了，极氪的变化来得很快。 一年以后， 2025 年 9 月 14 日，丽江举行的极氪全球用户委员会理事共创会上，有 ...

Core Viewpoint - Company maintains a "buy" rating for XPeng Motors (09868), citing the launch of new vehicles, exceeding expectations in external collaborations and internal reforms, and significant improvements in profitability, along with potential breakthroughs in robotics and flying car businesses [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of 54.5 billion, a year-on-year increase of 120%; gross margin at 17.9%, up 3.7 percentage points; and a net loss attributable to shareholders of 1.52 billion, a reduction in loss by 2.94 billion year-on-year [1] - In Q3 2025, revenue reached 20.4 billion, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%; gross margin at 20.1%, up 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter; net loss attributable to shareholders was 380 million, a reduction in loss by 1.43 billion year-on-year and 100 million quarter-on-quarter [1] Sales Structure and Margin Analysis - The launch of the XPeng G7 in Q3 2025 accounted for 13% of total sales; however, the sales proportions of G6, G9, and X9 declined due to pre-launch hesitation regarding the range-extended platform, leading to a decrease in automotive gross margin [2] - The company achieved significant growth in service and other revenues, reaching 2.33 billion, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%, which positively impacted overall gross margin [2] - The delivery guidance for Q4 is set at 125,000 to 132,000 units, indicating a potential return to profitability in the quarter [2] User Base Expansion - The introduction of MONA M03 and P7+ has increased monthly sales from 10,000 to 30,000 units, with the G7 pushing XPeng's autonomous driving capabilities to Level 3, marking a new era in smart driving [3] - The X9 range-extended version is expected to launch at the Guangzhou Auto Show, with significant sales growth anticipated in Q4, supported by the addition of range-extended systems across various models [3] AI and Robotics Transformation - The company is redefining future vehicles as next-generation robots, integrating internet platform capabilities, with software expected to account for 50% of the value [4] - The seventh-generation humanoid robot focuses on full-stack self-research and cross-domain integration, with plans for orderly production in the coming months, aiming for a sales price comparable to vehicles [4] - The introduction of a high-efficiency L4 fully shared robotaxi model is expected to enhance commercial competitiveness, indicating a strong potential for monetization as the company transitions into an AI enterprise [4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]

《小鹏汽车-W-09868.HK-深度报告：打造智能标签，剑指中高端市场》——20211222 《造车新势力系列之一——解析进阶赛的4个关键点》——20201029 点评： 《小鹏汽车-2025三季报点评：单三季度销量同比增长149%，打造物理AI未来出行全新范式》——20251124 《小鹏汽车-事件快评： 发布第二代VLA、Robotaxi、全新一代IRON、汇天飞行体系，打造物理AI未来出行全新范式 》—— 20251108 《小鹏汽车-2025中报点评：单二季度销量同比增长242%，小鹏G7、全新P7搭载图灵芯片上市》——20250908 《小鹏汽车-2025一季报点评： 一季度销量同比增长331%，MONA M03新版本上市1小时大定破万台 》——20250605 《小鹏汽车-2024年报点评： 单四季度销量环比增长97%，新品周期持续向上》——20250321 《小鹏汽车-2024三季报点评：单三季度毛利率同环比双升，新品周期持续向上》——20241122 《小鹏汽车-事件快评：小鹏新车型P7+上市当天订单超3万辆，新品周期持续向上》——20241111 《小鹏汽车-2024一季报点评：一季度毛利 ...

机构：国盛证券 海外市场来看，销售、生产、研发一片向好。1）汽车销售方面，Q1-3，小鹏汽车海外交付量达到 29706 辆 ，9月销量首次突破5000 台，同比增长79%。2）渠道方面，截至今年8 月 ，小鹏在全球已经 签约超119 家经销商，门店从去年150 家增长至275 家。3）生产方面，小鹏汽车首个欧洲本地化的生产 项目位于奥地利的格拉茨的麦格纳工厂正式启动，首批小鹏 G6 和 G9 顺利量产下线。4）研发方面，小 鹏汽车在德国慕尼黑的研发中心已经启用。从成长性上看，海外市场方兴未艾，小鹏汽车当前在海外的 主销车型包括G6/G9/X9 等，尽管出海成绩优秀，但实际上欧洲市场更偏好尺寸更小的车型。我们认为 随着P7+及Mona SUV 在明年出口销售，小鹏汽车海外汽车销售将再创佳绩。 VLA 2.0 有望带动小鹏汽车智驾能力断档领先。小鹏汽车在11 月5 日科技日上正式宣布了最新一代的智 驾模型VLA 2.0。用于VLA 2.0 的数据训练量接近1 亿clips，相当于人类司机驾驶65,000 年才能遇到的极 限场景总和。 基于VLA 2.0，小鹏汽车即将发布「小路NGP」功能，显著提升复杂小路与混行环 ...

此前，麦格纳工厂还与小鹏汽车达成了欧洲本地化生产的规划，位于奥地利格拉茨的麦格纳工厂已量产 下线首批小鹏G6和小鹏G9。未来，该工厂还将投产更多小鹏车型。（第一财经记者 黄琳） 11月21日，麦格纳与广汽集团联合宣布双方的整车组装合作项目，旨在推动电动汽车在欧洲市场的本地 化生产规模。此次合作是广汽集团加码欧洲市场的重要举措。目前，广汽集团的电动SUV车型AION V 已在麦格纳的格拉茨工厂启动量产。 ...

