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XPeng, Inc. Class A
(9868)
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Rating:50Neutral
Price Target:
HK$46.00
▼(-34.00% Downside)
Action:Reiterated
Date:06/12/26
The score is held back primarily by weak technicals (downtrend across moving averages and negative MACD) and continued operating losses alongside higher leverage. These are partly offset by improving fundamentals (rapid revenue growth, better margins, and positive 2025 operating/free cash flow) and an earnings call that paired strong Q2 recovery guidance with clear near-term profitability pressure.
Positive Factors
Rapid revenue scaling & margin recovery
XPeng’s rapid top‑line scale and improving gross margins reflect stronger unit economics and favorable product/mix dynamics. Sustained revenue growth with margin expansion supports operating leverage and a credible pathway to durable profitability as scale and higher‑margin SKUs take hold.
Negative Factors
Still operating loss‑making
Despite margin improvements, XPeng remained loss‑making at the operating level in 2025. Continued negative EBIT constrains return on equity and reinvestment capacity, meaning sustainable profitability depends on further scale or persistent margin gains over upcoming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue scaling & margin recovery
XPeng’s rapid top‑line scale and improving gross margins reflect stronger unit economics and favorable product/mix dynamics. Sustained revenue growth with margin expansion supports operating leverage and a credible pathway to durable profitability as scale and higher‑margin SKUs take hold.
Read all positive factors
XPeng, Inc. Class A (9868) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$87.17B
Dividend YieldN/A
Average Volume (3M)15.59M
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth50.00%
EPS Growth54.46%
CountryHK
Employees15,364
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-2.26
Shares Outstanding1,567,388,500
10 Day Avg. Volume13,798,139
30 Day Avg. Volume15,593,674
Financial Highlights & Ratios
PEG Ratio1.52
Price to Book (P/B)4.47
Price to Sales (P/S)1.82
P/FCF Ratio27.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$91.21Price Target Upside30.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)-1.03
Revenue Forecast (FY)HK$108.54B
XPeng, Inc. Class A Business Overview & Revenue Model
Company Description
XPeng Inc. is a Chinese corporation specializing in the engineering, production, and distribution of intelligent electric vehicles across the People's Republic of China. Their automotive lineup includes SUV models like the G3 and G3i, the P7, a sl...
How the Company Makes Money
XPeng primarily makes money by selling smart battery electric vehicles to customers, with revenue recognized from vehicle sales (including the vehicle and associated components delivered with it). In addition, it earns revenue from (i) services an...
XPeng, Inc. Class A Earnings Call Summary
Earnings Call Date:May 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: near-term financials were weak with significant QoQ revenue declines, a widened net loss and cost pressures, but the company articulated strong strategic progress — new product launches (GX, Turing SoC rollout), rising ADAS penetration, accelerating international expansion, and ambitious robotaxi/humanoid roadmaps with sizable R&D investment. Management provided confident Q2 guidance (large QoQ recovery in deliveries and revenue) and highlighted an improving YoY margin profile and a healthy cash balance. Given the combination of pronounced near-term headwinds and meaningful medium- to long-term strategic catalysts, the tone is balanced.Positive Updates
Strong Q2 Delivery and Revenue Guidance
Management guided Q2 2026 deliveries of 100,000 to 106,000 units (up 59.5% to 69.1% QoQ) and revenue of RMB 19.6 billion to RMB 20.8 billion (up 50.4% to 59.6% QoQ), signaling expected sharp sequential recovery.
Negative Updates
Significant Revenue Decline in Q1
Total revenue for Q1 2026 was RMB 13.03 billion, down 17.6% YoY and down 41.4% QoQ, driven primarily by lower vehicle deliveries (Q1 deliveries 62,680 vehicles).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q2 Delivery and Revenue Guidance
Management guided Q2 2026 deliveries of 100,000 to 106,000 units (up 59.5% to 69.1% QoQ) and revenue of RMB 19.6 billion to RMB 20.8 billion (up 50.4% to 59.6% QoQ), signaling expected sharp sequential recovery.
