Investment Value Assessment Report on XPeng HT's Hong Kong IPO

Based on the comprehensive data collected above, I now provide you with an

.

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XPeng HT is the

, invested in and incubated by XPeng Inc. (XPEV) in 2020, and officially registered in December 2020. With the vision of “a global leader in low-altitude product creation”, the company is committed to developing safe, intelligent low-altitude travel products such as flying cars [1].

• Filing Status
  : Submitted a confidential IPO application to the Hong Kong Stock Exchange [1]
• Underwriters
  : Appointed
  JPMorgan Chase and Morgan Stanley
  as joint global coordinators/joint bookrunners [1][2]
• Expected Timeline
  : May list on the Hong Kong Stock Exchange as early as
  2025
  [1]

Financing Round	Time	Amount	Valuation	Investors
Series A	October 2021	Over US$500 million	Pre-money valuation over US$1 billion	IDG Capital, 5Y Capital, XPeng Inc. (XPEV), Sequoia China, etc.
Series A Extension	June 2022	-	Approximately RMB10 billion	Starflight Capital
Series B1	August 2024	US$150 million	Post-money valuation over US$1.9 billion	State-owned enterprises such as Guangzhou Development Zone Holdings and Guangzhou Financial Holdings
Series B	July 2025	US$250 million	Approximately RMB11 billion (post-Series B1)	Multiple investors

According to the 2024 Hurun Global Unicorn Index, XPeng HT was selected with an enterprise valuation of

[3].

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As a core component of the low-altitude economy, the flying car industry is at the critical point of an industry boom:

Time Node	Market Size Forecast	Data Source
2025	US$30.5 billion (Global)	Huajing Industry Research Institute
2030	US$300 billion (Global)	Forecast by multiple institutions
2035	RMB6 trillion (China’s Low-altitude Economy)	National 14th Five-Year Plan
2040	US$1 trillion (Forecast by Morgan Stanley)	Morgan Stanley

• By 2025, 3,000 “flying cars” will be used globally for air taxis, airport shuttles and intercity flight services
• This number will reach
  98,000 units
  by 2050 [4]

According to the development roadmap proposed by Deloitte [5]:

Phase 1 (2020-2025): Prototype testing and verification → Commercial operation of cargo eVTOLs
    ↓
Phase 2 (2025-2030): Cargo service paves the way → Commercialization of manned passenger eVTOLs
    ↓
Phase 3 (After 2030): Commercial operation of unmanned eVTOLs

• According to the “National Master Plan for Multimodal Transportation Network”, by 2035:
  • Commercial and industrial drones are expected to reach
    26 million units
  • The number of drone pilots will increase to
    630,000
    [4]

Company	Country	Product Type	Progress	Valuation/Market Capitalization
XPeng HT	China	Split-body flying car “Land Aircraft Carrier”	Mass production expected in 2026	~US$1.9 billion (post-Series B1)
EHang Holdings (NASDAQ:EH)	China	EH216 series unmanned aircraft	Obtained airworthiness certificate, in commercial operation	~RMB10 billion
Joby Aviation	United States	5-seater eVTOL air taxi	Commercialization target in 2025	~US$5 billion
Archer Aviation	United States	4-seater electric flying taxi	Prototype test flight completed	~US$3 billion

If XPeng HT’s IPO is successful, it will become the [1].

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: The world’s first mass-produced split-body flying car, adopting a split design of “ground module + flight module” [1].

Parameter	Specification
Designed Range	Over 500 km
Cruise Speed	Over 360 km/h
Flight Module Range	Over 200 km
Product Pricing	Controlled within RMB2 million
Order Volume	Approximately 7,000 units worldwide

• Guangzhou Flying Car Manufacturing Base: Construction area of approximately 120,000 square meters
• Planned Annual Capacity:
  10,000 units
  (10,000-unit scale)
• Initial Annual Capacity: 5,000 units
• At Full Capacity:
  One flight module rolls off the production line every 30 minutes
  [1]

1. Full-stack self-development of four core technologies
   :
   • Flight control system
   • Three-electric system (battery, motor, electronic control)
   • Whole aircraft design
   • Avionics system