相较纯电版车型，新车不仅换装了增程系统，还对造型、车身长度及内饰舒适配置进行了差异化提升，起售价则比纯电版车型（35.98万元）降低5万元。 对此，何小鹏表示："增程车销量下滑是事实，但这可能是短期波动。另一种可能是，整个市场都在期待'超级增程'。不仅是我们，其他已推出增程产品的 公司也可能推出下一代产品。市场就像波浪，会有起有伏。" 11月20日晚间，小鹏X9鲲鹏超级增程版车型上市。新车推出Max和Ultra两个版本，售价分别为30.98万元起和32.98万元起。 图片来源：每经记者孙磊摄 据悉，这是小鹏汽车推出的首款增程车型。"企业如果要走向全球市场，还需要新的补能方式。同时，一辆车的续航想要达到1000公里以上，需要通过纯电 之外的动力形式来实现。"小鹏汽车董事长何小鹏告诉《每日经济新闻》记者，"从中国的混动汽车在不同城市、不同区域的分布地图来看，小鹏在很多区域 的销售是比较欠缺的，因为我们没有（推出）适合当地使用的车。所以，我相信无论是在中国还是在全球（市场），超级增程都会有非常大的使用场景。" 值得一提的是，与当下配备大容量电池和小容量油箱的主流增程车型有明显区别，小鹏X9鲲鹏超级增程版车型采用了" ...

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Insights - The company is expected to benefit from a strong product cycle, overseas expansion, advancements in autonomous driving, and emerging business opportunities in robotics and Robotaxi [7]. - The company delivered 116,007 vehicles in Q3, a year-on-year increase of 149%, leading to a revenue growth of 102% to 20.38 billion yuan [1]. - The gross margin for Q3 was 20.1%, with a notable improvement in profitability as the net loss narrowed significantly [1][2]. Financial Performance - For Q3, the company achieved a revenue of 20.38 billion yuan, with automotive sales revenue of 18.1 billion yuan and service revenue of 2.3 billion yuan, reflecting year-on-year growth of 105% and 78% respectively [1]. - The company’s Q3 net loss was 380 million yuan, a significant reduction compared to previous periods, with a Non-GAAP net loss of 150 million yuan, narrowing by 90% year-on-year [1]. - The projected total revenue for Q4 is expected to be between 21.5 billion and 23 billion yuan, representing a year-on-year increase of 33.5% to 42.8% [2]. Product and Market Outlook - The company plans to launch the X9 super range extender model on November 20, with additional models set to be released in early 2026 [3]. - The overseas market is showing strong growth, with Q1-Q3 overseas deliveries reaching 29,706 units, a 79% increase year-on-year [4]. - The company is enhancing its autonomous driving capabilities with the introduction of the VLA 2.0 model, which significantly improves performance in complex driving scenarios [5]. Future Projections - The company forecasts total vehicle sales of approximately 440,000, 700,000, and 910,000 units for the years 2025, 2026, and 2027 respectively, with total revenues projected to reach 773 billion yuan by 2025 [7][8]. - The gross margin is expected to remain around 20% for Q4, with a long-term target of achieving a Non-GAAP net profit margin of 5.1% by 2027 [2][8].

11月17日晚，小鹏汽车、零跑汽车、吉利汽车三家港股上市车企披露三季报。小鹏汽车亏损大幅收窄， 零跑汽车持续盈利，吉利汽车盈利大幅提升。 "明年，汽车行业将迎来大浪淘沙的关键阶段。如果没有强大的盈利能力，企业生存将会非常艰难。"吉 利汽车控股有限公司行政总裁桂生悦在业绩会上表示。 对于明年新能源汽车购置税优惠退坡带来的影响，三家车企均透露了能从容应对的乐观信号，并对市场 前景充满信心。同时，三家车企都将加快在海外市场的布局。 ● 本报记者 李嫒嫒 "多数人认为，随着明年相关政策的调整，会对中国汽车市场带来影响。"桂生悦表示："政策的调整， 正是中国新能源汽车市场走向成熟的一个标志，更是进入一个更健康发展新阶段的起点。在此关键阶 段，企业的战略定力、综合底蕴等将成为决定胜负的核心。" 业绩表现有亮点 受销量增长的拉动，三家车企业绩持续向好。 今年第三季度，小鹏汽车实现营收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，2024年同期净亏损18.1亿元；毛利率为20.1%，同比提升4.8个百分点。 "第三季度，小鹏汽车的各项关键经营指标，包括销量、收入、毛利率、在手现金，再创新 ...

Core Viewpoint - The automotive industry is entering a critical phase next year, where only companies with strong profitability will survive, as stated by Geely's CEO [1] Group 1: Company Performance - XPeng Motors reported a significant revenue increase of 101.8% year-on-year to 20.38 billion yuan in Q3, with a narrowed net loss of 380 million yuan [3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, a year-on-year growth of 97.3%, and a net profit of 150 million yuan [3] - Geely's Q3 revenue reached 89.19 billion yuan, up 27% year-on-year, with a net profit of 3.82 billion yuan, reflecting a 59% increase [4] Group 2: Market Outlook - All three companies expressed optimism about the market outlook despite the upcoming reduction in new energy vehicle purchase tax incentives [1] - Geely's CEO indicated that 2026 will be a pivotal year for the company's exports, with expectations that new energy vehicles will account for 45%-50% of overseas sales by 2027 [5] Group 3: International Expansion - XPeng Motors has delivered 29,700 vehicles overseas from January to September, marking a year-on-year growth of over 125% [6] - Li Auto's overseas sales are projected to reach between 100,000 to 150,000 units next year [7] - XPeng plans to launch three new models for international markets in 2026, including a highly anticipated compact SUV [6]