XPeng Inc.-W (09868.HK) Popular Stock Analysis Report

XPeng Inc.-W (09868.HK), as a popular electric vehicle stock in the Hong Kong stock market’s technology sector, has seen rising market attention driven by multiple factors:

1. Strong Sales and Financial Performance
   : In Q3 2025, XPeng Inc.'s revenue reached RMB 20.38 billion, a YoY increase of 101.8%, gross margin rose to 20.1%, and net loss narrowed significantly to RMB 380 million [2].
2. Sustained Delivery Growth
   : Cumulative deliveries of smart electric vehicles from January to November reached 391,937 units, a YoY increase of 156%, with overseas deliveries reaching 39,773 units, a YoY increase of 95% [2][3].
3. Technological Innovation and AI Breakthroughs
   : The monthly active user penetration rate of the XNGP intelligent driving system for urban driving reached 84%, the VLA 2.0 pilot project is about to be launched, and the FastDriveVLA visual marker pruning framework was released at AAAI 2026, reducing computational load by 7.5 times [3][4].
4. Overseas Market Expansion
   : Progress has been made in expanding into the Qatar market, and the Malaysia manufacturing alliance has expanded global production capacity [2][5].

In terms of market performance, XPeng Inc.'s US stock (XPEV) rose by 75.58% in 2025; although it corrected by 5.01% in January, the long-term trend remains positive [0]. The Hong Kong Hang Seng Index rose by 28% in 2025, with technology, AI, and semiconductor sectors being the main drivers, and XPeng Inc. benefited from this industry trend [1].

1. Synergistic Effect of Technology and Deliveries
   : XPeng Inc.'s technological innovations (such as the XNGP intelligent driving system and AI framework) have synergized with its delivery growth, enhancing product competitiveness and market share.
2. Growth Potential of Overseas Markets
   : The rapid growth of overseas deliveries (95% YoY) shows the effectiveness of XPeng Inc.'s expansion in international markets, and overseas business may become an important growth engine in the future.
3. Dividends from Industry Trends
   : The overall rise of the technology sector in the Hong Kong stock market has provided a favorable market environment for XPeng Inc., and AI technology breakthroughs have further enhanced its investment attractiveness.

1. Valuation Risk
   : The current P/E ratio is negative; although losses have narrowed, profitability has not yet been achieved, and the recent correction may reflect market concerns about overvaluation [0].
2. Industry Competition
   : The Chinese electric vehicle market is highly competitive, facing strong competitors such as Tesla and BYD [0].
3. Policy Risk
   : Changes in government subsidy policies for electric vehicles may affect the company’s performance [0].
4. Technology Risk
   : The development of autonomous driving and AI technologies has uncertainties [0].

1. Technology Leadership Advantage
   : AI technology breakthroughs and high penetration rates of intelligent driving systems bring differentiated competitive advantages to the company.
2. Overseas Market Expansion
   : Layouts in Qatar and Malaysia expand the global production and sales network.
3. Industry Growth Trend
   : The continuous growth of the electric vehicle industry provides a broad market space for the company.
4. Analysts’ Optimism
   : 60% of analysts gave a buy rating, with a consensus target price of $34.00, representing a potential upside of 67.7% [0].

XPeng Inc.-W (09868.HK) performed strongly in 2025, with significant growth in sales, financial, and delivery data; technological innovation and overseas expansion were the main catalysts. Although facing risks such as valuation, competition, policy, and technology, the company still has certain investment attractiveness due to the industry growth trend and positive analyst evaluations. Investors should pay attention to the company’s profit progress, technology implementation status, and overseas market performance.