Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for XPeng Motors (09868), highlighting the commencement of a new vehicle cycle, exceeding expectations in external collaborations and internal reforms, significantly enhancing profitability, and 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 [2] - 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 [2] Sales Structure and Margin Analysis - The launch of the XPeng G7 in Q3 2025 accounted for 13% of total sales; however, the sales proportion of G6, G9, and X9 declined due to a wait-and-see attitude before the launch of the extended-range platform, leading to a slight decrease in automotive gross margin [3] - The collaboration with Volkswagen resulted in service and other income of 2.33 billion, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%, significantly boosting overall gross margin [3] - The delivery guidance for Q4 is set at 125,000 to 132,000 units, indicating a potential return to profitability in a single quarter [3] Expansion of User Base - The MONA M03 and P7+ models are expected to increase 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 [4] - The X9 extended-range version is set to launch at the Guangzhou Auto Show, with anticipated significant sales growth in Q4, and future models will be equipped with extended-range systems to drive sales expansion [4] 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 [5] - The seventh-generation humanoid robot focuses on full-stack self-research and cross-domain integration, with plans for orderly mass production in the coming months, aiming for a sales price close to that of cars [5] - The introduction of a highly economical L4 fully shared robotaxi model is expected to have competitive commercial logic, enhancing the company's transformation into an AI enterprise with significant monetization potential [5]

NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of DexCom, Inc. (NASDAQ: DXCM). Shareholders who purchased shares of DXCM during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/dexcom-inc-loss-submission-form-2/?id=178599&from=3 CLASS PERIOD: January 8, 2024 to ...

Accessibility StatementSkip Navigation Shareholders who purchased shares of DXCM during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: CONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email: [email protected] Phone: (646) 453-8903 NEW YORK, Nov. 24, 2025 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders ...

Core Viewpoint - The company reported significant revenue growth in Q3 2025, with total revenue reaching 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] Financial Performance - The company achieved a gross margin of 20.1%, which is a quarter-on-quarter increase of 2.8 percentage points [1] - The net loss narrowed to 380 million yuan, a year-on-year improvement of 1.43 billion yuan, while the Non-GAAP net loss was 150 million yuan, a year-on-year reduction of 1.38 billion yuan [1] Automotive Business - The total delivery volume for Q3 2025 reached a record high of 116,000 vehicles, representing a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1] - The revenue from the automotive business was 18.05 billion yuan, a year-on-year increase of 105.3% and a quarter-on-quarter increase of 6.9% [1] - The average revenue per vehicle was 176,000 yuan, with a quarter-on-quarter decrease of 0.8% [1] - The gross margin for the automotive business was 13.1%, a year-on-year increase of 4.5 percentage points, but a quarter-on-quarter decline of 1.2 percentage points due to product upgrades [1] Service Revenue - The service business revenue for Q3 2025 was 2.33 billion yuan, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3% [2] - The gross margin for the service business was 74.6%, with a year-on-year increase of 14.5 percentage points and a quarter-on-quarter increase of 21.1 percentage points [2] Cost Management - R&D expenses for Q3 2025 were 2.43 billion yuan, a year-on-year increase of 48.7% and a quarter-on-quarter increase of 10.1% [2] - Selling and General expenses were 2.49 billion yuan, a year-on-year increase of 52.6% and a quarter-on-quarter increase of 15.0% [2] - The company maintained a cash reserve of 48.33 billion yuan, with a quarter-on-quarter increase of 760 million yuan [2] Future Outlook - For Q4 2025, the company expects delivery volumes between 125,000 and 132,000 vehicles, representing a year-on-year growth of 36.6% to 44.3% [2] - Projected revenue for Q4 2025 is estimated to be between 21.5 billion and 23 billion yuan, a year-on-year increase of 33.5% to 42.8% [2] Strategic Developments - The company is positioned for a strong new car cycle in 2025, with multiple new models expected to enhance sales [3] - The integration of AI technology is anticipated to redefine the automotive landscape, with advancements in autonomous driving and the introduction of new AI applications [3] - Revenue projections for 2025 and 2026 are estimated at 77.3 billion and 130.2 billion yuan, respectively, with corresponding price-to-sales ratios of 1.9X and 1.1X [3]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of DexCom, Inc. regarding a class action lawsuit alleging that the company made misleading statements about its glucose monitoring products, the G6 and G7, which were not authorized by the FDA and posed health risks to users [1]. Group 1: Allegations Against DexCom - The lawsuit claims that DexCom made unauthorized design changes to the G6 and G7 glucose monitoring devices, which rendered them less reliable than previous versions [1]. - It is alleged that the enhancements to the G7's reliability, accuracy, and functionality were overstated, and the company downplayed the severity of the issues related to the devices [1]. - The complaint suggests that these actions increased the risk of regulatory scrutiny and potential legal, reputational, and financial harm to DexCom [1]. Group 2: Class Action Details - The class period for the lawsuit is defined as January 8, 2024, to September 17, 2025, and shareholders are encouraged to register for participation [2]. - The deadline for shareholders to seek lead plaintiff status is December 26, 2025, and there is no cost to participate in the case [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In Q3 2025, the company achieved revenue of 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%. The gross margin was 20.1%, up 2.8 percentage points from the previous quarter. The net loss was 380 million, narrowing by 1.43 billion year-on-year, while the Non-GAAP net loss was 150 million, narrowing by 1.38 billion year-on-year [2][4][8]. - The company is expected to see accelerated sales growth due to its leading smart driving capabilities, a strong new vehicle cycle, channel transformation, and enhanced marketing systems. Financial improvements are anticipated from scale increases, cost reductions from platforms and technology, and the expansion of software profitability and overseas growth [2][8]. Summary by Sections Revenue and Profitability - The company reported a total delivery volume of 116,000 vehicles in Q3 2025, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%. The automotive business revenue was 18.05 billion, up 105.3% year-on-year and 6.9% quarter-on-quarter, with a single vehicle revenue of 176,000, down 0.8% quarter-on-quarter. The automotive business gross margin was 13.1%, up 4.5 percentage points year-on-year [8]. - Service revenue reached 2.33 billion in Q3 2025, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%. The service business gross margin was 74.6%, up 14.5 percentage points year-on-year and 21.1 percentage points quarter-on-quarter [8]. Cost Management - The company’s R&D expenses were 2.43 billion, a year-on-year increase of 48.7% and a quarter-on-quarter increase of 10.1%, with an R&D expense ratio of 11.9%. Selling and general expenses were 2.49 billion, up 52.6% year-on-year and 15.0% quarter-on-quarter, with a selling and general expense ratio of 12.2% [8]. Future Outlook - For Q4 2025, the company expects delivery volumes between 125,000 and 132,000 vehicles, representing a year-on-year growth of 36.6% to 44.3%. Revenue is projected to be between 21.5 billion and 23 billion, a year-on-year increase of 33.5% to 42.8% [8]. - The company is positioned for a strong new vehicle cycle with multiple new models expected to enhance sales. The advancements in AI technology and smart driving capabilities are anticipated to create a significant competitive advantage, with revenue projections of 77.3 billion and 130.2 billion for 2025 and 2026, respectively [8].