Read all positive updates
Company Guidance
XPeng guided Q2 2026 deliveries of 100,000 to 106,000 units (up 59.5%–69.1% QoQ) and revenue of RMB 19.6 billion to RMB 20.8 billion (up 50.4%–59.6% QoQ), after reporting Q1 deliveries of 62,680, total Q1 revenue of RMB 13.03 billion (vehicle sales RMB 11.0 billion; services and others RMB 2.03 billion), Q1 gross margin 20.6% (vehicle margin 12.1%), R&D spend of RMB 2.91 billion (up 46.8% YoY), SG&A of RMB 1.88 billion (down 3.2% YoY), operating loss RMB 1.87 billion, net loss RMB 1.78 billion and cash of RMB 42.09 billion as of March 31; management expects Q2 gross margin to be roughly flat with Q1, ADAS mileage penetration on VLA 2.0 vehicles exceeded 50% in April, international monthly deliveries surpassed 6,000 in April with international revenue expected to exceed 20% beginning in Q2 and a target of sustained monthly overseas deliveries over 10,000 in Q4 and to more than double full‑year overseas deliveries, while product milestones include GX initial orders with the ultra flagship (priced above RMB 350,000) representing >80% of orders, Mona M3 customers selecting MAX/Ultra SE >85% of the time, a Q3 software/model upgrade planned to raise performance, and plans for robotaxi and humanoid mass production ramping toward year‑end (commercial customer deliveries in 2027).XPeng, Inc. Class A Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
54
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.29B | 74.73B | 40.87B | 30.68B | 26.86B | 20.99B |
| Gross Profit | 9.49B | 14.10B | 5.85B | 451.15M | 3.09B | 2.62B |
| EBITDA | -3.92B | 2.26B | -2.91B | -8.02B | -7.58B | -3.94B |
| Net Income | -4.28B | -1.11B | -5.79B | -10.38B | -9.14B | -4.86B |
Balance Sheet | ||||||
| Total Assets | 92.43B | 103.21B | 82.71B | 84.16B | 71.49B | 65.65B |
| Cash, Cash Equivalents and Short-Term Investments | 33.87B | 38.92B | 32.72B | 31.67B | 31.22B | 39.72B |
| Total Debt | 30.67B | 30.78B | 15.94B | 15.39B | 12.83B | 5.05B |
| Total Liabilities | 62.09B | 72.83B | 51.43B | 47.83B | 34.58B | 23.50B |
| Stockholders Equity | 30.34B | 30.38B | 31.27B | 36.33B | 36.91B | 42.15B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 4.91B | -4.44B | -1.36B | -12.91B | -5.41B |
| Operating Cash Flow | 0.00 | 8.26B | -2.01B | 956.16M | -8.23B | -1.09B |
| Investing Cash Flow | 0.00 | -7.33B | -1.26B | 631.17M | 4.85B | -33.08B |
| Financing Cash Flow | 0.00 | 514.76M | 669.32M | 8.02B | 6.00B | 14.63B |
XPeng, Inc. Class A Technical Analysis
Negative
69.70
Price Trends
61.22
Negative
65.62
Negative
74.31
Negative
Market Momentum
-4.29
Positive
24.87
Positive
5.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9868, the sentiment is Negative. The current price of 69.7 is above the 20-day moving average (MA) of 57.95, above the 50-day MA of 61.22, and below the 200-day MA of 74.31, indicating a bearish trend. The MACD of -4.29 indicates Positive momentum. The RSI at 24.87 is Positive, neither overbought nor oversold. The STOCH value of 5.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9868.
XPeng, Inc. Class A Risk Analysis
XPeng, Inc. Class A disclosed 115 risk factors in its most recent earnings report. XPeng, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We and certain of our directors and officers may be named as defendants in one or several shareholder class action lawsuits. Q4, 2023
2.
We recorded a significant amount of indefinite-lived intangible assets and goodwill in connection with our acquisitions, and we may incur material impairment charges to our indefinite-lived intangible assets and goodwill if the recoverability of these assets become substantially reduced. Q4, 2023
3.
