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 ...

Core Viewpoint - The article discusses the impact of Moore's Law on the smart electric vehicle industry, highlighting the rapid increase in chip computing power and the decline in prices, which has led to the widespread adoption of advanced features like lidar and air suspension. This creates a dilemma for automakers in balancing the needs of existing car owners with the demands of new users as technology evolves rapidly [1]. Group 1: Technological Advancements - The rise of computing power in chips has significantly enhanced the capabilities of smart electric vehicles, allowing for more advanced features at lower costs [1]. - The latest flagship cockpit chip, Qualcomm 8295P, has an AI computing power of 60 TOPS, which is 7.5 times that of the previous generation 8155, enabling support for multiple 4K displays [7]. - The evolution of driver assistance systems has shifted from rule-based to data-driven models, requiring significantly higher chip computing power, as seen with the latest Nvidia Thor-U chip, which boasts 700 TOPS [8][12]. Group 2: Challenges for Existing Owners - Existing car owners face the challenge of feeling left behind as new models offer better features at lower prices, leading to dissatisfaction and a sense of being "backstabbed" [1]. - The difficulty of upgrading existing vehicles' hardware and software is compounded by the need for extensive testing and validation, making it a costly and time-consuming process [11][24]. - Upgrading driver assistance systems is particularly complex due to safety requirements and the need for new hardware, which can involve replacing numerous components [12][23]. Group 3: Case Study of Zeekr - Zeekr's recent crowdfunding initiative for upgrading the smart driving system of older models illustrates a proactive approach to addressing the concerns of existing owners [26]. - The upgrade from Mobileye's EyeQ5H chip to Zeekr's self-developed Thor-U chip represents a significant leap in capabilities, enhancing the driving experience from "usable" to "good" [27]. - The crowdfunding project is seen as a strategic move by Zeekr to maintain user trust and demonstrate commitment to customer satisfaction, despite the high costs involved [32][37].

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。 ...

证券研究报告 | 季报点评 gszqdatemark 2025 11 19 年 月 日 小鹏汽车-W（09868.HK） 看好强势产品周期，物理 AI 商业化推进中 25Q3 主业盈利承压，技术合作超预期。公司 Q3 交付 11.6 万辆汽车，同比大增 149%，带动收入同比增长 102% 至 203.8 亿元。其中，汽车销售收入/服务及其他销售收入分别为 181/23 亿元，同比增长 105%/78%。服务及其 他收入增长主要系：1）售后服务收入增长；2）向汽车 OEM 提供的技术研发服务收入增长，根据协议，Q3 已成 功达成若干里程碑。盈利性方面，公司 Q3 整体实现了 20.1%的毛利率，同比/环比分别提升 4.9pct/2.8pct。其 中，汽车销售/服务及其他毛利率分别为 13.1%/74.6%。汽车毛利率环比下降 1.2pct，主要是由于 1）低毛利率 的 Mona M03 销售占比提升，2）产品换代。公司 Q3 研发/销管费用分别为 24.3/24.9 亿元，同比和环比均有所 增加，主要是由于扩充产品组合、与新车型及技术开发相关的开支增加、销量上升带动特许经营店支付的佣金增 加、营销及广告开支增 ...

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]