Core Viewpoint - Goldman Sachs reports that XPeng Motors (09868, XPEV.US) met expectations for Q3 performance, but the revenue guidance for Q4 is expected to fall short due to slowing sales growth and increased market competition, leading to a 10% drop in stock price post-earnings announcement [1] Group 1: Financial Performance - XPeng's Q3 performance aligns with expectations, but Q4 revenue guidance is expected to be lower due to sales growth slowdown and intensified competition [1] - After extending the discounted cash flow (DCF) valuation by one year, XPeng's 12-month target price for US shares increased from $24 to $25, and the target price for Hong Kong shares rose from HKD 94 to HKD 96, maintaining a "Buy" rating [1] Group 2: Future Outlook - Despite short-term sales momentum being relatively mild and limited new model releases, XPeng is expected to outperform peers in seasonal performance in Q1 next year, with the launch of three range-extended electric vehicle models (G6, G7, P7+) [1] - Management's comments on pre-order data for the X9 range-extended electric vehicle suggest that orders for these models may be three times higher than for pure electric vehicles [1] - For the full year next year, XPeng is projected to achieve a 40% revenue growth driven by strong new model development and sustainable income contributions from Volkswagen, with economies of scale and ongoing cost reductions expected to enhance gross margins [1] Group 3: Profitability Adjustments - Following Q3 results, Goldman Sachs revised XPeng's profit forecasts for 2025 to 2027, adjusting expected losses and profits due to higher new business R&D expenses [2] - The forecast for operating capital changes was adjusted upwards, reflecting a decrease in accounts payable days [2]