We have entered into collaborations, and may establish or seek collaborations, and we may not timely realize the benefits of such arrangements. Q4, 2023
XPeng, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$185.07B | 9.06 | 18.03% | 1.95% | 39.48% | -27.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$129.71B | 14.11 | 10.49% | 3.41% | 17.13% | -18.63% | |
58 Neutral | HK$723.52B | 25.81 | 11.86% | 1.55% | -3.19% | -40.56% | |
50 Neutral | HK$87.17B | -33.73 | -7.56% | ― | 50.00% | 54.46% | |
49 Neutral | HK$91.85B | -8.29 | -328.93% | ― | 51.57% | 66.02% | |
48 Neutral | HK$93.26B | -45.17 | -2.49% | ― | -23.28% | -123.34% |
* Consumer Cyclical Sector Average
HK:9868
XPeng, Inc. Class A
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-35.44%
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XPeng, Inc. Class A Corporate Events
XPeng Shareholders Approve All Resolutions at 2026 Annual General Meeting
Jun 26, 2026
XPeng Inc. reported that all resolutions proposed at its June 26, 2026 annual general meeting in Guangzhou were approved by shareholders via poll, confirming broad investor support for the company’s governance and financial reporting. The me...
XPeng May Deliveries Rise 4% as EV Emissions Savings Top 2 Million Tons
Jun 1, 2026
XPeng reported May 2026 deliveries of 32,158 vehicles, a 4% increase from the previous month, underscoring steady demand momentum for its electric models in a competitive Chinese EV market. From January to May 2026, the company estimates its deliv...
XPeng Q1 2026 Results Show Falling Deliveries but Stronger Margins and Solid Cash
May 28, 2026
XPeng reported first-quarter 2026 results showing a sharp contraction in sales volumes and revenue, with vehicle deliveries down 33.3% year-on-year to 62,682 and total revenue falling 17.6% to RMB13.03 billion. Despite the top-line decline and a s...
XPeng Sets May 28 Board Meeting and Earnings Call for Q1 2026 Results
May 13, 2026
XPeng Inc. has scheduled a board meeting for May 28, 2026 to review and approve its first-quarter results for the three months ended March 31, 2026, marking the next disclosure of its financial performance. The company will publish these results a...
XPeng Sets June AGM, Seeks Board Mandate to Issue More Shares
May 11, 2026
XPeng Inc. has called its annual general meeting for June 26, 2026, in Guangzhou, where shareholders will review the audited financial statements for 2025 and receive reports from the board and the company’s auditor. The meeting will also co...
XPeng Delivers 31,011 EVs in April as New SUV and European Production Boost Expansion
May 4, 2026
XPeng reported delivering 31,011 vehicles in April 2026, a 13% increase from March, underscoring sustained momentum in its electric vehicle sales. The rollout of its upgraded VLA 2.0 intelligent driving system boosted test-drive satisfaction and c...
XPeng Moves to Update Governance Documents to Meet Hong Kong Listing Standards
Apr 29, 2026
XPeng Inc. plans to amend its existing memorandum and articles of association and adopt a new version to align with updated Hong Kong Listing Rules and governance requirements. The changes aim to incorporate core shareholder protection standards, ...
XPeng Sets May 14, 2026 Record Date for AGM Voting Eligibility
Apr 23, 2026
XPeng Inc. has set May 14, 2026, as the record date for holders of its Class A and Class B ordinary shares to determine eligibility to attend and vote at its upcoming annual general meeting. Shareholders on both the Cayman Islands and Hong Kong re...
XPeng Issues 2.26 Million RSUs to Employees Under 2025 Incentive Plan
Apr 17, 2026
XPeng has granted 2,256,962 restricted share units to 69 employees under its 2025 Share Incentive Scheme, with no single grantee receiving more than 1% of the company’s issued shares over a 12‑month period. The RSUs, which carry no pur...
XPeng Files 2025 Annual Report With U.S. SEC
Apr 16, 2026
XPeng Inc. announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission, fulfilling its overseas regulatory and disclosure obligations. The filing, which un...
XPeng Boosts Deliveries and Sets Aggressive Growth Strategy in Latin America
Apr 1, 2026
XPeng Inc., a Chinese smart electric vehicle maker listed in Hong Kong, designs and sells battery electric and range-extended electric vehicles, positioning itself as a key player in the global EV industry. The company is steadily expanding its in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.