Core Viewpoint - XPeng's 3Q25 total revenue increased by 11.5% QoQ to RMB20.4 billion, but the revenue structure showed mixed results with vehicle sales underperforming due to a decline in average selling price (ASP) while service revenue surged, driven by technological services from Volkswagen [1][2][3] Revenue Performance - Total revenue for 3Q25 reached RMB20.4 billion, reflecting an 11.5% QoQ growth, aligning with estimates, but vehicle sales only grew by 6.9% QoQ, missing projections due to a significant drop in blended ASP [2] - Services and other revenue nearly doubled QoQ to RMB2.33 billion, exceeding expectations due to milestone payments from Volkswagen [2] Margin Analysis - Vehicle margin decreased by 0.8 percentage points QoQ to 13.1%, slightly below estimates, attributed to weaker demand for key launches and early-stage deliveries of new models [3] - Blended gross margin improved by 2.8 percentage points QoQ to 20.1%, driven by high-margin service revenue, which accounted for 42% of gross profit [3] Delivery Guidance - 4Q25 delivery guidance is set at 125,000-132,000 units, indicating a potential pullback in November deliveries due to softer end-user demand and delays in new models [4] - For 2026, XPeng plans to launch three super EREV products and four new dual-powertrain models, aiming to capture niche demand trends [4] AI and Technological Advancements - At the 2025 AI Tech Day, XPeng introduced its AI blueprint, including next-gen AI models and robotaxi capabilities, positioning itself as a leader in AI-driven mobility [5] - Plans for three Robotaxi models and mass production of humanoid robots by the end of 2026 were announced, indicating ambitious expansion into AI-driven sectors [5] Valuation Adjustments - Revenue forecasts for 2025-26 have been revised down by 6-7% to RMB77.2 billion and RMB110.3 billion, respectively, reflecting weaker delivery guidance and ASP erosion [6] - Despite recent AI advancements, it is deemed premature to shift valuation methodologies due to the early stage of these initiatives [6][7]

证券研究报告 | 行业简评报告 2025 年 11 月 10 日 特斯拉股权激励方案落地，马斯克将全力推进机器人业务 人形机器人周报 202511110 中游制造/机械 重要事件： 具身智能方面：（1）马斯克薪酬方案于 11 月 6 日通过，未来将全力推进特斯 拉机器人相关业务落地；（2）小鹏汽车于 11 月 5 日发布第七代 IRON 人形机 器人；（3）近日蓝思科技与越疆机器人达成战略合作，并向对方分别下达 1000 台机器人、10000 台机器狗采购订单；（4）优必选再获 1.6 亿人形机器人订单， 全年已获 7.9 亿订单，其人形机器人 Walker S2 亮相全运会开幕式；（5）银河 通用联合北大、阿德莱德大学、浙大等团队，于 11 月 5 日推出了全球首个跨本 体全域环视的导航基座大模型；（6）字节发力人形机器人领域，发布岗位月薪 可达 12 万；（7）云深处完成股改，或将启动 IPO；（8）雷迪克 1.6 亿元收购 傲意科技，攻坚"灵巧手"。 周度简评： 相关标的： （1）关注物流装备相关标的： 杭叉集团、中力股份、安徽合力、井松智能 （2）关注 T 链相关标的： Tier 1：三花智控（家电组 ...

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry [7]. Core Insights - The humanoid robotics concept index experienced a weekly decline of 1.86% from November 2 to November 7, 2025, underperforming the CSI 300 index by 2.69 percentage points. However, year-to-date, the humanoid robotics index has risen by 72.20%, outperforming the CSI 300 index by 49.73 percentage points [2][12]. - Notable stock performance includes Wald's weekly increase of 25.79%, while Hengshuai shares saw a decline of 20.81% [17]. Weekly Market Review - The humanoid robotics concept index fell by 1.86% during the week, while the year-to-date performance shows a significant increase of 72.20% [12]. - Wald and Hengshuai were the top performers and underperformers, respectively, among related stocks [17]. Weekly Highlights Policy Developments - The Ministry of Industry and Information Technology supports domestic and international collaboration to advance humanoid robotics technology and product upgrades [20]. - Fujian Province announced measures to promote AI industry development, offering a one-time reward of 500,000 yuan for selected high-quality AI products [20]. Product and Technology Iteration - JD.com plans to establish the world's first unmanned delivery station by April 2026, integrating drones and autonomous delivery vehicles [21]. - Xiaopeng Motors aims to achieve mass production of its advanced humanoid robot, IRON, by the end of 2026 [21]. - Star Dynamics' humanoid robot is expected to enter mass production in 2026, with a focus on affordability for consumers [22]. Investment and Financing - Beijing Jijiashijie Technology completed a new round of financing, focusing on the development of physical AI intelligent models [24]. Key Company Announcements - Kabeiyi invested 100 million yuan to establish a wholly-owned subsidiary to accelerate the development of humanoid robot components [25]. - Baoxin Technology plans to establish a joint venture focusing on humanoid and quadruped robots [25]. - Zoomlion expects to start mass production of robots in 2026 [26]. - Hangcha Group aims to reduce the cost of logistics humanoid robots by 60%-70% within two years [26].