Core Viewpoint - Goldman Sachs reports that XPeng Motors' Q3 performance meets expectations, but the revenue guidance for Q4 is likely to fall short due to slowing sales growth and increased market competition [1] Group 1: Q3 Performance and Q4 Outlook - XPeng's Q3 results align with market expectations, but the guidance for Q4 indicates potential underperformance [1] - The anticipated slowdown in sales growth and heightened competition are key factors affecting the Q4 revenue outlook [1] Group 2: Future Projections - For Q1 of next year, XPeng is expected to outperform peers due to the launch of three new models (G6, G7, P7+) in their extended range electric vehicle versions [1] - Management comments on pre-order data for the X9 extended range electric vehicle suggest that orders may be three times higher than for pure electric vehicles [1] Group 3: Annual Forecast and Financial Metrics - Goldman Sachs forecasts a 40% revenue growth for XPeng in the coming year, driven by a strong pipeline of new models and sustainable revenue contributions from Volkswagen [1] - Economies of scale and ongoing cost reductions are expected to enhance gross margins, while continued R&D investment and improved accounts payable turnover days will lead to a net profit of 2.2 billion under GAAP, marking the first year of breakeven [1] - The 12-month price target for XPeng's US stock is raised from $24 to $25, and the Hong Kong stock target is increased from HKD 94 to HKD 96, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article indicates that while XPeng Motors' Q3 performance met expectations, the Q4 revenue guidance is expected to fall short due to slowing sales growth and increased market competition, leading to a 10% drop in stock price post-earnings announcement [1] - Goldman Sachs raised XPeng's 12-month target price for US shares from $24 to $25 and for Hong Kong shares from HKD 94 to HKD 96, maintaining a "Buy" rating [1] - Despite short-term sales momentum being moderate and limited new model releases, XPeng is expected to outperform peers in Q1 next year due to the launch of three extended-range electric vehicle models, with orders for these models potentially three times higher than for pure electric vehicles [1] Group 2 - Following the Q3 results, Goldman Sachs revised XPeng's profit forecasts for 2025 to 2027, adjusting expected losses and profits due to higher R&D expenses, with losses projected at RMB 800 million and profits at RMB 2.8 billion and RMB 3.3 billion respectively [2] - The forecast for changes in working capital was also adjusted, with projections for accounts payable increasing due to a reduction in payable days [2]

Summary of XPeng Inc. Conference Call Company Overview - **Company**: XPeng Inc. (XPEV/9868.HK) - **Industry**: Electric Vehicles (EVs) Key Points 1. Financial Performance and Guidance - XPeng's share price declined by 10% following a 3Q25 result that was in line with expectations but provided below-expectation revenue guidance for 4Q25E, projecting a revenue growth slowdown from 149% year-over-year (YoY) in 3Q25 to 41% in 4Q25E due to increased competition in the market [1][2] - For the full year 2026E, XPeng anticipates a revenue growth of 40%, driven by the launch of 7 new models and collaboration with Volkswagen (VW) [2][6] - The company expects to achieve a GAAP net income of Rmb2.2 billion in 2026E, marking its first full-year break-even with a margin of 2.0% [2][6] 2. New Model Launches - XPeng plans to launch three EREV versions of existing models (G6/G7/P7+) and four new dual-energy models in 2026, including two MONA SUVs [6][9] - The X9 EREV model is set for an official launch on November 20, with pre-sales orders reportedly three times higher than the BEV version [6][9] 3. Collaboration with Volkswagen - XPeng's collaboration with VW is expanding, with technical R&D services expected to contribute to sustainable revenue levels [7][9] - The Turing AI SoC, which has significantly enhanced capabilities, has secured design wins from VW for two B-segment vehicles [7][9] 4. Gross Margin and Cost Management - XPeng reported a total gross margin of 20.1% in 3Q25, an increase of 4.9 percentage points YoY, attributed to higher service revenue from VW [7][9] - The vehicle gross margin was reported at 13.1%, with management expecting stable company-level gross profit margin around 20% in 4Q25E [7][9] 5. Research and Development (R&D) Investments - R&D expenses are projected to increase to Rmb11 billion in 2026E, reflecting ongoing investments in new technologies, including autonomous driving and humanoid robots [2][6] - Management maintains a 2025 full-year R&D expense guidance of Rmb9 billion [7][9] 6. Overseas Expansion - XPeng's overseas sales volume reached 11,000 units in 3Q25, a 54% YoY increase, with local production facilities established in Indonesia and Austria [6][9] - The company expects overseas volume growth to outpace domestic sales in 2026E [6][9] 7. Balance Sheet and Cash Flow - XPeng ended 3Q25 with Rmb29 billion in net cash, with improvements in working capital conditions noted [10][9] - The company has seen a reduction in receivable days from 22 days in 2024 to 10 days in 2025, which is expected to remain stable in 2026E [2][10] 8. Investment Thesis - XPeng is recognized as one of the fastest-growing pure EV makers in China, with a focus on intelligent vehicle features and a significant increase in new model launches [9][11] - The company is currently trading in line with its historical average forward price-to-sales multiple, which is considered attractive given its growth trajectory [11][12] 9. Price Target and Risks - The 12-month price target for XPeng is set at US$25 for ADR and HK$96 for H shares, with an upside potential of approximately 11% [8][12] - Risks include lower-than-expected sales volume, increased price competition, and weaker market demand [12][12] Conclusion XPeng Inc. is positioned for significant growth in the EV market with a robust pipeline of new models and strategic collaborations, particularly with Volkswagen. The company's focus on R&D and overseas expansion, coupled with improving financial metrics, supports a positive investment outlook despite potential market risks.