小鹏汽车：2025 年三季度初步点评-运营利润符合预期，2025 年四季度收入指引低于预期

18 November 2025 | 7:03AM CST Equity Research XPeng Inc. (XPEV): 3Q25 First Take: Operating profit in line, 4Q25E revenue guidance below expectation XPeng reported 3Q25 result with total revenue and operating profit in line with expectation, with higher revenue and gross margin from services and others mitigating the impact from lower vehicle sales and margin. However, 4Q25E revenue guidance was below expectation, with revenue of Rmb21.5bn-23.0bn (-17%/-16% vs.GSe/Consensus at the midpoint) and vehicle sale ...