2. Progress in Airworthiness Certification
   :
   • March 2025: Civil Aviation Administration of China (CAAC) released a draft of special airworthiness conditions for public comment
   • Expected to obtain airworthiness certificate in the
     second half of 2025
     [6]
   • May 2025: Application for Production Certificate (PC) accepted by CAAC Southern Regional Administration

3. “Executives First Flight Program”
   : XPeng HT’s management team must accumulate a flight mileage of over
   5,000 km
   to personally verify flight safety [1]

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XPeng Inc. released its strongest financial report in history on March 18, 2025 [7][8]:

Indicator	Q4 2024	YoY Change	QoQ Change
Total Deliveries	91,507 units	+52.1%	+96.7%
Total Revenue	RMB16.11 billion	+23.4%	+59.4%
Automotive Sales Revenue	RMB14.67 billion	+20.0%	+66.8%
Automotive Gross Profit Margin	10.0%	+5.9 ppts	+1.4 ppts
Consolidated Gross Profit Margin	14.4%	+8.2 ppts	-0.9 ppts
Net Loss	RMB1.33 billion	Narrowed by 1.5%	Significantly narrowed by 26.5%

• Full-Year Total Revenue:
  RMB40.87 billion
  , YoY +33.2%
• Full-Year Gross Profit Margin:
  14.3%
  , YoY +12.8 percentage points
• Full-Year Deliveries:
  190,068 units
  , YoY +34.2%

Financial Indicator	Figure	Evaluation
Cash and Cash Equivalents	RMB41.96 billion (US$5.75 billion)	Abundant
Quarterly Net Cash Increase	Over RMB6 billion	Good
Sales Network	690 stores , covering 226 cities	Continuous expansion
Charging Network	1,920 charging stations , 928 of which are S4/S5 ultra-fast charging stations	Rapid growth

• Closing Price
  : $20.02
• Change
  : -2.44%
• 52-Week Range
  : $11.61 - $28.23
• Market Capitalization
  : US$19.02 billion

Indicator	Figure	Signal
MACD	No crossover	Neutral bullish
KDJ	K:33.3, D:41.8, J:16.4	Neutral bearish
RSI	Normal range	Neutral
Beta	1.13	Slightly higher than market volatility
Trend Judgment	Sideways consolidation	Range [$19.58, $20.46]

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• Strong policy support: The low-altitude economy has been listed as a
  national strategic emerging industry
  , and was written into the government work report for the first time in 2024
• Imminent technological breakthrough: Expected to obtain airworthiness certificate in the second half of 2025, with large-scale mass production in 2026
• Huge market size: Global market will reach US$300 billion by 2030

• The largest flying car company in Asia
• Full-stack self-development of four core technologies
• The world’s largest order volume of 7,000 units
• Backed by Guangzhou state-owned assets, with abundant industrial resources

• Continuous growth in delivery volume, breaking the 90,000-unit milestone in Q4
• Continuous improvement in gross profit margin, growing for 6 consecutive quarters
• Sufficient cash reserves to support the development of subsidiaries
• Strategic cooperation with Volkswagen, with significant expansion of charging network

• Primary market forecast: Based on annual production of 10,000 units and unit price of RMB2 million, the single product can contribute
  RMB20 billion in revenue
• Benchmarking Joby Aviation’s 12x P/S, the theoretical market capitalization can reach
  RMB240 billion
  [6]

Risk Type	Details	Risk Level
Technical Risk	Battery technology bottlenecks, limited improvement in range/payload	Medium-High
Regulatory Risk	Uncertainty in the timeline for obtaining airworthiness certificates	Medium
Market Risk	C-end user acceptance needs to be cultivated	Medium-High
Competitive Risk	Geely, GAC, FAW and other enterprises have entered the market	Medium
Valuation Risk	Current valuation is relatively high, with insufficient performance support in the early stage of commercialization	High
Policy Risk	Changes in low-altitude airspace management policies	Medium

Valuation Method	Valuation Range	Notes
Primary Market Post-Series B1 Valuation	~US$1.9 billion	Current round
Optimistic Scenario (Benchmarking Joby)	RMB240 billion	Theoretical market capitalization
Price-to-Sales Ratio (P/S=12x)	RMB240 billion	Theoretical upper limit
Conservative Scenario	RMB30-50 billion	Considering commercialization progress