先在弗里蒙特建设一条年产百万台的生产线，再在得克萨斯州建设一条年产千万台线，后续也许会在火星上建 设年产 1 亿台的生产线…… 2025 年 11 月 7 日， 特斯拉年度股东大会 如期召开。首席执行官埃隆・马斯克在会上提出，特斯拉将以最 快速度提升产能，并公布了 Optimus 人形机器人的量产计划。 然而，在大家高度关注的 Optimus 量产时间这一关键问题上，马斯克却表示， 预计在 2026 年 将 推出 Optimus Gen3 的量产版本，并未就何时量产给出直接回应 。 当前，人形机器人的量产进度尤其是混动架构机型的量产情况，已成为行业关注的焦点。 以特斯拉 Optimus 为代表的 混 动架构人形机器人 ， 采用滚柱丝杠直线执行器与旋转执行器相结合的串并联 结构路线 ，可以具备与人类相媲美的动作灵活性，胜任从日常物品抓取到精密工业操作的全场景任务。此前 特斯拉公布的最新能力也显示， Optimus 已经 应用于汽车制造流程的多个环节，包括零部件搬运、分拣作业 和精细操作（如车身组装） 等 ，证明了 这一技术路线商业化落地的巨大潜力 。 ▍率先量产！ 24.8 万起售，高度适配工业场景 但由于技术 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - The strategic partnership between Jingye Intelligent and domestic full-function GPU company Moore Threads aims to advance the "AI + Embodied Intelligence" strategy, with plans to launch multiple robots equipped with domestic computing solutions based on application scenarios [3][5]. - The IRON humanoid robot showcased by Xiaopeng at the Technology Day demonstrated impressive walking capabilities, while Tesla's Optimus robot also showed significant improvements in flexibility, indicating advancements in humanoid robotics [4]. - The humanoid robot market in China is projected to reach nearly 38 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 61% from 2024 to 2030, as sales are expected to grow from approximately 4,000 units to 271,200 units [5]. Summary by Sections - **Strategic Partnerships**: Jingye Intelligent collaborates with Moore Threads to enhance AI capabilities in robotics, focusing on embodied intelligence and AI server development [3]. - **Technological Advancements**: The IRON humanoid robot and Tesla's Optimus robot showcase significant improvements in mobility and functionality, reflecting the rapid evolution in humanoid robotics [4]. - **Market Projections**: The Chinese humanoid robot market is anticipated to grow substantially, with significant increases in both market size and unit sales over the next decade [5].

【导读】小鹏汽车美股盘中一度涨超 14% ，何小鹏现场自证人形机器人内部没人 中国基金报记者 邱德坤 北京时间 11 月 6 日晚间，小鹏汽车在美股盘中一度涨超 14%，收盘涨近10% ！ 同日晚间，小鹏汽车董事长兼 CEO 何小鹏在小鹏 X9 鲲鹏超级增程技术发布会上，再次现场证明了小鹏全新一代人形机器人 IRON 的内 部没有人。 11 月 5 日下午， IRON 凭借高度拟人的外形、猫步般轻盈的步态，在 2025 小鹏科技日上一经亮相，便成为整场活动的焦点。 来源：小鹏汽车 记者在现场看到，何小鹏让工作人员剪开 IRON 左脚的覆盖件，公开展示其内部机械结构。 来源：中国基金报记者拍摄 现场证明机器人内部没有人，这在业内较为少见。何小鹏在现场一度哽咽称： " 我希望这是她最后一次证明她是她自己。 " 同时，小鹏汽车正式进入新能源汽车增程市场，推出全新一代增程技术解决方案鲲鹏超级增程，并且宣布其首款超级增程车型小鹏 X9 超级 增程开启预售。 何小鹏一天两次证明 机器人内部没人 11 月 5 日至 6 日，小鹏汽车经历了从 " 技术奇观 " 到 " 公众质疑 " ，再到 " 信任重建 " 的完整轮回。 随 ...

Core Insights - XPENG has officially launched its transformative AI technology tree strategy aimed at reshaping the future of mobility and introduced its 2025 flagship model, the XPENG X9 [1][3] Group 1: AI Technology Strategy - XPENG's AI technology tree strategy integrates three core areas: AI, energy solutions, and embodied intelligence, laying a solid foundation for a future tech ecosystem comprising smart electric vehicles, humanoid robots, and flying cars [3][5] - The company has developed a full-stack autonomous R&D system and is the first Chinese automaker to mass-produce end-to-end large AI models, with initial testing already underway in Hong Kong [5][8] Group 2: XPENG X9 Features - The 2025 XPENG X9 has undergone 496 technical upgrades, enhancing the smart MPV experience, featuring an ultra-fast 800V charging system, AI-adjusted suspension, and a redesigned cabin [3][10] - The XPENG X9 can add 405 kilometers of range in just 10 minutes of charging, with a low energy consumption of 16.2 kWh per 100 kilometers, setting a new industry benchmark [12][15] Group 3: Global Expansion and Market Position - XPENG has expanded its operations to over 30 countries and regions, becoming the best-selling high-end electric vehicle brand in Europe priced over €40,000 in 2024, and leading in domestic sales among emerging electric vehicle brands in China in Q1 2025 [16][18] - The company has built 2,110 self-operated ultra-fast charging stations and partnered with international giants like Volkswagen and bp pulse, establishing a charging network that covers 31 markets globally [18][20] Group 4: Future Vision and Innovation - XPENG's vision for the next decade positions AI as the "core engine" of future mobility, focusing on electrification and embodied AI to explore diverse transportation forms [5][20] - The company aims to redefine smart mobility standards with the XPENG X9 and is committed to making intelligent transportation more accessible and safer for global users [20]