Xpeng Inc.-W (09868.HK) Hot Stock Analysis: 2025 Q3 Growth, Strategic Transformation, and Market Volatility

This analysis is based on the Hong Kong stock popularity list information of Xpeng Inc.-W (09868.HK) released by the East Money App Hot List (Tushare dc_hot) [0]. The core of the event is that Xpeng has recently become a focus in Hong Kong stocks, driven by factors including strong Q3 financial performance, frequent strategic transformations, and significant stock price volatility. Key findings: Q3 revenue and delivery volume hit all-time highs, with gross margin rising to 20.1%; the company is transforming from a pure electric vehicle manufacturer to a ‘Physical AI’ enterprise, planning to launch Robotaxi services in 2026; the stock price surged sharply in the short term then corrected, with market capitalization once exceeding HK$200 billion. Main impacts: Market discussions on valuation benchmarking against Tesla have heated up, and the industry competition pattern may change [6,7].

Xpeng’s Q3 2025 revenue reached RMB 20.38 billion, a year-over-year increase of 101.8%, with delivery volume of 116,007 units, up 149% year-over-year [1,3]. Gross margin rose to 20.1%, a record high, and cash reserves reached RMB 48.33 billion [0]. Although net loss was RMB 380 million, the loss margin narrowed, and the company targets to achieve break-even in Q4 [1,9]. Q4 delivery guidance is locked at 125,000 to 132,000 units, showing confidence in future sales [10].

Xpeng launched the X9 Super Extended-Range Version model, marking its expansion from pure electric to extended-range technology [0]. At the same time, it is developing four major applications of ‘Physical AI’: second-generation VLA large model, IRON humanoid robot, Robotaxi, and intelligent cockpit upgrade [0,9]. It plans to launch four new models (including pure electric and extended-range versions) in 2026, targeting 1 million robot sales by 2030 [0].

Since August 2024, Xpeng’s stock price has risen by more than 285% at maximum, and its market capitalization once reached HK$180 billion, a new high in nearly three years [7]. On November 11, 2025, the stock price surged nearly 18%, with market capitalization reaching HK$202.2 billion, surpassing Geely Auto, triggering discussions on valuation benchmarking against Tesla [6]. However, on November 18, due to adjusted performance expectations, the stock price plummeted by 10.47%, and market capitalization fell back to HK$164.1 billion [0,6].

Xpeng’s transformation reflects the deep integration of intelligent electric vehicles with AI and robot technologies. Its ‘Physical AI’ layout not only expands business boundaries but also changes the market’s valuation logic—shifting from traditional automaker to tech enterprise [6,9].

Significant stock price volatility indicates market divergence on the prospects of transformation: some investors are optimistic about the potential of new businesses, while others are concerned about the profitability timeline and competitive pressure [0,6]. Gross margin has exceeded that of some traditional automakers, indicating improved cost control capabilities, but there is still a gap with leading enterprises like Tesla [8].

If Xpeng’s Robotaxi plan succeeds, it will promote the commercialization of autonomous driving in China and may trigger other enterprises in the industry to accelerate布局 in related fields [9]. The launch of extended-range technology will intensify segmented competition in the new energy vehicle market [0].

• Profitability Risk
  : Although the loss has narrowed, profitability has not yet been achieved, and the Q4 break-even target faces challenges from market demand fluctuations [1,9].
• Stock Price Volatility Risk
  : Significant short-term stock price fluctuations require investors to pay attention to liquidity risks caused by changes in market sentiment [0,6].
• Competitive Risk
  : The new energy vehicle and AI fields are highly competitive; new business layout needs to face competition from enterprises like Tesla and Baidu [5,7].

• New Business Potential
  : New businesses like Robotaxi and humanoid robots provide growth points for long-term growth; if commercialization is successful, valuation space is expected to further expand [9,10].
• Market Share Growth
  : Sustained growth in delivery volume is expected to consolidate its position in the new energy vehicle market [0,3].

##5. Key Information Summary
Xpeng’s Q3 2025 performance was strong, with revenue, delivery volume, and gross margin all hitting record highs, and frequent strategic transformation moves. Financial conditions continue to improve, but profitability challenges remain; new business layout provides potential for long-term growth, but needs to face competition and market sentiment volatility risks. Investors should pay attention to the achievement of the Q4 break-even target and the progress of new businesses to evaluate long-term investment value [0,1,9,10].