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• XPeng HT’s IPO is expected to unlock the subsidiary’s value and drive the re-rating of the parent company’s valuation
• The flying car business provides a new growth engine, enhancing the market’s recognition of XPeng’s AI technical capabilities

• The “Land Aircraft Carrier” enhances XPeng’s technology brand image
• Deepened cooperation with Volkswagen, enhancing market confidence

• XPeng’s technologies in three-electric systems, intelligent driving, etc. can empower flying cars
• Synergies are generated in production and supply chain systems

• XPeng’s shareholding ratio may decline after the IPO
• The tilt of resources to the flying car business may affect the investment in the main automotive business

Impact Dimension	Judgment
Short-term (within 1 year)	Positive: IPO expectations boost investment enthusiasm for the parent company
Medium-term (1-3 years)	Mostly positive: If commercialization is successful, it will become a new growth driver
Long-term (3-5 years)	Depends on the development of the flying car business

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1. Industry Level
   : The flying car industry is in the early growth stage with strong policy support, but the business model has not been fully verified
2. Company Level
   : XPeng HT is technologically advanced with sufficient orders, but mass production and commercialization still need time to be tested
3. Valuation Level
   : The current valuation is relatively high, requiring continuous milestone achievement for support

Time Node	Key Event
Second half of 2025	Progress in obtaining airworthiness certificates
Q4 2025	Completion of mass production plant
2026	Mass production and delivery of “Land Aircraft Carrier”
2026-2027	Verification of commercial operation data

• Attention
  : The parent company’s fundamentals continue to improve, with attractive valuation
• Risk Warning
  : Stock price volatility is high, need to pay attention to the progress of airworthiness certificates

• Recommendation
  : After the prospectus is disclosed, conduct a detailed assessment of business data and financial models
• Key Focus Areas
  : Fund-raising purposes, valuation pricing, cornerstone investor lineup

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XPeng HT’s Hong Kong IPO is an

. From the perspective of investment value:

1. Track Value
   : The flying car industry is in a critical breakthrough period from 0 to 1, with huge market space
2. Company Competitiveness
   : XPeng HT is in a leading position in technology, products, orders, capacity, etc.
3. Risk Warning
   : Faces multiple challenges such as technical verification, regulatory approval, and market cultivation in the early stage of commercialization
4. Valuation Consideration
   : The current valuation expectation is relatively high, and investment needs to pay attention to the subsequent milestone achievement

: XPeng HT represents the . If its IPO is successful, it will provide investors with a window to participate in the historic opportunity of the low-altitude economy, but the uncertainties in the commercialization process need to be carefully evaluated.

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[1] Sina Finance - XPeng HT submits confidential Hong Kong IPO application (https://finance.sina.cn/stock/xg/xgzx/2026-01-12/detail-inhfzqaw0068876.d.html)

[2] IT Home - XPeng HT’s flying car prepares for Hong Kong IPO (https://m.ithome.com/html/912488.htm)

[3] Sina Finance - XPeng HT considers listing in Hong Kong or US, current valuation is RMB11 billion (https://finance.sina.com.cn/tech/roll/2025-06-04/doc-ineywnhi0534408.shtml)

[4] Qianzhan.com - He Xiaopeng: Flying cars are expected to reach 20% of the commercial scale of automobiles in the next 20 years (https://t.qianzhan.com/caijing/detail/250416-de206cd0.html)

[5] 9fzt.com - Revisiting flying cars: Policy positioning of strategic emerging industry in the first year of commercialization (https://www.9fzt.com/common/dc835a66e256f735c96b6cce39bac107.html)

[6] 36Kr - RMB240 billion valuation: Has XPeng’s flying car valuation risen so high? (https://m.36kr.com/p/3253430671109892)

[7] XPeng Official Website - XPeng releases its strongest financial report in history (https://www.xiaopeng.com/news/company_news/5453.html)

[8] HKEX Announcement - XPeng Inc. Unaudited Financial Results for the Fourth Quarter and Full Year of 2024 (https://www.hkexnews.hk/listedco/listconews/sehk/2025/0318/2025031801190_c.pdf)

[9] Securities Times - Another huge financing in the flying car field (https://www.stcn.com/article/detail/2594927.html)

[0] Jinling API Data - Real-time quotation and technical analysis of XPeng Inc. (XPEV)